<SEC-DOCUMENT>0001104659-25-100147.txt : 20251016
<SEC-HEADER>0001104659-25-100147.hdr.sgml : 20251016
<ACCEPTANCE-DATETIME>20251016173055
ACCESSION NUMBER:		0001104659-25-100147
CONFORMED SUBMISSION TYPE:	SUPPL
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20251016
DATE AS OF CHANGE:		20251016
EFFECTIVENESS DATE:		20251016

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:		SUPPL
		SEC ACT:		
		SEC FILE NUMBER:	333-289110
		FILM NUMBER:		251398494

	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>SUPPL
<SEQUENCE>1
<FILENAME>tm2528837d1_suppl.htm
<DESCRIPTION>SUPPL
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to General Instruction II.L.
of Form&nbsp;F-10</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>File Nos. 333-289110</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; color: red"><B><I>The information in this prospectus
supplement and the accompanying prospectus is not complete and may be changed. This prospectus supplement and the accompanying prospectus
are not an offer to sell these securities and are not soliciting an offer to buy these securities in any state where the offer or sale
is not permitted.</I></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: 0in; color: red"><B><I>A copy of
this preliminary prospectus supplement has been filed with the securities regulatory authorities in each of the provinces of Canada, but
has not yet become final for the purpose of the sale of securities. Information contained in this preliminary prospectus supplement may
not be complete and may have to be amended.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B><I>No securities regulatory
authority has expressed an opinion about these securities and it is an offence to claim otherwise.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>This
prospectus supplement, together with the accompanying short form base shelf prospectus dated July 30</I></B></FONT><B><I>, 2025 to which
it relates, as amended or supplemented, and each document incorporated or deemed to be incorporated by reference into this prospectus
supplement and the accompanying short form base shelf prospectus, as amended or supplemented, constitutes a public offering of these securities
only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities.
See &ldquo;Plan of Distribution&rdquo;.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Information
has been incorporated by reference in this prospectus supplement and the </I></B></FONT><B><I>accompanying short form base shelf prospectus
to which it relates from documents filed with securities commissions or similar authorities in each of the provinces and territories of
Canada.</I></B><I> Copies of the documents incorporated herein by reference may be obtained on request without charge from the Corporate
Secretary of Standard Lithium Ltd. at Suite 1625, 1075 West Georgia Street, Vancouver, British Columbia, V6E 3C9, telephone (604) 409-8154,
e-mail: investors@standardlithium.com, and are also available electronically at www.sedarplus.ca.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red"><FONT STYLE="font-size: 10pt">SUBJECT
TO COMPLETION, DATED OCTOBER </FONT>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; text-align: center"><B>PRELIMINARY PROSPECTUS SUPPLEMENT<BR>
dated October&#8239;&#8239;&#8239;&nbsp; , 2025</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>to the Short Form&nbsp;Base Shelf Prospectus
dated July&nbsp;30, 2025</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 17%; padding-right: 0.05in; padding-left: 0.1in; font-size: 10pt; text-align: justify; text-indent: -0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>New Issue</U></I></FONT></TD>
    <TD STYLE="width: 64%; padding-right: 0.05in; padding-left: 0.05in; font-size: 10pt; text-align: center">&#8239;</TD>
    <TD STYLE="vertical-align: top; width: 19%; padding-right: 10pt; padding-left: 0.05in; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;16, 2025</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2528837d1_prosimg001.jpg" ALT="">&nbsp;</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></P>

<P STYLE="font: 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>US$</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Common Shares</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: 0in">This prospectus supplement
(this &ldquo;<B>Prospectus Supplement</B>&rdquo;) of Standard Lithium Ltd. (the &ldquo;<B>Company</B>&rdquo; or
 &ldquo;<B>SLI</B>&rdquo;), together with the accompanying short form base shelf prospectus dated July 30, 2025, as may be amended or
supplemented (the &ldquo;<B>Shelf Prospectus</B>&rdquo; and together with the Prospectus Supplement, the
 &ldquo;<B>Prospectus</B>&rdquo;) qualifies for the distribution (the &ldquo;<B>Offering</B>&rdquo;) of &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Common Shares in the capital
of the Company (the &ldquo;<B>Offered Shares</B>&rdquo;) at a price of US$&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; per Offered Share (the &ldquo;<B>Offering
Price</B>&rdquo;). The Offering is being made pursuant to an underwriting agreement (the &ldquo;<B>Underwriting
Agreement</B>&rdquo;) dated October &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;, 2025 among the Company and Evercore Group L.L.C. and Morgan Stanley &amp; Co. LLC, as co-lead
underwriters (collectively, the &ldquo;<B>Lead Underwriters</B>&rdquo;). The Offering is being made concurrently in Canada under the
terms of this Prospectus Supplement and in the United States under the terms of the Company&rsquo;s registration statement on Form
F-10 (File No. 333-289110) (the &ldquo;<B>Registration Statement</B>&rdquo;), filed with the United States Securities and Exchange
Commission (the &ldquo;<B>SEC</B>&rdquo;) of which this Prospectus Supplement forms a part. See &ldquo;<I>Plan of
Distribution</I>&rdquo;. The Offered Shares are being offered in Canada, other than in the Province of Quebec, by Morgan
Stanley Canada Limited and BMO Nesbitt Burns Inc. (together, the &ldquo;<B>Canadian Underwriters</B>&rdquo;) and in the United
States by Evercore Group L.L.C. and Morgan Stanley &amp; Co. LLC, and BMO Capital Markets Corp. (collectively, the &ldquo;<B>U.S.
Underwriters</B>&rdquo;, and together with the Canadian Underwriters, the &ldquo;<B>Underwriters</B>&rdquo;). The terms of the
Offering, including the Offering Price, were determined by arm&rsquo;s length negotiation between the Company and the Lead
Underwriters, with reference to the prevailing market price of the Common Shares (as defined below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
issued and outstanding Common Shares of the Company (the &ldquo;<B>Common Shares</B>&rdquo;) are listed and posted for trading on the
TSX Venture Exchange (the &ldquo;<B>TSXV</B>&rdquo;) and on the NYSE American LLC (the &ldquo;<B>NYSE American</B>&rdquo;) under the symbol
 &ldquo;SLI&rdquo;. </FONT>On October 15, 2025, the last trading day prior to the date of this Prospectus Supplement, the closing price
per Common Share on the TSXV was C$7.13 and on the NYSE American was US$5.14. The Company has applied to list the Offered Shares, including
any Offered Shares issuable upon exercise of the Over-Allotment Option (as defined below), on the TSXV and NYSE American. Listing is subject
to the Company fulfilling all of the requirements of the TSXV and NYSE American, respectively.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">&nbsp;Price to the Public</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Underwriters&rsquo; Fee<SUP>(1)&nbsp;</SUP></B></P></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Net Proceeds</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>to the Company <SUP>(2)&nbsp;</SUP></B></P></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; width: 25%; padding-left: 1.15pt">Per Offered Share</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; padding-left: 5.4pt">US$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24%; text-align: center; padding-left: 5.4pt">US$</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 1.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
<SUP>(3)(4)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">US$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">US$</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notes:</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="text-align: justify">The Company has agreed to pay the Underwriters a cash fee equal to &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;% of the gross proceeds of the Offering
(the &ldquo;<B>Underwriters&rsquo; Fee</B>&rdquo;), including in respect of any gross proceeds raised on the exercise of the Over-Allotment
Option and to reimburse the Underwriters for certain expenses. See &ldquo;<I>Plan of Distribution</I>&rdquo;.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2)</FONT></TD><TD STYLE="text-align: justify">After deducting the Underwriters&rsquo; Fee but before deducting the expenses of the Offering, which are
estimated to be US$&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; , which will be paid by the Company from the proceeds of the Offering.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(3)</FONT></TD><TD STYLE="text-align: justify">Based on Offered Shares being issued at closing.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company has granted to the Underwriters an option (the &ldquo;</FONT><B>Over-Allotment Option</B>&rdquo;) to purchase up to an additional
 &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Offered Shares (the &ldquo;<B>Over-Allotment Shares</B>&rdquo;) at the Offering Price for additional gross proceeds of up to US$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. The
Over-Allotment Option may be exercised by the Underwriters in whole or in part to acquire Over-Allotment Shares at the Offering Price
at any time for a period of 30 days after the Closing Date (as defined below). See &ldquo;<I>Plan of Distribution</I>&rdquo;. If the Over-Allotment
Option is exercised in full, the total &ldquo;Price to the Public&rdquo;, &ldquo;Underwriters&rsquo; Fee&rdquo; and &ldquo;Net Proceeds
to the Company&rdquo; will be $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, respectively. This Prospectus Supplement and accompanying Shelf Prospectus qualify the grant
of the Over-Allotment Option and the distribution of the Over-Allotment Shares issuable upon exercise of the Over-Allotment Option, as
applicable. A purchaser who acquires securities forming part of the Underwriters&rsquo; over-allocation position acquires these securities
under this Prospectus Supplement, regardless of whether the over-allocation position is ultimately filled through the exercise of the
Over-Allotment Option or secondary market purchases. See &ldquo;<I>Plan of Distribution</I>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The following table sets out
the maximum number of Over-Allotment Shares that may be issued by the Company pursuant to the Over-Allotment Option:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 12.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Underwriters&rsquo; Position</U></B></FONT></TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Number of Additional Offered<BR>
 Shares Available</U></B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exercise Period </U></B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 9.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exercise Price</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.5in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 12.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over-Allotment Option</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over-Allotment Shares</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to 30 days following the Closing Date</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; text-indent: 9.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per Over-Allotment Share</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the context otherwise requires, all references
to the &ldquo;Offering&rdquo; and the &ldquo;Offered Shares&rdquo; in this Prospectus Supplement shall include all Common Shares issuable
assuming the exercise of the Over-Allotment Option. See &ldquo;<I>Plan of Distribution</I>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Company is permitted, under the multi-jurisdictional
disclosure system adopted by the United States and Canada (the &ldquo;MJDS&rdquo;), to prepare this Prospectus Supplement and the accompanying
Shelf Prospectus in accordance with Canadian disclosure requirements. Prospective investors should be aware that such requirements are
different from those of the United States. Annual consolidated financial statements included or incorporated herein by reference have
been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board
(&ldquo;IFRS&rdquo;) and interim financial statements included or incorporated herein by reference have been prepared in accordance with
IFRS as applicable to interim financial reporting, including IAS 34,&nbsp;Interim Financial Reporting (&ldquo;IAS 34&rdquo;), and thus
may not be comparable to financial statements of United States companies.</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>Investing in securities of the Company is speculative
and involves a high degree of risk and should only be made by persons who can afford the total loss of their investment. A prospective
purchaser should therefore review this Prospectus Supplement and the accompanying Shelf Prospectus, as amended or supplemented, and the
documents incorporated by reference herein and therein, as amended or supplemented, in their entirety and carefully consider the risk
factors described or referenced under &ldquo;Risk Factors&rdquo; herein, in the accompanying Shelf Prospectus and the documents incorporated
by reference herein and therein prior to investing in any Offered Shares offered hereby. See &ldquo;<I>Risk Factors</I>&rdquo; and &ldquo;<I>Cautionary
Note Regarding Forward-Looking Statements</I>&rdquo;.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Prospective investors
should be aware that the acquisition, holding or disposition of the Offered Shares may have tax consequences both in Canada and the United
States.</B></FONT> Such consequences for investors who are resident in, or citizens of, the United States or who are resident in Canada
may not be described fully herein. Prospective investors should read the tax discussion contained in this Prospectus Supplement and consult
their own tax advisors with respect to their own particular circumstances. See &ldquo;<I>Certain Canadian Federal Income Tax Considerations</I>&rdquo;,
 &ldquo;<I>Certain U.S. Federal Income Tax Considerations for U.S. Holders</I>&rdquo; and &ldquo;<I>Risk Factors</I>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>The enforcement by investors
of civil liabilities under United States federal securities laws may be affected adversely by the fact that the Company is incorporated
under the laws of Canada, that all but two of our officers and all but three of our directors are not residents of the United States,
that some of the Underwriters or experts named in this Prospectus Supplement and in the accompanying Shelf Prospectus are not residents
of the United States, and that certain of the Company&rsquo;s assets and all or a substantial portion of the assets of such persons are
located outside of the United States. See &ldquo;<I>Enforceability of Certain Civil Liabilities</I>&rdquo;.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NO CANADIAN SECURITIES REGULATOR HAS APPROVED
OR DISAPPROVED THE OFFERED SHARES NOR PASSED UPON THE ACCURACY OR ADEQUACY OF THE SHELF PROSPECTUS AND THIS PROSPECTUS SUPPLEMENT. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.</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>NEITHER THE SEC NOR ANY STATE SECURITIES REGULATOR
HAS APPROVED OR DISAPPROVED THE OFFERED SHARES NOR PASSED UPON THE ACCURACY OR ADEQUACY OF THE SHELF PROSPECTUS AND THIS PROSPECTUS SUPPLEMENT.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.</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">Subject to applicable laws, the Underwriters may,
in connection with the Offering, over-allot or effect transactions intended to stabilize or maintain the market price of the Common Shares
at levels other than those which might otherwise prevail in the open market. Such transactions, if commenced, may be discontinued at any
time. See &ldquo;<I>Plan of Distribution</I>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Underwriters, as principals,
conditionally offer the Offered Shares subject to prior sale on a commercially reasonable efforts basis, if as and when issued by the
Company, and accepted by the Underwriters, in accordance with the conditions contained in the Underwriting Agreement described under &ldquo;<I>Plan
of Distribution</I>&rdquo; and subject to the approval of certain legal matters on behalf of the Company by Cassels Brock &amp; Blackwell
LLP, with respect to matters of Canadian law, and Skadden, Arps, Slate, Meagher &amp; Flom LLP, with respect to matters of U.S. law, and
on behalf of the Underwriters by DLA Piper (Canada) LLP, with respect to matters of Canadian law, and Latham &amp; Watkins LLP, with respect
to matters of U.S. law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscriptions
for the Offered Shares will be received subject to rejection or allotment in whole or in </FONT>part and the right is reserved to close
the subscription books at any time without notice. The closing of the Offering is expected to take place on or about October &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025, or
such other date as the Company and the Underwriters may agree (the &ldquo;<B>Closing Date</B>&rdquo;). It is anticipated that the Offered
Shares will be registered in such names and in such denominations as the Lead Underwriters shall request. The Offered Shares shall be
delivered to the Lead Underwriters on the Closing Date for the respective accounts of the several Underwriters. See &ldquo;<I>Plan of
Distribution</I>&rdquo;. The Underwriters expect to deliver the Offered Shares through the book-entry facilities of The Depository Trust
Company on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025, subject to customary closing conditions. A purchaser of Offered Shares will receive only a customer confirmation
from the registered dealer through which the Offered Shares are purchased.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>David
Park, the Chief Executive Officer and Salah Gamoudi, the Chief Financial Officer, and Dr. Volker Berl, Paul Collins and Karen Narwold,
each directors of the Company, reside outside of Canada. David Park, Salah Gamoudi, Dr. Volker Berl, Paul Collins and Karen Narwold have
appointed Cassels Brock &amp; Blackwell LLP, Suite 2200, 885 West Georgia Street, Vancouver, British Columbia, V6C 3E8 as agent for service
of process in Canada. </B></FONT>Investors are advised that it may not be possible for investors to enforce judgments obtained in Canada
against any person that resides outside of Canada, even if the party has appointed an agent for service of process. See &ldquo;<I>Enforceability
of Certain Civil Liabilities</I>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Company&rsquo;s registered
office is located at Suite 2200, 885 West Georgia Street, Vancouver, British Columbia, V6C 3E8. The Company&rsquo;s head office is located
at Suite 1625, 1075 West Georgia Street, Vancouver, British Columbia, V6E 3C9.</P>

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

<P STYLE="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Unless otherwise indicated, all references to &ldquo;United States
dollars&rdquo; , &ldquo;$&rdquo; or &ldquo;US$&rdquo; are to United States dollars. Canadian dollars are referred to as &ldquo;C$&rdquo;.
See &ldquo;<I>Financial Information</I>&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;&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS SUPPLEMENT</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: right; text-indent: 0.5in"><B><U>Page</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: justify"><A HREF="#prossp1_001" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING SHELF PROSPECTUS</FONT></A></TD>
    <TD STYLE="width: 10%; text-align: right"><A HREF="#prossp1_001" STYLE="-sec-extract: exhibit">6</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#prossp1_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL INFORMATION AND CURRENCY</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#prossp1_002">6</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#prossp1_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MARKET AND INDUSTRY DATA</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#prossp1_003">7</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#prossp1_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NON-IFRS MEASURES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#prossp1_004">7</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#prossp1_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#prossp1_005">7</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#prossp1_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAUTIONARY NOTE TO UNITED STATES INVESTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#prossp1_006">9</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#prossp1_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DOCUMENTS INCORPORATED BY REFERENCE</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#prossp1_007">9</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#prossp1_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SUMMARY OF THE OFFERING</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#prossp1_008">12</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#prossp1_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE COMPANY</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#prossp1_009">12</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#prossp1_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES BEING DISTRIBUTED</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#prossp1_010">13</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#prossp1_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED CAPITALIZATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#prossp1_011">14</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#prossp1_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#prossp1_012">14</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#prossp1_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#prossp1_013">15</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#b_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_001">23</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#b_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR U.S. HOLDERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_002">26</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#b_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRIOR SALES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_003">31</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#b_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRADING PRICE AND VOLUME</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_004">32</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#b_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_005">33</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#b_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_006">38</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#b_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DOCUMENTS FILED AS PART&nbsp;OF THE REGISTRATION STATEMENT</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_007">38</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#b_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_008">38</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#b_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENFORCEABILITY OF CIVIL LIABILITIES</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_009">39</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#b_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INTEREST OF EXPERTS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_010">39</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><A HREF="#b_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUDITORS, TRANSFER AGENTS AND REGISTRARS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_011">40</A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><A HREF="#b_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">STATUTORY EXEMPTIONS</FONT></A></TD>
    <TD STYLE="text-align: right"><A HREF="#b_012">40</A></TD></TR>
</TABLE>

