<SEC-DOCUMENT>0001104659-25-100525.txt : 20251020
<SEC-HEADER>0001104659-25-100525.hdr.sgml : 20251020
<ACCEPTANCE-DATETIME>20251017204849
ACCESSION NUMBER:		0001104659-25-100525
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20251017
FILED AS OF DATE:		20251020
DATE AS OF CHANGE:		20251017

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STANDARD LITHIUM LTD.
		CENTRAL INDEX KEY:			0001537137
		STANDARD INDUSTRIAL CLASSIFICATION:	CHEMICALS & ALLIED PRODUCTS [2800]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40569
		FILM NUMBER:		251402186

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		SUITE 1625, 1075 W. GEORGIA STREET
		CITY:			VANCOUVER
		PROVINCE COUNTRY:   	A1
		ZIP:			V6E 3C9
		BUSINESS PHONE:		870-393-2885

	MAIL ADDRESS:	
		STREET 1:		3600 N CAPITAL OF TX HWY,
		STREET 2:		BUILDING B, SUITE 2300
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78746

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Patriot Petroleum Corp.
		DATE OF NAME CHANGE:	20111213
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2528837d6_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="margin: 0">&nbsp;</P>

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

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Report
of Foreign Private Issuer</B></FONT><B> <FONT STYLE="text-transform: uppercase">Pursuant to Rule&nbsp;13a-16 or 15d-16 <BR>
of the Securities
Exchange Act of 1934</FONT></B></P>

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

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    <TD STYLE="width: 200px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the month of</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>October</B></FONT></TD>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 96px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2025</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission File Number</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-40569</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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<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">
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    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt"><B>Standard
Lithium Ltd.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Translation of registrant&rsquo;s name into English)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite&nbsp;1625, 1075 W Georgia Street</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vancouver, British Columbia, Canada V6E 3C9</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of principal executive offices)</FONT></TD></TR>
  </TABLE>
<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">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Form&nbsp;20-F <FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT>
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Form&nbsp;40-F <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>



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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exhibit&nbsp;99.1 of this Report on Form&nbsp;6-K
is incorporated by reference into the Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925072527/tm2516944d1_f10ef.htm" STYLE="-sec-extract: exhibit">Form&nbsp;F-10 (File No.&nbsp;333-289110)</A> of the Registrant, as amended
or supplemented. Exhibit&nbsp;99.2 of this Report on Form&nbsp;6-K, is furnished, not filed, and will not be incorporated by reference
into any registration statement filed by the Registrant under the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DOCUMENTS INCLUDED AS PART&nbsp;OF THIS REPORT</B></P>

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

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    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="width: 90%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2528837d6_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
    <TD><A HREF="tm2528837d6_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement dated October&nbsp;16, 2025. </FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2528837d6_ex99-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2 </FONT></A></TD>
    <TD><A HREF="tm2528837d6_ex99-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press release dated October&nbsp;16, 2025. </FONT></A></TD></TR>
  </TABLE>
<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"></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Standard Lithium Ltd.</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant)</FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;17,
2025</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Salah Gamoudi</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Salah Gamoudi</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2528837d6_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>29,885,057 Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STANDARD LITHIUM LTD.</B>&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; text-align: center"><B>COMMON SHARES WITHOUT PAR VALUE</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">October&nbsp;16, 2025</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: right">October&nbsp;16, 2025</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">Morgan Stanley&nbsp;&amp; Co. LLC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">Evercore Group L.L.C.</P>