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

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

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

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

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



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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 90%; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_001"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; width: 10%; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_001"><FONT STYLE="font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_002"><FONT STYLE="font-size: 10pt">FORWARD-LOOKING INFORMATION</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_002"><FONT STYLE="font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_003"><FONT STYLE="font-size: 10pt">NOTICE REGARDING REPRESENTATION OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_003"><FONT STYLE="font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_004"><FONT STYLE="font-size: 10pt">PRESENTATION OF FINANCIAL INFORMATION</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_004"><FONT STYLE="font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_005"><FONT STYLE="font-size: 10pt">CURRENCY AND EXCHANGE RATE INFORMATION</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_005"><FONT STYLE="font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_006"><FONT STYLE="font-size: 10pt">DOCUMENTS INCORPORATED BY REFERENCE</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_006"><FONT STYLE="font-size: 10pt">4</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_007"><FONT STYLE="font-size: 10pt">AVAILABLE INFORMATION</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_007"><FONT STYLE="font-size: 10pt">6</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_008"><FONT STYLE="font-size: 10pt">ENFORCEABILITY OF CERTAIN CIVIL LIABILITIES AND AGENT FOR SERVICE OF PROCESS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_008"><FONT STYLE="font-size: 10pt">6</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_009"><FONT STYLE="font-size: 10pt">THE COMPANY</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_009"><FONT STYLE="font-size: 10pt">7</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_010"><FONT STYLE="font-size: 10pt">BUSINESS OF THE COMPANY</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_010"><FONT STYLE="font-size: 10pt">7</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_011"><FONT STYLE="font-size: 10pt">CONSOLIDATED CAPITALIZATION</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_011"><FONT STYLE="font-size: 10pt">12</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_012"><FONT STYLE="font-size: 10pt">EARNINGS COVERAGE RATIOS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_012"><FONT STYLE="font-size: 10pt">12</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_013"><FONT STYLE="font-size: 10pt">DESCRIPTION OF COMMON SHARES</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_013"><FONT STYLE="font-size: 10pt">13</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_014"><FONT STYLE="font-size: 10pt">DESCRIPTION OF PREFERRED SHARES</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_014"><FONT STYLE="font-size: 10pt">13</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_015"><FONT STYLE="font-size: 10pt">DESCRIPTION OF DEBT SECURITIES</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_015"><FONT STYLE="font-size: 10pt">13</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_016"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SUBSCRIPTION RECEIPTS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_016"><FONT STYLE="font-size: 10pt">15</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_017"><FONT STYLE="font-size: 10pt">DESCRIPTION OF WARRANTS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_017"><FONT STYLE="font-size: 10pt">16</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_018"><FONT STYLE="font-size: 10pt">DESCRIPTION OF UNITS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_018"><FONT STYLE="font-size: 10pt">17</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_019"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_019"><FONT STYLE="font-size: 10pt">18</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_020"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_020"><FONT STYLE="font-size: 10pt">19</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_022"><FONT STYLE="font-size: 10pt">TRADING PRICE AND VOLUME</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_022"><FONT STYLE="font-size: 10pt">20</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_023">PRIOR SALES</A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_023">20</A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_024"><FONT STYLE="font-size: 10pt">CERTAIN INCOME TAX CONSIDERATIONS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_024"><FONT STYLE="font-size: 10pt">20</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_025"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_025"><FONT STYLE="font-size: 10pt">20</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_026"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_026"><FONT STYLE="font-size: 10pt">23</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; padding-bottom: 0"><A HREF="#L_027"><FONT STYLE="font-size: 10pt">exemption from national instrument 44-101</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_027"><FONT STYLE="font-size: 10pt">23</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_028"><FONT STYLE="font-size: 10pt">AUDITORS, TRANSFER AGENT AND REGISTRAR</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_028"><FONT STYLE="font-size: 10pt">23</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_029"><FONT STYLE="font-size: 10pt">INTERESTS OF EXPERTS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_029"><FONT STYLE="font-size: 10pt">23</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">STATUTORY AND CONTRACTUAL RIGHTS OF WITHDRAWAL AND RESCISSION</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_030"><FONT STYLE="font-size: 10pt">GLOSSARY OF TERMS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_030"><FONT STYLE="font-size: 10pt">25</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">CERTIFICATE OF THE COMPANY</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&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: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="prossp1_001"></A>ABOUT
THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING SHELF PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This document is in two parts. The first part
is this Prospectus Supplement, which describes the specific terms of the Offering and adds to and updates certain information contained
in the accompanying Shelf Prospectus and the documents incorporated by reference into the Shelf Prospectus. The second part is the Shelf
Prospectus, which provides more general information, some of which may not apply to the Offering. If the information differs or varies
between this Prospectus Supplement and the Shelf Prospectus, the information in this Prospectus Supplement supersedes the information
in the Shelf Prospectus. The Shelf Prospectus and this Prospectus Supplement together comprise the Prospectus for the purposes of qualifying
the securities offered pursuant to 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">An investor should rely only on the information
contained in this Prospectus Supplement and the Shelf Prospectus and on the other information in the Registration Statement, of which
this Prospectus Supplement and the Prospectus form a part, (including the documents incorporated by reference herein and therein) and
is not entitled to rely on parts of the information contained in this Prospectus Supplement or the Shelf Prospectus (including the documents
incorporated by reference herein or therein) to the exclusion of others. The Company and the Underwriters have not authorized anyone to
provide investors with additional or different information. The Company and the Underwriters take no responsibility for, and can provide
no assurance as to the reliability of, any other information that others may give readers of this Prospectus Supplement. Information contained
on, or otherwise accessed through, the Company&rsquo;s website shall not be deemed to be a part of this Prospectus Supplement or the accompanying
Shelf Prospectus and such information is not incorporated by reference herein or therein, and the Company disclaims any such incorporation
by reference.</P>

<P STYLE="font: 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 and the Underwriters are not offering
to sell the Offered Shares in any jurisdictions where the offer or sale of the Offered Shares is not permitted. The information contained
in this Prospectus Supplement and the Shelf Prospectus (including the documents incorporated by reference herein and therein) is accurate
only as of the date of this Prospectus Supplement or Shelf Prospectus or as of the date as otherwise set out herein (or as of the date
of the document incorporated by reference herein or as of the date as otherwise set out in the document incorporated by reference herein,
as applicable), regardless of the time of delivery of this Prospectus Supplement or any sale of the Offered Shares. The business, capital,
financial condition, results of operations and prospects of the Company may have changed since those dates. The Company does not undertake
to update the information contained or incorporated by reference herein, except as required by applicable Canadian 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; text-align: justify">This Prospectus Supplement shall not be used by
anyone for any purpose other than in connection with 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 documents incorporated or deemed to be incorporated
by reference herein or in the Prospectus contain meaningful and material information relating to the Company and readers of this Prospectus
Supplement should review all information contained in this Prospectus Supplement, the Shelf Prospectus and the documents incorporated
or deemed to be incorporated by reference herein and therein, as amended or supplemented.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="prossp1_002"></A>FINANCIAL
INFORMATION AND CURRENCY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">All currency amounts
in this Prospectus are expressed in United States dollars, unless otherwise indicated. References to dollars, &ldquo;$&rdquo; or &ldquo;US$&rdquo;
are to United States currency unless otherwise indicated. All references to &ldquo;C$&rdquo; refer to Canadian </FONT>dollars.</P>

<P STYLE="font: 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 following table sets forth for each period
indicated (i)&nbsp;the high and low exchange rates for one United States dollar during such periods; (ii)&nbsp;the average exchange rates
for one United States dollar for such period; and (iii)&nbsp;the exchange rates in effect as at the end of the period, for one United
States dollar, each expressed in Canadian dollars as quoted by the Bank of Canada.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Six Months Ended June 30,</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Year Ended December 31,</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2025</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(C$)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(C$)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(C$)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">(C$)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: justify">High</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1.4603</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1.3821</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1.4416</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1.3875</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; 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: justify">Low</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">1.3558</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.3316</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.3316</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.3128</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: justify">Average</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">1.4094</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.3586</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.3698</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.3497</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: justify">Period End</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">1.3643</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.3687</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.4389</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.3544</TD><TD STYLE="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; text-align: justify">On October 15, 2025, the daily exchange rate
for the conversion of United States dollars into Canadian dollars, expressed in Canadian dollars, as quoted by the Bank of Canada, was
C$1.00 = US$0.71.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="prossp1_003"></A>MARKET
AND INDUSTRY DATA</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Unless otherwise
indicated, the market and industry data contained or incorporated by reference in this Prospectus Supplement and the accompanying Shelf
Prospectus is based upon information from independent industry publications, market research, analyst reports and surveys and other publicly
</FONT>available sources. Although the Company believes these sources to be generally reliable, market and industry data is subject to
interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary
nature of the data gathering process and other limitations and uncertainties inherent in any survey. While the Company believes such third
party information to be generally reliable, the Company has not independently verified any of the data from third party sources referred
to or incorporated by reference herein and accordingly, the accuracy and completeness of such data is not guaranteed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="prossp1_004"></A>NON-IFRS
MEASURES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The annual consolidated financial statements of
the Company are prepared in accordance with IFRS. Additionally, the Company utilizes certain non-IFRS measures such as working capital
(calculated as current assets less current liabilities). The Company believes that these measures, together with measures determined in
accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-IFRS measures
do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other
companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures
of performance prepared in accordance with IFRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="prossp1_005"></A>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This Prospectus
Supplement, the accompanying Shelf Prospectus and the documents incorporated by reference herein and therein contain &ldquo;forward-looking
information&rdquo; within the meaning of applicable Canadian securities legislation and or &ldquo;forward-looking statements&rdquo; within
the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995 </FONT>(collectively
referred to herein as &ldquo;<B>forward-looking information</B>&rdquo; or &ldquo;<B>forward-looking statements</B>&rdquo;). Forward-looking
statements are included to provide information about management&rsquo;s current expectations and plans that allows investors and others
to get a better understanding of the Company&rsquo;s operating environment, business operations and financial performance and condition.</P>

<P STYLE="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">Forward-looking statements include, but are not
limited to, statements relating: to the business and future activities of, and developments related to, the Company after the date of
this Prospectus Supplement or the Shelf Prospectus, as applicable; expectations of the use by the Company of the net proceeds raised from
the Offering, including as to achieving the related business objectives described herein; expectations of the timing, size and completion
of the Offering and the listing of the Offered Shares on the TSXV and the NYSE American; planned exploration, research and development
programs and expenditures (including, but not limited to, plans and expectations regarding advancement of the South West Arkansas Project
(as defined below) and the East Texas Properties (as defined below)); commercial opportunities for lithium products; delivery of studies;
filing of technical reports; expected results of exploration; accuracy of mineral or resource exploration activity; accuracy of mineral
reserves or mineral resources estimates, including the ability to develop and realize on such estimates; whether mineral resources will
ever be developed into mineral reserves, and information and underlying assumptions related thereto; budget estimates and expected expenditures
by the Company on its properties; regulatory or government requirements or approvals; the reliability of third party information; continued
access to mineral properties or infrastructure; payments and share issuances pursuant to property agreements; fluctuations in the market
for lithium and its derivatives; expected timing of the expenditures; performance of the Company&rsquo;s business and operations; changes
in exploration costs and government regulation in Canada and the United States; competition for, among other things, capital, acquisitions,
undeveloped lands and skilled personnel; changes in commodity prices and exchange rates; currency and interest rate fluctuations; inflation;
changes in trade relationships; tariffs and trade barriers; the Company&rsquo;s funding requirements and ability to raise capital; geopolitical
instability; war, and other factors or information. Any statements that express or involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases
such as &ldquo;expects&rdquo;, &ldquo;is expected&rdquo;, &ldquo;anticipates&rdquo;, &ldquo;seeks&rdquo;, &ldquo;believes&rdquo;, &ldquo;plans&rdquo;,
 &ldquo;projects&rdquo;, &ldquo;estimates&rdquo;, &ldquo;assumes&rdquo;, &ldquo;intends&rdquo;, &ldquo;strategy&rdquo;, &ldquo;goals&rdquo;,
 &ldquo;objectives&rdquo;, &ldquo;potential&rdquo;, &ldquo;possible&rdquo; or variations thereof or stating that certain actions, events,
conditions or results &ldquo;may&rdquo;, &ldquo;could&rdquo;, &ldquo;would&rdquo;, &ldquo;should&rdquo;, &ldquo;might&rdquo; or &ldquo;will&rdquo;
be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of fact and may be forward-looking
statements.</P>

<P STYLE="font: 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">Forward-looking statements are necessarily based
upon a number of factors and assumptions that, if untrue, could cause actual results, performance or achievements to be materially different
from future results, performance or achievements expressed or implied by such statements. Forward-looking statements are based upon a
number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant
business, economic and competitive uncertainties and contingencies that may cause the Company&rsquo;s actual financial results, performance,
or achievements to be materially different from those expressed or implied herein. With respect to forward-looking information listed
above and incorporated by reference herein, the Company has made assumptions regarding, among other things: current technological trends;
ability to fund, advance and develop the Company&rsquo;s properties; the Company&rsquo;s ability to operate in a safe and effective manner;
uncertainties with respect to receiving, and maintaining, mining, exploration, environmental and other permits; pricing and demand for
lithium, including that such demand is supported by growth in the electric vehicle market and the energy storage market; impact of increasing
competition; commodity prices, currency rates, tariffs, interest rates, trade relationships and general economic conditions; the legislative,
regulatory and community environments in the jurisdictions where the Company operates; impact of unknown financial contingencies; market
prices for lithium products; budgets and estimates of capital and operating costs; estimates of mineral resources and mineral reserves;
reliability of technical data; the ability to negotiate access agreements on commercially reasonable terms; the ability to negotiate offtake
agreements on commercially reasonable terms; and the anticipated timing and results of operation and development. Although the Company
believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, the Company can give no assurance
that these assumptions and expectations will prove to be correct. Since forward-looking information inherently involves risks and uncertainties,
undue reliance should not be placed on such information.</P>

<P STYLE="font: 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">Forward-looking statements are subject to a variety
of known and unknown risks, uncertainties and other factors that could cause actual events, performance or results to differ from those
expressed or implied. There can be no assurance that such statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Such factors include, but are not limited to: general economic conditions
in Canada, the United States and globally; industry conditions, including the state of the electric vehicle market and the energy storage
market; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems;
unanticipated operating events; negotiation of commercial access agreements; negotiation of commercial offtake agreements; competition
for and/or inability to retain drilling rigs and other services and to obtain capital, undeveloped lands, skilled personnel, equipment
and inputs; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; uncertainties
associated with estimating mineral resources and mineral reserves, including uncertainties relating to the assumptions underlying mineral
resource and mineral reserve estimates; whether mineral resources will ever be converted into mineral reserves; uncertainties in estimating
capital and operating costs, cash flows and other project economics; liabilities and risks, including environmental liabilities and risks
inherent in mineral extraction operations; health and safety risks; risks related to unknown financial contingencies, including litigation
costs, on the Company&rsquo;s operations; unanticipated results of exploration activities; unpredictable weather conditions; unanticipated
delays in preparing technical studies; inability to generate profitable operations; restrictive covenants in debt instruments; lack of
availability of additional financing on terms acceptable to the Company; intellectual property risk; stock market volatility; volatility
in market prices for commodities; trade relationship volatility; liabilities inherent in the mining industry; volatility in financial
markets; risks related to war; increased inflation; changes in tax laws and incentive programs relating to the mining industry; tariffs;
other risks pertaining to the mining industry; conflicts of interest; dependency on key personnel; and fluctuations in currency and interest
rates, as well as those factors discussed in the section entitled &ldquo;Risk Factors&rdquo; in the Prospectus and in the Company&rsquo;s
public filings available at www.sedarplus.ca and www.sec.gov. Although the Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors
that cause actions, events or results to differ from those anticipated, estimated or intended.</P>

<P STYLE="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"><FONT STYLE="font-size: 10pt">This list is not
exhaustive of the factors that may affect any of the Company&rsquo;s forward-looking statements. Although the Company believes its expectations
are based upon reasonable assumptions and have attempted to identify important factors that could cause actual actions, events or results
to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. See the section entitled &ldquo;<I>Risk Factors</I>&rdquo; below, the section entitled
 &ldquo;Risk Factors&rdquo; in the Shelf Prospectus and in the section entitled &ldquo;Risk Factors&rdquo; in the Company&rsquo;s annual
information form for the six month fiscal period ended December&nbsp;31, 2024, date</FONT>d March&nbsp;21, 2025 (the &ldquo;<B>AIF</B>&rdquo;),
and incorporated by reference herein, for additional risk factors that could cause results to differ materially from forward-looking statements.</P>

<P STYLE="font: 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 forward-looking information and statements
contained in this Prospectus Supplement and the Shelf Prospectus represent the Company&rsquo;s views and expectations respectively as
of the date of this Prospectus Supplement and the Shelf Prospectus, unless otherwise indicated in such documents, and forward-looking
information and statements contained in the documents incorporated by reference herein and therein represent the Company&rsquo;s views
and expectations as of the date of such documents, unless otherwise indicated in such documents. The Company disclaims any intent or obligation
to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result
of new information, future events or otherwise, except in accordance with applicable securities laws. Investors are urged to read the
Company&rsquo;s filings with Canadian securities regulatory agencies, which can be viewed online under the Company&rsquo;s profile on
the Canadian System for Electronic Document Analysis and Retrieval + (&ldquo;<B>SEDAR+</B>&rdquo;) at www.sedarplus.ca and the SEC&rsquo;s
Electronic Data Gathering, Analysis and Retrieval System (&ldquo;<B>EDGAR</B>&rdquo;) at www.sec.gov.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="prossp1_006"></A>CAUTIONARY
NOTE TO UNITED STATES INVESTORS</B></FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company is subject to the reporting requirements of the applicable
Canadian securities laws, and as a result reports information regarding mineral properties, mineralization and estimates of mineral reserves
and mineral resources in accordance with Canadian reporting requirements, which are governed by NI 43-101 &ndash; <I>Standard of Disclosure
for Mineral Projects </I>(&ldquo;<B>NI 43-101</B>&rdquo;). NI 43-101 differs significantly from the disclosure requirements of the SEC
generally applicable to United States companies. As such, the information included or incorporated herein concerning mineral properties,
mineralization and estimates of mineral reserves and mineral resources is not comparable to similar information made public by U.S. companies
subject to the reporting and disclosure requirements of the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="prossp1_007"></A>DOCUMENTS
INCORPORATED BY REFERENCE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Information has
been incorporated by reference in this Prospectus Supplement and the Shelf Prospectus from documents filed with the securities commissions
or similar regulatory authorities in Canada, which have been filed with, or furnished to, the SEC.</B></FONT> Copies of the documents
incorporated by reference herein may be obtained on request without charge from the Corporate Secretary of the Company at Suite&nbsp;1625,
1075 West Georgia Street, Vancouver, British Columbia, V6E 3C9, telephone (604) 409-8154, e-mail: info@standardlithium.com, and are also
available electronically under the SEDAR+ profile of the Company at www.sedarplus.ca or through EDGAR at the website of the SEC at www.sec.gov.
The filings of the Company available on SEDAR+ and EDGAR are not incorporated by reference in this Prospectus Supplement except as specifically
set out&nbsp;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-align: justify"><FONT STYLE="font-size: 10pt">This Prospectus
Supplement is deemed to be incorporated by reference into the Shelf Prospectus as of the date hereof and only for the purposes of the
distribution of the </FONT>Offered Shares. Other documents are also incorporated or deemed to be incorporated by reference into the Shelf
Prospectus and reference should be made to the Shelf Prospectus for full details.</P>

<P STYLE="font: 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">As of the date hereof, the following documents,
filed by the Company with the securities commissions or similar authorities in each of the provinces and territories of Canada and filed
with, or furnished to, the SEC, are specifically incorporated by reference into, and form an integral part of, the Prospectus, provided
that such documents are not incorporated by reference to the extent that their contents are modified or superseded by a statement contained
in this Prospectus Supplement, the Shelf Prospectus or in any other subsequently filed document that is also incorporated by reference
in this Prospectus Supplement, as further described below:</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"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025043495/ck0001537137-ex99_1.htm" STYLE="-sec-extract: exhibit">1.</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025043495/ck0001537137-ex99_1.htm" STYLE="-sec-extract: exhibit">the AIF;</A></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"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025043495/ck0001537137-ex99_3.htm" STYLE="-sec-extract: exhibit">2.</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025043495/ck0001537137-ex99_3.htm" STYLE="-sec-extract: exhibit">the audited consolidated financial statements of the Company as at and for the six month fiscal period
ended December&nbsp;31, 2024 and year ended June&nbsp;30, 2024, together with the notes thereto and the auditor&rsquo;s report thereon;</A></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"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025043495/ck0001537137-ex99_2.htm" STYLE="-sec-extract: exhibit">3.</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025043495/ck0001537137-ex99_2.htm" STYLE="-sec-extract: exhibit">the management&rsquo;s discussion and analysis of the results of operations and financial condition of
the Company for the six month fiscal period ended December&nbsp;31, 2024;</A></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"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025105479/ck0001537137-ex99_1.htm" STYLE="-sec-extract: exhibit">4.</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025105479/ck0001537137-ex99_1.htm" STYLE="-sec-extract: exhibit">the unaudited condensed consolidated interim financial statements of the Company as at and for the three
and six months ended June&nbsp;30, 2025 and 2024, together with the notes thereto (the &ldquo;<B>Interim Financial Statements</B>&rdquo;);</A></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"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025105479/ck0001537137-ex99_2.htm" STYLE="-sec-extract: exhibit">5.</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025105479/ck0001537137-ex99_2.htm" STYLE="-sec-extract: exhibit">the management&rsquo;s discussion and analysis of the results of operations and financial condition of
the Company for the three and six months ended June&nbsp;30, 2025 (the &ldquo;<B>Interim MD&amp;A</B>&rdquo;);</A></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"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465924065561/tm241257d2_ex99-1.htm" STYLE="-sec-extract: exhibit">6.</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465924065561/tm241257d2_ex99-1.htm" STYLE="-sec-extract: exhibit">the management information circular of the Company dated May&nbsp;15, 2024 prepared in connection with
the annual general and special meeting of shareholders held on June&nbsp;27, 2024;</A></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"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925056887/tm2517224d1_ex99-1.htm" STYLE="-sec-extract: exhibit">7.</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925056887/tm2517224d1_ex99-1.htm" STYLE="-sec-extract: exhibit">the management information circular of the Company dated May&nbsp;30, 2025 prepared in connection with
the annual general meeting of shareholders held on July&nbsp;16, 2025;</A></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"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925098781/tm2528442d1_ex99-1.htm" STYLE="-sec-extract: exhibit">8.</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925098781/tm2528442d1_ex99-1.htm" STYLE="-sec-extract: exhibit">the material change report dated August&nbsp;15, 2025 with respect to the commencement of a previously
announced &ldquo;at-the-market&rdquo; equity program pursuant to a prospectus supplement;</A></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"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925098781/tm2528442d1_ex99-2.htm" STYLE="-sec-extract: exhibit">9.</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925098781/tm2528442d1_ex99-2.htm" STYLE="-sec-extract: exhibit">the material change report dated September&nbsp;9, 2025 relating to the results of the DFS (as defined
below) on the South West Arkansas Project;</A></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"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925099749/tm2528823d1_ex99-1.htm" STYLE="-sec-extract: exhibit">10.</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925099749/tm2528823d1_ex99-1.htm" STYLE="-sec-extract: exhibit">the material change report dated October&nbsp;15, 2025 relating to the results of the maiden inferred
resource at the East Texas Properties;</A></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"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925099044/tm2528539d1_ex99-1.htm" STYLE="-sec-extract: exhibit">11.</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925099044/tm2528539d1_ex99-1.htm" STYLE="-sec-extract: exhibit">the technical report entitled &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 (the &ldquo;<B>South West Arkansas Technical Report</B>&rdquo;);</A></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"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925072513/tm2521695d1_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">12.</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925072513/tm2521695d1_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">the technical report entitled </FONT>&ldquo;Amended and Restated 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 (the &ldquo;<B>Lanxess
Technical Report</B>&rdquo;); and</A></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">13.</TD><TD STYLE="text-align: justify">the template version of the investor presentation prepared for potential investors in connection with
the Offering, dated and filed October&nbsp; , 2025 (the &ldquo;<B>Marketing Materials</B>&rdquo;).</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any document (other than confidential material
change reports, if any) of the type referred to in section 11.1 of Form&nbsp;44-101F1 of National Instrument 44-101 &ndash; <I>Short Form&nbsp;Prospectus
Distributions</I> filed by the Company with the securities commissions or similar regulatory authorities in Canada after the date of this
Prospectus Supplement and prior to the completion or withdrawal of the Offering shall be deemed to be incorporated by reference in this
Prospectus Supplement and the Shelf Prospectus for the purposes of the Offering. The documents incorporated or deemed to be incorporated
herein by reference contain meaningful and material information relating to the Company and readers should review all information contained
in this Prospectus Supplement, the Shelf Prospectus and the documents incorporated or deemed to be incorporated by reference herein and
therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, to the extent that any document or
information incorporated by reference into this Prospectus Supplement is filed with, or furnished to, the SEC pursuant to the U.S. Securities
Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;) after the date of this Prospectus Supplement and prior to the
termination or completion of the Offering, such document or information will be deemed to be incorporated by reference as an exhibit to
the registration statement of which this Prospectus Supplement forms a part (in the case of a report on Form&nbsp;6-K, only if and to
the extent expressly provided therein).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Any statement contained in this Prospectus
Supplement, the Shelf Prospectus or in a document incorporated or deemed to be incorporated by reference herein or in the Shelf Prospectus
shall be deemed to be modified or superseded, for purposes of this Prospectus Supplement and the Shelf Prospectus, to the extent that
a statement contained herein or in any other subsequently filed document that also is, or is deemed to be, incorporated by reference herein
modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Prospectus Supplement or the Shelf Prospectus. The modifying or superseding statement need not state that
it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes.
The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement,
when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required
to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was&nbsp;made. Any statement
so modified or superseded shall thereafter neither constitute, nor be deemed to constitute, a part of this Prospectus Supplement or the
Shelf Prospectus, except as so modified or superseded.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">When the Company
files a new annual information form, audited consolidated financial statements and related management&rsquo;s discussion and analysis
and, where required, they are accepted by the applicable securities regulatory authorities during the time that this Prospectus Supplement
is valid, the previous annual information form, the previous audited consolidated financial statements and related management&rsquo;s
discussion and analysis and all unaudited interim condensed consolidated financial statements and related management&rsquo;s discussion
and analysis for such periods, all material change reports and any business acquisition report filed prior to the commencement of the
Company&rsquo;s financial year in which the new annual information form is filed will be deemed no longer to be incorporated by reference
in this Prospectus Supplement for purposes of future offers and sales of Offered </FONT>Shares offered under this Prospectus Supplement.
Upon new unaudited interim condensed consolidated financial statements and related management&rsquo;s discussion and analysis being filed
by the Company with the applicable securities regulatory authorities during the term of this Prospectus Supplement, all unaudited interim
condensed consolidated financial statements and related management&rsquo;s discussion and analysis filed prior to the filing of the new
unaudited interim condensed consolidated financial statements shall be deemed no longer to be incorporated by reference into this Prospectus
Supplement for purposes of future offers and sales of securities 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-align: center"><B>MARKETING MATERIALS</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">The Marketing Materials do not form part of this
Prospectus Supplement and the accompanying Shelf Prospectus to the extent that the contents of the Marketing Materials have been modified
or superseded by a statement contained in this Prospectus Supplement and the accompanying Shelf Prospectus. Any &ldquo;template version&rdquo;
of any &ldquo;marketing materials&rdquo; (each as defined in National Instrument 41-101 &ndash; <I>General Prospectus Requirements</I>)
pertaining to the Offering that has been, or will be, filed on SEDAR+ at www.sedarplus.ca before the termination of the distribution
under the Offering (including any amendments to, or an amended version of, any template version of any marketing materials) is deemed
to be incorporated by reference into this Prospectus Supplement and the accompanying Shelf Prospectus solely for the purposes 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"></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"><FONT STYLE="text-transform: uppercase"><B><A NAME="prossp1_008"></A>SUMMARY
OF THE OFFERING</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of the principal features
of the Offering and should be read together with the more detailed information and financial data and statements contained or incorporated
by reference elsewhere in this Prospectus Supplement.</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: 26%; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer</B></FONT></TD>
    <TD STYLE="width: 74%; padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Standard Lithium Ltd. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Offered Shares</B></FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Price per Offered Share</B></FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriters&rsquo; Fee</B></FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>% of the gross proceeds from the sale of the Offered Shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description of the Offering</B></FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales of the Offered Shares under the Prospectus are anticipated to be made pursuant to an Underwriting Agreement, whereby the Underwriters shall purchase &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offered Shares at a price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per Offered Share. In addition, the Company will grant the Underwriters the Over-Allotment Option to purchase up to an additional &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offered Shares </FONT>at the Offering Price to cover over-allotments, if any, and for market stabilization purposes. The Offering will be made concurrently in Canada and in the United States pursuant to the Registration Statement.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common Shares Outstanding</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    at October 16, 2025, without giving effect to the Offering: 208,341,971</FONT> Common Shares.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">See &ldquo;<I>Consolidated Capitalization</I>&rdquo;
    and &ldquo;<I>Plan of Distribution</I>&rdquo;.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Business of the Company</B></FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company 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 Common Shares are listed on the TSXV and the NYSE </FONT>American under the symbol &ldquo;SLI&rdquo;. The South West Arkansas Project (as defined below) is the material property of the Company. See &ldquo;<I>The Company</I>&rdquo;.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds</B></FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (as defined below), and for working capital and for general corporate purposes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk Factors</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospective purchasers of the Offered Shares should carefully consider the information set forth under the heading &ldquo;<I>Risk Factors</I>&rdquo; and the other information included in this Prospectus Supplement and the accompanying Shelf Prospectus before deciding to invest. See &ldquo;<I>Risk Factors</I>&rdquo;.</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; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="prossp1_009"></A>THE
COMPANY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following description
of the Company does not contain all of the information about the Company and its assets and business that you should consider before investing
in the Offered Shares. You should carefully read this entire Prospectus Supplement and the Shelf Prospectus, including the sections entitled
 &ldquo;<I>Risk Factors</I>&rdquo;, and the AIF, as well as the documents incorporated by reference herein and in this Prospectus Supplement
and the Shelf Prospectus before making an investment decision.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is a near-commercial
lithium company focused on the sustainable development of a portfolio of lithium-brine bearing properties in the United States. The Company
prioritizes brine projects characterized by high-grade resources, robust infrastructure, skilled labor, and streamlined permitting, and
aims to achieve sustainable, commercial-scale lithium production via the application of scalable and fully integrated Direct Lithium Extraction
(&ldquo;<B>DLE</B>&rdquo;) and purification processes. The Common Shares are listed on the TSXV and the NYSE American 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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company&rsquo;s flagship project, the South West Arkansas property (the &ldquo;<B>South West Arkansas Project</B>&rdquo;), is located
on the Smackover Formation in southern Arkansas, a region with a long-standing and established industry of mineral extraction and national
security. The South West Arkansas Project, being developed in partnership with Equinor </FONT>ASA, a multi-national energy company (&ldquo;<B>Equinor</B>&rdquo;),
encompasses a significant land area of over 27,000 net mineral acres and is a key project in the Company&rsquo;s portfolio due to its
scale and quality of lithium-brine resources. The Company completed and published a Preliminary Feasibility Study in September&nbsp;of
2023 and a Definitive Feasibility Study (&ldquo;<B>DFS</B>&rdquo;) in October&nbsp;2025 for the South West Arkansas Project. A Front-End
Engineering Study is currently underway for the South West Arkansas Project. Construction at the South West Arkansas Project is targeted
to begin in 2026, with first production expected in 2028, subject to, among other things, continued project definition, due diligence,
and available financing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company is also developing prospective lithium brine areas within the Smackover Formation in East Texas (the &ldquo;<B>East Texas Properties</B>&rdquo;),
in collaboration with Equinor. </FONT>The Company published exploration drilling results and testing in October&nbsp;of 2023, which demonstrated
lithium carbonate equivalent concentrations of 644 mg/L on average at the East Texas Properties. In September&nbsp;of 2025, the Company
published a maiden inferred resource which demonstrated lithium carbonate equivalent concentrations of 668 mg/L on average at the Franklin
project within the East Texas Properties (the &ldquo;<B>Franklin Project</B>&rdquo;). In partnership with Equinor, the Company plans to
continue securing further leasehold positions and to perform further exploration drilling in East Texas, and anticipates filing a preliminary
economic assessment for the East Texas Properties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s arrangement
with Equinor includes a total investment of up to $160 million by Equinor, with Equinor retaining a 45% ownership stake in each of the
South West Arkansas Project and the East Texas Properties through joint venture arrangements with 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-align: justify">For further information regarding SLI, the South
West Arkansas Project and the East Texas Properties, see the AIF, the South West Arkansas Technical Report and other documents incorporated
by reference in this Prospectus available at <U>www.sedarplus.ca</U> and at <U>www.sec.gov</U> under the Company&rsquo;s profile. See
 &ldquo;<I>Documents Incorporated by Reference</I>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Recent Developments</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">On August&nbsp;1, 2024, the Company announced
the appointment of David Park as Chief Executive Officer, effective September&nbsp;1, 2024. The Company also announced the addition of
Paul Collins to the Company&rsquo;s board of directors on December&nbsp;10, 2024, and the addition of Karen Narwold to the Company&rsquo;s
board of directors on March&nbsp;19, 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; text-align: justify">On September&nbsp;3, 2025, the Company announced
positive results of its DFS on the South West Arkansas Project.</P>

<P STYLE="font: 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">On September&nbsp;24, 2025, the Company announced
the results of a maiden inferred resource on the Franklin Project.</P>

<P STYLE="font: 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">On October&nbsp;14, 2025, the Company filed the
South West Arkansas Technical Report.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="prossp1_010"></A>DESCRIPTION
OF SECURITIES BEING DISTRIBUTED</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company is authorized to issue
an unlimited number of Common Shares. As of October 16, 2025, there were </FONT>208,341,971 Common Shares issued and outstanding.</P>

<P STYLE="font: 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 Offered Shares have all of the rights, privileges,
restrictions and conditions of other Common Shares of the Company. Holders of Common Shares are entitled to receive notice of any meeting
of shareholders of the Company and to attend and to cast one vote per share at such meetings. Holders of Common Shares are also entitled
to receive on a <I>pro-rata</I> basis such dividends, if any, as and when declared by the board of directors of the Company at its discretion
from funds legally available therefor and upon the liquidation, dissolution or winding up of the Company are entitled to receive on a
<I>pro-rata</I> basis, the net assets of the Company after payment of debts and other liabilities, in each case subject to the rights,
privileges, restrictions and conditions attaching to any other series or class of shares ranking senior in priority. The Common Shares
do not carry any pre-emptive, subscription, redemption or conversion 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-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Company has applied for
conditional approved the listing of the Offered Shares, subject to the Company fulfilling all of the listing requirements on the TSXV.
In addition, the Company has applied to list the Offered Shares on the NYSE American.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="prossp1_011"></A>CONSOLIDATED
CAPITALIZATION<SUP></SUP></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as disclosed under the section entitled &ldquo;Prior Sales&rdquo; below, there have not been any material changes in the share and
loan capital of the Company, on a consolidated basis, since the date of the Interim Financial Statements</FONT>. As of October 16, 2025,
there were 208,341,971 Common Shares issued and outstanding.</P>

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

<P STYLE="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The following table summarizes our consolidated capitalization as
of June 30, 2025, both actual and on an as-adjusted basis to give effect to the Offering (assuming full exercise of the Over-Allotment
Option). This table is presented and should be read in conjunction with the Interim Financial Statements and Interim MD&amp;A, which
are incorporated by reference in this Prospectus Supplement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">As at June&nbsp;30, 2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Actual</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(expressed in thousands of U.S. dollars<BR>
 except share amount)</P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>After Giving Effect to the Offering</B> <SUP>(1)</SUP></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(expressed in thousands of U.S. dollars <BR>
except share amount)</P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Loan Capital</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$nil</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&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-left: 0.125in; vertical-align: top">Common Shares</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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">200,568,714</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">$254,832</P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;$</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; width: 46%">Reserves</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: right">38,313</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center">$</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Accumulated Deficit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(44,381</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Accumulated Other Comprehensive Loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,912</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Total Shareholders&rsquo; Equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">243,852</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Total Capitalization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">275,399</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$</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: 0.25in">(1)</TD><TD>Assumes the Over-Allotment Option is exercised in full, excluding the Underwriters&rsquo; Fee and related costs of the Offering.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="prossp1_012"></A>USE
OF PROCEEDS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The estimated net proceeds received by the Company
from the Offering (assuming no exercise of the Over-Allotment Option) will be approximately US$&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; (determined after deducting the Underwriters&rsquo;
Fee of US$&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;and estimated expenses of the Offering of US$&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;). If the Underwriters elect to exercise the Over-Allotment Option in full, the
estimated net proceeds received by the Company from the Offering will be US$&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;(determined after deducting the Underwriters&rsquo; Fee of
$&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;and estimated expenses of the Offering of $&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;). The Company intends to use the net proceeds from the Offering to fund ongoing work programs
to advance the South West Arkansas Project and the Franklin Project, and for working capital and for general corporate purposes. The Company
may, from time to time, issue securities (including equity and debt securities) other than pursuant to this Prospectus Supplement.</P>

<P STYLE="font: 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 generates no operating revenue from
the exploration activities on its property interests and has negative cash flow from operating activities. To the extent that the Company
has negative cash flows in future periods, it may need to deploy a portion of net proceeds from the Offering to fund such negative cash
flow.</P>