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

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<TD STYLE="width: 0.25in">c/o</TD><TD>Morgan Stanley&nbsp;&amp; Co. LLC<BR>
1585 Broadway<BR>
New York, New York 10036</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top; width: 0.25in">c/o</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Evercore Group L.L.C.<BR> 55 East 52nd Street<BR> New York, NY 10055</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">Ladies and Gentlemen:</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-indent: 0.5in">Standard Lithium Ltd., (the &ldquo;<B>Company</B>&rdquo;),
a corporation incorporated under the <I>Canada Business Corporations Act</I>, proposes to issue and sell to the several Underwriters named
in Schedule&nbsp;I hereto (the &ldquo;<B>Underwriters</B>&rdquo;) an aggregate of 29,885,057 Common Shares without par value of the Company
(the &ldquo;<B>Firm Shares</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company also proposes to issue and sell to
the several Underwriters not more than an additional 4,482,758 Common Shares without par value of the Company (the &ldquo;<B>Additional
Shares</B>&rdquo;) if and to the extent that Morgan Stanley&nbsp;&amp; Co. LLC, (&ldquo;<B>Morgan Stanley</B>&rdquo;) and Evercore Group
L.L.C. (&ldquo;<B>Evercore</B>&rdquo;), as representatives of the offering, shall have determined to exercise, on behalf of the Underwriters,
the right to purchase such common shares granted to the Underwriters in Section&nbsp;&lrm;2 hereof. The Firm Shares and the Additional
Shares are hereinafter collectively referred to as the &ldquo;<B>Shares</B>.&rdquo; The Common Shares without par value of the Company
to be outstanding after giving effect to the sales contemplated hereby are hereinafter referred to as the &ldquo;<B>Common Shares</B>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has prepared and filed with the securities
regulatory authorities (the &ldquo;<B>Canadian Qualifying Authorities</B>&rdquo;), in each of the provinces and territories of Canada
(the &ldquo;<B>Canadian Qualifying Jurisdictions</B>&rdquo;), the Canadian preliminary short form base shelf prospectus, dated May&nbsp;30,
2025 and has prepared and filed with the Canadian Qualifying Authorities in the Canadian Qualifying Jurisdictions the Canadian Base Prospectus
(as defined below) in respect of an aggregate of up to US$1,000,000,000 (or the equivalent thereof in Canadian dollars or any other currencies)
of Common Shares, preferred shares, debt securities, subscription receipts, warrants and units (collectively, the &ldquo;<B>Shelf Securities</B>&rdquo;),
in each case in accordance with Canadian Securities Laws (as defined below). The British Columbia Securities Commission (the &ldquo;<B>Reviewing
Authority</B>&rdquo;), as the principal regulator of the Company under the passport system procedures provided for under Multilateral
Instrument 11-102 &ndash; <I>Passport System</I> and National Policy 11-202 &ndash; <I>Process for Prospectus Reviews in Multiple Jurisdictions</I>
in respect of the Shelf Securities and the offering of the Shares, has issued a receipt on behalf of itself and the other Canadian Qualifying
Authorities for the Canadian preliminary short form base shelf prospectus and a receipt (the &ldquo;<B>Receipt</B>&rdquo;) on behalf of
itself and the other Canadian Qualifying Authorities for the Canadian Base Prospectus, which Receipt also evidences that the Ontario Securities
Commission issued a receipt in respect of the Canadian preliminary short form base shelf prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The term &ldquo;<B>Canadian Base Prospectus</B>&rdquo;
means the (final) short form base shelf prospectus dated July&nbsp;30, 2025 relating to the Shelf Securities, at the time the Reviewing
Authority issued the Receipt with respect thereto in accordance with the applicable securities laws of each of the Canadian Qualifying
Jurisdictions and the respective rules&nbsp;and regulations under such laws, together with applicable published national, multilateral
and local policy statements, instruments, notices and blanket orders of the Canadian Qualifying Authorities (&ldquo;<B>Canadian Securities
Laws</B>&rdquo;) in each of the Canadian Qualifying Jurisdictions, including National Instrument 44-101 &ndash; <I>Short Form&nbsp;Prospectus
Distributions </I>(&ldquo;<B>NI 44-101</B>&rdquo;) and National Instrument 44-102 &ndash; <I>Shelf Distributions</I> (&ldquo;<B>NI 44-102</B>&rdquo;)
(together, the &ldquo;<B>Canadian Shelf Procedures</B>&rdquo;), and includes all documents incorporated therein by reference and the documents
otherwise deemed to be a part thereof or included therein pursuant to Canadian Securities Laws. As used herein, &ldquo;<B>Canadian Preliminary
Prospectus Supplement</B>&rdquo; means the Canadian preliminary prospectus supplement relating to the offering, which excludes certain
pricing information and other final terms of the Shares and which has been filed with the Canadian Qualifying Authorities on October&nbsp;16,
2025, and the Canadian Preliminary Prospectus Supplement together with the Canadian Base Prospectus and including all documents incorporated
therein by reference, is hereinafter referred to as the &ldquo;<B>Canadian Preliminary Prospectus</B>&rdquo;; and &ldquo;<B>Canadian Final
Prospectus Supplement</B>&rdquo; means the Canadian final prospectus supplement relating to the offering, which includes the pricing and
other information omitted from the Canadian Preliminary Prospectus, to be dated the date hereof and filed with the Canadian Qualifying
Authorities in accordance with the Canadian Shelf Procedures, and <B>the Canadian Final Prospectus Supplement together</B> with the Canadian
Base Prospectus and including all documents incorporated therein by reference, is hereinafter referred to as the &ldquo;<B>Canadian Final
Prospectus</B>&rdquo;. &ldquo;<B>Canadian Prospectus Supplement</B>&rdquo; means the Canadian Preliminary Prospectus Supplement or the
Canadian Final Prospectus Supplement as the context may require; and &ldquo;<B>Canadian Prospectus</B>&rdquo; means Canadian Preliminary
Prospectus or the Canadian Final Prospectus Supplement as the context may require. As used herein, &ldquo;<B>marketing materials</B>&rdquo;
has the meaning ascribed thereto in National Instrument 41-101 &ndash; <I>General Prospectus Requirements</I>. The Shares may be offered
and sold in Canada, other than the Province of Qu&eacute;bec, solely by BMO Nesbitt Burns Inc., Morgan Stanley Canada Limited, Raymond
James Ltd. and Canaccord Genuity Corp (in such capacity, the &ldquo;<B>Canadian Dealer</B>&rdquo;) pursuant to, and in accordance with,
the Canadian Prospectus and applicable Canadian Securities Laws. Each of Evercore Group L.L.C., Morgan Stanley&nbsp;&amp; Co. LLC, BMO
Capital Markets Corp., Raymond James&nbsp;&amp; Associates,&nbsp;Inc., Roth Capital Partners, LLC, Stifel, Nicolaus&nbsp;&amp; Company,&nbsp;Incorporated
and Canaccord Genuity LLC will offer and sell the Shares solely in the United States in accordance with U.S. Securities Laws and has not,
and will not, solicit offers to purchase, offer to sell, or sell any of the Shares in Canada or to any person they believe is resident
in Canada. For greater certainty, no Underwriter other than the Canadian Dealer shall make any offers or sales of the Shares in Canada.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has also prepared and filed with the
Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;), pursuant to the Canada/U.S. Multijurisdictional Disclosure System
adopted by the Commission, a registration statement on Form&nbsp;F-10 (File No.&nbsp;333-289110) covering the registration of the Shelf
Securities under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), and the rules&nbsp;and regulations
of the Commission thereunder (the &ldquo;<B>Rules&nbsp;and Regulations</B>&rdquo;), and such amendments to such registration statement
as may have been permitted or required to the date of this Agreement. Such registration statement, including the Canadian Base Prospectus
(with such deletions therefrom and additions thereto as are permitted or required by Form&nbsp;F-10 and the Rules&nbsp;and Regulations
and including exhibits to such registration statement), became effective in such form upon filing with the Commission pursuant to Rule&nbsp;467(a)&nbsp;under
the Securities Act. Such registration statement on Form&nbsp;F-10, at any given time, including amendments and supplements thereto to
such time, the exhibits and any schedules thereto at such time and the documents incorporated by reference therein at such time, is herein
called the &ldquo;<B>Registration Statement</B>.&rdquo; The Canadian Base Prospectus, with such deletions therefrom and additions thereto
as are permitted or required by Form&nbsp;F-10 and the Rules&nbsp;and Regulations in the form in which it appeared in the Registration
Statement on the date the Registration Statement became effective under the Securities Act is herein called the &ldquo;<B>U.S. Base Prospectus</B>.&rdquo;
As used herein, &ldquo;<B>U.S. Prospectus Supplement</B>&rdquo; means the most recent Canadian Prospectus Supplement, with such deletions
therefrom and additions thereto as are permitted or required by Form&nbsp;F-10 and the Rules&nbsp;and Regulations, relating to the offering
of the Shares, to be filed by the Company with the Commission pursuant to General Instruction II.L of Form&nbsp;F-10; &ldquo;<B>U.S. Prospectus</B>&rdquo;
means the U.S. Prospectus Supplement (and any additional U.S. Prospectus Supplement prepared in accordance with the provisions of this
Agreement and filed with the Commission in accordance with General Instruction II.L of Form&nbsp;F-10) together with the U.S. Base Prospectus;
 &ldquo;<B>Base Prospectuses</B>&rdquo; means, either or both, the Canadian Base Prospectus and the U.S. Base Prospectus; &ldquo;<B>Prospectuses</B>&rdquo;
means, either or both, the Canadian Prospectus and the U.S. Prospectus; and &ldquo;<B>Prospectus Supplements</B>&rdquo; means, either
or both, the Canadian Prospectus Supplement and the U.S. Prospectus Supplement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any reference herein to the Registration Statement,
the Base Prospectuses, the Prospectus Supplements or the Prospectuses or any amendment or supplement thereto shall be deemed to refer
to and include the documents incorporated by reference therein, and any reference herein to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo;
or &ldquo;supplement&rdquo; with respect to the Registration Statement, the Base Prospectuses, the Prospectus Supplements or the Prospectuses
shall be deemed to refer to and include the filing or furnishing after the execution hereof of any document with or to the Commission
or the Canadian Qualifying Authorities, as applicable, on or after the effective date of the Registration Statement or the date of the
Base Prospectuses, the Prospectus Supplements or the Prospectuses, as the case may be, and deemed to be incorporated by reference therein.
For purposes of this Agreement, all references to the Canadian Base Prospectus, the Canadian Prospectus Supplement and the Canadian Prospectus
or any amendment or supplement thereto shall be deemed to include any copy filed with any Canadian Qualifying Jurisdiction pursuant to
the System for Electronic Data Analysis and Retrieval + (&ldquo;<B>SEDAR+</B>&rdquo;) and all references to the Registration Statement,
the U.S. Base Prospectus, the U.S. Prospectus Supplement and the U.S. Prospectus or any amendment or supplement thereto shall be deemed
to include any copy filed with the Commission pursuant to the Electronic Data Gathering Analysis and Retrieval System (&ldquo;<B>EDGAR</B>&rdquo;).</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has also prepared and filed with the
Commission an appointment of agent for service of process upon the Company on Form&nbsp;F-X in conjunction with the filing of the Registration
Statement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of this Agreement, &ldquo;<B>free
writing prospectus</B>&rdquo; has the meaning set forth in Rule&nbsp;405 under the Securities Act, &ldquo;<B>preliminary prospectus</B>&rdquo;
shall mean each prospectus used prior to the effectiveness of the Registration Statement, and each prospectus that omitted information
pursuant to Rule&nbsp;430A under the Securities Act that was used after such effectiveness and prior to the execution and delivery of
this Agreement, &ldquo;<B>Time of Sale Prospectus</B>&rdquo; means the preliminary prospectus contained in the Registration Statement
together with the documents set forth in Schedule&nbsp;II hereto, and &ldquo;<B>broadly available road show</B>&rdquo; means a &ldquo;bona
fide electronic road show&rdquo; as defined in Rule&nbsp;433(h)(5)&nbsp;under the Securities Act that has been made available without
restriction to any person. As used herein, the terms &ldquo;Registration Statement,&rdquo; &ldquo;preliminary prospectus,&rdquo; &ldquo;Time
of Sale Prospectus&rdquo; and &ldquo;Prospectuses&rdquo; shall include the documents, if any, incorporated by reference therein as of
the date hereof. The terms &ldquo;<B>supplement,</B>&rdquo; &ldquo;<B>amendment</B>&rdquo; and &ldquo;<B>amend</B>&rdquo; as used herein
with respect to the Registration Statement, the Time of Sale Prospectus or the Prospectuses shall include all documents subsequently filed
by the Company with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;),
that are deemed to be incorporated by reference therein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Representations
and Warranties of the Company</I>. The Company represents and warrants to and agrees with each of the Underwriters that:</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-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Compliance
with Registration Requirements</U>. The Company is qualified in accordance with the provisions of NI 44-101 and NI 44-102 to file a short
form base shelf prospectus in each of the Canadian Qualifying Jurisdictions and the entering into of this Agreement will not cause the
Receipt to no longer be effective. At the time of filing the Registration Statement, the Company met, and as of the date hereof the Company
meets, the general eligibility requirements for use of Form&nbsp;F-10 under the Securities Act. Any amendment or supplement to the Registration
Statement or the Prospectuses required by this Agreement will be so prepared and filed by the Company and, as applicable, the Company
will use commercially reasonable efforts to cause it to become effective as soon as reasonably practicable. The Registration Statement
became effective upon filing pursuant to Rule&nbsp;467(a)&nbsp;under the Securities Act. No stop order suspending the effectiveness of
the Registration Statement has been issued and no proceeding for that purpose or pursuant to Section&nbsp;8A under the Securities Act
has been instituted or, to the knowledge of the Company, is threatened by the Commission. No order preventing or suspending the use of
the Base Prospectuses, the Prospectus Supplements or the Prospectuses has been issued by the Commission or any Canadian Qualifying Authority.
The Canadian Prospectus, at the time of filing thereof with the Canadian Qualifying Authorities, complied in all material respects and,
as amended or supplemented, if applicable, will comply in all material respects with Canadian Securities Laws. The Canadian Prospectus,
as amended or supplemented, as of its date, did not and, as of each of the date of this Agreement and Closing Date, if any, will not contain
a misrepresentation, as defined under Canadian Securities Laws. The Canadian Prospectus, as amended or supplemented, as of its date, did
and, as of each of the date of this Agreement and Closing Date (as defined below), if any, will contain full, true and plain disclosure
of all material facts, as defined under Canadian Securities Laws, relating to the Shares and to the Company. The representations and warranties
set forth in the two immediately preceding sentences do not apply to statements in or omissions from the Canadian Prospectus, or any amendments
or supplements thereto, made in reliance upon and in conformity with the information relating to the Underwriters furnished to the Company
in writing by such Underwriter through Morgan Stanley or Evercore expressly for use in the Registration Statement, any preliminary prospectus,
the Time of Sale Prospectus, any issuer free writing prospectus, road show or the U.S. Prospectus or any amendment or supplement thereto,
it being understood and agreed that the only such information furnished by the Underwriters through Morgan Stanley and Evercore consists
of the Underwriter Information (as defined below). The U.S. Prospectus, at the time first filed in accordance with General Instruction
II.L. of Form&nbsp;F-10, conformed in all material respects and, as amended or supplemented, if applicable, will conform in all material
respects to the Canadian Prospectus, except for such deletions therefrom and additions thereto as are permitted or required by Form&nbsp;F-10
and the Rules&nbsp;and Regulations. The Company has delivered to each of the Underwriters one complete copy of each of the Canadian Base
Prospectus and the Registration Statement and a copy of each consent of experts filed as a part thereof, and conformed copies of the Canadian
Base Prospectus, the Registration Statement (without exhibits) and the U.S. Prospectus, as amended or supplemented, in such quantities
and at such places as the Underwriters have reasonably requested.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Misstatement or Omission</U>. Each part of the Registration Statement, when such part became or becomes effective, at any deemed effective
date pursuant to Form&nbsp;F-10 and the Rules&nbsp;and Regulations on the date of filing thereof with the Commission and at each the date
of this Agreement, the Closing Date and the Option Closing Date, and the U.S. Prospectus, on the date of filing thereof with the Commission
and at each of the date of this Agreement, the Closing Date and the Option Closing Date, conformed in all material respects or will conform
in all material respects with the requirements of the Securities Act and the Rules&nbsp;and Regulations; each part of the Registration
Statement, when such part became or becomes effective, did not contain and, as amended or supplemented, if applicable, will not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading; each broadly available road show, if any, when considered together with the Time of Sale Prospectus, does not
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading; and the U.S. Prospectus, on the date of filing thereof with the Commission,
and the U.S. Prospectus and the applicable free writing prospectus(es), if any, issued at or prior to the date of this Agreement, taken
together (collectively, and with respect to any Shares, together with the public offering price of such Shares, the &ldquo;<B>Disclosure
Package</B>&rdquo;); and at each of the date of this Agreement and Closing Date, did not contain and, as amended or supplemented, if applicable,
will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading; except that the foregoing shall not apply to statements
or omissions in any such document made in reliance upon and in conformity with the information relating to the Underwriters furnished
to the Company in writing by such Underwriter through Morgan Stanley or Evercore expressly for use in the Registration Statement, any
preliminary prospectus, the Time of Sale Prospectus, any issuer free writing prospectus, road show or the U.S. Prospectus or any amendment
or supplement thereto, it being understood and agreed that the only such information furnished by the Underwriters through Morgan Stanley
and Evercore consists of the Underwriter Information (as defined below).</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Listing</U>.
The Common Shares are listed on the TSXV and the NYSE American, and the Shares &lrm;will be listed and posted for trading on the TSXV
and the NYSE American upon the Company complying with the usual conditions imposed by the TSXV and the NYSE American, as applicable, with
respect thereto. The Company has taken no action designed to, or likely to have the effect of, delisting the Shares from the TSXV or the
NYSE American, nor has the Company received any notification that any Governmental Authority (as defined below), the TSXV or the NYSE
American is contemplating terminating such listing. The Company is subject to, and is in full compliance in all material respects with,
(i)&nbsp;National Instrument 51-102 &ndash; <I>Continuous Disclosure Obligations</I> (&ldquo;<B>NI 51-102</B>&rdquo;), (ii)&nbsp;the policies,
rules&nbsp;and regulations of the TSXV, and (iii)&nbsp;the policies, rules&nbsp;and regulations of the NYSE American.</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-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Independent
Accountant</U>. PricewaterhouseCoopers LLP (&ldquo;<B><U>PwC</U></B>&rdquo;) is an independent registered public accountant with respect
to the Company and its consolidated subsidiaries (the &ldquo;<B>Subsidiaries</B>&rdquo;) as required under applicable Canadian Securities
Laws and U.S. Securities Laws (as defined below). There has never been a reportable event (within the meaning of NI 51-102) between the
Company and PwC or any former auditors of the Company. The responsibilities and composition of the Company&rsquo;s audit committee comply
with, and the audit committee operates in accordance with, National Instrument 52-110 &ndash; <I>Audit Committees</I> and the applicable
requirements of the NYSE American. &ldquo;U.S. Securities Laws&rdquo; means the Securities Act and the Exchange Act of 1934, as amended
(the &ldquo;<B>Exchange Act</B>&rdquo;), and applicable state securities laws.</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-indent: 0.5in">(e)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Financial
Statements</U>. The consolidated financial statements and related notes of the Company and the Subsidiaries contained or incorporated
by reference in the Registration Statement, Prospectuses and Disclosure Package (the &ldquo;<B>Company Financial Statements</B>&rdquo;)
have been prepared in accordance with International Financial Reporting Standards (&ldquo;<B>IFRS</B>&rdquo;) as issued by the International
Accounting Standards Board, applied on a consistent basis throughout the periods specified, except as may be expressly stated in the notes
thereto, contain no misstatements of material fact and present fairly, in all material respects, the financial condition of the Company
and the Subsidiaries &lrm;on a consolidated basis as at the date thereof and the results of the operations and cash flows of the Company
and the Subsidiaries &lrm;on a consolidated basis for the periods then ended and contain and reflect adequate provisions or allowance
for all reasonably anticipated liabilities, expenses and losses of the Company and the Subsidiaries &lrm;on a consolidated basis that
are required to be disclosed in such financial statements and there has been no material change in accounting policies or practices of
the Company since June&nbsp;30, 2025. There are no material liabilities of the Company or any Subsidiary whether direct, indirect, absolute,
contingent or otherwise required to be disclosed in the Company Financial Statements which are not disclosed or reflected in the Company
Financial Statements except those disclosed in the Registration Statement, Prospectuses and Disclosure Package. The financial information
of the Company included in the Registration Statement, Prospectuses and Disclosure Package has been prepared on a basis consistent with
that of the Company Financial Statements and the books and records of the Company and presents fairly in all material respects the consolidated
financial position, results of operations, deficit and cash flow of the Company, respectively, as at the dates and for the periods indicated.
Other than the financial statements contained or incorporated by reference in the Registration Statement, Prospectuses and Disclosure
Package, no other financial statements or supporting schedules would have been required to be included in the Registration Statement,
Prospectuses or the Disclosure Package under National Instrument 52-107 &ndash; <I>Acceptable Accounting Principles and Auditing Standards</I>
and NI 51-102 under the Canadian Securities Laws. The interactive data in the eXtensible Business Reporting Language incorporated by reference
into the Registration Statement fairly presents the information called for in all material respects and has been prepared in accordance
with the Commission&rsquo;s rules&nbsp;and guidelines applicable thereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Off-Balance Sheet Arrangements</U>. There are no business relationships, related-party transactions or off-balance sheet transactions
involving the Company, the Subsidiaries or any other person required to be described in the Registration Statement, the Prospectuses or
the Disclosure Package &lrm;(including, for greater certainty, the Company Financial Statements incorporated by reference &lrm;therein)
 &lrm;which have not been described as required under IFRS; and there are no contracts or other documents that are required to be described
in the Registration Statement, the Prospectuses or the Disclosure Package under applicable securities laws which have not been described
therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Statistical,&nbsp;Industry-Related