<P STYLE="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"><FONT STYLE="font-size: 10pt">While the Company
currently anticipates that it will use the net proceeds of the Offering as set forth above, the Company may re-allocate t</FONT>he net
proceeds of the Offering from time to time, giving consideration to its strategy relative to the market, development and changes in the
industry and regulatory landscape, as well as other conditions relevant at the applicable time. Overall, management of the Company will
have broad discretion concerning the use of the net proceeds of the Offering, as well as the timing of their expenditure, and pending
their use, the Company may invest the net proceeds of the Offering in a manner that does not produce income or that loses value. See &ldquo;<I>Risk
Factors</I>&rdquo; in this Prospectus Supplement and the 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-top: 0pt; margin-bottom: 0pt; text-align: center"><B><A NAME="prossp1_013"></A>PLAN OF DISTRIBUTION</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">We and the Underwriters for the offering named
below have entered into an underwriting agreement dated the date of this prospectus supplement with respect to the securities being offered.
Under the terms and subject to the conditions of the underwriting agreement, the Underwriters have agreed to purchase from the Company
on an underwritten basis, on the Closing Date, subject to the terms and conditions contained in the Underwriting Agreement, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Shares
at $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, payable in cash to the Company against delivery of such Common Shares, which price was determined by arm&rsquo;s length negotiation
between the Company and Morgan Stanley &amp; Co. LLC and Evercore Group L.L.C., on behalf of the Underwriters, with reference to the prevailing
market price of the Common Shares on the TSXV.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the terms and conditions of the underwriting
agreement, the Underwriters named below, for whom Morgan Stanley &amp; Co. LLC and Evercore Group L.L.C. are acting as representatives,
have severally agreed to purchase, and we have agreed to sell to them, severally, the number of shares indicated below:</P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: justify">Name</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Shares</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">&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: justify; width: 77%">Morgan Stanley&nbsp;&amp; Co. LLC</TD><TD STYLE="text-align: justify; font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; width: 20%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Evercore Group L.L.C.</TD><TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&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: justify">BMO Capital Markets Corp.</TD><TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">Total:</TD><TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: justify">&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; text-align: justify">The Underwriters are offering the Common Shares
subject to their acceptance of the shares from us and subject to prior sale. The underwriting agreement provides that the obligations
of the several Underwriters to pay for and accept delivery of the Common Shares offered by this prospectus are subject to the approval
of certain legal matters by their counsel and to certain other conditions. The Underwriters are obligated to take and pay for all of the
Common Shares offered by this prospectus if any such shares are taken. However, the Underwriters are not required to take or pay for the
shares covered by the Underwriters&rsquo; over-allotment option described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriters initially propose to offer part
of the Common Shares directly to the public at the offering price listed on the cover page of this prospectus and part to certain dealers
at a price that represents a concession not in excess of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share under the public offering price. After the initial offering of the
Common Shares, the offering price and other selling terms may from time to time be varied by the Lead Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have granted to the Underwriters an option,
exercisable for 30 days from the date of this prospectus supplement, to purchase up to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; additional Common Shares at the public offering
price listed on the cover page of this prospectus, less the Underwriters&rsquo; fee. To the extent the option is exercised, each underwriter
will become obligated, subject to certain conditions, to purchase about the same percentage of the additional Common Shares as the number
listed next to the underwriter&rsquo;s name in the preceding table bears to the total number of Common Shares listed next to the names
of all Underwriters in the preceding table. This prospectus supplement qualifies the distribution of the option. A purchaser who acquires
shares forming part of the Underwriters&rsquo; over-allocation position acquires those shares under this prospectus supplement, regardless
of whether the over-allocation position is ultimately filled through the exercise of the option or secondary market purchases.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the per share and total
public offering price, Underwriters&rsquo; Fee, and proceeds before expenses to us. These amounts are shown assuming both no exercise
and full exercise of the Underwriters&rsquo; option to purchase up to an additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Shares.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Per<BR> Share</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">No <BR>
Exercise</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Full <BR>
Exercise</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 61%">Public offering price</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriters&rsquo; fee to be paid by:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Us</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"></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">Proceeds, before expenses, to us</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The estimated offering expenses payable by us,
exclusive of the Underwriters&rsquo; Fee, are approximately $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. We have agreed to reimburse the Underwriters for expenses up to $ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Common Shares are listed and posted for trading
on the TSXV and NYSE America under the trading symbol&nbsp;&ldquo;SLI&rdquo;. The Company has submitted an application to list the Common
Shares offered under this prospectus supplement on the TSXV and on NYSE America. Listing will be subject to the Company fulfilling all
of the requirements of the TSXV and NYSE America.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offered Shares are being offered in Canada, other than in the Province of Quebec, by the Canadian Underwriters and in the United States
by the U.S. Underwriters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We and all directors and officers  have agreed that, without the prior written consent of Morgan Stanley
 &amp; Co. LLC and Evercore Group L.L.C. on behalf of the Underwriters, we and they will not, and will not publicly disclose an
intention to, during the period ending 45 days after the date of this prospectus (the &ldquo;restricted period&rdquo;):</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">file any registration statement with the Securities and Exchange Commission relating to the offering of
any Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares; or</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of Common Shares.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether
any such transaction described above is to be settled by delivery of Common Shares or such other securities, in cash or otherwise. In
addition, we and each such person agrees that, without the prior written consent of Morgan Stanley &amp; Co. LLC and Evercore Group L.L.C.
on behalf of the </FONT>Underwriters, we or such other person 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The restrictions described in the immediately
preceding paragraph to do not apply to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the sale of shares to the Underwriters; or</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">the issuance by the Company of Common Shares upon the exercise of an option or a warrant or the conversion
of a security outstanding on the date of this prospectus of which the Underwriters have been advised in writing;</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">transactions by any person other than us relating to Common Shares or other securities acquired in open
market transactions after the completion of the offering of the shares; provided that no filing under Section 16(a) of Exchange Act is
required or voluntarily made in connection with subsequent sales of Common Shares or other securities acquired in such open market transactions;
or</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">facilitating the establishment of a trading plan on behalf of a shareholder, officer or director of the
Company pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Common Shares, provided that (i) such plan does not provide
for the transfer of Common Shares during the restricted period and (ii) 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.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Morgan Stanley &amp; Co. LLC and Evercore Group
L.L.C., in their sole discretion, may release Common Shares and other securities subject to the lock-up agreements described above in
whole or in part at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriters may, in connection with the offering,
over-allot or effect transactions which stabilize or maintain the market price of the Common Shares at levels above those which might
otherwise prevail in the open market, in compliance with applicable securities laws, including stabilizing transactions, short sales,
purchases to cover positions created by short sales, imposition of penalty bids and syndicate covering transactions. The Underwriters
are not required to engage in these activities and may end any of these activities at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stabilizing transactions consist of bids or purchases
made by the Underwriter for the purpose of preventing or retarding a decline in the market price of the Common Shares while this Offering
is in progress. Specifically, the Underwriters may sell more shares than they are obligated to purchase under the underwriting agreement,
creating a short position. A short sale is covered if the short position is no greater than the number of shares available for purchase
by the Underwriters under the Over-Allotment Option. The Underwriters can close out a covered short sale by exercising the Over-Allotment
Option or purchasing shares in the open market. In determining the source of shares to close out a covered short sale, the Underwriters
will consider, among other things, the open market price of shares compared to the price available under the Over-Allotment Option. The
Underwriters may also sell shares in excess of the Over-Allotment Option, creating a naked short position. The Underwriters must close
out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the Underwriters
are concerned that there may be downward pressure on the price of the Common Shares in the open market after pricing that could adversely
affect investors who purchase in this offering. As an additional means of facilitating this offering, the Underwriters may bid for, and
purchase, Common Shares in the open market to stabilize the price of the Common Shares. As a result of these activities, the price of
the Common Shares may be higher than the price that otherwise might exist in the open market. The Underwriters may carry out these transactions
on any stock exchange on which the Common Shares are listed, in the over-the-counter market, or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We and the Underwriters have agreed to indemnify
each other against certain liabilities, including liabilities under the the U.S. Securities Act and under Canadian securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A prospectus in electronic format may be made
available on websites maintained by one or more Underwriters , or selling group members, if any, participating in this offering. The Lead
Underwriters may agree to allocate a number of Common Shares to Underwriters for sale to their online brokerage account holders. Internet
distributions will be allocated by the Lead Underwriters to Underwriters that may make Internet distributions on the same basis as other
allocations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underwriters and their respective affiliates
are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment
banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities.
Certain of the Underwriters and their respective affiliates have, from time to time, performed, and may in the future perform, various
financial advisory and investment banking services for us, for which they received or will receive customary fees and expenses.</P>

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

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

<!-- Field: Page; Sequence: 17; Value: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</FONT></P></DIV>
    <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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, in the ordinary course of their various
business activities, the Underwriters and their respective affiliates may make or hold a broad array of investments and actively trade
debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and
for the accounts of their customers and may at any time hold long and short positions in such securities and instruments. Such investment
and securities activities may involve our securities and instruments. The Underwriters and their respective affiliates may also make investment
recommendations or publish or express independent research views in respect of such securities or instruments and may at any time hold,
or recommend to clients that they acquire, long or short positions in such securities and instruments.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>European Economic Area</I></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">In relation to each Member State of the European
Economic Area (each, a &quot;<B>Relevant Member State</B>&quot;), an offer to the public of any Common Shares may not be made in that
Relevant Member State, except that an offer to the public in that Relevant Member State of any Common Shares may be made at any time under
the following exemptions under the EU Prospectus Regulation:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">a)</TD><TD STYLE="text-align: justify">to any legal entity which is a &quot;qualified investor&quot;
as defined under the EU Prospectus Regulation;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">b)</TD><TD STYLE="text-align: justify">to fewer than 150 natural or legal persons (other than &quot;qualified investors&quot; as defined under
the EU Prospectus Regulation), subject to obtaining the prior consent of the Underwriters for any such offer; or</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="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">c)</TD><TD STYLE="text-align: justify">in any other circumstances falling within Article 1(4) of the
EU Prospectus Regulation,</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided that no such offer of Common Shares shall
result in a requirement for us or any of the Underwriters to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or
a supplemental prospectus pursuant to Article 23 of the Prospectus Regulation and each person who initially acquires any Common Shares
or to whom any offer is made will be deemed to have represented, warranted and agreed to and with each of the Underwriters and us that
it is a qualified investor within the meaning of Article 2 of the EU Prospectus Regulation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of any Common Shares being offered
to a financial intermediary as that term is used in Article 1(4) of the EU Prospectus Regulation, each financial intermediary will also
be deemed to have represented, warranted and agreed that the Common Shares acquired by it in the offer have not been acquired on a non-discretionary
basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise
to an offer of any Common Shares to the public, other than their offer or resale in a Relevant Member State to qualified investors as
so defined or in circumstances in which the prior consent of the Underwriters has been obtained to each such proposed offer or resale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We, the Underwriters and their affiliates will
rely upon the truth and accuracy of the foregoing representations, warranties and agreements. Notwithstanding the above, a person who
is not a &quot;qualified investor&quot; and who has notified the Underwriters of such fact in writing may, with the prior consent of the
Notwithstanding the above, a person who is not a &quot;qualified investor&quot; and who has notified the Underwriters of such fact in
writing may, with the prior consent of the Underwriters, be permitted to acquire Common Shares in the offer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of this provision, the expression
an &quot;offer to the public&quot; in relation to any Common Shares in any Relevant Member State means the communication in any form and
by any means of sufficient information on the terms of the offer and any Common Shares to be offered so as to enable an investor to decide
to purchase or subscribe for any Common Shares, and the expression &quot;<B>EU Prospectus Regulation</B>&quot; means Regulation (EU) 2017/1129.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An offer to the public of any Common Shares may
not be made in the United Kingdom, except that an offer to the public in the United Kingdom of any Common Shares may be made at any time
under the following exemptions under the UK Prospectus Regulation:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">a)</TD><TD STYLE="text-align: justify">to any legal entity which is a &quot;qualified investor&quot;
as defined under the UK Prospectus Regulation;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">b)</TD><TD STYLE="text-align: justify">to fewer than 150 natural or legal persons (other than &quot;qualified investors&quot; as defined under
the UK Prospectus Regulation), subject to obtaining the prior consent of the Underwriters for any such offer; or</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" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">c)</TD><TD STYLE="text-align: justify">in any other circumstances falling within section 86 of the Financial Services and Markets Act 2000 (as
amended, &quot;<B>FSMA</B>&quot;),</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided that no such offer of Common Shares shall
result in a requirement for us or any underwriter to publish a prospectus pursuant to section 85 of the FSMA or a supplemental prospectus
pursuant to Article 23 of the UK Prospectus Regulation and each person who initially acquires any Common Shares or to whom any offer is
made will be deemed to have represented, warranted and agreed to and with each of the Underwriters and us that it is a qualified investor
within the meaning of Article 2 of the UK Prospectus Regulation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case of any Common Shares being offered
to a financial intermediary as that term is used in Article 1(4) of the UK Prospectus Regulation, each financial intermediary will also
be deemed to have represented, warranted and agreed that the Common Shares acquired by it in the offer have not been acquired on a non-discretionary
basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise
to an offer of any Common Shares to the public, other than their offer or resale in the United Kingdom to qualified investors as so defined
or in circumstances in which the prior consent of the Underwriters has been obtained to each such proposed offer or resale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We, the Underwriters and their affiliates will
rely upon the truth and accuracy of the foregoing representations, warranties and agreements. Notwithstanding the above, a person who
is not a &quot;qualified investor&quot; and who has notified the Underwriters of such fact in writing may, with the prior consent of the
Underwriters, be permitted to acquire Common Shares in the offer.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the purposes of this provision, the expression an &quot;offer to
the public&quot; in relation to any Common Shares in the United Kingdom means the communication in any form and by any means of sufficient
information on the terms of the offer and any Common Shares to be offered so as to enable an investor to decide to purchase or subscribe
for any 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-align: justify">This Prospectus is only being distributed to and
is only directed at: (A) persons who are outside the United Kingdom; or (B) qualified investors who are also (i) investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the &ldquo;<B>Order</B>&rdquo;),
or (ii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of
the Order (all such persons falling within (1)-(3) together being referred to as &ldquo;relevant persons&rdquo;). The Common Shares are
only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the Common Shares will be engaged
in only with, relevant persons. Any person who is not a relevant person should not act or rely on this Prospectus or any of its contents.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares may not be offered or sold in Hong
Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the
Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) (&ldquo;Companies (Winding Up and Miscellaneous
Provisions) Ordinance&rdquo;) or which do not constitute an invitation to the public within the meaning of the Securities and Futures
Ordinance (Cap. 571 of the Laws of Hong Kong) (&ldquo;<B>Securities and Futures Ordinance</B>&rdquo;), or (ii) to &quot;professional investors&quot;
as defined in the Securities and Futures Ordinance and any rules made thereunder, or (iii) in other circumstances which do not result
in the document being a &quot;prospectus&quot; as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance, and no
advertisement, invitation or document relating to the shares may be issued or may be in the possession of any person for the purpose of
issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read
by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares which
are or are intended to be disposed of only to persons outside Hong Kong or only to &quot;professional investors&quot; in Hong Kong as
defined in the Securities and Futures Ordinance and any rules made thereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement has not been registered
as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection
with the offer or sale, or invitation for subscription or purchase, of the shares may not be circulated or distributed, nor may the shares
be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in
Singapore other than (i) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore
(the &quot;<B>SFA</B>&quot;)) under Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant
to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in
Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the
SFA, in each case subject to conditions set forth in the SFA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the shares are subscribed or purchased under
Section 275 of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section 4A of the
SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each
of whom is an accredited investor, the securities (as defined in Section 239(1) of the SFA) of that corporation shall not be transferable
for 6 months after that corporation has acquired the shares under Section 275 of the SFA except: (1) to an institutional investor under
Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer
in that corporation&rsquo;s securities pursuant to Section 275(1A) of the SFA, (3) where no consideration is or will be given for the
transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation
32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore (&ldquo;Regulation 32&rdquo;)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the shares are subscribed or purchased under
Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A
of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries'
rights and interest (howsoever described) in that trust shall not be transferable for 6 months after that trust has acquired the shares
under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined
in Section 275(2) of the SFA), (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired
at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to
be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4)
where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The securities have not been and will not be registered
under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended), or the FIEA. The securities may not be offered
or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan (including any person resident in Japan or
any corporation or other entity organized under the laws of Japan) or to others for reoffering or resale, directly or indirectly, in Japan
or to or for the benefit of any resident of Japan, except pursuant to an exemption from the registration requirements of the FIEA and
otherwise in compliance with any relevant laws and regulations of Japan.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dubai International Financial Centre</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement relates to an Exempt
Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority (&ldquo;<B>DFSA</B>&rdquo;). This prospectus
supplement is for distribution only to persons who (a) are outside the Dubai International Financial Centre, (b) are Professional Clients
(as such term is defined under Rule 2.3.4 of the Conduct of Business Module of the DFSA), or (c) are persons to whom an invitation or
inducement to: (a) enter into an agreement in relation to the provision of a financial services or (b) exercise any rights conferred by
a financial product or acquire, dispose of, underwrite or convert a financial product (within the meaning of Article 41A of the Regulatory
Law) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such
persons together being referred to as &ldquo;relevant persons&rdquo;). This prospectus supplement is directed only at relevant persons
and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this prospectus
supplement relates is available only to relevant persons and will be engaged in only with relevant persons.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares have not been, and are not being, publicly
offered, sold, promoted or advertised in the United Arab Emirates (including the Abu Dhabi Global Market and the Dubai International Financial
Centre) other than in compliance with the laws, regulations and rules of the United Arab Emirates, the Abu Dhabi Global Market and the
Dubai International Financial Centre governing the issue, offering and sale of securities. Further, this prospectus supplement and the
accompanying prospectus do not constitute a public offer of securities in the United Arab Emirates (including the Abu Dhabi Global Market
and the Dubai International Financial Centre) and are not intended to be a public offer. This prospectus supplement and the accompanying
prospectus have not been approved by or filed with the Central Bank of the United Arab Emirates, the Securities and Commodities Authority,
the Financial Services Regulatory Authority or the Dubai Financial Services Authority.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto 0pt 0; text-align: justify; text-indent: 0in">No placement document,
prospectus, product disclosure statement or other disclosure document (including as defined in the Corporations Act 2001 (Cth) (&ldquo;<B>Corporations
Act</B>&rdquo;)) has been or will be lodged with the Australian Securities and Investments Commission (&ldquo;<B>ASIC</B>&rdquo;) or any
other governmental agency, in relation to the offering. This prospectus supplement does not constitute a prospectus, product disclosure
statement or other disclosure document for the purposes of the Corporations Act, and does not purport to include the information required
for a prospectus, product disclosure statement or other disclosure document under the Corporations Act. No action has been taken which
would permit an offering of the shares in circumstances that would require disclosure under Parts 6D.2 or 7.9 of the Corporations Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto 0pt 0; text-align: justify; text-indent: 0in">The shares may not
be offered for sale, nor may application for the sale or purchase of any shares be invited in Australia (including an offer or invitation
which is received by a person in Australia) and neither this prospectus supplement nor any other offering material or advertisement relating
to the shares may be distributed or published in Australia unless, in each case:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.15pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 30pt"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the aggregate consideration payable on acceptance of the offer or invitation by each offeree or invitee</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 30pt"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">is at least A$500,000 (or its equivalent in another currency, in either case, disregarding moneys lent
by the person offering the shares or making the invitation or its associates) or the offer or invitation otherwise does not require disclosure
to investors in accordance with Part 6D.2 or 7.9 of the Corporations Act;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 30pt"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the offer, invitation or distribution complied with the conditions of the Australian
financial services license of the person making the offer, invitation or distribution or an applicable exemption from the requirement
to hold such license;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 30pt"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the offer, invitation or distribution complies with all applicable Australian
laws, regulations and directives (including, without limitation, the licensing requirements set out in Chapter 7 of the Corporations Act);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 30pt"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the offer or invitation does not constitute an offer or invitation to a person in
Australia who is a &ldquo;retail client&rdquo; as defined for the purposes of Section 761G of the Corporations Act; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 30pt"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">such action does not require any document to be lodged with ASIC or the ASX.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.8pt 0pt 0; text-align: justify; text-indent: 0in">The offering of the
shares in Switzerland is exempt from requirement to prepare and publish a prospectus under the Swiss Financial Services Act (&ldquo;<B>FinSA</B>&rdquo;)
because such offering is made to professional clients within the meaning of the FinSA only and the shares will not be admitted to trading
on any trading venue (exchange or multilateral trading facility) in Switzerland. This prospectus supplement does not constitute a prospectus
pursuant to the FinSA, and no such prospectus has been or will be prepared for or in connection with the offering of the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.8pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus supplement does not constitute a prospectus under the
Israeli Securities Law, 5728-1968 (the &ldquo;<B>Israeli Securities Law</B>&rdquo;), and has not been filed with or approved by the Israel
Securities Authority. In Israel, this prospectus supplement is being distributed only to, and is directed only at, and any offer of the
Common Shares is directed only at, (i) a limited number of persons in accordance with the Israeli Securities Law and (ii) investors listed
in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust funds, provident
funds, insurance companies, banks, portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange, underwriter[s], venture
capital funds, entities with equity in excess of NIS 50 million and &ldquo;qualified individuals,&rdquo; each as defined in the Addendum
(as it may be amended from time to time), collectively referred to as qualified investors (in each case, purchasing for their own account
or, where permitted under the Addendum, for the accounts of their clients who are investors listed in the Addendum). Qualified investors
are required to submit written confirmation that they fall within the scope of the Addendum, are aware of its meaning and agree to 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"></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"><A NAME="b_001"></A><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>CERTAIN
CANADIAN </B></FONT><B><FONT STYLE="text-transform: uppercase">FEDERAL INCOME TAX CONSIDERATIONS</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is, as of the date hereof, a summary
of the principal Canadian federal income tax considerations under the <I>Income Tax Act</I> (Canada) and the regulations thereunder (collectively,
the &ldquo;<B>Tax Act</B>&rdquo;) generally applicable to a person who acquires Offered Shares pursuant to the Offering as beneficial
owner and who, for the purposes of the Tax Act, and at all relevant times: (i)&nbsp;deals at arm&rsquo;s length with the Company and the
Underwriters; (ii)&nbsp;is not affiliated with the Company or the Underwriters; and (iii)&nbsp;acquires and holds the Offered Shares as
capital property (a &ldquo;<B>Holder</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Offered Shares will generally be considered to
be capital property to a Holder unless the Holder holds or uses the Offered Shares or is deemed to hold or use the Offered Shares in the
course of carrying on a business of trading or dealing in securities or has acquired them or is deemed to have acquired them in a transaction
or transactions considered to be an adventure or concern in the nature of trade.</P>