and Market-Related Data</U>. The statistical, industry and market related data included or incorporated by reference in the Registration
Statement, Prospectuses and Disclosure Package are derived from sources which the Company reasonably believes to be accurate, reasonable
and reliable, and such data agrees with the sources from which it was derived.</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-indent: 0.5in">(h)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Forward-Looking
Statements</U>. With respect to forward-looking information contained or incorporated by reference in the Registration Statement, Prospectuses
and Disclosure Package: (i)&nbsp;the Company had a reasonable basis for the forward-looking information at the time the disclosure was
made; (ii)&nbsp;all forward-looking information is identified as such, and all such documents caution users of forward-looking information
that actual results may vary from the forward-looking information and identifies material risk factors that could cause actual results
to differ materially from the forward-looking information and states the material factors or assumptions used to develop forward-looking
information; (iii)&nbsp;all future-oriented financial information (&ldquo;<B>FOFI</B>&rdquo;) and each financial outlook, if any (as defined
in NI 51-102) has been prepared, to the extent such FOFI and financial outlook is comprised of measure(s)&nbsp;recognized under IFRS,
in accordance with IFRS using the accounting policies the Company expects to use to prepare its historical financial statements for the
period covered by the FOFI or the financial outlook; (iv)&nbsp;all FOFI presents fully, fairly and correctly in all material respects
the expected results of the operations for the periods covered thereby; (v)&nbsp;all FOFI and each financial outlook (as defined in NI
51-102), if any, is based on assumptions that are reasonable in the circumstances, reflect the Company&rsquo;s intended course of action,
and reflect management&rsquo;s expectations concerning the most probable set of economic conditions during the periods covered thereby;
and (vi)&nbsp;all FOFI and each financial outlook (as defined in NI 51-102), if any, is limited to a period for which the information
in the FOFI or financial outlook can be reasonably estimated.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Accurate
Disclosure</U>. The statements set forth in the Registration Statement, Prospectuses and Disclosure Package under the headings &ldquo;Certain
U.S. Federal Income Tax Considerations for U.S. Holders,&rdquo; &ldquo;Certain Canadian Federal Income Tax Considerations&rdquo;, &ldquo;Eligibility
for Investment&rdquo; and &ldquo;Enforceability of Civil Liabilities,&rdquo; insofar as such statements summarize legal matters, agreements,
documents or proceedings discussed therein, are, in all material respects, accurate, complete and fair summaries of such legal matters,
agreements, documents or proceedings, subject to the qualifications, assumptions, limitations and understandings set out therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Transfer
Agent</U>. TSX Trust Company, at its principal office in Vancouver, British Columbia, has been duly appointed as the registrar and transfer
agent of the Company with respect to the Common Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Disclosure
Controls</U>. Except as disclosed in the Registration Statement, Prospectuses and Disclosure Package, the Company has established and
maintains disclosure controls and procedures (as defined in Canadian Securities Laws and U.S. Securities Laws) that (i)&nbsp;are designed
to provide reasonable assurance that information required to be disclosed by the Company in its annual filings, interim filings or other
reports filed or submitted by it under Canadian Securities Laws and U.S. Securities Laws is recorded, processed, summarized and reported
within the time periods specified in the Canadian Securities Laws and U.S. Securities Laws and include controls and procedures designed
to ensure that information required to be disclosed by the Company in its annual filings, interim filings or other reports filed or submitted
under Canadian Securities Laws and U.S. Securities Laws is accumulated and communicated to the Company&rsquo;s management, including its
certifying officers, as appropriate to allow timely decisions regarding required disclosure; (ii)&nbsp;have been evaluated by management
of the Company for effectiveness as of the end of the Company&rsquo;s most recent fiscal quarter; and (iii)&nbsp;are effective in all
material respects to perform the functions for which they were established.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Internal
Controls</U>. Except as disclosed in the Registration Statement, Prospectuses and Disclosure Package, the Company and its Subsidiaries
maintain a system of internal accounting and other controls sufficient to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with IFRS and that: (i)&nbsp;pertain to the
maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the
Company and the Subsidiaries; (ii)&nbsp;are designed to provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with IFRS; (iii)&nbsp;are designed to provide reasonable assurance that receipts and
expenditures of the Company and the Subsidiaries are being made only in accordance with authorizations of management and directors of
the Company; and (iv)&nbsp;are designed to provide reasonable assurance regarding prevention or timely detection of an unauthorized acquisition,
use or disposition of the assets of the Company and the Subsidiaries that could have a material effect on the annual consolidated financial
statements or interim consolidated financial statements of the Company. Except as disclosed in the Registration Statement, Prospectuses
and Disclosure Package, the Company believes that the Company&rsquo;s internal control over financial reporting (as such term is defined
under Canadian Securities Laws and U.S. Securities Laws) is effective. Except as disclosed in the Registration Statement, Prospectuses
and Disclosure Package, since the end of the Company&rsquo;s most recent audited fiscal year, there have been no new significant deficiencies
or material weakness in the Company&rsquo;s internal control over financial reporting (whether or not remediated) and there have been
no changes in the Company&rsquo;s internal control over financial reporting that has materially affected, or is reasonably likely to materially
affect, the Company&rsquo;s internal control over financial reporting. The Company is in compliance with the certification requirements
under National Instrument 52-109 &ndash; <I>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings</I> with respect
to the Company&rsquo;s annual and interim filings with the Canadian Qualifying Authorities.</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-indent: 0.5in">(m)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Incorporation
of the Company and its Subsidiaries</U>. Each of the Company and its Subsidiaries (A)&nbsp;is a corporation duly incorporated, continued,
amalgamated or organized and validly existing under the laws of the jurisdiction in which it was incorporated, continued, amalgamated
or organized, as the case may be and (B)&nbsp;has all requisite corporate power and authority and is duly qualified and holds all necessary
material permits, licenses and authorizations necessary or required to carry on its business as now conducted and proposed to be conducted
to own, lease or operate its properties and assets&lrm;, (C)&nbsp; &lrm; has been duly qualified as an extra-provincial corporation or
foreign &lrm;corporation for the transaction of business where required and is in good standing under the laws of each &lrm;jurisdiction
in which it owns or leases property, &lrm;and (D)&nbsp;no steps or proceedings have been taken by any person, voluntary or otherwise,
requiring or authorizing its dissolution or winding up. Other than the Subsidiaries and other than as disclosed in the Registration Statement,
Prospectuses and Disclosure Package, the Company has no direct or indirect Subsidiary nor any investment or any proposed investment in
any person which in either case is or could be material to the business and affairs of the Company or which otherwise is required to be
disclosed in the Registration Statement, Prospectuses and Disclosure Package.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(n)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Capitalization</U>.
The authorized capital of the Company consists of an unlimited number of Common Shares and &lrm;an unlimited number of preferred shares,
without par value, of which, as at the date of this &lrm;Agreement, 204,043,714 Common Shares and no preferred shares are issued and outstanding.
 &lrm;All of the issued and outstanding Common Shares or other equity interests of the Company and each of the Subsidiaries have been duly
authorized and validly issued, are fully paid and non-assessable (with respect to such other equity interests, to the extent required
by Applicable Law (as defined below)), have been issued in compliance with all applicable Canadian, U.S. federal and foreign securities
laws and were not issued in violation of, and, except as have been waived or disclosed in the Registration Statement, Prospectuses and
Disclosure Package, are not subject to, any pre-emptive or similar rights. The Shares and all other outstanding shares or other equity
interests of the Company conform in all material respects to the descriptions thereof set forth in the Registration Statement, Prospectuses
and Disclosure Package. None of the Shares were issued in violation of any pre-emptive rights or other similar rights granted by the Company
to any securityholder of the Company. The Company (either directly or indirectly through a Subsidiary) owns all of the issued and outstanding
securities of each Subsidiary, free and clear of all encumbrances, claims or demands whatsoever and no person has any agreement, option,
right or privilege (whether pre-emptive or contractual) capable of becoming an agreement, for the purchase from any person (other than
the Company) of any interest in any of the shares of any Subsidiary.</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-indent: 0.5in">(o)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Due
Authorization</U>. The Company has all necessary power and authority to execute, deliver and perform its obligations under this Agreement
including, without limitation, to issue the Shares&lrm;, and, if applicable, will have the necessary corporate power and authority to
execute and deliver any amendment to the Registration Statement or Prospectuses prior to the filing thereof, and all necessary corporate
action has been taken by the Company to authorize the execution and delivery by it of the Registration Statement, Prospectuses and Disclosure
Package and the filing thereof, as the case may be, in each of the Canadian Qualifying Jurisdictions under Canadian Securities Laws or
with the Commission under the Securities Act, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(p)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Agreement</U>.
The Company has duly authorized, executed and delivered this Agreement and this Agreement constitutes a legal, valid and binding obligation
of the Company enforceable against it in accordance with its terms, except that the enforceability thereof may be subject to (i)&nbsp;bankruptcy,
insolvency, reorganization, receivership, moratorium, fraudulent conveyance, fraudulent transfer or other similar laws now or hereafter
in effect relating to creditors&rsquo; rights generally and (ii)&nbsp;general principles of equity (whether applied by a court of law
or equity) and the discretion of the court before which any proceeding therefor may be brought.</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-indent: 0.5in">(q)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Defaults</U>. Neither the Company nor any of the Subsidiaries is (i)&nbsp;in violation of its constating documents, or (ii)&nbsp;in default
of the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, trust deed,
joint venture, mortgage, loan agreement, note, lease, license&lrm; or other agreement or instrument to which it is a party or by which
it or its property or assets &lrm;may be bound, except in the case of clause (ii)&nbsp;for any such violations or defaults that would
not result in a Material Adverse Effect. &ldquo;<B>Material Adverse Effect</B>&rdquo; means the effect resulting from any change (including
a decision to implement such a change made by the board of directors or by senior management of the Company or any Subsidiary who believe
that confirmation of the decision of the board of directors is probable), event, violation, inaccuracy or circumstance that is materially
adverse to the business, assets (including intangible assets), liabilities, capitalization, ownership, prospects, financial condition,
or results of operations of the Company and the Subsidiaries, taken as a whole. To the knowledge of the Company, no counterparty to any
material obligation, agreement, covenant or condition contained in any contract, indenture, trust deed, mortgage, loan agreement, note,
lease, license or other agreement &lrm;or instrument to which the Company or any Subsidiary is a party or by which it or its property
or assets may be bound &lrm;is in default in the performance or observance thereof, except where such violation or default in performance
would not have a Material Adverse Effect.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(r)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Compliance
with Law and Licenses</U>. Except as disclosed in the Registration Statement, Prospectuses and Disclosure Package, each of the Company
and the Subsidiaries has conducted and is conducting its business in compliance with all Applicable Laws and regulations of each jurisdiction
in which it carries on business, except where the failure to so comply would not have a Material Adverse Effect. The Company and each
of the Subsidiaries holds all material requisite licenses, registrations, qualifications, permits &lrm;(including environmental permits)
 &lrm;and consents necessary or appropriate for carrying on its business as currently carried on and all such licenses, registrations,
qualifications, permits and consents are valid and subsisting and in good standing in all material respects. Without limiting the generality
of the foregoing, neither the Company nor any Subsidiary has received a written notice of non-compliance, nor does it know of or have
reasonable grounds to know of, any facts that could give rise to a notice of non-compliance with any such laws, regulations or permits
which would have a Material Adverse Effect.</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-indent: 0.5in">(s)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Mining
Rights</U>. Except as disclosed in the Registration Statement, Prospectuses and Disclosure Package, each of &lrm;the &lrm;Company and
the Subsidiaries is the absolute legal and beneficial owner of, and has good &lrm;and &lrm;marketable title to, all of the material properties
and assets thereof, and no other property or &lrm;assets &lrm;are necessary for the conduct of the business of the Company and the Subsidiaries
as &lrm;currently &lrm;conducted.&lrm; &lrm;The Company and the Subsidiaries, as applicable, hold either freehold title, mining leases,
mining options, brine lease or brine deed options, mining claims, mining and exploration licenses, property leases, or other conventional
property, proprietary or contractual interests or rights, recognized in the jurisdiction in which a particular property is located (the
 &ldquo;<B>Mining Rights</B>&rdquo;) in respect of the deposits, ore bodies and minerals located in properties in which the Company and/or
the Subsidiary have an interest as described in the Registration Statement, the Prospectuses and the Disclosure Package under valid, subsisting
and enforceable title documents or other recognized and enforceable agreements or instruments, sufficient to permit the Company and/or
the Subsidiary to explore and extract the material deposits, ore bodies or other minerals relating thereto for the purposes of its current
operations, free and clear of any liens, charges or encumbrances, except as would not have a Material Adverse Effect.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All property, leases, options, claims or licenses in which the Company
or a Subsidiary has any interest or right have been validly located and recorded in accordance with all Applicable Laws and are valid
and subsisting, the Company and each Subsidiary have all necessary surface rights, access rights and other necessary rights and interest
relating to the properties in which the Company or the Subsidiary have a material interest as described in the Registration Statement,
the Prospectuses and the Disclosure Package granting the Company or the Subsidiary the right and ability to explore for minerals, ore
and metals for development purposes as are appropriate in view of their respective rights and interests therein, and each of the proprietary
interests or rights and each of the documents, agreements and instruments and obligations relating thereto referred to above are currently
in good standing in the name of the Company or the Subsidiary. The Mining Rights in respect of the Company&rsquo;s material properties
as disclosed in the Registration Statement, the Prospectuses and the Disclosure Package constitute a complete description of all material
Mining Rights held by the Company and the Subsidiaries.</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">To the knowledge of the Company, all exploration activities by or on
behalf of the Company and its Subsidiaries on the material properties in which they hold an interest have been conducted in accordance
with Mining Laws (as defined below), good exploration practices in all material respects and all applicable workers&rsquo; compensation
and health and safety and workplace laws, regulations and policies have been complied with in all material respects.</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">&lrm;The Company does not have any knowledge of any claim or basis
for any &lrm;claim that might or could materially and adversely affect the right of the Company or the &lrm;Subsidiaries to use, transfer
or otherwise exploit the Mining Rights.&lrm;</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-indent: 0.5in">(t)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Compliance
with Mining Laws</U>. (i)&nbsp;The Company and its Subsidiaries (x)&nbsp;are, and, to the Company&rsquo;s knowledge, at all prior times
were, in material compliance with any and all Applicable Laws, rules, statutes and regulations relating to exploration, mining and related
activities (collectively, &ldquo;<B>Mining Laws</B>&rdquo;), (y)&nbsp;have received and are in compliance with all permits under applicable
Mining Laws to conduct their respective businesses, and (z)&nbsp;have not received notice of any actual or potential liability under or
relating to any Mining Laws and have no knowledge of any event or condition that would reasonably be expected to result in any such notice;
(ii)&nbsp;there are no costs or liabilities associated with Mining Laws of or relating to the Company or its Subsidiaries, except in the
case of each of (x)&nbsp;and (y)&nbsp;above, for any such failure to comply, or failure to receive required permits, licenses or approvals,
or cost or liability, as would not, individually or in the aggregate, have a Material Adverse Effect; and (iii)&nbsp;except as described
in each of the Registration Statement, Prospectuses and Disclosure Package, (x)&nbsp;there are no proceedings, including, but not limited,
to orders, rights, directives, units or judgments, that are pending, or that are known to be contemplated, against the Company or any
of its Subsidiaries under any Mining Laws in which a Governmental Authority is also a party, except as would not have, individually or
in the aggregate, a Material Adverse Effect, and (y)&nbsp;the Company and its Subsidiaries are not aware of any non-compliance or potential
non-compliance with Mining Laws, or liabilities or other obligations under Mining Laws, that could reasonably be expected to have a Material
Adverse Effect.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(u)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Mineral
Resources and Mineral Reserves</U><I>.&nbsp;</I>Any information relating to estimates by the Company of the proven and probable mineral
reserves and the measured, indicated and inferred mineral resources associated with its mineral property projects contained in the Registration
Statement, Prospectuses and Disclosure Package has been prepared in all material respects in accordance with National Instrument 43-101&ndash;&nbsp;<I>Standards
of Disclosure for Mineral Projects</I>&nbsp;(&ldquo;<B>NI 43-101</B>&rdquo;). The Company believes that all of the assumptions underlying
such reserve and resource estimates are reasonable and appropriate.</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-indent: 0.5in">(v)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Technical
Report and NI 43-101</U>.</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">The technical reports titled &ldquo;Amended and Restated NI 43-101
Technical Report for the Definitive Feasibility Study for Commercial Lithium Extraction Plant at LANXESS South Plant,&rdquo; dated July&nbsp;23,
2025, with an effective date of August&nbsp;18, 2023, amending and restating the earlier report dated October&nbsp;18, 2023, and &ldquo;South
West Arkansas Project NI 43-101 Technical Report&nbsp;&amp; Definitive Feasibility Study, Arkansas, United States&rdquo; dated October&nbsp;14,
2025 with an effective date of September&nbsp;3, 2025(collectively, the &ldquo;<B>Technical Reports</B>&rdquo;)<B>&nbsp;</B>were each
prepared in compliance in all material respects with the requirements of NI 43-101.</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">The Company made available to the authors of the Technical Reports,
prior to the issuance of such report, for the purpose of preparing such report, all information available to the Company and requested
by the authors, which information to the best of the Company&rsquo;s knowledge did not contain any misrepresentation at the time such
information was so provided, and, to the best of the Company&rsquo;s knowledge, there have been no material changes to such information
since the date of delivery or preparation thereof.</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">The Company is in material compliance with the provisions of NI 43-101
and has filed all technical reports required thereby and there has been no change that would require the filing of a new technical report
under NI 43-101.</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">All scientific and technical information set forth in the Registration
Statement, Prospectuses and Disclosure Package has been reviewed by a &ldquo;qualified person&rdquo; as required under NI 43-101 and has
been prepared in accordance with Canadian industry standards set forth in NI 43-101 other than where disclosed in the Registration Statement,
Prospectuses and Disclosure Package that such information has been prepared under an acceptable foreign code (as such term is defined
in NI 43-101).</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-indent: 0.5in">(w)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Indigenous
Groups</U>. Except as otherwise described in the Registration Statement, Prospectuses and Disclosure Package, no dispute between the Company
or any Subsidiary and any local, native or indigenous group exists or is imminent, or to the knowledge of the Company, threatened, with
respect to the Company&rsquo;s mineral projects that could reasonably be expected to have a Material Adverse Effect.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(x)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Government
Relationships</U>. The Company and its Subsidiaries maintain a good working relationship with all Governmental Authorities in the jurisdictions
in which the Mining Rights are located, or in which such parties otherwise carry on their business or operations. All such government
relationships are intact and mutually cooperative and, to the knowledge of the Company, there exists no condition or state of fact or
circumstances in respect thereof, that would prevent the Company or any Subsidiary from conducting its business and all activities in
connection with the Mining Rights as currently conducted or proposed to be conducted and there exists no actual or, to the knowledge of
the Company, threatened termination, limitation, modification or material change in the working relationship with any Governmental Authorities.</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-indent: 0.5in">(y)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Royalties</U>.
Except as disclosed in the Registration Statement, Prospectuses and Disclosure Package and excluding, for the avoidance of doubt, payments
of taxes in connection therewith, none of the Company nor any Subsidiaries has any responsibility or obligation to pay or have paid on
its behalf any material commission, royalty or similar payment to any person with respect to the Mining Rights.</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-indent: 0.5in">(z)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Delays
Related to Company Projects</U>. Except as disclosed in the Registration Statement, Prospectuses and Disclosure Package, there are no