<P STYLE="font: 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 summary is not applicable to a Holder: (i)&nbsp;that
is a &ldquo;financial institution&rdquo;, as defined in the Tax Act, for purposes of the &ldquo;mark-to-market property&rdquo; rules;
(ii)&nbsp;that is a &ldquo;specified financial institution&rdquo;, as defined in the Tax Act; (iii)&nbsp;that has made a &ldquo;functional
currency&rdquo; reporting election; (iv)&nbsp;an interest in which is a &ldquo;tax shelter investment&rdquo;, as defined in the Tax Act;
(v)&nbsp;that has entered into or will enter into a &ldquo;derivative forward agreement&rdquo; or &ldquo;synthetic disposition arrangement&rdquo;,
each as defined in the Tax Act, in respect of Offered Shares; (vi)&nbsp;that receives dividends on the Offered Shares under or as part
of a &ldquo;dividend rental arrangement&rdquo;, as defined in the Tax Act; (vii)&nbsp;that is a &ldquo;foreign affiliate&rdquo;, as defined
in the Tax Act, of a taxpayer resident in Canada; or (viii)&nbsp;that is exempt from tax under Part&nbsp;I of the Tax Act. Such Holders
should consult their own tax advisors with respect to an investment in Offered 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-align: justify"><FONT STYLE="font-size: 10pt">Additional considerations,
not discussed herein, may be applicable to a Holder that is a corporation resident in Canada, and is, or becomes, or does not deal at
arm&rsquo;s length for purposes of the Tax Act with a corporation resident in Canada that is or becomes, as part of a transaction or event
or series of transactions or events that includes the acquisition of the </FONT>Offered Shares, controlled by a non-resident person, or
group of non-resident persons not dealing with each other at arm&rsquo;s length, for purposes of the &ldquo;foreign affiliate dumping&rdquo;
rules&nbsp;in section 212.3 of the Tax Act. Such Holders should consult their own tax advisors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This summary is
based upon: (i)&nbsp;the current provisions of the Tax Act in force as of the date hereof; (ii)&nbsp;all specific proposals (&ldquo;<B>Proposed
Amendments</B>&rdquo;) to amend the Tax Act that have been publicly announced by, or on behalf of, the Minister of Finance (Canada) prior
to the date hereof; and (iii)&nbsp;counsel&rsquo;s understanding of the current published administrative policies and assessing practices
of the Canada Revenue Agency (&ldquo;<B>CRA</B>&rdquo;). No assurance can be given that the Proposed Amendments will be enacted or otherwise
implemented in their current form, if at all. If the Proposed Amendments are not enacted or otherwise implemented as presently proposed,
the tax consequences may not be as described below in all cases. This summary is not exhaustive of all possible Canadian federal income
tax considerations and, other than the Proposed Amendments, this summary does not take into account or anticipate any changes in law,
the CRA&rsquo;s administrative policies or assessing practices, whether by legislative, regulatory, administrative, governmental or judicial
decision or action, </FONT>nor does it take into account any provincial, territorial or foreign income tax legislation or considerations,
which considerations may differ significantly from the Canadian federal income tax considerations discussed in this summary.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This summary is of a general nature only, is
not exhaustive of all possible Canadian federal income tax considerations and is not intended to be, nor should it be construed to be,
legal or tax advice to any particular Holder. This summary does not address the deductibility of interest on any funds borrowed by a Holder
to purchase Offered Shares. Accordingly, Holders should consult their own tax advisors with respect to their particular circumstances.</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>Currency Conversion</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">Subject to certain exceptions that are not discussed
herein, for the purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of Offered Shares (including
dividends, adjusted cost base and proceeds of disposition) must be expressed in Canadian dollars. Amounts denominated in U.S. dollars
must generally be converted into Canadian dollars based on the exchange rate as quoted by the Bank of Canada on the date such amounts
arise or such other rate of exchange as is acceptable to the Minister of National Revenue (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-align: justify"><B>Holders Resident in Canada</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">This section of the summary is generally applicable
to a Holder who, at all relevant times, is, or is deemed to be, resident in Canada for the purposes of the Tax Act and any applicable
tax treaty or convention (a &ldquo;<B>Resident Holder</B>&rdquo;). A Resident Holder whose Offered Shares might not otherwise qualify
as capital property may be entitled to make an irrevocable election pursuant to subsection 39(4)&nbsp;of the Tax Act to deem the Offered
Shares, and every other &ldquo;Canadian security&rdquo; (as defined in the Tax Act), held by such Resident Holder in the taxation year
of the election and in all subsequent taxation years to be capital property. Resident Holders contemplating such election should consult
their own tax advisors for advice as to whether it is available and, if available, whether it is advisable in their particular circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dividends</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-align: justify">A Resident Holder will be required to include
in computing its income for a taxation year any taxable dividends received or deemed to be received on the Offered 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-align: justify">In the case of a Resident Holder who is an individual
(including certain trusts), such dividends (including deemed dividends) received on the Offered Shares will be subject to the gross-up
and dividend tax credit rules&nbsp;in the Tax Act normally applicable to a &ldquo;taxable dividend&rdquo; received from a &ldquo;taxable
Canadian corporation&rdquo; (each as defined in the Tax Act). An enhanced gross-up and dividend tax credit will be available to individuals
to the extent that the Company designates the taxable dividend to be an &ldquo;eligible dividend&rdquo; (as defined in the Tax Act) in
accordance with the provisions of the Tax Act. There may be limitations on the ability of the Company to designate dividends as eligible
dividends, and the Company has made no commitments in this regard.</P>

<P STYLE="font: 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 the case of a Resident Holder that is a corporation,
the amount of any such taxable dividend (including a deemed dividend) that is included in its income for a taxation year will generally
be deductible in computing its taxable income for that taxation year. In certain circumstances, subsection 55(2)&nbsp;of the Tax Act will
treat a taxable dividend received (or deemed to be received) by a Resident Holder that is a corporation as proceeds of disposition or
a capital gain. Resident Holders that are corporations should consult their own tax advisors in this regard.</P>

<P STYLE="font: 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">A Resident Holder that is a &ldquo;private corporation&rdquo;
or a &ldquo;subject corporation&rdquo; (each as defined in the Tax Act) may be liable to pay a tax (refundable in certain circumstances)
under Part&nbsp;IV of the Tax Act on dividends received (or deemed to be received) on the Offered Shares to the extent such dividends
are deductible in computing the Resident Holder&rsquo;s taxable income for the year.</P>

<P STYLE="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>Dispositions of Offered Shares</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-align: justify">A Resident Holder who disposes of or is deemed
to have disposed of an Offered Share (other than a disposition to the Company that is not a sale in the open market in the manner in which
shares would normally be purchased by any member of the public in an open market) will generally realize a capital gain (or capital loss)
in the taxation year of the disposition equal to the amount by which the proceeds of disposition of the Offered Share net of any reasonable
costs of disposition, are greater (or are less) than the adjusted cost base to the Resident Holder of the Offered Share immediately before
the disposition or deemed disposition. The adjusted cost base to a Resident Holder of an Offered Share will be determined by averaging
the cost of that Offered Share with the adjusted cost base (determined immediately before the acquisition of the Offered Share) of all
other Common Shares held (if any) as capital property at that time by the Resident Holder. Such capital gain (or capital loss) will be
subject to the tax treatment described below under &ldquo;<I>Holders Resident in Canada - Capital Gains and Capital Losses</I>&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>Capital Gains and Capital Losses</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-align: justify">Generally, a Resident Holder will  be
required to include in computing its income for the taxation year of disposition, one-half of the amount of any capital gain (a &ldquo;<B>taxable
capital gain</B>&rdquo;) realized in such year. Subject to and in accordance with the provisions of the Tax Act, a Resident Holder will
generally be required to deduct one-half of the amount of any capital loss (an &ldquo;<B>allowable capital loss</B>&rdquo;) realized in
a taxation year against taxable capital gains realized in the taxation year of disposition. Allowable capital losses in excess of taxable
capital gains for the taxation year of disposition may be carried back and deducted in any of the three preceding taxation years or carried
forward and deducted in any subsequent taxation year against net taxable capital gains realized in such years, to the extent and under
the circumstances specified in the Tax 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-align: justify">The amount of any capital loss realized on the
disposition or deemed disposition of an Offered Share by a Resident Holder that is a corporation may, in certain circumstances, be reduced
by the amount of dividends received or deemed to have been received by it on such Offered Share, or a share substituted for such Offered
Share, to the extent and under the circumstances specified in the Tax Act. Similar rules&nbsp;may apply where a Resident Holder that is
a corporation is a member of a partnership or a beneficiary of a trust that owns Offered Shares, directly or indirectly, through a partnership
or trust. Resident Holders to whom these rules&nbsp;may be relevant should consult their own tax advisors.</P>

<P STYLE="font: 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>Additional Refundable Tax</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-align: justify"><FONT STYLE="font-size: 10pt">A Resident Holder
that is, throughout the relevant taxation year, a &ldquo;Canadian-controlled private corporation&rdquo; (as defined in the Tax Act) or
that is, at any time in its taxation year, a &ldquo;substantive CCPC&rdquo; (as defined in the Tax Act) may be liable to pay an additional
tax (refundable in certain circumstances) on its &ldquo;aggregate investment income&rdquo; </FONT>(as defined in the Tax Act) for the
year, including any taxable capital gains, interest, and dividends or deemed dividends that are not deductible in computing the Resident
Holder&rsquo;s taxable income. Resident Holders to whom these rules&nbsp;may be relevant should consult their own tax advisors.</P>

<P STYLE="font: 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>Alternative Minimum Tax</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-align: justify"><FONT STYLE="font-size: 10pt">Capital gains realized
and dividends received or deemed to be received by a Resident Holder that is an individual or a trust, other than certain specified trusts,
may give rise to alternative minimum tax under the Tax Act. </FONT><B>Resident Holders who are individuals (including certain trusts)
should consult their own tax advisors in this regard.</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>Holders Not Resident in Canada</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">This portion of the summary is generally applicable
to a Holder who, at all relevant times, for purposes of the Tax Act and any applicable income tax treaty or convention: (i)&nbsp;is not,
and is not deemed to be, resident in Canada; and (ii)&nbsp;does not use or hold and is not and will not be deemed to use or hold the Offered
Shares in connection with carrying on a business in Canada (a &ldquo;<B>Non-Resident Holder</B>&rdquo;). This summary does not apply to
a Non-Resident Holder that carries on, or is deemed to carry on, an insurance business in Canada and elsewhere or that is an &ldquo;authorized
foreign bank&rdquo; (as defined in the Tax Act). Such Non-Resident Holders should consult their own tax&nbsp;advisors.</P>

<P STYLE="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>Dividends</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-align: justify"><FONT STYLE="font-size: 10pt">Dividends paid or
credited or deemed under the Tax&nbsp;Act to be paid or credited by the Company to a Non-Resident Holder on the Offered Shares will generally
be subject to Canadian withholding tax at the rate of 25% on the gross amount of the dividend, unless such rate is reduced by the terms
of an applicable income tax treaty or convention. Under the </FONT><I>Canada-United States Tax Convention (1980)</I>, as amended (the
 &ldquo;<B>US Treaty</B>&rdquo;), the rate of withholding tax on dividends paid or credited to a Non-Resident Holder who is resident in
the U.S. for purposes of the US Treaty, is the beneficial owner of the dividends, and is fully entitled to benefits under the US Treaty
(a &ldquo;<B>U.S. Holder</B>&rdquo;) is generally limited to 15% of the gross amount of the dividend. The rate of withholding tax is further
reduced to 5% if the beneficial owner of such dividend is a U.S. Holder that is a company that owns, directly or indirectly, at least
10% of the voting stock of the Company. The <I>Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion
and Profit Shifting</I> (the &ldquo;<B>MLI</B>&rdquo;) of which Canada is a signatory, affects many of Canada&rsquo;s bilateral tax treaties
(but not the US Treaty), including the ability to claim benefits thereunder. Non-Resident Holders are urged to consult their own tax advisors
to determine their entitlement to relief under an applicable income tax treaty or convention.</P>

<P STYLE="font: 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>Dispositions of Offered Shares</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-align: justify">Generally, a Non-Resident Holder will not be subject
to tax under the Tax&nbsp;Act in respect of any capital gain realized on a disposition or deemed disposition of an Offered Share, nor
will capital losses arising therefrom be recognized under the Tax Act, unless the Offered Share is, or is deemed to be, &ldquo;taxable
Canadian property&rdquo; of the Non-Resident Holder for the purposes of the Tax&nbsp;Act and the Non-Resident Holder is not entitled to
relief under an applicable income tax treaty or convention (including as a result of the application of the MLI) between Canada and the
country in which the Non-Resident Holder is resident.</P>

<P STYLE="font: 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">Provided that the Offered Shares are listed on
a &ldquo;designated stock exchange&rdquo; for the purposes of the Tax Act (which currently includes the TSXV and NYSE American), at the
time of disposition, the Offered Shares generally will not constitute taxable Canadian property of a Non-Resident Holder at that time,
unless at any time during the 60 month period immediately preceding the disposition, (i)&nbsp;25% or more of the issued shares of any
class or series of the capital stock of the Company were owned by, or belonged to, one or any combination of (a)&nbsp;the Non-Resident
Holder, (b)&nbsp;persons with whom the Non-Resident Holder did not deal at arm&rsquo;s length, and (c)&nbsp;partnerships in which the
Non-Resident Holder or a person described in (b)&nbsp;holds a membership interest directly or indirectly through one or more partnerships;
and (ii)&nbsp;at such time, more than 50% of the fair market value of such shares was derived, directly or indirectly, from any combination
of real or immovable property situated in Canada, &ldquo;Canadian resource property&rdquo; (as defined in the Tax Act), &ldquo;timber
resource property&rdquo; (as defined in the Tax Act), or options in respect of, interests in, or for civil law rights in such properties,
whether or not such property exists. Notwithstanding the foregoing, an Offered Share may also be deemed to be taxable Canadian property
to a Non-Resident Holder for purposes of the Tax Act in certain other circumstances. <B>Non-Resident Holders should consult their own
tax advisors as to whether their Offered Shares constitute &ldquo;taxable Canadian property&rdquo; in their own particular circumstances.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Even if the Offered
Shares are taxable Canadian property of a Non-Resident Holder at the time of disposition, such Non-Resident Holder may be exempt from
tax under the Tax Act on the disposition of such Offered Shares by virtue of an applicable income tax treaty or convention (including
as a result of the application of the MLI). In cases where a Non-Resident Holder disposes, or is deemed to dispose, of an Offered Share
that is taxable Canadian property of that Non-Resident Holder, and the Non-Resident Holder is not entitled to an exemption from tax under
the Tax Act or pursuant to the terms of an applicable income tax treaty or convention (including as a result of the application of the
MLI), the consequences described above under the headings </FONT>&ldquo;<I>Holders Resident in Canada &mdash; Dispositions of Offered
Shares</I>&rdquo; and &ldquo;<I>Holders Resident in Canada &mdash;Capital Gains and Capital Losses</I>&rdquo; will generally be applicable
to such disposition. <B>Such Non-Resident Holders should consult their own tax advisors.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_002"></A>CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS
FOR U.S. HOLDERS</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">The following discussion summarizes the anticipated
U.S. federal income tax considerations generally applicable to a U.S. Holder (as defined below) of the ownership and disposition of the
Common Shares. This discussion addresses only holders who acquire Common Shares pursuant to this Offering and hold such Common Shares
as &ldquo;capital assets&rdquo; (generally, assets held for investment 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"></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">This summary is based on the Internal Revenue
Code of 1986, as amended (the &ldquo;<B>Code</B>&rdquo;), U.S. Treasury regulations, administrative pronouncements and rulings of the
United States Internal Revenue Service (the &ldquo;<B>IRS</B>&rdquo;), and the Convention, all as in effect on the date hereof, and all
of which may be repealed, revoked or modified (possibly with retroactive effect) so as to result in U.S. federal income tax consequences
different from those discussed below. This summary does not describe any state, local or foreign tax law considerations, or any aspect
of U.S. federal tax law other than income taxation (e.g., alternative minimum tax, the 3.8% Medicare tax on certain net investment income,
or estate or gift tax). Except as specifically set forth below, this summary does not discuss applicable income tax reporting requirements.
U.S. Holders should consult their own tax advisers regarding such matters.</P>

<P STYLE="font: 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">No ruling from the IRS has been requested, or
will be obtained, regarding the U.S. federal income tax consequences of the ownership or disposition of the Common Shares. This summary
is not binding on the IRS, and the IRS is not precluded from taking a position that is different from, and contrary to, the discussion
set forth in this summary. In addition, because the authorities on which this summary is based are subject to various interpretations,
the IRS and U.S. courts could disagree with one or more of the positions taken in this summary.</P>

<P STYLE="font: 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 summary does not purport to address all U.S.
federal income tax consequences that may be relevant to a U.S. Holder as a result of the ownership and disposition of the Common Shares,
nor does it take into account the specific circumstances of any particular holder, some of which may be subject to special tax rules,
including, but not limited to, tax exempt organizations, partnerships and other pass-through entities and their owners, banks or other
financial institutions, insurance companies, regulated investment companies, real estate investment trusts, qualified retirement plans,
individual retirement accounts or other tax-deferred accounts, persons that hold the Common Shares as part of a straddle, hedging transaction,
conversion transaction, constructive sale or other similar arrangements, persons that acquired the Common Shares in connection with the
exercise of employee share options or otherwise as compensation for services, persons that are resident or ordinarily resident in or have
permanent establishment in a jurisdiction outside the United States, brokers, dealers or traders in securities or foreign currencies,
traders in securities electing to mark to market, U.S. persons whose functional currency (as defined in the Code) is not the U.S. dollar,
U.S. expatriates, or persons that own directly, indirectly or by application of the constructive ownership rules&nbsp;of the Code 10%
or more of the Company&rsquo;s shares by voting power or by value.</P>

<P STYLE="font: 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">As used herein, a &ldquo;<B>U.S. Holder</B>&rdquo;
is a beneficial owner of the Common Shares who, for U.S. federal income tax purposes, is: (1)&nbsp;an individual who is a citizen or resident
of the United States; (2)&nbsp;a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) that is created
or organized in or under the laws of the United States, any state thereof, or the District of Columbia, (3)&nbsp;an estate whose income
is subject to U.S. federal income tax regardless of its source, or (4)&nbsp;a trust (A)&nbsp;if a U.S. court is able to exercise primary
supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions
of the trust, or (B)&nbsp;that has validly elected to be treated as a U.S. person for U.S. federal income tax 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">If a partnership (or other entity or arrangement
treated as a partnership for U.S. federal income tax purposes) holds the Common Shares, the tax treatment of a partner in or owner of
the partnership or other entity or arrangement will generally depend upon the status of the partner or owner and the activities of the
entity. Prospective investors who are partners in partnerships (or other entities or arrangements treated as partnerships for U.S. federal
income tax purposes) that are beneficial owners of the Common Shares are urged to consult their own tax advisors regarding the tax consequences
of the ownership and disposition of 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-align: justify">This summary is of a general nature only and is
not intended to be tax advice to any prospective investor, and no representation with respect to the tax consequences to any particular
investor is made. <B><I>Prospective investors are urged to consult their own tax advisors regarding the application of federal income
tax laws to their particular circumstances, as well as any state, provincial, local, non-U.S. and other tax consequences of investing
in the Common Shares and acquiring, holding or disposing of the Common Shares.</I></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>Passive Foreign Investment Company Rules</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">A foreign corporation will generally be considered
a passive foreign investment company (&ldquo;<B>PFIC</B>&rdquo;) for any taxable year in which (1)&nbsp;75% or more of its gross income
is &ldquo;passive income&rdquo; under the PFIC rules&nbsp;or (2)&nbsp;50% or more of the average quarterly value of its assets produce
(or are held for the production of) &ldquo;passive income.&rdquo; In general, &ldquo;passive income&rdquo; includes dividends, interest,
certain rents and royalties and certain gains, including the excess of gains over losses from certain commodities transactions. Net gains
from commodities transactions are generally treated as passive income unless such gains are active business gains from the sale of commodities
and &ldquo;substantially all&rdquo; of the Company&rsquo;s commodities are stock in trade or inventory, depreciable property used in a
trade or business, or supplies regularly used or consumed in a trade or business. Moreover, for purposes of determining if the foreign
corporation is a PFIC, if the foreign corporation owns, directly or indirectly, at least 25%, by value, of the shares of another corporation,
it will be treated as if it directly holds its proportionate share of the assets and receives directly its proportionate share of the
income of such other corporation. If a corporation is treated as a PFIC with respect to a U.S. Holder for any taxable year, the Company
will generally continue to be treated as a PFIC with respect to that U.S. Holder in all succeeding taxable years, unless certain elections
are made.</P>

<P STYLE="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">The determination as to whether a foreign corporation
is a PFIC is based on the application of complex U.S. federal income tax rules, which are subject to differing interpretations, and the
determination will depend on the composition of the income, expenses and assets of the foreign corporation from time to time and the nature
of the activities performed by its officers and employees. The Company believes that it may have been classified as a PFIC for prior taxable
years and may continue to be classified as a PFIC for the current taxable year, but the Company expects that it may cease being classified
as a PFIC once it begins to generate revenues from operations. The Company&rsquo;s status as a PFIC in any taxable year, however, requires
a factual determination that can only be made annually after the close of each taxable year. Therefore, there can be no assurance as to
whether the Company will be classified as a PFIC for the current taxable year or for any future taxable year.</P>

<P STYLE="font: 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">If the Company is classified as a PFIC, a U.S.
Holder that does not make any of the elections described below would be required to report any gain on the disposition of the Common Shares
as ordinary income, rather than as capital gain, and to compute the tax liability on the gain and any &ldquo;Excess Distribution&rdquo;
(as defined below) received in respect of Common Shares as if such items had been earned ratably over each day in the U.S. Holder&rsquo;s
holding period (or a portion thereof) for Common Shares. The amounts allocated to the taxable year during which the gain is realized or
distribution is made, and to any taxable years in such U.S. Holder&rsquo;s holding period that are before the first taxable year in which
the Company is treated as a PFIC with respect to the U.S. Holder, would be included in the U.S. Holder&rsquo;s gross income as ordinary
income for the taxable year of the gain or distribution. The amount allocated to each other taxable year would be taxed as ordinary income
in the taxable year during which the gain is realized or distribution is made at the highest tax rate in effect for the U.S. Holder in
that other taxable year and would be subject to an interest charge as if the income tax liabilities had been due with respect to each
such prior year. For purposes of these rules, gifts, exchanges pursuant to corporate reorganizations and use of Common Shares as security
for a loan may be treated as a taxable disposition of Common Shares. An &ldquo;Excess Distribution&rdquo; is the amount by which distributions
during a taxable year in respect of a common share exceed 125% of the average amount of distributions in respect thereof during the three
preceding taxable years (or, if shorter, the U.S. Holder&rsquo;s holding period for 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-align: justify">Certain additional adverse tax rules&nbsp;will
apply to a U.S. Holder for any taxable year in which the Company is treated as a PFIC with respect to such U.S. Holder and any of the
Company&rsquo;s subsidiaries is also treated as a PFIC (a &ldquo;<B>Subsidiary PFIC</B>&rdquo;). In such a case, the U.S. Holder will
generally be deemed to own its proportionate interest (by value) in any Subsidiary PFIC and be subject to the PFIC rules&nbsp;described
above with respect to the Subsidiary PFIC regardless of such U.S. Holder&rsquo;s percentage ownership in us.</P>

<P STYLE="font: 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 adverse tax consequences described above may
be mitigated if a U.S. Holder makes a timely &ldquo;qualified electing fund&rdquo; election (&ldquo;<B>QEF Election</B>&rdquo;), with
respect to its interest in the PFIC. If a U.S. Holder makes a timely QEF Election with respect to the Company, provided that the necessary
information is provided by the Company, the electing U.S. Holder would be required in each taxable year that the Company is considered
a PFIC to include in gross income (i)&nbsp;as ordinary income, the U.S. Holder&rsquo;s pro rata share of the ordinary earnings of the
Company and (ii)&nbsp;as capital gain, the U.S. Holder&rsquo;s pro rata share of the net capital gain (if any) of the Company, whether
or not the ordinary earnings or net capital gain are distributed. An electing U.S. Holder&rsquo;s basis in Common Shares will be increased
to reflect the amount of any taxed but undistributed income. Distributions of income that had previously been taxed will result in a corresponding
reduction of basis in Common Shares and will not be taxed again as distributions to the U.S. Holder.</P>

<P STYLE="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">A QEF Election made with respect to the Company
will not apply to any Subsidiary PFIC; a QEF Election must be made separately for each Subsidiary PFIC (in which case the treatment described
above would apply to such Subsidiary PFIC). If a U.S. Holder makes a timely QEF Election with respect to a Subsidiary PFIC, it would be
required in each taxable year to include in gross income its pro rata share of the ordinary earnings and net capital gain of such Subsidiary
PFIC, but may not receive a distribution of such income. Such a U.S. Holder may, subject to certain limitations, elect to defer payment
of current U.S. federal income tax on such amounts, subject to an interest charge (which would not be deductible for U.S. federal income
tax purposes if the U.S. Holder were an individual).</P>

<P STYLE="font: 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 U.S. federal income tax on any gain from the
disposition of Common Shares or from the receipt of Excess Distributions may be greater than the tax if a timely QEF Election is made
in the first year in which a U.S. Holder holds Common Shares. There can be no assurance, however, that the Company will make available
to U.S. Holders the information necessary to make a QEF Election for any taxable year in which the Company is a PFIC. U.S. Holders are
urged to consult their own tax advisors about the U.S. federal income tax consequences to them if they are unable to make a timely and
valid QEF Election for any taxable year in which the Company is treated as PFIC.</P>

<P STYLE="font: 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">Alternatively, if the Company was to be classified
as a PFIC, a U.S. Holder could also avoid certain rules&nbsp;described above by making a mark-to-market election (a &ldquo;<B>Mark-to-Market
Election</B>&rdquo;), instead of a QEF Election, provided Common Shares are treated as regularly traded on a qualified exchange or other
market within the meaning of the applicable U.S. Treasury Regulations. However, a U.S. Holder will not be permitted to make a Mark-to-Market
Election with respect to a Subsidiary PFIC. U.S. Holders should consult their own tax advisers regarding the potential availability and
consequences of a Mark-to-Market Election, as well as the advisability of making a protective QEF Election in case the Company is classified
as a PFIC in any taxable year.</P>

<P STYLE="font: 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">During any taxable year in which the Company or
any Subsidiary PFIC is classified as a PFIC with respect to a U.S. Holder, that U.S. Holder generally must file IRS Form&nbsp;8621. U.S.
Holders should consult their own tax advisers concerning annual filing requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Distributions on Common
Shares</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">In general, subject to the PFIC rules&nbsp;discussed
above, the gross amount of any distribution received by a U.S. Holder with respect to the Common Shares (including amounts withheld to
pay Canadian withholding taxes) will be included in the gross income of the U.S. Holder as dividend income to the extent attributable
to the Company&rsquo;s current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Because the
Company does not expect to maintain calculations of the Company&rsquo;s earnings and profits in accordance with U.S. federal income tax
principles, U.S. Holders should expect that a distribution will generally be treated as a dividend for U.S. federal income tax 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">The amount of any distributions paid in Canadian
dollars will equal the U.S. dollar value of such distributions determined by reference to the exchange rate on the day they are received
by the U.S. Holder (with the value of such distributions computed before any reduction for any Canadian withholding tax), regardless of
whether the payment is in fact converted into U.S. dollars at that time. A U.S. Holder will have a tax basis in Canadian dollars equal
to their U.S. dollar value on the date of receipt. If the Canadian dollars received are converted into U.S. dollars on the date of receipt,
the U.S. Holder should generally not be required to recognize foreign currency gain or loss in respect of the distribution. If the Canadian
dollars received are not converted into U.S. dollars on the date of receipt, a U.S. Holder may recognize foreign currency gain or loss
on a subsequent conversion or other disposition of the Canadian dollars. Such gain or loss generally will be treated as U.S. source ordinary
income or loss.</P>

<P STYLE="font: 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">Subject to applicable limitations and provided
the Company is eligible for the benefits of the Canada-U.S. Tax Convention or the Common Shares are readily tradable on a United States
securities market, dividends paid by the Company to non-corporate US Holders, including individuals, generally will be eligible for the
preferential tax rates applicable to long-term capital gains for dividends, provided certain holding period and other conditions are satisfied,
including that the Company is not classified as a PFIC in the tax year of distribution or in the preceding tax year. Any amount of distributions
treated as dividends generally will not be eligible for the dividends received deduction available to certain corporate U.S. Holders in
respect of dividends received from U.S. corporations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">Distributions to a U.S. Holder with respect to
the Common Shares may be subject to Canadian non-resident withholding tax. See &ldquo;<I>Certain Canadian Federal Income Tax Considerations</I>&rdquo;
above. Any Canadian withholding tax paid will not reduce the amount treated as received by the U.S. Holder for U.S. federal income tax
purposes. However, subject to limitations imposed by U.S. law, a U.S. Holder may be eligible to receive a foreign tax credit for the Canadian
withholding tax. For purposes of calculating a U.S. Holder&rsquo;s foreign tax credit, dividends received by such U.S. Holder with respect
to the shares of a foreign corporation, including the Common Shares, generally constitute foreign source income. However, and subject
to certain exceptions, a portion of the dividends paid by a foreign corporation will be treated as U.S. source income for U.S. foreign
tax credit purposes, in proportion to its U.S. source earnings and profits, if U.S. persons collectively own, directly, or indirectly,
50% or more of the voting power or value of the foreign corporation&rsquo;s shares. If a portion of any dividends paid with respect to
the Common Shares are treated as U.S. source income under these rules, it may limit the ability of a U.S. Holder to claim a foreign tax
credit for any Canadian withholding taxes imposed in respect of such dividend, although certain elections under the Code and the Convention
may be available to mitigate these effects. Dividends received by a U.S. Holder with respect to the Common Shares will generally constitute
 &ldquo;passive category income&rdquo; for purposes of the foreign tax credit. The rules&nbsp;governing the foreign tax credit are complex.
U.S. Holders are urged to consult their own tax advisors regarding the availability of the foreign tax credit under their particular circumstances,
including the impact of, and any exception available to, the special income sourcing rule&nbsp;described in this paragraph. U.S. Holders
who do not elect to claim a foreign tax credit may be able to claim an ordinary income tax deduction for Canadian income tax withheld,
but only for a taxable year in which the U.S. Holder elects to do so with respect to all non-U.S. income taxes paid or accrued in such
taxable year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Sale, Exchange or Other
Taxable Disposition of Common Shares</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">Subject to the PFIC rules&nbsp;discussed above,
upon a sale, exchange or other taxable disposition of the Common Shares, a U.S. Holder will generally recognize a capital gain or loss
equal to the difference between the amount realized on such sale, exchange or other taxable disposition (or, if the amount realized is
denominated in Canadian dollars, its U.S. dollar equivalent, determined by reference to the spot rate of exchange on the date of disposition)
and the adjusted tax basis of such Common Shares. If any foreign tax is imposed on the sale, exchange or other disposition of the Common
Shares, a U.S. Holder&rsquo;s amount realized will include the gross amount of the proceeds of the disposition before deduction of the
tax. A U.S. Holder&rsquo;s initial tax basis in the Common Shares generally will equal the cost of such Common Shares. Such gain or loss
will be a long-term capital gain or loss if the Common Shares have been held for more than one year and will be short-term gain or loss
if the holding period is equal to or less than one year. Such gain or loss generally will be considered U.S. source gain or loss for U.S.
foreign tax credit purposes. Long-term capital gains of certain non-corporate U.S. Holders are eligible for reduced rates of taxation.
For both corporate and non-corporate U.S. Holders, limitations apply to the deductibility of capital losses. If a U.S. Holder receives
any foreign currency on the sale of the Common Shares, the U.S. Holder may recognize ordinary income or loss as a result of currency fluctuations
between the date of the sale of the Common Shares and the date the sale proceeds are converted into U.S. dollars.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Required Disclosure with
Respect to Foreign Financial Assets</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">Certain U.S. Holders are required to report information
relating to an interest in the Common Shares, subject to certain exceptions (including an exception for Common Shares held in accounts
maintained by certain financial institutions), by attaching a completed IRS Form&nbsp;8938, Statement of Specified Foreign Financial Assets,
with their tax return for each year in which they hold an interest in the Common Shares. U.S. Holders are urged to consult their own tax
advisors regarding information reporting requirements relating to their ownership of 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"></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"><FONT STYLE="text-transform: uppercase"><B><A NAME="b_003"></A>PRIOR
SALES</B></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Date</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Type of Security Issued</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Number of Securities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><SUP>&nbsp;</SUP></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Issuance/Exercise/ <BR> Conversion Price per Security</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><SUP>&nbsp;</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;1, 2024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 41%; text-align: center; padding-left: 5.4pt">Common Shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right">450,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%; text-align: left"><SUP>(1)</SUP>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1.03</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%; text-align: left"><SUP>(2)</SUP>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;6, 2024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Common Shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">189,370</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(3)</SUP>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(4)</SUP>&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;18, 2024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Restricted Share Units</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">423,325</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(5)</SUP>&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;18, 2024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Deferred Share Units</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">182,040</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(6)</SUP>&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>&nbsp;</SUP></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;18, 2024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Options</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">563,852</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(7)</SUP>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.42</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;18, 2024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Options</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">300,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(8)</SUP>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.42</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>&nbsp;</SUP></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July&nbsp;1, 2024 &ndash; July&nbsp;1, 2025</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Common Shares</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">18,189,350</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(9)</SUP>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.88</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(10)</SUP>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January&nbsp;6, 2025</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Common Shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">633,071</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(11)</SUP>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.60</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(12)</SUP>&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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;26, 2025</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Restricted Share Units</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">1,055,017</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(5)</SUP>&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;26, 2025</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Deferred Share Units</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">501,856</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(6)</SUP>&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>&nbsp;</SUP></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;26, 2025</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Options</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">1,298,853</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(7)</SUP>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.35</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;26, 2025</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Options</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">300,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(13)</SUP>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.35</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>&nbsp;</SUP></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;31, 2025</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Restricted Share Units</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">408,175</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(14)</SUP>&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;31, 2025</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Options</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">557,599</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(15)</SUP>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.27</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;23, 2025</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Options</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">400,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(16)</SUP>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.78</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August&nbsp;8, 2025 &ndash; September&nbsp;30, 2025</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Common Shares</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">1,626,475</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(17)</SUP>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>&nbsp;</SUP></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;30, 2025</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Common Shares</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">300,669</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(3)</SUP>&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;1, 2025</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Common Shares</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">200,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(18)</SUP>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.43</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>&nbsp;</SUP></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October&nbsp;9, 2025</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-left: 5.4pt">Common Shares</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">350,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>(19)</SUP>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3.63</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Notes</U></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: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Issued upon the exercise of options for gross proceeds of $466,000.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Weighted average exercise price.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Issued to a former director of the Company upon the vesting of deferred share units.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Weighted average closing price on date of vesting.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>Issued to management of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(6)</TD><TD>Issued to directors of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(7)</TD><TD>Issued to management of the Company pursuant to the Company&rsquo;s stock option plan.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(8)</TD><TD>Issued to Paul Collins as partial consideration for his role as a director.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(9)</TD><TD>Issued pursuant to the &ldquo;at-the-market&rdquo; sales agreement dated November&nbsp;17, 2023, with Canaccord Genuity Corp., Canaccord
Genuity LLC and Citigroup Global Markets Inc.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(10)</TD><TD>Weighted average issue price.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(11)</TD><TD>Issued to a former executive of the Company upon the vesting of deferred share units.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(12)</TD><TD>Closing price on the date of vesting.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(13)</TD><TD>Issued to Karen Narwold as partial consideration for her role as a director.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(14)</TD><TD>Issued to employees of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(15)</TD><TD>Issued to contractors of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(16)</TD><TD>Issued to a member of management of the Company as partial consideration for his role as management.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(17)</TD><TD>Issued pursuant to the &ldquo;at-the-market&rdquo; sales agreement dated August&nbsp;8, 2025, with Canaccord Genuity Corp., Canaccord
Genuity LLC and Evercore Group L.L.C.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(18)</TD><TD>Issued upon the exercise of options for gross proceeds of $486,000.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(19)</TD><TD>Issued upon the exercise of options for gross proceeds of $1,270,500.</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: center"><A NAME="b_004"></A><FONT STYLE="text-transform: uppercase"><B>TRADING
PRICE AND VOLUME</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Common Shares
are listed and posted for trading on the TSXV and the NYSE American under the symbol &ldquo;SLI&rdquo;. The following table sets forth
the reported intraday high and low prices and trading volumes of the Common Shares on the </FONT>TSXV on a monthly basis for the 12-month
period prior to the date of this Prospectus Supplement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <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">Period</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>High Trading Price</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>(C$)</B></P></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Low Trading Price</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>(C$)</B></P></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</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">Volume</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: 41%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0in">October 2024</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: 18%; font: 10pt Times New Roman, Times, Serif; text-align: right">3.67</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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: 18%; font: 10pt Times New Roman, Times, Serif; text-align: right">2.07</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">7,779,279</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; text-indent: 0in">November 2024</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">3.43</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">2.20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">4,526,469</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; text-indent: 0in">December 2024</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">2.54</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.90</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">2,711,039</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; text-indent: 0in">January 2025</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">2.55</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">2.12</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">5,267,202</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; text-indent: 0in">February 2025</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">2.31</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.76</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">4,818,717</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; text-indent: 0in">March 2025</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">2.14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.67</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">3,656,894</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; text-indent: 0in">April 2025</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">2.30</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.54</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">2,948,568</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; text-indent: 0in">May 2025</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">2.62</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.87</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">3,840,775</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; text-indent: 0in">June 2025</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">2.72</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">2.05</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">3,635,514</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; text-indent: 0in">July 2025</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">4.04</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">2.79</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">3,634,866</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; text-indent: 0in">August, 2025</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">4.29</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">3.05</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">3,109,706</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; text-indent: 0in">September, 2025</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">5.66</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">3.78</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">7,541,335</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; text-indent: 0in">October 1 &ndash; October 15, 2025</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">7.48</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">4.89</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">6,846,282</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-size: 10pt; text-align: left; text-indent: 0in">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; 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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On</FONT> October 15, 2025, the last
trading day prior to the date of this Prospectus Supplement, the closing price per Common Share on the TSXV was C$7.13.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The following table
sets forth the reported intraday high and low prices and trading volumes of the Common Shares on the </FONT>NYSE American on a monthly
basis for the 12-month period prior to the date of this Prospectus Supplement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Period</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>High Trading Price</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(US$)</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Low Trading Price</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(US$)</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Volume</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 41%">October&nbsp;2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right">2.64</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right">1.52</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">69,872,407</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">November&nbsp;2024</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">2.47</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">35,569,994</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">December&nbsp;2024</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">1.80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.34</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">26,348,856</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">January&nbsp;2025</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">1.76</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.46</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">27,648,639</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">February&nbsp;2025</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">1.61</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.22</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">20,463,914</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">March&nbsp;2025</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">1.46</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">24,509,641</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">April&nbsp;2025</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">1.67</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.08</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">65,432,298</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">May&nbsp;2025</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">1.94</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.37</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">41,063,176</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">June&nbsp;2025</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">1.99</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.49</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">38,512,007</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">July&nbsp;2025</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">2.95</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">1.92</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">55,270,459</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="width: 58%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0in">August, 2025</TD><TD STYLE="width: 2%; 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: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">3.1299</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; 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: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">2.20</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; 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: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">36,725,857</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; text-indent: 0in">September, 2025</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">4.08</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">2.74</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">67,006,419</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; text-indent: 0in">October 1 &ndash; October 15, 2025</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">6.40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">3.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</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">73,850,823</TD><TD STYLE="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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Notes</U></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 STYLE="text-align: justify">Total volume of Common Shares traded is rounded to the nearest ten thousand.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On</FONT> October 15, 2025, the last
trading day prior to the date of this Prospectus Supplement, the closing price per Common Share on the NYSE American was US$5.14.</P>