material complaints, issues, proceedings, or discussions, which are ongoing or anticipated which could have the effect of interfering,
delaying or impairing the ability to explore, develop or operate the Mining Rights in a manner that would have a Material Adverse Effect
on 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; text-indent: 0.5in">(aa)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Legal
Proceedings</U>. No legal, administrative, regulatory or governmental proceedings or inquiries are pending to which the Company or any
Subsidiary is a party or to which the property thereof is subject that would result in the revocation or modification of any certificate,
authority, permit or license necessary to conduct the business now owned or operated by the Company or any Subsidiary, which, if the subject
of an unfavorable decision, ruling or finding could reasonably be expected to have a Material Adverse Effect and, to the knowledge of
the Company, no such legal or governmental proceedings or inquiries have been threatened against or are contemplated with respect to the
Company or any Subsidiary or with respect to the properties or assets thereof.</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-indent: 0.5in">(bb)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Actions</U>.
Except as disclosed in the Registration Statement, Prospectuses and Disclosure Package, there are no actions, suits, judgments, investigations
or proceedings of any kind whatsoever outstanding, pending or, to the best of the Company&rsquo;s knowledge, threatened against or affecting
the Company or any Subsidiary, or the directors, officers or employees thereof, at law or in equity or before or by any commission, board,
bureau or agency of any kind whatsoever and, to the best of the Company&rsquo;s knowledge, there is no basis therefore and neither the
Company nor any Subsidiary is subject to any judgment, order, writ, injunction, decree, award, rule, policy or regulation of any Governmental
Authority, which, either separately or in the aggregate, may have a Material Adverse Effect or that would materially adversely affect
the ability of the Company to perform its obligations under this Agreement. &ldquo;<B>Governmental Authority</B>&rdquo; means any governmental
authority and includes, without limitation, any national or federal government, province, state, municipality or other political subdivision
of any of the foregoing, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining
to government and any corporation or other entity owned or controlled (through stock or capital ownership or otherwise) by any of the
foregoing.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(cc)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Consents</U>. Except as shall have been made or obtained on or before the Closing Date and Option Closing Date, no consent, approval,
authorization, order, filing, qualification or registration of or with any Governmental Authority or third party is required for execution,
delivery or performance of this Agreement or the consummation of the transactions contemplated herein, except such (i)&nbsp;as may be
required under the Canadian Securities Laws or the securities or &ldquo;Blue Sky&rdquo; Laws of the U.S. state or non-U.S. jurisdiction
or other non-U.S. laws applicable to the purchase of the Shares or (ii)&nbsp;as may be required by the TSXV and the NYSE American.</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-indent: 0.5in">(dd)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Convertible
Securities</U>. The number and terms of options to purchase Common Shares, deferred share units, and warrants &lrm;to purchase Common
Shares &lrm;granted by the Company currently outstanding and the terms of the Company&rsquo;s share compensation agreements conforms to
the description thereof contained or incorporated by reference in the Registration Statement, Prospectuses and Disclosure Package and,
other than as contemplated by this Agreement or otherwise disclosed in the Registration Statement, Prospectuses and Disclosure Package,
no person, firm or corporation has any agreement or option, right or privilege (contractual or otherwise) capable of becoming an agreement
(including convertible or exchangeable securities and warrants) for the purchase or acquisition from the Company or any Subsidiary of
any interest in any Common Shares or other securities of the Company or any Subsidiary whether issued or unissued.</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-indent: 0.5in">(ee)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Shareholder
Agreements</U>. Except as described in the Registration Statement, Prospectuses and Disclosure Package, there are no voting trusts or
agreements, shareholders&rsquo; agreements, buy sell agreements, rights of first refusal agreements, agreements relating to restrictions
on transfer, pre-emptive rights agreements, tag-along agreements, drag-along agreements or proxies relating to any of the securities of
the Company or the Subsidiaries, to which the Company or any of the Subsidiaries is a party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ff)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Conflicts</U>. Each of the execution and delivery of this Agreement, the Registration Statement, Prospectuses or Disclosure Package, the
performance by the Company of its obligations hereunder, the consummation of the transactions contemplated hereunder&lrm;, including the
distribution of the Shares by the Company, if applicable, (i)&nbsp;do not and will not conflict with or result in a breach or violation
of any of the terms or provisions of, or constitute a default under (whether after notice or lapse of time or both), (A)&nbsp;any Applicable
Law applicable to the Company or any Subsidiary; (B)&nbsp;the constating documents, notice of articles, articles or resolutions of the
directors or shareholders of the Company and the Subsidiaries which are in effect at the date hereof; (C)&nbsp;any mortgage, note, indenture,
contract, agreement, instrument, lease or other document to which the Company or any Subsidiary is a party or by which it is bound; or
(D)&nbsp;any judgment, decree or order binding the Company or its Subsidiaries or the property or assets of the Company or any Subsidiaries;
and (ii)&nbsp;do not affect the rights, duties and obligations of any parties to any mortgage, note, indenture, contract, agreement, joint
venture, partnership, instrument, lease or other document to which the Company or any of the Subsidiaries is a party or by which it is
bound, nor give a party the right to terminate any mortgage, note, indenture, contract, agreement, joint venture, partnership, instrument,
lease or other document to which the Company or any of the Subsidiaries is a party or by which it is bound, by virtue of the application
of terms, provisions or conditions therein. &ldquo;<B>Applicable Law</B>&rdquo; means any U.S., Canadian or foreign federal, provincial,
state or local statute, law (including, without limitation, common law) or ordinance, or any judgment, decree, rule, regulation, order
or injunction including, without limitation, Canadian Securities Laws and U.S. Securities Laws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(gg)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Voting
Agreements</U>. Except as disclosed in the Registration Statement, Prospectuses and Disclosure Package, as at the date of this Agreement,
there are no contracts, commitments or agreements relating to voting or giving of written consents with respect to the Common Shares (i)&nbsp;between
or among the Company and any of its shareholders or Subsidiaries, or (ii)&nbsp;to the Company&rsquo;s knowledge, between or among any
of the shareholders 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; text-indent: 0.5in">(hh)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Tax
Matters</U>. All taxes (including income tax, capital tax, payroll taxes, employer health tax, workers&rsquo; compensation payments, property
taxes, custom and land transfer taxes), duties, royalties, levies, imposts, assessments, deductions, charges or withholdings and all liabilities
with respect thereto including any penalty and interest payable with respect thereto (collectively, &ldquo;<B><U>Taxes</U></B>&rdquo;)
due and payable by each of the Company and each Subsidiary have been paid in full when due or accrued as required, except where the failure
to pay such Taxes would not constitute an adverse material fact in respect of the Company or the Subsidiaries or have a Material Adverse
Effect. All tax returns, declarations, remittances and filings required to be filed by the Company have been filed when due with all appropriate
governmental authorities and all such returns, declarations, remittances and filings are complete and accurate and no material fact or
facts have been omitted therefrom which would make any of them misleading, except where the failure to file such documents would not constitute
an adverse material fact in respect of the Company or any Subsidiary or have a Material Adverse Effect. To the knowledge of the Company,
no examination of any tax return of the Company or any Subsidiary is currently in progress and there are no issues or disputes outstanding
with any governmental authority respecting any Taxes that have been paid, or may be payable, by the Company or any Subsidiary in any case,
except where such examinations, issues or disputes would not constitute an adverse material fact in respect of the Company or have a Material
Adverse Effect.</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-indent: 0.5in">(ii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Limitations</U>. Neither the Company nor any Subsidiary is a party to, bound by or, to the knowledge of the Company, affected by any commitment,
agreement or document containing any covenant which expressly and materially limits the freedom of the Company or a Subsidiary to compete
in any line of business, transfer or move any of its respective assets or operations or could reasonably be expected to have a Material
Adverse Effect.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(jj)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Environmental
Matters</U>. Except as could not be expected, individually or in the aggregate, to have a Material Adverse Effect or as disclosed in the
Registration Statement, Prospectuses and Disclosure Package: (i)&nbsp;neither the Company nor any of its Subsidiaries is in violation
of any federal, state, provincial, local, municipal or foreign statute, law, rule, regulation, ordinance, code, policy or rule&nbsp;of
common law or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent, decree or
judgment, relating to pollution or protection of human health, the environment (including, without limitation, ambient air, surface water,
groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release
or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products
(collectively, &ldquo;<B>Hazardous Materials</B>&rdquo;) or to the manufacture, processing, distribution, use, treatment, storage, disposal,
transport or handling of Hazardous Materials (collectively, &ldquo;<B>Environmental Laws</B>&rdquo;); (ii)&nbsp;the Company and its Subsidiaries
have all permits, authorizations and approvals required under any applicable Environmental Laws to carry on business as currently conducted
or proposed to be conducted and are each in compliance with their requirements; (iii)&nbsp;there are no pending or, to the Company&rsquo;s
knowledge, threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance
or violation, investigation or proceedings relating to any Environmental Law against the Company or any of its Subsidiaries; (iv)&nbsp;there
are no events or circumstances that might reasonably be expected to form the basis of an order for clean-up or remediation, or an action,
suit or proceeding by any private party or governmental body or agency, against or affecting the Company or any of its Subsidiaries relating
to Hazardous Materials or any Environmental Laws&lrm;; and (v)&nbsp;neither the Company nor any of its Subsidiaries have used, except
in compliance with all Environmental laws, any property or facility, &lrm;which it currently or previously owned or leased, to generate,
manufacture, process, distribute, &lrm;use, treat, store, dispose of, transport or handle Hazardous Materials. There are no environmental
 &lrm;audits, evaluations, assessments, studies or tests being conducted by the Company or any &lrm;Subsidiary or to the knowledge of the
Company, by any third party, in connection with any &lrm;material property or assets of the Company or any Subsidiary or otherwise relating
to the &lrm;Company or the Subsidiaries, except for ongoing assessments conducted by or on behalf of the &lrm;Company in the ordinary
course.&lrm;</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-indent: 0.5in">(kk)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Material Changes</U>. Since the respective dates as of which information is given in the Registration Statement, Prospectuses and Disclosure
Package or any amendment to the Registration Statement or amendment to the Prospectuses, there has not been: (i)&nbsp;any material adverse
change or any development that could reasonably be expected to result in a material adverse change in the condition (financial or otherwise),
or in the earnings, business, affairs, capital, prospects, operations or management of the Company or any of the Subsidiaries, taken as
a whole (a &ldquo;<B>Material Adverse Change</B>&rdquo;), whether or not arising in the ordinary course of business, or (ii)&nbsp;any
dividend or distribution of any kind declared, paid or made by the Company or any of the Subsidiaries on shares in the capital of the
Company or a Subsidiary, as applicable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ll)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Limitation on Payments</U>. Except as otherwise disclosed in the Registration Statement, Prospectuses and Disclosure Package, there is
no encumbrance or restriction on the ability of any Subsidiary of the Company to (x)&nbsp;pay dividends or make other distributions on
such Subsidiary&rsquo;s capital stock or equity or membership interest or to pay any indebtedness to the Company or any other Subsidiary
of the Company, (y)&nbsp;make loans or advances or pay any indebtedness to, or investments in, the Company or any other Subsidiary, or
(z)&nbsp;transfer any of its property or assets to the Company or any other Subsidiary 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; text-indent: 0.5in">(mm)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Employee
Benefit Plan Matters</U>. Each employee benefit plan, program, agreement or arrangement (including, without limitation, pension, retirement,
health and welfare benefit and equity compensation plans) sponsored, maintained or contributed to or required to be contributed to by
the Company or any Subsidiary for the benefit of its employees or former employees and their dependents or beneficiaries at any time or
for which the Company or any Subsidiary participates or has any actual or potential liability or obligations (each, a &ldquo;<B>Plan</B>&rdquo;)
is in compliance in all material respects with all Applicable Laws, including, the Income Tax Act (Canada), as amended, and the terms
of such Plans, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Plan
(a)&nbsp;is a &ldquo;registered pension plan&rdquo; or a &ldquo;profit sharing plan&rdquo; as those terms are defined in the Income Tax
Act (Canada), (b)&nbsp;provides retirement or pension benefits on a defined benefit basis, or (c)&nbsp;applies to or permits participation
by employers that are not affiliates of the Company, including a &ldquo;multi-employer plan&rdquo; as that term is defined in subsection
1(1)&nbsp;of the Pension Benefits Standards Act (British Columbia) or an equivalent plan under pension standards legislation of another
applicable Canadian jurisdiction and any &ldquo;multi-employer plan&rdquo; as that term is defined in subsection 8500(1)&nbsp;of the Income
Tax Regulations (Canada).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(nn)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Labor
Matters</U>. No material work stoppage, strike, lock-out, labor disruption, dispute grievance, arbitration, proceeding or other conflict
with the employees of the Company or any Subsidiary currently exists or, to the Company&rsquo;s knowledge, is imminent or pending and
each of the Company and each Subsidiary is in material compliance with all provisions of all federal, national, regional, provincial and
local laws and regulations respecting employment and employment practices, terms and conditions of employment and wages and hours.</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">There are no material complaints against the Company or any Subsidiary
before any employment standards branch or tribunal or human rights tribunal, nor any complaints or any occurrence which would reasonably
be expected to lead to a complaint under any human rights legislation or employment standards legislation that would be material to the
Company or any Subsidiary. There are no outstanding decisions or settlements or pending settlements under applicable employment standards
legislation which place any material obligation upon the Company or any Subsidiary to do or refrain from doing any act. The Company and
each Subsidiary are currently in material compliance with all workers&rsquo; compensation, occupational health and safety and similar
legislation, including payment in full of all amounts owing thereunder, and there are no pending claims or outstanding orders of a material
nature against either of them under applicable workers&rsquo; compensation legislation, occupational health and safety or similar legislation
nor has any event occurred which may give rise to any such material claim.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Neither the Company nor any Subsidiary is party to any collective bargaining
agreements with unionized employees. To the Company&rsquo;s knowledge, no action has been taken or is being contemplated to organize or
unionize any other employees of the Company or any Subsidiary that would have a Material Adverse Effect on the Company or any Subsidiary.</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-indent: 0.5in">(oo)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Employee
Plans</U>. The Underwriters have been provided with a true and complete copy of each material plan for retirement, bonus, stock purchase,
profit sharing, stock option, deferred compensation, severance or termination pay, insurance, medical, hospital, dental, vision care,
drug, sick leave, disability, salary continuation, legal benefits, unemployment benefits, vacation, incentive or otherwise contributed
to, or required to be contributed to, by the Company and/or any Subsidiary for the benefit of any current or former director, officer,
employee or consultant of the Company and/or any Subsidiary (the &ldquo;<B>Employee Plans</B>&rdquo;), each of which has been maintained
in all material respects with its terms and with the requirements prescribed by any and all statutes, orders, rules&nbsp;and regulations
that are applicable to such Employee Plans.</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-indent: 0.5in">(pp)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Employment
Law Matters</U>. The Company and each Subsidiary is in compliance with all laws respecting employment and employment practices, terms
and conditions of employment, pay equity and wages, except where non-compliance with such laws could not reasonably be expected to have
a Material Adverse Effect.</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-indent: 0.5in">(qq)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Material Loans</U>. Other than as disclosed in the Registration Statement, Prospectuses and Disclosure Package, neither the Company nor
any of its Subsidiaries has made any loans to or guaranteed the obligations of any person or which are required to be disclosed in the
Registration Statement, Prospectuses and Disclosure Package.</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-indent: 0.5in">(rr)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Investments</U>.
To the knowledge of the Company, the interest rate of each interest rate bearing Investment complies with applicable federal or provincial
laws and other requirements pertaining to usury and, to the knowledge of the Company, any requirements of any federal, provincial or local
law. &ldquo;<B><U>Investments</U></B>&rdquo; means each of the investments of the Company listed or otherwise disclosed in the Registration
Statement, Prospectuses and Disclosure Package.</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">Except as disclosed in the Registration Statement, Prospectuses and
Disclosure Package, there has been no material change in the value of the Investments since June&nbsp;30, 2025.</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">All of the material contracts and agreements of the Company (including,
for greater certainty, any contracts and agreements relating to the Investments) have been disclosed in the Registration Statement, Prospectuses
and Disclosure Package. Neither the Company nor any of its Subsidiaries has received any notification from any party that it intends to
terminate any such material contract.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each of the material agreements and other documents and instruments
pursuant to which the Company holds its Investments, property and assets and conducts its business is a valid and subsisting agreement,
document and instrument in full force and effect, enforceable in accordance with the terms thereof, the Company is not in default of any
of the material provisions of any such agreements, instruments or documents nor has any such default been alleged, and such Investments
and assets are in good standing under the applicable statutes and regulations of the governing jurisdiction.</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-indent: 0.5in">(ss)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Minute
Books and Corporate Records</U>. Except for drafts of minutes of meetings which have not been approved by the board of directors and have
been provided to the Underwriters, the minute books and corporate records of the Company and the Subsidiaries for the period from incorporation
to the date hereof made available to the Underwriters, contain copies of all proceedings (or certified copies thereof or drafts thereof
pending approval) of the shareholders and the directors (or any committee thereof) thereof and there have been no other meetings, resolutions
or proceedings of the shareholders or directors of the Company or such Subsidiaries to the date hereof not reflected in such corporate
records, other than those which are not material to the Company or the Subsidiaries, as the case may be.</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-indent: 0.5in">(tt)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Business
of Trading</U>. The Company is not in the business of trading in securities, within the meaning of applicable Canadian Securities Laws.</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-indent: 0.5in">(uu)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Stop Order</U>. No order, ruling or determination having the effect of suspending the sale or ceasing the trading in any securities of
the Company (including the Shares) has been issued by any securities regulator, securities commission or other regulatory authority and
is continuing in effect and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are pending, contemplated
or threatened by any regulatory authority.</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-indent: 0.5in">(vv)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Securities
Laws</U>. There are no material events relating to the Company or any Subsidiary required to be disclosed pursuant to applicable Canadian
Securities Laws or U.S. Securities Laws which are not included in or incorporated by reference into the Registration Statement, Prospectuses
and Disclosure Package.</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-indent: 0.5in">(ww)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>SEDAR+
and EDGAR</U>. Information available on the Company&rsquo;s profile on www.sedarplus.ca and the Commission&rsquo;s Electronic Document
Gathering and Retrieval System at www.sec.gov was accurate and complete on the date of filing such information and such information does
not contain any misstatements of material fact.</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-indent: 0.5in">(xx)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Significant
Acquisitions</U>. Other than as disclosed in the Registration Statement, Prospectuses and Disclosure Package, the Company has not made
any, or entered into any agreement to complete any &ldquo;significant acquisition&rdquo; (as such terms is defined in NI 51-102) that
would require the filing of a &ldquo;business acquisition report&rdquo; (as defined in NI 51-102) pursuant to Canadian Securities Laws,
nor is it proposing any such acquisition that has progressed to a state where a reasonable person would believe that the likelihood of
the Company completing the acquisition is high, nor is it proposing any &ldquo;probable acquisitions&rdquo; (as contemplated by Form&nbsp;41-101F1).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(yy)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Foreign