<P STYLE="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"><A NAME="b_005"></A><FONT STYLE="text-transform: uppercase"><B>RISK
FACTORS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in securities of the Company including
the Offered Shares is subject to certain risks, which should be carefully considered by prospective purchasers before purchasing such
securities. In addition to information set out or incorporated by reference in this Prospectus Supplement and the Shelf Prospectus currently
and from time to time, investors should carefully consider the risk factors contained and incorporated by reference in this Prospectus
Supplement and the Shelf Prospectus before purchasing the Offered Shares. Some of the risk factors described herein and in the Shelf Prospectus
and the documents incorporated by reference therein are interrelated and, consequently, investors should treat such risk factors as a
whole. The risks described herein, in the Shelf Prospectus and in the documents incorporated by reference herein and therein are not the
only risks facing the Company and should not be considered exhaustive.</P>

<P STYLE="font: 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">Any one of such risk factors could materially
adversely affect the Company&rsquo;s business, prospects, financial condition, results of operations, cash flows and/or an investment
in the Common Shares and could cause actual events to differ materially from those described in forward-looking information and statements
relating to the Company set out or incorporated by reference in this Prospectus Supplement and the Shelf Prospectus. Additional risks
and uncertainties of which the Company is currently unaware or that are unknown or that the Company currently deems to be immaterial could
have a material adverse effect on the Company&rsquo;s business, prospects, financial condition, results of operations, cash flows and/or
an investment in the Common Shares. Further, many of the risks are beyond the Company&rsquo;s control and there is no guarantee that risk
management activities will successfully mitigate such exposure. The Company cannot provide any assurances that it will successfully address
any or all of these risks. Prospective purchasers should carefully consider the risks described under the heading &ldquo;<I>Risk Factors</I>&rdquo;
in the Shelf Prospectus and in the AIF, and consult with their professional advisors to assess any investment in the Offered Shares. See
 &ldquo;<I>Documents Incorporated by Reference</I>&rdquo;. A purchaser should not purchase Offered Shares unless the purchaser understands,
and can bear, all of the investment risks involving the Offered 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Macroeconomic Risks</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">Political and economic instability, global or
regional adverse conditions, such as pandemics or other disease outbreaks or natural disasters, currency exchange rates, trade tariff
developments, transport availability and cost, including import-related taxes, transport security, inflation and other factors are beyond
the Company&rsquo;s control. The macroeconomic environment remains challenging and the Company&rsquo;s results of operations could be
materially affected by such macroeconomic 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Inflationary Pressures</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">General inflationary pressures may affect labor
and other costs, which could have a material adverse effect on the Company&rsquo;s financial condition, results of operations and the
capital expenditures required to advance the Company&rsquo;s business plans. There can be no assurance that any governmental action taken
to control inflationary or deflationary cycles will be effective or whether any governmental action may contribute to economic uncertainty.
Governmental action to address inflation or deflation may also affect currency values. Accordingly, inflation and any governmental response
thereto may have a material adverse effect on the Company&rsquo;s business, results of operations, cash flow, financial condition and
the price of the Company&rsquo;s 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Negative Operating Cash
Flow</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">The Company is an exploration and development
stage company and has not yet commenced commercial production at any of its properties. As such, the Company has not generated positive
cash flows to date and has no reasonable prospects of doing so unless successful commercial production can be achieved at the Company&rsquo;s
projects. The Company expects to continue to incur negative investing and operating cash flows until such time as it enters into commercial
production. This will require the Company to deploy its working capital or a portion of its cash reserves or a portion of the proceeds
of any offering of securities to fund such negative cash flow and to seek additional sources of financing.</P>

<P STYLE="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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Capital Resources</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">Historically, capital requirements have been primarily
funded through the sale of Common Shares. Factors that could affect the availability of financing include the progress and results of
ongoing exploration at the Company&rsquo;s mineral properties, the state of international debt and equity markets and investor perceptions
and expectations of the global market for lithium and its derivatives. There can be no assurance that such financing will be available
in the amount required at any time or for any period or, if available, that it can be obtained on terms satisfactory to the Company. Based
on the amount of funding raised, the Company&rsquo;s planned exploration or other work programs may be postponed, or otherwise revised,
as necessary.</P>

<P STYLE="font: 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 inability of the Company to access sufficient
capital for its operations could have a material and adverse effect on the Company&rsquo;s financial condition, results of operations
or prospects. Sales of substantial amounts of securities may have a highly dilutive effect on the ownership or share structure of the
Company. Sales of a large number of Common Shares in the public markets, or the potential for such sales, could decrease the trading price
of the Common Shares and could impair the Company&rsquo;s ability to raise capital through future sales of 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Discretion in the Use of
Proceeds</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">Management will have broad discretion concerning
the use of the net proceeds from the Offering, as well as the timing of their expenditures. While information regarding the intended use
of net proceeds from the Offering is described under the heading &ldquo;Use of Proceeds&rdquo;, because of the number and variability
of factors that will determine our use of such proceeds, our ultimate use might vary substantially from our planned use. As a result,
an investor will be relying on the judgment of management for the application of the net proceeds from the Offering. Management may use
the net proceeds from the Offering in ways that an investor may not consider desirable if they believe it would be in the best interests
of the Company to do so and could spend the proceeds in ways that do not improve the Company&rsquo;s results of operations or enhance
the value of the Common Shares. The results and the effectiveness of the application of proceeds from the Offering are uncertain. If the
proceeds are not applied effectively, the Company&rsquo;s business, financial condition, results of operations or prospects may suffer.
Pending their use, the Company may invest the net proceeds from the Offering in a manner that does not produce income or that loses value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Common Share Price Volatility</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">The prices of securities of junior companies have
experienced substantial volatility in the past, often based on factors unrelated to the financial performance or prospects of the junior
companies involved. These factors, among others, include macroeconomic developments in North America and globally and market perceptions
of the attractiveness of particular industries. The Common Share price is also likely to be significantly affected by delays experienced
in progressing with development plans, a decrease in investor appetite for junior stocks, or adverse changes in the Company&rsquo;s financial
condition or results of operations as reflected in its quarterly and annual financial statements. Other factors unrelated to performance
that could have an effect on the price of the Common Shares include the following:</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: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify">the trading volume and general market interest in the Common Shares could affect a shareholder&rsquo;s
ability to trade significant numbers of Common Shares; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify">the size of the public float in the Common Shares may limit the ability of some institutions to invest
in the Company&rsquo;s securities.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of any of these or other factors,
the market price of the Common Shares at any given point in time might not accurately reflect the Company&rsquo;s long-term value. Securities
class action litigation has been brought against companies following years of volatility in the market price of their securities. The
Company could in the future be the target of similar litigation. Securities litigation could result in substantial costs and damages and
divert management&rsquo;s attention and resources. Further, there is no guarantee that an active trading market for the Common Shares
will be maintained on the TSXV and/or 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"></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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Market Price Depression</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">Sales of a substantial number of Common Shares
or other equity-related securities in the public markets by the Company or its significant shareholders could depress the market price
of the Common Shares and impair the Company&rsquo;s ability to raise capital through the sale of additional equity securities. The Company
cannot predict the effect that future sales of Common Shares or other equity-related securities would have on the market price of the
Common Shares. The price of the Common Shares could be affected by possible sales of the Common Shares by hedging or arbitrage trading
activity. If the Company raises additional funding by issuing additional equity securities, such financing may substantially dilute the
interests of shareholders of the Company and reduce the value of their investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Dilution Risk</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">The Company may issue additional securities in
the future, which may dilute a shareholder&rsquo;s holdings in the Company. The Company&rsquo;s notice of articles permit the issuance
of an unlimited number of Common Shares, and shareholders will have no pre-emptive rights in connection with such further issuance. The
directors of the Company have discretion to determine the price and the terms of further issuances. Moreover, additional Common Shares
may be issued by the Company on the conversion of convertible securities, including the exercise of options under the Company&rsquo;s
stock option plan, other securities under the Company&rsquo;s long term incentive plan, and upon the exercise of outstanding warrants.</P>

<P STYLE="font: 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>No Dividends</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">The Company has never paid cash dividends on its
Common Shares and does not expect to pay any cash dividends in the future in favor of utilizing cash to support the development of the
Company&rsquo;s business. Any future determination relating to the Company&rsquo;s dividend policy will be made at the discretion of the
Company&rsquo;s board of directors and will depend on a number of factors, including future operating results, capital requirements, financial
condition and the terms of any credit facility or other financing arrangements the Company may obtain or enter into, future prospects
and other factors the Company&rsquo;s board of directors may deem relevant at the time such payment is considered. As a result, the return
on an investment in Offered Shares will likely depend upon any future appreciation in value, if any, and on a shareholder&rsquo;s ability
to sell Offered 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Loss of Entire Investment</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">An investment in
the </FONT>Offered Shares is speculative and may result in the loss of an investor&rsquo;s entire investment. Only potential investors
who are experienced in high risk investments and who can afford to lose their entire investment should consider an investment in the 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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Active Liquid Market for
Common Shares</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">There may not be an active, liquid market for
the Common Shares. There is no guarantee that an active trading market for the Common Shares will be maintained on the TSXV and/or the
NYSE American. Investors may not be able to sell their Common Shares quickly or at the latest market price if trading in the Common Shares
is not active.</P>

<P STYLE="font: 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>Lithium Supply and Demand</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">Lithium is considered an industrial mineral and
the sales prices for the different lithium compounds are not public. Lithium is not a traded commodity like base and precious metals.
Sales agreements are negotiated on an individual and private basis with each separate end-user. Therefore, it is possible that the sales
prices used in any technical reports published by the Company will be different than the actual prices at which the Company is able to
sell its lithium compounds. In addition, there are a limited number of producers of lithium compounds and it is possible that these existing
producers will try to prevent newcomers from entering the chain of supply by increasing their production capacity and lowering sales prices.
Factors such as foreign currency fluctuation, supply and demand, industrial disruption and actual lithium market sale prices could have
an adverse impact on operating costs and stock market prices and on the Company&rsquo;s ability to fund its activities. In each case,
the economics of projects being developed by the Company could be materially adversely affected, even to the point of being rendered uneconomic.</P>

<P STYLE="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; text-indent: 0in"><B>The Company&rsquo;s ability
to draw on the DOE Grant is contingent on meeting specific conditions and covenants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Company&rsquo;s ability
to draw down on its conditional $225 million grant from the U.S. Department of Energy (the &ldquo;<B>DOE Grant</B>&rdquo;) and to utilize
such funds is dependent on the satisfaction of the conditions set out in the DOE Grant documents which conditions may be amended pursuant
to the terms of the DOE Grant documents. There can be no assurance as to the satisfaction of these conditions or as to the outcome of
any amended requirements, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The DOE Grant documents also
include representations, warranties and covenants of the Company customary for grants of a similar nature by the U.S. Government. Failure
of the Company to comply with or satisfy any or all of the conditions and requirements or to remain in compliance with the covenant regime
under the DOE Grant could result in the termination of the DOE Grant, which would have a material adverse effect on the Company&rsquo;s
business, financial condition, results of operations and prospects. The U.S. government could also seek to terminate or modify the terms
of the DOE Grant.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Lithium and other strategic
metals have become subject to heightened government attention and policy initiatives in Canada, the U.S. and internationally, which may
materially impact the Company&rsquo;s operations. Governments may intervene in the strategic metals sector through the imposition of export
controls, restrictions on foreign investment, mandatory domestic processing requirements, changes to royalty or taxation regimes, and
the establishment of strategic reserves or purchasing programs. Such interventions may be driven by geopolitical considerations, supply
chain security concerns, or environmental and social policy objectives. These actions can create significant regulatory uncertainty and
price volatility, and may adversely affect the Company&rsquo;s ability to finance, develop, or operate its projects as planned.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Commodity Price Fluctuation</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">The prices of commodities vary daily. Price volatility
could have dramatic effects on the Company&rsquo;s results of operations and the ability of the Company to execute its business plan.
The price of lithium materials may also be reduced by the discovery of new lithium deposits, which could not only increase the overall
supply of lithium (causing downward pressure on its price) but could draw new firms into the lithium industry which could compete with
the Company. Even if commercial quantities of mineral deposits are discovered by the Company, there is no guarantee that a profitable
market will exist for the sale of the lithium produced. The development of the Company&rsquo;s projects will be significantly affected
by changes in the market price of lithium-based end products, such as lithium carbonate and lithium hydroxide. Factors beyond the control
of the Company may affect the marketability of any substances discovered. The prices of various metals have experienced significant movement
over short periods of time and are affected by numerous factors beyond the control of the Company, including international economic and
political trends, expectations of inflation, currency exchange fluctuations, interest rates and global or regional consumption patterns,
speculative activities and increased production due to improved mining and production methods. The supply of and demand for lithium is
affected by various factors, including political events, economic conditions and production costs in major producing regions. Furthermore,
the price of lithium products is significantly affected by their purity and performance, and by the specifications of end-user battery
manufacturers. If the products produced from the Company&rsquo;s projects do not meet battery-grade quality and/or do not meet customer
specifications, pricing will be reduced from that expected for battery-grade products. In turn, the availability of customers may also
decrease. The Company may not be able to effectively mitigate against pricing risks for its potential future products. Depressed pricing
for the Company&rsquo;s potential future products will affect the level of revenues expected to be generated by the Company, which in
turn could affect the value of the Company, its Common Share price and the potential value of its properties. There can be no assurance
that the price of any minerals will be such that any of the Company&rsquo;s resource properties could be mined at a profit.</P>

<P STYLE="font: 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>Development of the South West Arkansas Project
and East Texas Properties</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">The Company&rsquo;s business strategy depends
in large part on developing the South West Arkansas Project and East Texas Properties into commercially viable operations and processing
facilities, as applicable. Whether a mineral deposit will be commercially viable depends on numerous factors, including: (i)&nbsp;the
particular attributes of the deposit, such as size, grade and proximity to infrastructure; (ii)&nbsp;commodity prices, which are highly
volatile; and (iii)&nbsp;government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing
and exporting of mineral resources and mineral reserves, environmental protection and capital and operating cost requirements. The capital
expenditures and time required to develop the South West Arkansas Project and the East Texas Properties are significant and the Company
has not yet secured funding that it believes will be sufficient to cover the entirety of its share of capital expenditure obligations
for development of the South West Arkansas Project and the East Texas Properties, respectively. Accordingly, there can be no assurance
that the Company will ever develop any of the Arkansas projects or the East Texas Properties. If the Company is unable to develop all
or any of its projects and properties into a commercial operating mine or processing facility, as applicable, its business and financial
condition will be materially adversely affected.</P>

<P STYLE="font: 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>Development and Production Uncertainties</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">Feasibility studies are used to determine the
economic viability of a deposit. Many factors are involved in the determination of the economic viability of a deposit, including the
achievement of satisfactory mineral reserve estimates, the level of estimated metallurgical recoveries, capital and operating estimates
and the estimate of future commodity prices. Capital and operating cost estimates are based on many factors, including anticipated tonnage
and grades to be mined, the configuration of the ore body, ground and mining conditions, expected recovery rates of the ore and anticipated
environmental and regulatory compliance costs. Each of these factors involves uncertainties and, as a result, the Company cannot give
any assurance that the estimates in the South West Arkansas Technical Report or Lanxess Technical Report will be correct or that development
will ultimately produce profitable operations. If a mine is developed, actual operating results may differ from those anticipated in the
technical reports, respectively. There can be no assurance that delays will not be experienced. Should there be any delays, such delays
may result in an increase in capital requirements, costs and expenditures.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cost Estimates</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">The Company prepares estimates of operating costs
and/or capital costs for each operation and project. The Company&rsquo;s actual costs are dependent on several factors, including royalties,
the price of lithium and by-product metals and the cost of inputs used in exploration activities.</P>

<P STYLE="font: 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&rsquo;s actual costs may vary from
estimates for a variety of reasons, including labor and other input costs, commodity prices, general inflationary pressures and currency
exchange rates. Failure to achieve cost estimates or material increases in costs could have an adverse impact on the Company&rsquo;s future
cash flows, profitability, results of operations and financial condition.</P>

<P STYLE="font: 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>Competition</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">The lithium mining industry is highly competitive,
and our&nbsp;competition&nbsp;includes&nbsp;larger,&nbsp;more&nbsp;established&nbsp;companies with longer operating histories and greater
financial and technical resources. Those larger companies may also have a greater ability to continue long-term development activities
and to absorb the burden of present and future federal, state, local and other laws and regulations. In addition, other companies may
be able to offer better compensation packages to attract and retain qualified personnel than we are able to offer, and pay more to acquire
leases or technical equipment.</P>