Private Issuer</U>. The Company is, and upon completion of the transactions described herein, will be, a &ldquo;foreign private issuer&rdquo;
within the meaning of Rule&nbsp;3b-4 under the Exchange Act.</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-indent: 0.5in">(zz)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Disclosure
Obligations</U>. The Company is in compliance in all material respects with its continuous and timely disclosure obligations under Canadian
Securities Laws and U.S. Securities Laws and has filed all documents required to be filed by it with the Canadian Qualifying Authorities
and the Commission under applicable Canadian Securities Laws and U.S. Securities Laws, and no document has been filed on a confidential
basis with the Canadian Qualifying Authorities that remains confidential at the date hereof. None of the documents filed in accordance
with applicable Canadian Securities Laws and U.S. Securities Law contained, as at the date of filing thereof, a misrepresentation &lrm;or
an omission of any material fact necessary to make such information not misleading in light of &lrm;the circumstances in which such information
was given.</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-indent: 0.5in">(aaa)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Intellectual
Property</U>. The Company and each of the Subsidiaries owns or has all proprietary rights provided in law and at equity to all patents,
trademarks, service marks, logos, slogans, whether in word mark or, stylized or design format, copyrights, industrial designs, software,
trade secrets, industrial designs, invention, technical data and information, know how, concepts, information and other intellectual and
industrial property, whether registered or unregistered, and all rights and claims related thereto (collectively, &ldquo;<B>Intellectual
Property</B>&rdquo;) necessary to permit the Company and the Subsidiaries to conduct their respective business as currently conducted
as described in the Registration Statement, Prospectuses and Disclosure Package. Neither the Company nor any Subsidiary has received any
notice nor is the Company aware of any infringement of or conflict with asserted rights of others with respect to any Intellectual Property
or of any facts or circumstances that would render any Intellectual Property invalid or inadequate to protect the interests of the Company
or a Subsidiary therein and which infringement or conflict (if subject to an unfavorable decision, ruling or finding) or invalidity or
inadequacy would have a Material Adverse Effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">(i)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company and each Subsidiary has taken all reasonable steps to protect its Intellectual Property in those jurisdictions where, in the reasonable
opinion of the Company&lrm;, the Company&lrm; and/or each Subsidiary carries on a sufficient business to justify such steps.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">(ii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>There
are no material restrictions on the ability of the Company and the Subsidiaries to use and exploit all rights in the Intellectual Property
required in the ordinary course of the business of the Company and each Subsidiary, as applicable. None of the rights of the Company and
each Subsidiary in the Intellectual Property will be impaired or affected in any way by the transactions contemplated by this Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">(iii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Neither
the Company nor any Subsidiary has received any notice or claim (whether written, oral or otherwise) challenging its ownership of or right
to use any material Intellectual Property or suggesting that any other person has any claim of legal or beneficial ownership or other
claim or interest with respect thereto, nor to the knowledge of the Company is there a reasonable basis for any claim that any person
other than the Company or a Subsidiary has any claim of legal or beneficial ownership or other claim or interest in any material Intellectual
Property.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">(iv)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>All
registrations of Intellectual Property are in good standing and are recorded in the name of the Company or a Subsidiary in the appropriate
offices to preserve the rights thereto. Other than as would not have a Material Adverse Effect, all such registrations have been filed,
prosecuted and obtained in accordance with all applicable legal requirements and are currently in effect and in compliance with all applicable
legal requirements. No registration of Intellectual Property has expired, become abandoned, been cancelled or expunged, or has lapsed
for failure to be renewed or maintained, except where such expiration, abandonment cancellation, expungement or lapse would not have a
Material Adverse Effect.</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-indent: 0.5in">(bbb)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Material
Agreements</U>. Any and all agreements and other material documents and instruments pursuant to which any of the Company and/or a Subsidiary
holds the property and assets thereof (including any interest in, or right to earn an interest in, any Intellectual Property) are valid
and subsisting agreements, documents or instruments in full force and effect, enforceable in accordance with terms thereof, none of the
Company nor a Subsidiary is in default of any of the material provisions of any such agreements, documents or instruments nor has any
such default been alleged and such properties and assets are in good standing under the applicable statutes and regulations of the applicable
jurisdictions in which they are situated, all material leases, licenses and other agreements pursuant to which the Company or a Subsidiary
derives the interests thereof in such property and assets are in good standing and there has been no material default under any such lease,
license or agreement. None of the properties (or any interest in, or right to earn an interest in, any property) of the Company or a Subsidiary
is subject to any right of first refusal or purchase or acquisition right.</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-indent: 0.5in">(ccc)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Regulatory
Matters</U>. The Company is not aware of any licensing or legislation, regulation, by-law or other lawful requirement of any Governmental
Authority having lawful jurisdiction over the Company or any Subsidiary presently in force or, to its knowledge, proposed to be brought
into force, or any pending or contemplated change to any licensing or legislation, regulation, by-law or other lawful requirement of any
Governmental Authority having lawful jurisdiction over the Company or any Subsidiary presently in force, that the Company anticipates
the Company or any one of its Subsidiaries will be unable to comply with or which could reasonably be expected to materially adversely
affect the business of the Company or a Subsidiary or the business environment or legal environment under which such entity operates.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ddd)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Insurance
Matters</U>. The Company and each Subsidiary maintains insurance, including, without limitation, general commercial liability, product
liability and recall coverage, by insurers of recognized financial responsibility, against such losses, risks and damages to their assets
(including biological assets) in such amounts as are customary for the business in which they are engaged and on a basis consistent with
reasonably prudent persons in comparable businesses, and all of the policies in respect of such insurance coverage, fidelity or surety
bonds insuring the Company and the Subsidiaries, and their respective directors, officers and employees, and the Company and the Subsidiaries&rsquo;
assets, are in good standing and in full force and effect in all respects, and not in default. Each of the Company and each Subsidiary
is in compliance with the terms of such policies and instruments in all material respects and there are no material claims by the Company
or any Subsidiary under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation
of rights clause; the Company has no reason to believe that it will not be able to renew such existing insurance coverage as and when
such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that
would not have a Material Adverse Effect, and neither the Company nor any Subsidiary has failed to promptly give any notice of any material
claim thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(eee)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Bankruptcy</U>.
Neither the Company nor any Subsidiary has committed an act of bankruptcy or sought protection from the creditors thereof before any court
or pursuant to any legislation, proposed a compromise or arrangement to the creditors thereof generally, taken any proceeding &lrm;with
respect to a compromise or arrangement, &lrm;taken any proceeding to be declared bankrupt or wound up, taken any proceeding to have a
receiver appointed of any of the assets thereof, had any person holding any encumbrance, lien, charge, hypothec, pledge, mortgage, title
retention &lrm;agreement or other security interest or &lrm;receiver take possession of any of the property thereof, had an execution
or distress become enforceable or levied upon any portion of the property thereof or had any petition for a receiving order in bankruptcy
filed against it.</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-indent: 0.5in">(fff)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Materially Misleading Information</U>. All information which has been prepared by the Company or any Subsidiary relating to the Company
or any Subsidiary or their respective business, properties and liabilities and made available to the Underwriters was, as of the date
of such information and is as of the date hereof, true and correct in all material respects, taken as a whole, and no fact or facts have
been omitted therefrom which would make such information materially misleading.</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-indent: 0.5in">(ggg)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Material
Facts</U>. The Company has not withheld and will not withhold from the Underwriters prior to each date of this Agreement, the Closing
Date and the Option Closing Date, any material facts relating to the Company, any of its Subsidiaries or the transactions described herein.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(hhh)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Cybersecurity</U>.
(i)(x)&nbsp;Except as disclosed in the Registration Statement, the Prospectuses and the Disclosure Package, there has been no material
security breach or other compromise of or relating to any of the Company&rsquo;s or its Subsidiaries&rsquo; information technology and
computer systems, networks, hardware, software, data (including the data of its customers, employees, suppliers, vendors and any third
party data maintained by or on behalf of it), equipment or technology (collectively, &ldquo;<B>IT Systems and Data</B>&rdquo;) and (y)&nbsp;neither
the Company nor any Subsidiary has been notified of, and has knowledge of any event or condition that would reasonably be expected to
result in, any security breach or other compromise to its IT Systems and Data; (ii)&nbsp;the Company and its Subsidiaries are presently
in compliance with all applicable laws or statutes and all judgments, orders, rules&nbsp;and regulations of any court or arbitrator or
governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems
and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as
would not, in the case of this clause (ii), individually or in the aggregate, have a Material Adverse Effect; (iii)&nbsp;the Company and
its Subsidiaries have implemented and maintained commercially reasonable safeguards to maintain and protect their material confidential
information and the integrity, continuous operation, redundancy and security of all IT Systems and Data; and (iv)&nbsp;the Company and
its Subsidiaries have implemented backup and disaster recovery technology consistent with industry standards and practices.</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-indent: 0.5in">(iii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Market
Activities</U>. Neither the Company, its Subsidiaries nor any of their affiliates has and, to the Company&rsquo;s knowledge, no one acting
on their behalf has, (i)&nbsp;taken any action designed to cause or to result in, or that has constituted or which might reasonably be
expected to constitute, the stabilization or manipulation of the price of any security of the Company, whether to facilitate the sale
or resale of any of the Shares or otherwise, (ii)&nbsp;sold, bid for, purchased, or paid anyone any compensation for soliciting purchases
of, any of the Shares, or (iii)&nbsp;except as disclosed in the Registration Statement, Prospectuses and Disclosure Package, paid or agreed
to pay to any person any compensation for soliciting another to purchase any other securities 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; text-indent: 0.5in">(jjj)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Investment
Company Act</U>. The Company is not and, after giving effect to transactions described herein, including the proposed use of proceeds
from the offering of the Shares, as described in the Registration Statement, Prospectuses and Disclosure Package, will not be an &ldquo;investment
company&rdquo; as defined under the Investment Company Act of 1940, as amended (the &ldquo;<B>Investment Company Act</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(kkk)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Sarbanes-Oxley</U>.
There is and has been no failure on the part of the Company or any Subsidiary or any of the officers and directors of the Company or any
Subsidiary, in their capacities as such, to comply with the applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules&nbsp;and
regulations promulgated in connection therewith.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(lll)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Money
Laundering Laws.</U> The Company and Subsidiaries are and have been conducting their businesses in compliance with the Anti-Corruption
Laws, the Anti-Money Laundering Laws and Sanctions, and no action, suit or proceeding, or, to the knowledge of the Company, any investigation
or inquiry, by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its Subsidiaries
with respect to the Anti-Corruption Laws, the Anti-Money Laundering Laws or Sanctions is pending or, to the knowledge of the Company,
threatened. The Company and its subsidiaries and affiliates have instituted and maintained and will continue to maintain policies and
procedures reasonably designed to promote and achieve compliance with the Anti-Corruption Laws, the Anti-Money Laundering Laws, Sanctions
and with the representations and warranties contained herein. &ldquo;<B>Anti-Corruption Laws</B>&rdquo; means, collectively (a)&nbsp;the
U.S. Foreign Corrupt Practices Act of 1977, (b)&nbsp;the UK Bribery Act 2010, (c)&nbsp;Corruption of Foreign Public Officials Act (Canada),
or (d)&nbsp;any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International
Business Transactions any other applicable law, regulation, order, decree or directive having the force of law and relating to bribery
or corruption. &ldquo;<B>Anti-Money Laundering Laws</B>&rdquo; means the applicable financial recordkeeping and reporting requirements
of the Bank Secrecy Act of 1970, applicable provisions of the USA PATRIOT Act of 2001, the Money Laundering Control Act of 1986, the Anti-Money
Laundering Act of 2020, Proceeds of Crime (Money Laundering) and Terrorist Financing Act, or any applicable law or regulation implementing
the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, including as to each and
any applicable statute all amendments thereto and regulations promulgated thereunder, as well as the anti-money laundering statutes of
all jurisdictions to the extent applicable to the Company or any of its Subsidiaries, the rules&nbsp;and regulations thereunder, and any
related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency.</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-indent: 0.5in">(mmm)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Compliance
with Anti-Corruption Laws.</U> Neither the Company nor any Subsidiaries, nor any director, officer, employee, agent or representative
has (i)&nbsp;used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political
activity, (ii)&nbsp;made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment
of corporate funds or benefit to any foreign or domestic government or regulatory official or employee, including, without limitation,
of any government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for
or on behalf of any of the foregoing, or any political party or party official or candidate for political office, (iii)&nbsp;violated
or is in violation of any provision of the Anti-Corruption Laws, as applicable, or (iv)&nbsp;made, offered, agreed, requested or taken
an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment,
kickback or other unlawful or improper payment or benefit.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(nnn)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Conflicts with Sanctions Laws. </U>Neither the Company nor any Subsidiaries, directors, officers, nor, to the knowledge of the Company,any
employee, agent or representative is an individual or entity (&ldquo;Person&rdquo;) that is, or is owned or controlled by one or more
Persons that are: (i)&nbsp;the subject of any Sanctions; or (ii)&nbsp;located, organized or resident in a country or territory that is,
or whose government is, the subject of comprehensive territorial Sanctions (including, without limitation, the so-called Donetsk People&rsquo;s
Republic, the so-called Luhansk People&rsquo;s Republic or any other Covered Region of Ukraine identified pursuant to Executive Order
14065, Crimea, Cuba,&nbsp;Iran, North Korea, and Syria). The Company will not, directly or indirectly, use the proceeds of the offering,
or lend, contribute or otherwise make available such proceeds to any Person, to fund any activities or business of or with any Person
or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions or in any other
manner that would cause or result in a violation of any Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions by any Person (including
any Party to this Agreement). Since April&nbsp;24, 2019, neither the Company nor its Subsidiaries have knowingly engaged in, or is now
knowingly engaged in, any dealings or transactions with any Person, or in any country or territory, that at the time of this dealing or
transaction is or was, or whose government is or was, the subject of Sanctions. &ldquo;<B>Sanctions</B>&rdquo; means any sanctions administered
or enforced by the United States Government (including the U.S. Department of Treasury&rsquo;s Office of Foreign Assets Control and the
U.S. Department of State), the United Nations Security Council, the European Union, HM Treasury, or any other relevant sanctions authority.</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-indent: 0.5in">(ooo)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Stamp Duty</U>. There are no stamp or other issuance or transfer taxes or duties or other similar fees or charges required to be paid
in connection with the execution and delivery of this Agreement or the issuance or sale of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ppp)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Withholding Tax</U>. All payments to the Underwriters pursuant to this Agreement shall be made without withholding for taxes under the
Income Tax Act (Canada) provided that such payments are not in respect of services rendered in Canada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(qqq)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Certificates</U>.
Each certificate signed by any officer of the Company or any of the Subsidiaries, delivered to the Underwriters shall be deemed a representation
and warranty by the Company or any such Subsidiary (and not individually by such officer) to the Underwriters with respect to the matters
covered thereby.</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-indent: 0.5in">(rrr)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Due
Diligence Sessions</U>. The responses given by the executive officers of the Company in the due diligence sessions held in connection
with the transactions contemplated herein were and shall be true and correct in all material respects as at the time such responses were
or are given.</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-indent: 0.5in">(sss)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>The
Shares</U>. When issued in accordance with this Agreement, and upon receipt of payment for the Shares, the Shares will have been duly
and validly created and issued as fully paid and non-assessable Common Shares 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; text-indent: 0.5in">(ttt)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Canadian
Reporting Issuer; Listing of Common Shares</U><I>. </I>The Company is a reporting issuer under the securities laws of each province and
territory of Canada that recognizes the concept of reporting issuer, is not in default of any material requirement of the applicable Canadian
Securities Laws, is in compliance, in all material respects, with the rules, policies and regulations of the TSXV, and is not on the list
of defaulting reporting issuers maintained by any Canadian Qualifying Authority in each such jurisdiction that maintains such a list;
the outstanding Common Shares are registered pursuant to Section&nbsp;12(b)&nbsp;of the Exchange Act.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(uuu)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Not
an Ineligible Issuer</U>. At the time of filing the Registration Statement and at the earliest time after the filing of the Registration
Statement that the Company or another offering participant made a bona fide offer (within the meaning of Rule&nbsp;164(h)(2)&nbsp;under
the Securities Act) of the Shares, the Company was not and, as of the date of this Agreement, is not, an Ineligible Issuer (as defined
in Rule&nbsp;405 under the Securities Act), without taking account of any determination by the Commission pursuant to Rule&nbsp;405 under
the Securities Act that it is not necessary that the Company be considered an Ineligible Issuer<I>.</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; text-indent: 0.5in">(vvv)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Eligible
Issuer</U>. The Company has filed a current annual information form in the &lrm;form prescribed by NI 51-102 in each of the Canadian Qualifying
Jurisdictions prior to the &lrm;date of this Agreement; the Company is as of the date hereof an Eligible Issuer in &lrm;the Canadian Qualifying
Jurisdictions and, during the period of distribution of the &lrm;Shares, will continue to be an Eligible Issuer in the Canadian Qualifying
 &lrm;Jurisdictions and there will be no documents required to be filed under applicable securities laws of the Canadian Qualifying Jurisdictions
in connection with sales of &lrm;Shares pursuant to this Agreement of the Shares that will &lrm;not have been filed as required. For the
purposes hereof, the term &ldquo;<B>Eligible Issuer</B>&rdquo; means an issuer which meets the criteria and has complied with the requirements
of NI 44-101 so as to be &lrm;qualified to offer securities by way of a short form prospectus under Canadian Securities Laws&lrm;.</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-indent: 0.5in">(www)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>French
Translation Exemption Order</U>. The Translation Decision remains and is in &lrm;full force and has not been rescinded, repealed, revoked
or otherwise nullified by &lrm;the AMF or any other Governmental Authority and, to the knowledge of the &lrm;Company, based on such order,
if sales of Shares pursuant to this &lrm;Agreement are not made in Qu&eacute;bec, the Canadian Prospectus (and the &lrm;documents incorporated
by reference therein) are not required to be translated into &lrm;French.&lrm; As used herein, &ldquo;<B>Translation Decision</B>&rdquo;
means the decision of the Autorit&eacute; des march&eacute;s &lrm;financiers (&ldquo;<B>AMF</B>&rdquo;) dated May&nbsp;29, 2025 obtained
by the Company granting exemptive &lrm;relief from the requirement that the Canadian Prospectus and the documents &lrm;incorporated by
reference in the Canadian Prospectus be publicly filed in both the &lrm;French and English languages. For the avoidance of doubt, the
parties acknowledge and agree that, no offer or sales of Shares shall be made in the Province of Qu&eacute;bec.</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-indent: 0.5in">(xxx)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Distribution
of Offering Material by the Company</U>. The Company has not distributed and will not distribute, prior to the completion of the Underwriters&rsquo;
distribution of the Shares, any offering material in connection with the offering and sale of the Shares other than the Prospectuses
or the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(yyy)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Documents
Incorporated by Reference</U>. The documents incorporated or deemed &lrm;to be incorporated by reference in the Prospectuses, at the time
they were or hereafter are filed &lrm;with the Canadian Qualifying Authorities or Commission, as applicable, complied and will &lrm;comply
in all material respects with the requirements of Canadian Securities Laws and the &lrm;Exchange Act, as applicable&lrm;.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(zzz)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Brokers</U>.
Except for the Underwriters, there is no broker, finder or other party that is entitled to receive from the Company any brokerage or finder&rsquo;s
fee or other fee or commission as a result of any transactions contemplated by this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(aaaa)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Outstanding Loans</U>. There are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of
business) or guarantees or indebtedness by the Company to or for the benefit of any of the officers or directors of the Company or any
of the members of any of them.</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-indent: 0.5in">(bbbb)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Marketing
Materials</U>. Any marketing material that the Company is required to file with or deliver to the Canadian Qualifying Authorities has
been, or will be, filed with or delivered to the Canadian Qualifying Authorities in accordance with the requirements of Canadian Securities
Laws. Each marketing material that the Company has filed or delivered, or is required to file or deliver, in connection with the offering
pursuant to Canadian Securities Laws or that was prepared by or on behalf of or used or referred to by the Company (i)&nbsp;does not and
will not, at the time of any filing, delivery or use thereof in accordance with this Agreement, contain any misrepresentation of a material
fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were
made not misleading, and (ii)&nbsp;complies or will comply in all material respects with the applicable requirements of Canadian Securities
Laws. Except for the marketing materials, if any, identified in Schedule I hereto that have been, or will be, filed with or delivered
to the Canadian Securities Commission in accordance with the requirements of Canadian Securities Laws, each furnished to you before first
use, the Company has not prepared, used or referred to, and will not, without your prior consent, prepare, use or refer to, any marketing
materials.</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-indent: 0.5in">(cccc)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Reliance</U>. The Company has not relied upon the Underwriters or legal counsel for the Underwriters for any legal, tax or accounting
advice in connection with the offering and sale of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Agreements
to Sell and Purchase</I>. The Company hereby agrees to sell to the several Underwriters, and each Underwriter, upon the basis of the representations
and warranties herein contained, but subject to the terms and conditions hereinafter stated, agrees, severally and not jointly, to purchase
from the Company the respective numbers of Firm Shares set forth in Schedule I hereto opposite its name at $4.089 a share (the &ldquo;<B>Purchase
Price</B>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On the basis of the representations and warranties
contained in this Agreement, and subject to its terms and conditions, the Company agrees to sell to the Underwriters the Additional Shares,
and the Underwriters shall have the right to purchase, severally and not jointly, up to 4,482,758 Additional Shares at the Purchase Price,
provided, however, that the amount paid by the Underwriters for any Additional Shares shall be reduced by an amount per share equal to
any dividends declared by the Company and payable on the Firm Shares but not payable on such Additional Shares. Morgan Stanley and Evercore
may exercise this right on behalf of the Underwriters in whole or from time to time in part by giving written notice not later than 30
days after the date of this Agreement. Any exercise notice shall specify the number of Additional Shares to be purchased by the Underwriters
and the date on which such shares are to be purchased. Each purchase date must be at least one business day after the written notice is
given and may not be earlier than the Closing Date for the Firm Shares or later than ten business days after the date of such notice.
Additional Shares may be purchased as provided in Section&nbsp;&lrm;5 hereof solely for the purpose of covering sales of shares in excess
of the number of the Firm Shares. On each day, if any, that Additional Shares are to be purchased (an &ldquo;<B>Option Closing Date</B>&rdquo;),
each Underwriter agrees, severally and not jointly, to purchase the number of Additional Shares (subject to such adjustments to eliminate
fractional shares as Morgan Stanley and Evercore may determine) that bears the same proportion to the total number of Additional Shares
to be purchased on such Option Closing Date as the number of Firm Shares set forth in Schedule&nbsp;I hereto opposite the name of such
Underwriter bears to the total number of Firm Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Terms
of Public Offering</I>. The Company is advised by Morgan Stanley and Evercore that the Underwriters propose to make a public offering
of their respective portions of the Shares as soon after the Registration Statement and this Agreement have become effective as in Morgan
Stanley&rsquo;s and Evercore&rsquo;s judgment is advisable. The Company is further advised by Morgan Stanley and Evercore that the Shares
are to be offered to the public initially at $4.35 a share (the &ldquo;<B>Public Offering Price</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Payment
and Delivery</I>. Payment for the Firm Shares to be sold by the Company shall be made to the Company in Federal or other funds immediately
available in New York City against delivery of such Firm Shares for the respective accounts of the several Underwriters at 10:00&nbsp;a.m.,
New York City time, on October&nbsp;20, 2025, or at such other time on the same or such other date, not later than October&nbsp;20, 2025,
as the Company, Morgan Stanley and Evercore may agree upon in writing. The time and date of such payment are hereinafter referred to as
the &ldquo;<B>Closing Date</B>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payment for any Additional Shares shall be made
to the Company in Federal or other funds immediately available in New York City against delivery of such Additional Shares for the respective
accounts of the several Underwriters at 10:00&nbsp;a.m., New York City time, on the date specified in the corresponding notice described
in Section&nbsp;&lrm;3 or at such other time on the same or on such other date, in any event not later than November&nbsp;19, 2025, as
the Company, Morgan Stanley and Evercore may agree upon in writing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Firm Shares and Additional Shares shall be
registered in such names and in such denominations as Morgan Stanley and Evercore shall request not later than one full business day prior
to the Closing Date or the applicable Option Closing Date, as the case may be. The Firm Shares and Additional Shares shall be delivered
to Morgan Stanley and Evercore on the Closing Date or an Option Closing Date, as the case may be, for the respective accounts of the several
Underwriters, with any transfer taxes payable in connection with the transfer of the Share to the Underwriters duly paid, against payment
of the purchase price therefor.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Conditions
to the Underwriters&rsquo; Obligations</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; text-indent: 0.5in">The obligations of the Company to sell the Shares
to the Underwriters and the several obligations of the Underwriters to purchase and pay for the Shares on the Closing Date are subject
to the condition that the Registration Statement shall have become effective not later than 4:00 p.m.&nbsp;(New York City time) on the
date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The several obligations of the Underwriters are
subject to the following further conditions:</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-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Subsequent
to the execution and delivery of this Agreement and prior to the Closing Date:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">(i)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>no
order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding for such purpose or pursuant to
Section&nbsp;8A under the Securities Act shall be pending before or threatened by the Commission</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">(ii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>there
shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any review
for a possible change that does not indicate the direction of the possible change, in the rating accorded any of the securities of the
Company by any &ldquo;nationally recognized statistical rating organization,&rdquo; as such term is defined in Section&nbsp;3(a)(62) of
the Exchange Act; 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 0pt 1in; text-indent: 0.75in">(iii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>there
shall not have occurred any change, or any development, of a type described in Section&nbsp;1(kk), from that set forth in the Time of
Sale Prospectus and the Prospectuses that, in Morgan Stanley&rsquo;s and Evercore&rsquo;s judgment, is so material and adverse and that
makes it, in Morgan Stanley&rsquo;s and Evercore&rsquo;s judgment, impracticable to proceed with the offering, sale or delivery of the
Shares on the terms and in the manner contemplated in the Time of Sale Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Underwriters shall have received on the Closing Date a certificate, dated the Closing Date and signed by an executive officer of the Company,
to the effect set forth in Sections&nbsp;5(a)(i)&nbsp;and 5(a)(ii)&nbsp;above and to the effect that the representations and warranties
of the Company contained in this Agreement are true and correct as of the Closing Date and that the Company has complied with all of the
agreements and satisfied all of the conditions on its part to be performed or satisfied hereunder on or before the relevant date.</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-indent: 0.5in">The officer signing and delivering such certificate
may rely upon the best of his or her knowledge as to proceedings threatened.</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-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Underwriters shall have received on the Closing Date (i)&nbsp;a written opinion of Cassels Brock&nbsp;&amp; Blackwell LLP, Canadian counsel
for the Company (the &ldquo;Company&rsquo;s Canadian Counsel&rdquo;), which may rely on applicable local counsel opinions and (ii)&nbsp;a
written opinion and negative assurance letter of Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP, U.S. counsel for the Company (the
 &ldquo;Company&rsquo;s U.S. Counsel&rdquo;), in form and substance satisfactory to the Underwriters and their counsel.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Underwriters shall have received on the Closing Date a written opinion of Hardin, Jesson&nbsp;&amp; Terry, PLC, local counsel in Arkansas
for the Company (the &ldquo;Company&rsquo;s Arkansas Counsel&rdquo;), or other counsel satisfactory to the Underwriters, in form and substance
satisfactory to the Underwriters and their counsel, acting reasonably.</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-indent: 0.5in">(e)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Underwriters shall have received on the Closing Date an opinion and negative assurance letter of Latham&nbsp;&amp; Watkins LLP, counsel
for the Underwriters, dated the relevant date, with respect to such matters as the Underwriters may reasonably require.</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-indent: 0.5in">(f)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Underwriters shall have received, on each of the date hereof, the Closing Date a letter dated the date hereof or the Closing Date, as
the case may be, in form and substance satisfactory to the Underwriters, from PwC, containing statements and information of the type ordinarily
included in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters with respect to the financial statements and certain financial
information contained in the Registration Statement, the Time of Sale Prospectus and the Prospectuses; <I>provided</I> that the letter
delivered on the Closing Date shall use a &ldquo;cut-off date&rdquo; not earlier than the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
 &ldquo;lock-up&rdquo; agreements, each substantially in the form of Exhibit&nbsp;A hereto, between Morgan Stanley, Evercore and certain
shareholders, officers and directors of the Company relating to restrictions on sales and certain other dispositions of shares of Common
Stock or certain other securities, delivered to Morgan Stanley and Evercore on or before the Closing Date (the &ldquo;Lock-up Agreements&rdquo;),
shall be in full force and effect on the Closing Date.</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-indent: 0.5in">(h)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company&rsquo;s outstanding Common Shares and the Shares shall have been conditionally approved for listing on the NYSE American, subject
only to official notice of issuance, and the Shares shall have been conditionally approved for listing and posting for trading on the
TSXV, subject only to the satisfaction by the Company of customary conditions set forth in the applicable conditional approval letter
of the TSXV, a copy of which will be provided by the Company to the Underwriters prior to the filing of the Canadian Final Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
several obligations of the Underwriters to purchase Additional Shares hereunder are subject to the delivery to Morgan Stanley and Evercore
on the applicable Option Closing Date of the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">(i)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
certificate, dated the Option Closing Date and signed by an executive officer of the Company, confirming that the certificate delivered
on the Closing Date pursuant to Section&nbsp;5(b)&nbsp;hereof remains true and correct as of such Option Closing Date;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">(ii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>an
opinion of Company&rsquo;s Canadian Counsel, an opinion of Company&rsquo;s Arkansas Counsel and an opinion and negative assurance letter
of the Company&rsquo;s U.S. Counsel each dated the Option Closing Date, relating to the Additional Shares to be purchased on such Option
Closing Date and otherwise to the same effect as the opinion required by Section&nbsp;5(c)&nbsp;hereof;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">(iii)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>an
opinion and negative assurance letter of Latham&nbsp;&amp; Watkins LLP, U.S. counsel for the Underwriters, dated the Option Closing Date,
relating to the Additional Shares to be purchased on such Option Closing Date and otherwise to the same effect as the opinion required
by Section&nbsp;5(e)&nbsp;hereof;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.75in">(iv)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>a
letter dated the Option Closing Date, in form and substance satisfactory to the Underwriters, from PwC, substantially in the same form
and substance as the letter furnished to the Underwriters pursuant to Section&nbsp;5(f)&nbsp;hereof; <I>provided</I> that the letter delivered
on the Option Closing Date shall use a &ldquo;cut-off date&rdquo; not earlier than two business days prior to such Option Closing Date;
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; text-indent: 0.5in">(j)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Underwriters shall have received such other documents as Morgan Stanley and Evercore may reasonably request with respect to the good standing
of the Company, the due authorization and issuance of the Shares to be sold on the Closing Date or such Additional Shares to be sold on
such Option Closing Date, as applicable, and other matters related to the issuance of such Shares and Additional Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Covenants
of the Company</I>. The Company covenants with each Underwriter as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
furnish to Morgan Stanley and Evercore, without charge, three signed copies of the Canadian Final Prospectus and Registration Statement
(including exhibits thereto and documents incorporated by reference) and for delivery to each other Underwriter a conformed copy of the
Canadian Final Prospectus and Registration Statement (without exhibits thereto but including documents incorporated by reference) and
to furnish to Morgan Stanley and Evercore in New City York, and any other Underwriters, as applicable, without charge, prior to 10:00&nbsp;a.m.&nbsp;New
York City time on the business day next succeeding the date of this Agreement and during the period mentioned in Section&nbsp;&lrm;7(e)&nbsp;or
 &lrm;7(f)&nbsp;below, as many copies of the Time of Sale Prospectus, the Prospectuses, any documents incorporated by reference therein
and any supplements and amendments thereto or to the Registration Statement as Morgan Stanley and Evercore, for and on behalf of the Underwriters,
may reasonably request.</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-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Before
amending or supplementing the Registration Statement, the Time of Sale Prospectus or the Prospectuses or the Canadian Base Prospectus,
to furnish to Morgan Stanley and Evercore a copy of each such proposed amendment or supplement and not to file any such proposed amendment
or supplement to which Morgan Stanley and Evercore reasonably objects, and to, as applicable, file with the Canadian Qualifying Authorities
in accordance with the Canadian Shelf Procedures and with the Commission within the applicable period specified in Rule&nbsp;424(b)&nbsp;under
the Securities Act any prospectus required to be filed pursuant to such Rule.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
prepare, in consultation with Morgan Stanley and Evercore, and approve in writing, prior to such time any marketing materials are provided
to potential investors in Shares, a template version of any marketing materials reasonably requested to be provided by the Underwriters
to any such potential investor, such marketing materials to comply with Canadian Securities Laws and U.S. Securities Laws and to be acceptable
in form and substance to the Company and the Underwriters, acting reasonably, and to file or deliver any such marketing materials to the
Canadian Securities Commissions in compliance with Canadian Securities Laws.</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-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
furnish to Morgan Stanley and Evercore a copy of each proposed free writing prospectus to be prepared by or on behalf of, used by, or
referred to by the Company and not to use or refer to any proposed free writing prospectus to which Morgan Stanley reasonably objects.</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-indent: 0.5in">(e)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Not
to take any action that would result in an Underwriter or the Company being required to file with the Commission pursuant to Rule&nbsp;433(d)&nbsp;under
the Securities Act a free writing prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise would not have
been required to file thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
the Time of Sale Prospectus is being used to solicit offers to buy the Shares at a time when the U.S. Prospectus is not yet available
to prospective purchasers and any event shall occur or condition exist as a result of which it is necessary to amend or supplement the
Time of Sale Prospectus in order to make the statements therein, in the light of the circumstances, not misleading, or if any event shall
occur or condition exist as a result of which the Time of Sale Prospectus conflicts with the information contained in the Registration
Statement then on file, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the Time of Sale
Prospectus to comply with applicable law, forthwith to prepare, file with the Commission and the Canadian Qualifying Authorities and furnish,
at its own expense, to the Underwriters and to any dealer upon request, either amendments or supplements to the Time of Sale Prospectus
so that the statements in the Time of Sale Prospectus as so amended or supplemented will not, in the light of the circumstances when the
Time of Sale Prospectus is delivered to a prospective purchaser, be misleading or so that the Time of Sale Prospectus, as amended or supplemented,
will no longer conflict with the Registration Statement, or so that the Time of Sale Prospectus, as amended or supplemented, will comply
with applicable law.</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-indent: 0.5in">(g)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Canadian Preliminary Prospectus
to make the statements therein, in the light of the circumstances, not misleading or to correct any misrepresentation contained therein,
or if in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the Canadian Preliminary Prospectus to comply
with Canadian Securities Laws (including, as applicable, so as to constitute full, true and plain disclosure of all material facts relating
to the Shares), forthwith to prepare, file or deliver, as applicable, with the Canadian Qualifying Authorities and furnish, at its own
expense, to the Underwriters and to any dealer upon request, either amendments or supplements to the Canadian Preliminary Prospectus so
that the statements in the Canadian Preliminary Prospectus as so amended or supplemented will not, in the light of the circumstances when
the Canadian Preliminary Prospectus is delivered to a prospective purchaser, be misleading or contain a misrepresentation, or so that
the Canadian Preliminary Prospectus, as amended or supplemented, will comply with Canadian Securities Laws (including, as applicable,
so as to constitute full, true and plain disclosure of all material facts relating to the Shares).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If
any event shall occur or condition exist as a result of which it is necessary to amend or supplement any marketing materials in order
to make the statements therein, in the light of the circumstances, not misleading or to correct any misrepresentation contained therein,
or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the marketing materials to comply with Canadian
Securities Laws (including, as applicable, so as to constitute full, true and plain disclosure of all material facts relating to the Shares),
forthwith to prepare, file or deliver, as applicable, with the Canadian Qualifying Authorities and furnish, at its own expense, to the
Underwriters and to any dealer upon request, either amendments or supplements to the marketing materials so that the statements in the
marketing materials as so amended or supplemented will not, in the light of the circumstances when the marketing materials are delivered
to a prospective purchaser, be misleading or contain a misrepresentation, or so that the marketing materials, as amended or supplemented,
will comply with Canadian Securities Laws (including, as applicable, so as to constitute full, true and plain disclosure of all material
facts relating to the Shares).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>If,
during such period after the first date of the public offering of the Shares as in the opinion of counsel for the Underwriters either
of the Prospectuses (or in lieu thereof the notice referred to in Rule&nbsp;173(a)&nbsp;of the Securities Act) is required by law to be
delivered in connection with sales by an Underwriter or dealer, any event shall occur or condition exist as a result of which it is necessary
to amend or supplement the Prospectuses (or one of them) in order to make the statements therein, in the light of the circumstances when
the Prospectuses (or one of them) (or in lieu thereof the notice referred to in Rule&nbsp;173(a)&nbsp;of the Securities Act) is delivered
to a purchaser, not misleading or to correct any misrepresentation contained therein, or if, in the opinion of counsel for the Underwriters,
it is necessary to amend or supplement the Prospectuses (or one of them) to comply with applicable law, forthwith to prepare, file with
the Commission and the Canadian Qualifying Authorities and furnish, at its own expense, to the Underwriters and to the dealers (whose
names and addresses Morgan Stanley and Evercore will furnish to the Company) to which Shares may have been sold by Morgan Stanley and
Evercore on behalf of the Underwriters and to any other dealers upon request, either amendments or supplements to the Prospectuses (or
one of them) so that the statements in the Prospectuses (or one of them) as so amended or supplemented will not, in the light of the circumstances
when the Prospectuses (or one of them) (or in lieu thereof the notice referred to in Rule&nbsp;173(a)&nbsp;of the Securities Act) is delivered
to a purchaser, be misleading or contain a misrepresentation or so that the Prospectuses, as amended or supplemented, will comply with
applicable law.</P>

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

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

<!-- Field: Page; Sequence: 35; Value: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
endeavor to qualify the Shares for offer and sale under the securities or Blue Sky laws of such jurisdictions as Morgan Stanley and Evercore
shall reasonably request.</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-indent: 0.5in">(k)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
make generally available to the Company&rsquo;s security holders and to Morgan Stanley and Evercore as soon as practicable an earnings
statement covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the date
of this Agreement which shall satisfy the provisions of Section&nbsp;11(a)&nbsp;of the Securities Act and the rules&nbsp;and regulations
of the Commission thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Whether
or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, the Company agree to pay or cause
to be paid all expenses incident to the performance of their obligations under this Agreement, including: (i)&nbsp;the fees, disbursements
and expenses of the Company's counsel and the Company's accountant in connection with the registration and delivery of the Shares under
the Securities Act and all other fees or expenses in connection with the preparation and filing of the Registration Statement, any preliminary
prospectus, the Time of Sale Prospectus, the Prospectus, any free writing prospectus prepared by or on behalf of, used by, or referred
to by the Company and amendments and supplements to any of the foregoing, including all printing costs associated therewith, and the mailing
and delivering of copies thereof to the Underwriters and dealers, in the quantities hereinabove specified, (ii)&nbsp;all costs and expenses
related to the transfer and delivery of the Shares to the Underwriters, including any transfer or other taxes payable thereon, (iii)&nbsp;the
cost of printing or producing any Blue Sky or Legal Investment memorandum in connection with the offer and sale of the Shares under state
securities laws and all expenses in connection with the qualification of the Shares for offer and sale under state securities laws as
provided in Section&nbsp;&lrm;7(g)&nbsp;hereof, including filing fees and the reasonable fees and disbursements of counsel for the Underwriters
in connection with such qualification and in connection with the Blue Sky or Legal Investment memorandum, (iv)&nbsp;all filing fees and
the reasonable fees and disbursements of counsel to the Underwriters incurred in connection with the review and qualification of the offering
of the Shares by the Financial Industry Regulatory Authority, (v)&nbsp;all costs and expenses incident to listing the Shares on TSXV and
the NYSE American, (vi)&nbsp;the cost of printing certificates representing the Shares, (vii)&nbsp;the costs and charges of any transfer
agent, registrar or depositary, (viii)&nbsp;the costs and expenses of the Company and the Underwriters relating to investor presentations
on any &ldquo;road show&rdquo; undertaken in connection with the marketing of the offering of the Shares, including, without limitation,
expenses associated with the preparation or dissemination of any electronic road show, expenses associated with the production of road
show slides and graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval
of the Company, travel and lodging expenses of the representatives and officers of the Company, the Underwriters and any such consultants,
and the cost of any aircraft chartered in connection with the road show, (ix)&nbsp;the document production charges and expenses associated
with printing this Agreement and, (x)&nbsp;all other costs and expenses incident to the performance of the obligations of the Company
hereunder for which provision is not otherwise made in this Section, and (xi)&nbsp;all reasonable out-of-pocket fees, disbursements and
other charges of the Underwriters reasonably incurred by such Underwriters in connection with this Agreement or the offering contemplated
hereunder, the Registration Statement and the Prospectuses, including, without limitation, the fees and disbursements of counsel, provided
that (1)&nbsp;such fees, disbursements and other charges of the Underwriters shall be paid upon receiving an invoice or invoices therefore
from the Underwriters and (2)&nbsp;such fees of counsel shall not exceed US$275,000 (exclusive of taxes and disbursements) in the aggregate.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company will deliver to each Underwriter (or its agent), on the date of execution of this Agreement, a properly completed and executed
Certification Regarding Beneficial Owners of Legal Entity Customers, together with copies of identifying documentation, and the Company
undertakes to provide such additional supporting documentation as each Underwriter may reasonably request in connection with the verification
of the foregoing Certification.</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-indent: 0.5in">(n)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company also covenants with each Underwriter that, without the prior written consent of Morgan Stanley and Evercore on behalf of the Underwriters,
it will not, and will not publicly disclose an intention to, during the period ending 45 days after the date of the Prospectus (the &ldquo;<B>Restricted
Period</B>&rdquo;), (1)&nbsp;offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract
to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Common
Shares or any securities convertible into or exercisable or exchangeable for Common Shares or (2)&nbsp;enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Shares, whether any such transaction
described in clause&nbsp;(1)&nbsp;or (2)&nbsp;above is to be settled by delivery of Common Shares or such other securities, in cash or
otherwise or (3)&nbsp;file any registration statement with the Commission or prospectus with any Canadian Qualifying Authority relating
to the offering of any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The restrictions contained in the preceding paragraph
shall not apply to (A)&nbsp;the Shares to be sold hereunder, (B)&nbsp;the issuance by the Company of Common Shares upon the exercise of
an option or warrant or the conversion of a security outstanding on the date hereof as described in each of the Time of Sale Prospectus
and Prospectus, or (C)&nbsp;facilitating the establishment of a trading plan on behalf of a shareholder, officer or director of the Company
pursuant to Rule&nbsp;10b5-1 under the Exchange Act for the transfer of Common Shares, <I>provided</I> that (i)&nbsp;such plan does not
provide for the transfer of Common Shares during the Restricted Period and (ii)&nbsp;to the extent a public announcement or filing under
the Exchange Act, if any, is required of or voluntarily made by the Company regarding the establishment of such plan, such announcement
or filing shall include a statement to the effect that no transfer of Common Shares may be made under such plan during the Restricted
Period. In addition, the Company covenants to cause each of the Company&rsquo;s directors and executive officers to enter into the &ldquo;lock-up&rdquo;
agreements, each substantially in the form of Exhibit&nbsp;A hereto, on or before the Closing Date.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Covenants
of the Underwriters</I>. Each Underwriter, severally and not jointly, covenants with the Company not to take any action that would result
in the Company being required to file with the Commission under Rule&nbsp;433(d)&nbsp;a free writing prospectus prepared by or on behalf
of such Underwriter that otherwise would not be required to be filed by the Company thereunder, but for the action of the Underwriter.</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-indent: 0.5in">8.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Indemnity
and Contribution</I>.</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">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Company agrees to indemnify and hold harmless each Underwriter, each person, if any, who controls any
Underwriter within the meaning of either Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and each affiliate
of any Underwriter within the meaning of Rule&nbsp;405 under the Securities Act from and against any and all losses, claims, damages and
liabilities (including, without limitation, legal or other expenses reasonably incurred in connection with defending or investigating
any such action or claim) that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained
in the Registration Statement or any amendment thereof, any preliminary prospectus, the Time of Sale Prospectus or any amendment or supplement
thereto, any issuer free writing prospectus as defined in Rule&nbsp;433(h)&nbsp;under the Securities Act, any Company information that
the Company has filed, or is required to file, pursuant to Rule&nbsp;433(d)&nbsp;under the Securities Act, any &ldquo;road show&rdquo;
as defined in Rule&nbsp;433(h)&nbsp;under the Securities Act (a &ldquo;road show&rdquo;), the Prospectuses or any amendment or supplement
thereto, or any Testing-the-Waters Communication, or arise out of, or are based upon, any omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses,
claims, damages or liabilities arise out of, or are based upon, any such untrue statement or omission or alleged untrue statement or omission
made in reliance upon and in conformity with any information relating to any Underwriter furnished to the Company in writing by such Underwriter
through Morgan Stanley and Evercore expressly for use therein, it being understood and agreed that the only such information furnished
by the Underwriters through Morgan Stanley and Evercore consists of the information described as such in paragraph (b)&nbsp;below.</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-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>Each
Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company, the directors of the Company, the officers
of the Company who sign the Registration Statement and the Canadian Prospectus and each person, if any, who controls the Company within
the meaning of either Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act to the same extent as the foregoing
indemnity from the Company to such Underwriter, but only with reference to information relating to such Underwriter furnished to the Company
in writing by such Underwriter through Morgan Stanley and Evercore expressly for use in the Registration Statement, any preliminary prospectus,
the Time of Sale Prospectus, any issuer free writing prospectus, road show or the Prospectuses or any amendment or supplement thereto,
such information furnished by any Underwriter, the &ldquo;Underwriter Information&rdquo;), it being understood and agreed that the only
such information furnished by any Underwriter consists of the following information under the caption &ldquo;Plan of Distribution&rdquo;
in the Prospectus: the first sentence of the fourth paragraph concerning the terms of the offering by the Underwriters and the first sentence
of the thirteenth paragraph concerning stabilization by the Underwriters.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity
may be sought pursuant to Section&nbsp;8(a)&nbsp;or 8(b), such person (the &ldquo;<B>indemnified party</B>&rdquo;) shall promptly notify
the person against whom such indemnity may be sought (the &ldquo;<B>indemnifying party</B>&rdquo;) in writing and the indemnifying party,
upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified
party and any others the indemnifying party may designate in such proceeding and shall pay the fees and disbursements of such counsel
related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees
and expenses of such counsel shall be at the expense of such indemnified party unless (i)&nbsp;the indemnifying party and the indemnified
party shall have mutually agreed to the retention of such counsel or (ii)&nbsp;the named parties to any such proceeding (including any
impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel
would be inappropriate due to actual or potential differing interests between them. It is understood that the indemnifying party shall
not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction,
be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified parties
and that all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by Morgan Stanley,
in the case of parties indemnified pursuant to Section&nbsp;8(a), and by the Company, in the case of parties indemnified pursuant to Section&nbsp;8(b).
The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with
such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from
and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an
indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated
by the second and third sentences of this paragraph, the indemnifying party agrees that it shall be liable for any settlement of any proceeding
effected without its written consent if (i)&nbsp;such settlement is entered into more than 30 days after receipt by such indemnifying
party of the aforesaid request and (ii)&nbsp;such indemnifying party shall not have reimbursed the indemnified party in accordance with
such request prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party,
effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party
and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of
such indemnified party from all liability on claims that are the subject matter of such proceeding.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>To
the extent the indemnification provided for in Section&nbsp;8(a)&nbsp;or 8(b)&nbsp;is unavailable to an indemnified party or insufficient
in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu
of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result
of such losses, claims, damages or liabilities (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received
by the Company, on the one hand, and the Underwriters, on the other hand, from the offering of the Shares or (ii)&nbsp;if the allocation
provided by clause&nbsp;8(d)(i)&nbsp;above is not permitted by applicable law, in such proportion as is appropriate to reflect not only
the relative benefits referred to in clause&nbsp;8(d)(i)&nbsp;above but also the relative fault of the Company, on the one hand, and of
the Underwriters, on the other hand, in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities,
as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Underwriters,
on the other hand, in connection with the offering of the Shares shall be deemed to be in the same respective proportions as the net proceeds
from the offering of the Shares (before deducting expenses) received by the Company and the total underwriting discounts and commissions
received by the Underwriters, in each case as set forth in the table on the cover of the Prospectus, bear to the aggregate Public Offering
Price of the Shares. The relative fault of the Company on the one hand and the Underwriters on the other hand shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the Company or by the Underwriters and the parties&rsquo; relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. The Underwriters&rsquo; respective obligations
to contribute pursuant to this Section&nbsp;8 are several in proportion to the respective number of Shares they have purchased hereunder,
and not joint.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company and the Underwriters agree that it would not be just or equitable if contribution pursuant to this Section&nbsp;8 were determined
by <I>pro rata</I> allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation
that does not take account of the equitable considerations referred to in Section&nbsp;8(d). The amount paid or payable by an indemnified
party as a result of the losses, claims, damages and liabilities referred to in Section&nbsp;8(d)&nbsp;shall be deemed to include, subject
to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating
or defending any such action or claim. Notwithstanding the provisions of this Section&nbsp;8, no Underwriter shall be required to contribute
any amount in excess of the amount by which the total price at which the Shares underwritten by it and distributed to the public were
offered to the public exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of
the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies
provided for in this Section&nbsp;8 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any
indemnified party at law or in equity.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
indemnity and contribution provisions contained in this Section&nbsp;8 and the representations, warranties and other statements of the
Company contained in this Agreement shall remain operative and in full force and effect regardless of (i)&nbsp;any termination of this
Agreement, (ii)&nbsp;any investigation made by or on behalf of any Underwriter, any person controlling any Underwriter or any affiliate
of any Underwriter or by or on behalf of the Company, its officers or directors or any person controlling the Company and (iii)&nbsp;acceptance
of and payment for any of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Termination</I>.
The Underwriters may terminate this Agreement by notice given by Morgan Stanley and Evercore to the Company, if after the execution and
delivery of this Agreement and prior to or on the Closing Date or any Option Closing Date, as the case may be, (i)&nbsp;trading generally
shall have been suspended or materially limited on, or by, as the case may be, any of the New York Stock Exchange, the NYSE American,
the NASDAQ Global Market, the Chicago Board of Options Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, the Toronto
Stock Exchange, the TSXV or other relevant exchanges, (ii)&nbsp;trading of any securities of the Company shall have been suspended on
any exchange or in any over-the-counter market, (iii)&nbsp;a material disruption in securities settlement, payment or clearance services
in the United States, Canada or other relevant jurisdiction shall have occurred, (iv)&nbsp;any moratorium on commercial banking activities
shall have been declared by Federal or New York State, Canadian authorities, or relevant foreign country authorities or (v)&nbsp;there
shall have occurred any outbreak or escalation of hostilities, or any change in financial markets, currency exchange rates or controls
or any calamity or crisis that, in Morgan Stanley&rsquo;s and Evercore&rsquo;s judgment, is material and adverse and which, singly or
together with any other event specified in this clause&nbsp;(v), makes it, in Morgan Stanley&rsquo;s and Evercore&rsquo;s judgment, impracticable
or inadvisable to proceed with the offer, sale or delivery of the Shares on the terms and in the manner contemplated in the Time of Sale
Prospectus or the Prospectuses.</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-indent: 0.5in">10.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Effectiveness;
Defaulting Underwriters</I>. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.</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-indent: 0.5in">If, on the Closing Date or an Option Closing Date,
as the case may be, any one or more of the Underwriters shall fail or refuse to purchase Shares that it has or they have agreed to purchase
hereunder on such date, and the aggregate number of Shares which such defaulting Underwriter or Underwriters agreed but failed or refused
to purchase is not more than one-tenth of the aggregate number of the Shares to be purchased on such date, the other Underwriters shall
be obligated severally in the proportions that the number of Firm Shares set forth opposite their respective names in Schedule&nbsp;I
bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions
as Morgan Stanley and Evercore may specify, to purchase the Shares which such defaulting Underwriter or Underwriters agreed but failed
or refused to purchase on such date; <I>provided</I> that in no event shall the number of Shares that any Underwriter has agreed to purchase
pursuant to this Agreement be increased pursuant to this Section&nbsp;&lrm;13 by an amount in excess of one-ninth of such number of Shares
without the written consent of such Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase
Firm Shares and the aggregate number of Firm Shares with respect to which such default occurs is more than one-tenth of the aggregate
number of Firm Shares to be purchased on such date, and arrangements satisfactory to Morgan Stanley, Evercore and the Company for the
purchase of such Firm Shares are not made within 36 hours after such default, this Agreement shall terminate without liability on the
part of any non-defaulting Underwriter or the Company. In any such case either Morgan Stanley, Evercore or the Company shall have the
right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration
Statement, in the Time of Sale Prospectus, in the Prospectuses or in any other documents or arrangements may be effected. If, on an Option
Closing Date, any Underwriter or Underwriters shall fail or refuse to purchase Additional Shares and the aggregate number of Additional
Shares with respect to which such default occurs is more than one-tenth of the aggregate number of Additional Shares to be purchased on
such Option Closing Date, the non-defaulting Underwriters shall have the option to (i)&nbsp;terminate their obligation hereunder to purchase
the Additional Shares to be sold on such Option Closing Date or (ii)&nbsp;purchase not less than the number of Additional Shares that
such non-defaulting Underwriters would have been obligated to purchase in the absence of such default. Any action taken under this paragraph
shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Entire
Agreement</I>.</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">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This Agreement, together with any contemporaneous written agreements and any prior written agreements (to the
extent not superseded by this Agreement) that relate to the offering of the Shares, represents the entire agreement between the Company,
on the one hand, and the Underwriters, on the other, with respect to the preparation of any preliminary prospectus (including the Canadian
Preliminary Prospectus), the Time of Sale Prospectus, the Prospectuses, the conduct of the offering, and the purchase and sale of the
Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company acknowledges that in connection with the offering of the Shares: (i)&nbsp;the Underwriters have acted at arm&rsquo;s length, are
not agents of, and owe no fiduciary duties to, the Company or any other person, (ii)&nbsp;the Underwriters owe the Company only those
duties and obligations set forth in this Agreement, any contemporaneous written agreements and prior written agreements (to the extent
not superseded by this Agreement), if any, (iii)&nbsp;the Underwriters may have interests that differ from those of the Company, and (iv)&nbsp;none
of the activities of the Underwriters in connection with the transactions contemplated herein constitutes a recommendation, investment
advice, or solicitation of any action by the Underwriters with respect to any entity or natural person. The Company waives to the full
extent permitted by applicable law any claims it may have against the Underwriters arising from an alleged breach of fiduciary duty in
connection with the offering of the Shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">12.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Recognition
of the U.S. Special Resolution Regimes</I>.</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">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In the event that any Underwriter that is a Covered Entity becomes subject to a
proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation
in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution
Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United
States.</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-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to
be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement
were governed by the laws of the United States or a state of the United States.</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-indent: 0.5in">For purposes of this Section&nbsp;a &ldquo;<B>BHC
Act Affiliate</B>&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with,
12 U.S.C. &sect; 1841(k). &ldquo;<B>Covered Entity</B>&rdquo; means any of the following: (i)&nbsp;a &ldquo;covered entity&rdquo; as that
term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b); (ii)&nbsp;a &ldquo;covered bank&rdquo; as that term
is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or (iii)&nbsp;a &ldquo;covered FSI&rdquo; as that term is
defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b). &ldquo;<B>Default Right</B>&rdquo; has the meaning assigned
to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable. &ldquo;<B>U.S.
Special Resolution Regime</B>&rdquo; means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder
and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">13.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Counterparts</I>.
This Agreement may be signed in two or more counterparts, each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument. Counterparts may be delivered via electronic mail or other transmission method and any
counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.</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-indent: 0.5in">14.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Applicable
Law</I>. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York.</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-indent: 0.5in">15.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Headings</I>.
The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed a part of
this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">16.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Notices.
</I>All communications hereunder shall be in writing and effective only upon receipt and if to Morgan Stanley shall be delivered, mailed
or sent to Morgan Stanley in care of Morgan Stanley&nbsp;&amp;&nbsp;Co. LLC, 1585&nbsp;Broadway, New York, New York&nbsp;10036, Attention:
Equity Syndicate Desk, with a copy to the Legal Department; if to Evercore, shall be delivered, mailed or sent to Evercore Group L.L.C.,
55 East 52nd Street, New York, NY 10055, Email: ecm.prospectus@evercore.com; if to the Company shall be delivered, mailed or sent to 1625
 &ndash; 1075 West Georgia Street, Vancouver, BC, Canada, V6E 3C9, Attention: Salah Gamoudi.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">17.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Submission
to Jurisdiction; Appointment of Agents for Service</I>.</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">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Company irrevocably submits to the non-exclusive jurisdiction of
any New York State or United States Federal court sitting in The City of New York (the &ldquo;<B>Specified Courts</B>&rdquo;) over any
suit, action or proceeding arising out of or relating to this Agreement, the Time of Sale Prospectus, the Prospectus, the Registration
Statement or the offering of the Shares (each, a &ldquo;<B>Related Proceeding</B>&rdquo;). The Company irrevocably waives, to the fullest
extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any Related Proceeding brought in
such a court and any claim that any such Related Proceeding brought in such a court has been brought in an inconvenient forum. To the
extent that the Company has or hereafter may acquire any immunity (on the grounds of sovereignty or otherwise) from the jurisdiction of
any court or from any legal process with respect to itself or its property, the Company irrevocably waives, to the fullest extent permitted
by law, such immunity in respect of any such suit, action or proceeding.</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-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Company hereby irrevocably appoints Puglisi&nbsp;&amp; Associates at 850 Library Ave Unit 204, Newark, DE 19711, United States (or any
successor) as its agent for service of process in any Related Proceeding and agrees that service of process in any such Related Proceeding
may be made upon it at the office of such agent. The Company waives, to the fullest extent permitted by law, any other requirements of
or objections to personal jurisdiction with respect thereto. The Company represents and warrants that such agent has agreed to act as
the Company&rsquo;s agent for service of process, and the Company agrees to take any and all action, including the filing of any and all
documents and instruments, that may be necessary to continue such appointment in full force and effect.</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-indent: 0.5in">18.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Judgment
Currency</I>. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder into any currency
other than United States dollars, the parties hereto agree, to the fullest extent permitted by law, that the rate of exchange used shall
be the rate at which in accordance with normal banking procedures the Underwriters could purchase United States dollars with such other
currency in The City of New York on the business day preceding that on which final judgment is given. The obligation of the Company with
respect to any sum due from it to any Underwriter or any person controlling any Underwriter shall, notwithstanding any judgment in a currency
other than United States dollars, not be discharged until the first business day following receipt by such Underwriter or controlling
person of any sum in such other currency, and only to the extent that such Underwriter or controlling person may in accordance with normal
banking procedures purchase United States dollars with such other currency. If the United States dollars so purchased are less than the
sum originally due to such Underwriter or controlling person hereunder, the Company agrees as a separate obligation and notwithstanding
any such judgment, to indemnify such Underwriter or controlling person against such loss. If the United States dollars so purchased are
greater than the sum originally due to such Underwriter or controlling person hereunder, such Underwriter or controlling person agrees
to pay to the Company an amount equal to the excess of the dollars so purchased over the sum originally due to such Underwriter or controlling
person hereunder.</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-indent: 0.5in">19.<FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>Taxes.
</I>If any sum payable by the Company under this Agreement is subject to tax in the hands of an Underwriter or taken into account as a
receipt in computing the taxable income of that Underwriter (excluding net income taxes on underwriting commissions payable hereunder),
the sum payable to the Underwriter under this Agreement shall be increased to such sum as will ensure that the Underwriter shall be left
with the sum it would have had in the absence of such tax.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">Standard
    Lithium Ltd.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ David Park</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%"><FONT STYLE="font-size: 10pt">David Park</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Accepted as of the date hereof</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Morgan Stanley&nbsp;&amp; Co. LLC</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Evercore Group L.L.C.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Acting severally on behalf of themselves
    and the several Underwriters named in Schedule&nbsp;I hereto</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Morgan Stanley&nbsp;&amp; Co. LLC</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Joe Nassirian</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%"><FONT STYLE="font-size: 10pt">Joe Nassirian</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Vice President</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evercore Group L.L.C.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Crystal A. Simpson</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Crystal A. Simpson</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Managing Director</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- 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: right"><FONT><B>Schedule&nbsp;I</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number of Firm Shares<BR>
 To Be Purchased</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 82%; font: 10pt Times New Roman, Times, Serif; text-align: left">Morgan Stanley&nbsp;&amp; Co. LLC</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">12,064,708</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Evercore Group L.L.C.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12,064,708</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">BMO Nesbitt Burns Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,016,177</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Canaccord Genuity LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">684,866</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Roth Capital Partners, LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">684,866</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Raymond James&nbsp;&amp; Associates,&nbsp;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">684,866</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Stifel, Nicolaus&nbsp;&amp; Company,&nbsp;Incorporated</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">684,866</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">29,885,057</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>Preliminary Prospectus issued October&nbsp;16, 2025</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Free Writing Prospectus issued October&nbsp;16, 2025</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Pricing information:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Firm Shares to be sold by the Company: 29,885,057</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Additional Shares to be sold by the Company: 4,482,758</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Public offering price: $4.35</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[FORM&nbsp;OF LOCK-UP AGREEMENT]</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: right">October&nbsp;[&nbsp;&#11044;&nbsp;],
2025</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">Morgan Stanley&nbsp;&amp; Co. LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">Evercore Group L.L.C.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">c/o</TD><TD>Morgan Stanley&nbsp;&amp; Co. LLC<BR>
1585 Broadway<BR>
New York, New York 10036</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top; width: 0.25in"><FONT STYLE="font-size: 10pt">c/o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Evercore Group L.L.C.<BR> 55 East
    52nd Street<BR> New York, NY 10055</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">Ladies and Gentlemen:</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-indent: 0.5in">The undersigned understands that Morgan Stanley&nbsp;&amp;
Co. LLC (&ldquo;<B>Morgan Stanley</B>&rdquo;) and Evercore Group L.L.C. propose to enter into an Underwriting Agreement (the &ldquo;<B>Underwriting
Agreement</B>&rdquo;) with Standard Lithium Ltd. (the &ldquo;<B>Company</B>&rdquo;), providing for the public offering (the &ldquo;<B>Public
Offering</B>&rdquo;) by the several Underwriters, including Morgan Stanley and Evercore (the &ldquo;<B>Underwriters</B>&rdquo;), of Common
Shares without par value (the &ldquo;<B>Shares</B>&rdquo;) of the Company (the &ldquo;<B>Common Shares</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To induce the Underwriters that may participate
in the Public Offering to continue their efforts in connection with the Public Offering, the undersigned hereby agrees that, without the
prior written consent of Morgan Stanley and Evercore on behalf of the Underwriters, it will not, and will not publicly disclose an intention
to, during the period commencing on the date hereof and ending at the close of the first Trading Day on or after the 45<SUP>th</SUP> day
after the date of the final prospectus (the &ldquo;<B>Restricted Period</B>&rdquo;) relating to the Public Offering (the &ldquo;<B>Prospectus</B>&rdquo;),
(1)&nbsp;offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Shares beneficially
owned (as such term is used in Rule&nbsp;13d-3 of the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;)),
by the undersigned or any other securities so owned convertible into or exercisable or exchangeable for Common Shares or (2)&nbsp;enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the
Common Shares, whether any such transaction described in clause (1)&nbsp;or (2)&nbsp;above is to be settled by delivery of Common Shares
or such other securities, in cash or otherwise. The foregoing sentence shall not apply to (a)&nbsp;transactions relating to Common Shares
or other securities acquired in open market transactions after the completion of the Public Offering, <I>provided</I> that no filing under
Section&nbsp;16(a)&nbsp;of the Exchange Act shall be required or shall be voluntarily made in connection with subsequent sales of Common
Shares or other securities acquired in such open market transactions, (b)&nbsp;transfers of Common Shares or any security convertible
into Common Shares as a bona fide gift, or (c)&nbsp;distributions of Common Shares or any security convertible into Common Shares to limited
partners or stockholders of the undersigned<FONT STYLE="font-size: 10pt">;</FONT> <I>provided</I> that in the case of any transfer or
distribution pursuant to clause&nbsp;(b)&nbsp;or (c), (i)&nbsp;each donee or distributee shall sign and deliver a lock-up agreement substantially
in the form of this agreement and (ii)&nbsp;no filing under Section&nbsp;16(a)&nbsp;of the Exchange Act, reporting a reduction in beneficial
ownership of Common Shares, shall be required or shall be voluntarily made during the Restricted Period, or (d)&nbsp;facilitating the
establishment of a trading plan on behalf of a shareholder, officer or director of the Company pursuant to Rule&nbsp;10b5-1 under the
Exchange Act for the transfer of Common Shares, <I>provided</I> that (i)&nbsp;such plan does not provide for the transfer of Common Shares
during the Restricted Period and (ii)&nbsp;to the extent a public announcement or filing under the Exchange Act, if any, is required of
or voluntarily made by or on behalf of the undersigned or the Company regarding the establishment of such plan, such announcement or filing
shall include a statement to the effect that no transfer of Common Shares may be made under such plan during the Restricted Period. In
addition, the undersigned agrees that, without the prior written consent of Morgan Stanley and Evercore on behalf of the Underwriters,
it will not, during the Restricted Period, make any demand for or exercise any right with respect to, the registration of any Common Shares
or any security convertible into or exercisable or exchangeable for Common Shares. The undersigned also agrees and consents to the entry
of stop transfer instructions with the Company&rsquo;s transfer agent and registrar against the transfer of the undersigned&rsquo;s Common
Shares except in compliance with the foregoing restrictions. For purposes of this Letter Agreement, a &ldquo;Trading Day&rdquo; is a day
on which TSXV is open for the buying and selling of securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned understands that the Company and
the Underwriters are relying upon this agreement in proceeding toward consummation of the Public Offering. The undersigned further understands
that this agreement is irrevocable and shall be binding upon the undersigned&rsquo;s heirs, legal representatives, successors and assigns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned acknowledges and agrees that the
Underwriters have not provided any recommendation or investment advice nor have the Underwriters solicited any action from the undersigned
with respect to the Public Offering of the Shares and the undersigned has consulted their own legal, accounting, financial, regulatory
and tax advisors to the extent deemed appropriate. The undersigned further acknowledges and agrees that, although the Underwriters may
provide certain Regulation Best Interest and Form&nbsp;CRS disclosures or other related documentation to you in connection with the Public
Offering, the Underwriters are not making a recommendation to&nbsp;you to participate in the Public Offering or sell any Shares at the
price determined in the Public Offering, and nothing set forth in such disclosures or documentation is intended to suggest that any Underwriter
is making such a recommendation.</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-indent: 0.5in">This agreement shall lapse and become null and
void if (i)&nbsp;prior to entering the Underwriting Agreement, the Company notifies Morgan Stanley and Evercore in writing that the Company
does not intend to proceed with the offering of the Shares through Morgan Stanley and Evercore and files an application to withdraw the
registration statement related to the offering or (ii)&nbsp;the Company, Morgan Stanley and Evercore have not entered into the Underwriting
Agreement on or before April&nbsp;16, 2026, or (iii)&nbsp;for any reason the Underwriting Agreement is terminated prior to the Closing
Time (as defined therein).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Whether or not the Public Offering actually occurs
depends on a number of factors, including market conditions. Any Public Offering will only be made pursuant to an Underwriting Agreement,
the terms of which are subject to negotiation between the Company and the Underwriters.</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-indent: 0.5in">This agreement shall be governed by and construed
in accordance with the laws of the State of New York.</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 STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Name)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Address)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2528837d6_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt"><B><IMG SRC="tm2528837d6_ex99-2img001.jpg" ALT="" STYLE="height: 73.5pt; width: 112.5pt"></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STANDARD LITHIUM PRICES UPSIZED $130 MILLION
UNDERWRITTEN PUBLIC OFFERING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>VANCOUVER, BC, October&nbsp;16, 2025 &ndash;
Standard Lithium Ltd.</B> (&ldquo;<B>Standard Lithium</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;) (TSXV: SLI) (NYSE.A: SLI), a leading
near-commercial lithium company, announced the pricing of its previously announced underwritten public offering (the &ldquo;<B>Offering</B>&rdquo;)
of 29,885,057 common shares (the &ldquo;<B>Common Shares</B>&rdquo;) at a price of US $4.35 per Common Share (the &ldquo;<B>Issue Price</B>&rdquo;)
for aggregate gross proceeds to the Company of US $130 million.</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">The Offering is being conducted through a syndicate
of underwriters led by Morgan Stanley and Evercore ISI as co-lead book-running managers and includes BMO Capital Markets, as a book-running
manager, Canaccord Genuity, Raymond James, Roth Capital Partners and Stifel (together, the &ldquo;<B>Underwriters</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has granted the Underwriters an option
to purchase up to 4,482,758 additional Common Shares (the &ldquo;<B>Over-Allotment Option</B>&rdquo;) at the Issue Price, exercisable,
in whole or in part, for up to 30 days after the closing of the Offering.</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">The Company intends to use the net proceeds from
the Offering to fund capital expenditures at the South West Arkansas Project and the Franklin Project in East Texas (each, as defined
in the Prospectus Supplement (defined below)), and for working capital and for general corporate purposes.</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">Closing of the Offering is expected to occur on
or about October&nbsp;20, 2025, and is subject to customary closing conditions, including receipt of required approvals of the TSX Venture
Exchange (&ldquo;<B>TSXV</B>&rdquo;) and the NYSE American.</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">In connection with the Offering, the Company filed,
with the securities commissions in all of the provinces and territories of Canada other than Quebec, a preliminary prospectus supplement
(the&nbsp;&ldquo;<B>Prospectus Supplement</B>&rdquo;) to the Company&rsquo;s existing base shelf prospectus (the &ldquo;<B>Base Shelf
Prospectus</B>&rdquo;) filed with the securities commissions in each of the provinces and territories of Canada, and filed a preliminary
prospectus supplement in the United States (the &ldquo;<B>U.S. Prospectus Supplement</B>&rdquo;, together with the Prospectus Supplement,
the &ldquo;<B>Prospectus Supplements</B>&rdquo;) to the Company&rsquo;s existing base shelf prospectus (the &ldquo;<B>U.S.</B>&nbsp;<B>Base
Shelf Prospectus</B>&rdquo;, together with the Base Shelf Prospectus, the &ldquo;<B>Base Shelf Prospectuses</B>&rdquo;) forming part of
an effective registration statement on Form&nbsp;F-10 (File No.&nbsp;333-289110) (the &ldquo;<B>Registration Statement</B>&rdquo;) filed
with the U.S. Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;) under the U.S./Canada Multijurisdictional Disclosure System.</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">The Offering is being made in the United States
and in each of the provinces and territories of Canada, except Quebec. The Prospectus Supplements, the Base Shelf Prospectuses and the
Registration Statement contain important information about the Company and the proposed Offering. Prospective investors should read the
Prospectus Supplements, the Base Shelf Prospectuses and the Registration Statement and the documents incorporated by reference therein
before making an investment decision. The final prospectus supplement (together with the related Base Shelf Prospectus) will be available
on SEDAR+ at www.sedarplus.ca. The final U.S. prospectus supplement (together with the Registration Statement) will be available on the
SEC&rsquo;s website at www.sec.gov. Alternatively, the final Prospectus Supplement (together with the related Base Shelf Prospectus) may
be obtained, when available, upon request by contacting Morgan Stanley Canada Limited: Morgan Stanley and Co. LLC, 180 Varick St, 2nd
Floor, or BMO Nesbitt Burns Inc., Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario,
L6S 6H2 by telephone at 905-791-3151 Ext 4312 or by email at torbramwarehouse@datagroup.ca, and the final U.S. Prospectus Supplement (together
with the Registration Statement) may be obtained upon request, when available, by contacting Morgan Stanley&nbsp;&amp; Co. LLC: 180 Varick
St, 2nd Floor, or Evercore Group L.L.C.: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at
(888) 474-0200 or by e-mail at ecm.prospectus@evercore.com.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This news release does not constitute an offer
to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any province, territory, state
or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities
laws of any such province, territory, state or jurisdiction. The securities being offered have not been approved or disapproved by any
regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the Prospectus Supplements, the Base Shelf Prospectuses
or the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Standard Lithium Ltd.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Standard Lithium is a leading near-commercial
lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the
United States. The Company prioritizes projects characterized by high-grade resources, robust infrastructure, skilled labor, and streamlined
permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully
integrated Direct Lithium Extraction and purification process. The Company&rsquo;s flagship projects are located in the Smackover Formation,
a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is
advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively advancing a promising lithium
brine resource position in East Texas.</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">Standard Lithium trades on both the TSX Venture
Exchange (the &ldquo;<B>TSXV</B>&rdquo;) and the NYSE American, LLC under the symbol &ldquo;SLI&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Neither the TSXV nor its Regulation Services
Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.</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"><B>Investor Inquiries</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">+1 604 409 8154</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>investors@standardlithium.com</U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>media@standardlithium.com</U></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This news release contains forward-looking
statements and forward-looking information (together, &ldquo;forward-looking statements&rdquo;) within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. All statements, other than statements of historical
facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as &ldquo;plans&rdquo;,
 &ldquo;expects&rdquo;, &ldquo;estimates&rdquo;, &ldquo;intends&rdquo;, &ldquo;anticipates&rdquo;, &ldquo;believes&rdquo; or variations
of such words, or statements that certain actions, events or results &ldquo;may&rdquo;, &ldquo;could&rdquo;, &ldquo;would&rdquo;, &ldquo;might&rdquo;,
 &ldquo;occur&rdquo; or &ldquo;be achieved&rdquo;. The forward-looking statements contained herein may include, but are not limited to,
information concerning the expected filing of the Prospectus Supplements, expected sale of Common Shares under the Offering, whether and
when the Offering may close, the satisfaction of customary closing conditions related to the Offering, the anticipated use of proceeds
from the Offering, anticipated use of the proceeds of the Offering, and statements regarding the anticipated benefits and impacts of the
Offering. Forward-looking statements are based on the Company&rsquo;s current beliefs and assumptions as to the outcome and timing of
future events, including, but not limited to, that the completes the Offering, that the proceeds of the Offering will be deployed as anticipated,
and the anticipated benefits and impacts of the Offering being realized. Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking
statements. Factors that could cause actual results to differ materially from these forward-looking statements include, among other things:
the ability of the Company to successfully close a financing, including filing the Prospectus Supplements, and completing the Offering,
the anticipated use of proceeds from any offering made under the Company&rsquo;s Base Shelf Prospectuses and any offerings to be conducted
thereunder including the Offering, the benefits and impacts of the Offering not being as anticipated, the risks and uncertainties relating
to exploration and development, the ability of the Company to obtain additional financing, the need to comply with environmental and governmental
regulations in Canada and the United States, fluctuations in the prices of commodities, operating hazards and risks, competition and other
risks and uncertainties and other such factors as are set forth in the Base Shelf Prospectuses and the Prospectus Supplements, as well
as the management discussion and analysis and other disclosures of risk factors for the Company, filed on SEDAR+ at www.sedarplus.ca.
and on EDGAR at www.sec.gov. Although the Company believes that the information and assumptions used in preparing the forward-looking
statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by applicable
law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information,
future events or otherwise.</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"></P>

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

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end
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