<P STYLE="font: 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>Enforcement of U.S. Judgments</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">The Company is incorporated under the laws of
Canada, and the majority of the Company&rsquo;s directors and officers are not residents of the United States. Because certain of the
Company&rsquo;s assets and the assets of these persons are located outside of the United States, it may be difficult for U.S. investors
to effect service of process within the United States upon the Company or upon such persons who are not residents of the United States,
or to realize in the United States upon judgments of U.S. courts predicated upon civil liabilities under U.S. securities laws. A judgment
of a U.S. court predicated solely upon such civil liabilities may be enforceable in Canada by a Canadian court if the U.S. court in which
the judgment was obtained had jurisdiction, as determined by the Canadian court, in the matter. There is substantial doubt whether an
original action could be brought successfully in Canada against any of such persons or the Company predicated solely upon such civil liabilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>Passive Foreign Investment
Company Risk</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">A foreign corporation is classified as a PFIC
for any taxable year if, after the application of certain look-through rules, either: (i)&nbsp;75% or more of its gross income for such
year is &ldquo;passive income&rdquo; as defined in the relevant provisions of the Code or (ii)&nbsp;50% or more of the value of its assets,
determined on the basis of a quarterly average, during such year is attributable to assets that produce or are held for the production
of passive income. The Company believes that it may have been classified as a PFIC for prior taxable years and may continue to be classified
as a PFIC for the current taxable year, but the Company expects that it may cease being classified as a PFIC once it begins to generate
revenues from operations. The Company&rsquo;s status as a PFIC in any taxable year, however, requires a factual determination that depends
on, among other things, the composition of the Company&rsquo;s income, assets, and activities in each year, and can only be made annually
after the close of each taxable year. Therefore, there can be no assurance as to whether the Company will be classified as a PFIC for
the current taxable year or for any future taxable year. If the Company is treated as a PFIC for any taxable year during which a U.S.
Holder holds the Common Shares, the U.S. Holder may be subject to material adverse tax consequences upon a sale, exchange or other disposition
of such Common Shares, or upon the receipt of distributions in respect of such Common Shares, unless certain elections are made. Each
prospective investor is strongly urged to consult its own tax advisors regarding the application of these rules, along with the availability
and advisability of any elections, to such investor&rsquo;s particular circumstances. See &ldquo;<I>Certain U.S. Federal Income Tax Considerations
for U.S. Holders</I>&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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><B>U.S. Federal Income Tax
Risk for U.S. Persons Treated as Owning At Least 10% of the Company&rsquo;s Common Shares</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">If a U.S. person is treated as owning (directly,
indirectly or constructively) at least 10% of the value or voting power of the Company&rsquo;s shares, such person may be treated as a
United States shareholder with respect to each controlled foreign corporation in the Company&rsquo;s group (if any). A United States shareholder
of a controlled foreign corporation may be required to annually report and include in its U.S. taxable income its pro rata share of Subpart
F income, global intangible low-taxed income and investments in U.S. property by controlled foreign corporations, whether or not the Company
will make any distributions. An individual that is a United States shareholder with respect to a controlled foreign corporation generally
would not be allowed certain tax deductions or foreign tax credits that would be allowed to a United States shareholder that is a corporation.
A failure to comply with these reporting obligations may subject a United States shareholder to significant monetary penalties and may
prevent the statute of limitations with respect to a United States shareholder&rsquo;s U.S. federal income tax return for the year for
which reporting was due from starting. Furthermore, the Company cannot provide any assurances that it will have sufficient information
to assist investors in determining whether the Company or any of its subsidiaries are treated as a controlled foreign corporation or whether
such investor is treated as a United States shareholder with respect to any such controlled foreign corporations. The Company also cannot
guarantee that it will be in a position to furnish to any United States shareholder information that may be necessary to comply with the
aforementioned reporting and tax payment obligations. Prospective U.S. investors should consult their own advisors regarding the potential
application of these rules&nbsp;to an investment in 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-align: justify"><B>Forward-Looking Statements May&nbsp;Prove to
be Inaccurate</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">Investors are cautioned not to place undue reliance
on forward-looking statements. By their nature, forward-looking statements involves numerous assumptions, known and unknown risks and
uncertainties, of both a general and specific nature, that could cause actual results to differ materially from those suggested by the
forward-looking statements or contribute to the possibility that predictions, forecasts or projections will prove to be materially inaccurate.
Additional information on the risks, assumptions and uncertainties are found in this Prospectus Supplement and the Shelf Prospectus under
the heading &ldquo;<I>Cautionary Note Regarding Forward-Looking Statements</I>&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: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="b_006"></A>LEGAL
MATTERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain legal matters relating
to the Offering will be passed upon on behalf of the Company by Cassels Brock&nbsp;&amp; Blackwell LLP, Canadian counsel to the Company,
and Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP, U.S. counsel to the Company, and on behalf of the Underwriters by DLA Piper (Canada)
LLP, Canadian counsel to the Underwriters, and Latham&nbsp;&amp; Watkins, LLP, U.S. counsel to the Underwriters. As of the date hereof,
Cassels Brock&nbsp;&amp; Blackwell LLP, and its partners and associates, and DLA Piper (Canada) LLP, and its partners and associates,
beneficially own, directly or indirectly, in their respective groups, less than 1% of any class of outstanding 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-align: center"><A NAME="b_007"></A><FONT STYLE="text-transform: uppercase"><B>DOCUMENTS
FILED AS PART&nbsp;OF THE REGISTRATION STATEMENT</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the documents specified in this
Prospectus Supplement and accompanying Shelf Prospectus under &ldquo;<I>Documents Incorporated by Reference</I>&rdquo;, the consents of
auditors, counsel and any experts identified herein, if applicable, powers of attorney of the directors and officers of the Company, and
the Underwriting Agreement have been, or will be, furnished to the SEC under the cover of Form&nbsp;6-K and are hereby incorporated by
reference as an exhibit to the Registration Statement of which this Prospectus Supplement forms a part.</P>

<P STYLE="font: 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"><A NAME="b_008"></A><FONT STYLE="text-transform: uppercase"><B>WHERE
YOU CAN FIND MORE INFORMATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Copies of the documents incorporated by reference
in this Prospectus Supplement and the Shelf Prospectus may be obtained on request without charge from the Corporate Secretary of the Company
at Suite&nbsp;1625, 1075 West Georgia Street, Vancouver, British Columbia, V6E 3C9, telephone (604) 409-8154, e-mail: <U>info@standardlithium.com</U>,
and are also available electronically under the SEDAR+ profile of the Company at <U>www.sedarplus.ca</U> or through EDGAR at the website
of the SEC at <U>www.sec.gov</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; text-align: justify">The Company has filed with the SEC the Registration
Statement under the U.S. Securities Act with respect to the Offered Shares offered under this Prospectus Supplement. This Prospectus Supplement,
the accompanying Shelf Prospectus and the documents incorporated by reference herein and therein, which form a part of the Registration
Statement, do not contain all of the information set forth in the Registration Statement, certain parts of which are contained in the
exhibits to the Registration Statement as permitted by the rules&nbsp;and regulations of the SEC. Information omitted from this Prospectus
Supplement or the Shelf Prospectus but contained in the Registration Statement is available on EDGAR under the Company&rsquo;s profile
at <U>www.sec.gov</U>. Reference is also made to the Registration Statement and the exhibits thereto for further information with respect
to SLI, the Offering and the Common Shares. Statements contained in this Prospectus Supplement as to the contents of certain documents
are not necessarily complete and, in each instance, reference is made to the copy of the document filed as an exhibit to the Registration
Statement. Each such statement is qualified in its entirety by such reference.</P>

<P STYLE="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">The Company is required to file with the various
securities commissions or similar authorities in all of the provinces and territories of Canada, annual and quarterly reports, material
change reports and other information. The Company is also an SEC registrant subject to the informational requirements of the Exchange
Act and, accordingly, files with, or furnishes to, the SEC certain reports and other information. Under the MJDS, these reports and other
information (including financial information) may be prepared in accordance with the disclosure requirements of Canada, which differ from
those of the United States. As a &ldquo;foreign private issuer&rdquo; (as defined under United States securities laws), the Company is
exempt from the rules&nbsp;under the Exchange Act prescribing the furnishing and content of proxy statements, and the Company&rsquo;s
officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section&nbsp;16
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; text-align: center"><A NAME="b_009"></A><FONT STYLE="text-transform: uppercase"><B>ENFORCEABILITY
OF CIVIL LIABILITIES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is incorporated under and governed
by the <I>Canada Business Corporations Act</I>. All except two of the officers, all except three of the directors and some of the experts
named in this Prospectus are not residents of the United States, some of the Underwriters or experts named in this Prospectus Supplement
and in the accompanying Shelf Prospectus are not residents of the United States, and certain of the Company&rsquo;s assets and all or
a substantial portion of the assets of such persons are located outside of the United States. The Company has appointed an agent for service
of process in the United States, but it may be difficult for holders of Common Shares who reside in the United States to effect service
within the United States upon the Company or these persons in the United States. It may also be difficult for holders of Common Shares
who reside in the United States to realize in the United States upon judgments of courts of the United States predicated upon the Company&rsquo;s
civil liability and the civil liability of the Company&rsquo;s directors and officers and experts under the United States federal securities
laws. The Company has been advised by its Canadian counsel, Cassels Brock&nbsp;&amp; Blackwell LLP, that a judgment of a United States
court predicated solely upon civil liability under United States federal securities laws would probably be enforceable in Canada if the
United States court in which the judgment was obtained has a basis for jurisdiction in the matter that would be recognized by a Canadian
court for the same purposes. The Company has also been advised by Cassels Brock&nbsp;&amp; Blackwell LLP, however, that there is substantial
doubt whether an action could be brought in Canada in the first instance on the basis of liability predicated solely upon United States
federal securities laws.</P>

<P STYLE="font: 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 filed with the SEC, concurrently with
the Registration Statement of which this Prospectus forms a part, an appointment of agent for service of process on Form&nbsp;F-X. Under
the Form&nbsp;F-X, the Company appointed Puglisi&nbsp;&amp; Associates, with an address at 850 Library Ave Unit 204, Newark, DE 19711,
United States, as its agent for service of process in the United States in connection with any investigation or administrative proceeding
conducted by the SEC and any civil suit or action brought against or involving the Company in a United States court arising out of or
related to or concerning 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: center"><FONT STYLE="text-transform: uppercase"><A NAME="b_010"></A><B>INTEREST
OF EXPERTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following are the names of persons or companies
(a)&nbsp;that are named as having prepared or certified a report, valuation, statement or opinion included in or incorporated by reference
in this Prospectus Supplement; and (b)&nbsp;whose profession or business gives authority to the statement, report or valuation made by
the person or the Company:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Patricio Pinto Gallardo, C.P., R.M. of Ausenco
Chile Ltda, Aleksandar Spasojevic, P. Eng., of Ausenco Engineering Canada ULC, Randal M. Brush, P.E. and Robert E. Williams,&nbsp;Jr.
PG, CPG of Haas and Cobb Petroleum Consultants, LLC, Thomas Wynn Rogers,&nbsp;Jr., P.E of Hunt, Guillot&nbsp;&amp; Associates, LLC, and
Richard DeLong, P.G. of Trinity Consultants Inc. prepared the South West Arkansas Technical Report dated October&nbsp;14, 2025 with an
effective date of September&nbsp;3, 2025; and</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Randal M. Brush, P.E. and Robert E. Williams,&nbsp;Jr.
PG, CPG of Haas and Cobb Petroleum Consultants, LLC, Charles Daniel Campbell, P.E. of Alliance Technical Group, Frank Gay, P.E. of <FONT STYLE="background-color: white">Hunt,
Guillot&nbsp;&amp; Associates, LLC</FONT>, Susan B. Patton, P.E. of RESPEC Company, LLC and Mike Rockandel, RM-SME of Mike Rockandel Consulting,
LLC prepared Lanxess Technical Report 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.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date hereof, to the best knowledge of
the Company, the aforementioned persons, collectively, held less than 1% of the outstanding securities of the Company when they prepared
or certified a report, valuation, statement or opinion, as applicable, referred to above and as at the date hereof, and they did not receive
any direct or indirect interest in any securities of the Company or of any associate or affiliate of the Company in connection with the
preparation or certification of such report, valuation, statement or opinion, 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-align: justify">Experts who have prepared reports for the Company
directly or in a document incorporated by reference to this Prospectus Supplement include PricewaterhouseCoopers LLP, Chartered Professional
Accountants, who issued the Report of Independent Registered Public Accounting Firm accompanying the audited financial statements of the
Company for the six month fiscal period ended December&nbsp;31, 2024 and year ended June&nbsp;30, 2024, and report that they are independent
with respect to the Company within the meaning of the relevant rules&nbsp;and related interpretations prescribed by the relevant professional
bodies in Canada, including the CPABC Code of Professional Conduct and any applicable legislation and regulations, as well as the rules&nbsp;of
the SEC and the Public Company Accounting Oversight Board (PCAOB) on auditor independence, as of 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-align: justify; text-indent: 0in">All scientific and technical
information in this Prospectus Supplement has been reviewed and approved by Steve Ross, Professional Geologist and Vice President of Resource
Development of the Company, who is a qualified person under NI 43-101. Mr. Ross has beneficial ownership of less than 1% of the outstanding
securities of the Company. As of the date hereof, Mr. Ross holds 460,500 Common Shares and 172,730 Options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="b_011"></A>AUDITORS,
TRANSFER AGENTS AND REGISTRARS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PricewaterhouseCoopers LLP, Chartered Professional
Accountants, was appointed as auditor of the Company on October&nbsp;17, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The </FONT>registrar
and transfer agent for the Common Shares is TSX Trust Company, located at its principal offices in Vancouver, British Columbia.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="b_012"></A>STATUTORY
EXEMPTIONS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Pursuant to a decision
of the Autorit&eacute; des march&eacute;s financiers dated </FONT>May&nbsp;29, 2025, the Company was granted exemptive relief from the
requirement that this Prospectus Supplement, the accompanying Prospectus and the documents incorporated by reference herein and therein,
be publicly filed in both the French and English languages. This exemption was granted on the condition that the Prospectus and any prospectus
supplement (other than in relation to an &ldquo;at-the-market distribution&rdquo;) be translated into French if the Company offers securities
to Qu&eacute;bec purchasers in connection with an offering other than in relation to an &ldquo;at-the-market distribution&rdquo;. For
the purposes of this Prospectus Supplement, the Company is not required to publicly file French versions of this Prospectus Supplement
and the documents incorporated by reference 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-align: center"><B>SHORT FORM&nbsp;BASE SHELF PROSPECTUS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><U>New Issue</U></I></FONT></TD>
    <TD STYLE="width: 50%; text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July&nbsp;30, 2025</FONT></TD></TR>
  </TABLE>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2528837d1_supplimg001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>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: center"><B>US$1,000,000,000</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Shares<BR>
Preferred Shares<BR>
Debt Securities<BR>
Subscription Receipts<BR>
Warrants<BR>
Units</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 Ltd. (&ldquo;<B>SLI</B>&rdquo;,
 &ldquo;<B>we</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;) may from time to time offer and issue the following securities: (i)&nbsp;common
shares of the Company (&ldquo;<B>Common Shares</B>&rdquo;); (ii)&nbsp;preferred shares of the Company (&ldquo;<B>Preferred Shares</B>&rdquo;);
(iii)&nbsp;senior and subordinated debt securities of the Company, including convertible debt securities (collectively, &ldquo;<B>Debt
Securities</B>&rdquo;); (iv)&nbsp;subscription receipts (&ldquo;<B>Subscription Receipts</B>&rdquo;) exchangeable for Common Shares and/or
other securities of the Company; (v)&nbsp;warrants (&ldquo;<B>Warrants</B>&rdquo;) exercisable to acquire Common Shares and/or other securities
of the Company; and (vi)&nbsp;securities comprised of more than one of Common Shares, Preferred Shares, Debt Securities, Subscription
Receipts and/or Warrants offered together as a unit (&ldquo;<B>Units</B>&rdquo;, and together with the Common Shares, Preferred Shares,
Debt Securities, Subscription Receipts and Warrants, the &ldquo;<B>Securities</B>&rdquo;), or any combination thereof, having an aggregate
offering price of up to US$1,000,000,000 (or the equivalent thereof, at the date of issue, in any other currency or currencies, as the
case may be), at any time during the 25-month period that this short form base shelf prospectus, including any amendments hereto (the
 &ldquo;<B>Prospectus</B>&rdquo;), remains effective. The Securities may be offered separately or together, in separate series, in amounts,
at prices and on terms to be determined at the time of sale and set forth in one or more prospectus supplements (each, a &ldquo;<B>Prospectus
Supplement</B>&rdquo;). This Prospectus qualifies the distribution of Securities by the Company. In addition, Securities may be offered
and issued in consideration for the acquisition of other businesses, assets or securities by the Company or a subsidiary of the Company.
The consideration for any such acquisition may consist of any of the Securities separately, a combination of Securities or any combination
of, among other things, Securities, cash and assumption of liabilities.</P>

<P STYLE="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">The specific terms of any offering of Securities
will be set out in the applicable Prospectus Supplement and may include, without limitation, where applicable: (i)&nbsp;in the case of
Common Shares, the number of Common Shares being offered, the offering price (or the manner of determination thereof if offered on a non-fixed
price basis), whether the Common Shares are being offered for cash, and any other terms specific to the Common Shares being offered; (ii)&nbsp;in
the case of Preferred Shares, the designation of the particular class, series, liquidation preference amount, the number of Preferred
Shares being offered, the offering price (or the manner of determination thereof if offered on a non-fixed price basis), whether the Preferred
Shares are being offered for cash, the currency or currency unit for which such Preferred Shares may be purchased, any voting rights,
any rights to receive dividends, any terms of redemption, any conversion or exchange rights, and any other terms specific to the Preferred
Shares being offered; (iii)&nbsp;in the case of Debt Securities, the specific designation of the Debt Securities, whether such Debt Securities
are senior or subordinated, the aggregate principal amount of the Debt Securities being offered, the currency or currency unit in which
the Debt Securities may be purchased, authorized denominations, any limit on the aggregate principal amount of the Debt Securities of
the series being offered, the issue and delivery date, the maturity date, the offering price (at par, at a discount or at a premium),
the interest rate or method of determining the interest rate, the interest payment date(s), any conversion or exchange rights that are
attached to the Debt Securities, any redemption provisions, any repayment provisions, and any other terms specific to the Debt Securities
being offered; (iv)&nbsp;in the case of Subscription Receipts, the number of Subscription Receipts being offered, the offering price (or
the manner of determination thereof if offered on a non-fixed price basis), whether the Subscription Receipts are being offered for cash,
the terms, conditions and procedures for the exchange of Subscription Receipts for Common Shares and/or other securities of the Company,
as the case may be, the currency or currency unit in which the Subscription Receipts are issued, and any other terms specific to the Subscription
Receipts being offered; (v)&nbsp;in the case of Warrants, the number of Warrants being offered, the offering price (or the manner of determination
thereof if offered on a non-fixed price basis), whether the Warrants are being offered for cash, the terms, conditions and procedures
for the exercise of such Warrants into or for Common Shares and/or other securities of the Company, and any other terms specific to the
Warrants being offered; and (vi)&nbsp;in the case of Units, the designation and terms of the Units and of the Securities comprising the
Units, the offering price (or the manner of determination thereof if offered on a non-fixed price basis), whether the Units are being
offered for cash, the currency or currency unit in which the Units are issued, and any other terms specific to the Units being offered.
A Prospectus Supplement may include other specific terms pertaining to the Securities that are not within the alternatives and parameters
described in this Prospectus. You should read this Prospectus and any applicable Prospectus Supplement carefully before you invest in
any Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All shelf information permitted under applicable
securities legislation to be omitted from this Prospectus will be contained in one or more Prospectus Supplements that will be delivered
to purchasers together with this Prospectus, unless an exemption from the prospectus delivery requirements is available. Each Prospectus
Supplement will be incorporated by reference into this Prospectus for the purposes of securities legislation as of the date of such Prospectus
Supplement and only for the purposes of the distribution of the Securities to which such Prospectus Supplement pertains.</P>

<P STYLE="font: 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 Prospectus may qualify an &ldquo;at-the-market
distribution&rdquo; as defined in NI 44-102. This Prospectus does not qualify for issuance Debt Securities, or Securities convertible
into or exchangeable for Debt Securities, in respect of which the payment of principal and/or interest may be determined, in whole or
in part, by reference to one or more underlying interests including, for example, an equity or debt security, a statistical measure of
economic or financial performance including, but not limited to, any currency, consumer price or mortgage index, or the price or value
of one or more commodities, indices or other items, or any other item or formula, or any combination or basket of the foregoing items.
For greater certainty, this Prospectus may qualify for issuance Debt Securities, or Securities convertible into or exchangeable for Debt
Securities, in respect of which the payment of principal and/or interest may be determined, in whole or in part, by reference to published
rates of a central banking authority or one or more financial institutions, such as a prime rate or bankers&rsquo; acceptance rate, or
to recognized market benchmark interest rates such as the <FONT STYLE="color: #333333">Canadian Overnight Repo Rate Average</FONT> (&ldquo;<B>CORRA</B>&rdquo;)
or a United States federal funds rate.</P>

<P STYLE="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">We may offer and sell the Securities to or through
underwriters or dealers purchasing as principals and may also sell the Securities to one or more purchasers directly or through agents
designated by the Company from time to time. The Prospectus Supplement relating to a particular offering of Securities will identify each
underwriter, dealer or agent, if any, engaged by the Company in connection with the offering and sale of the Securities and will set forth
the terms of the offering of such Securities, the method of distribution of such Securities, including the proceeds to us, and, to the
extent applicable, any fees, discounts or any other compensation payable to underwriters, dealers or agents and any other material terms
of the plan of distribution. If offered on a non-fixed price basis, Securities may be offered at market prices prevailing at the time
of sale, at prices related to such prevailing market prices or at prices to be negotiated with purchasers at the time of sale, which prices
may vary between purchasers and during the period of distribution. If Securities are offered on a non-fixed price basis, the underwriters&rsquo;,
dealers&rsquo; or agents&rsquo; compensation will be increased or decreased by the amount by which the aggregate price paid for Securities
by the purchasers exceeds or is less than the gross proceeds paid by the underwriters, dealers or agents to the Company. See &ldquo;Plan
of Distribution&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">Unless otherwise specified in the relevant Prospectus
Supplement, subject to applicable laws, in connection with any offering of Securities, other than an &ldquo;at-the-market distribution&rdquo;,
the underwriters, dealers or agents may over-allot or effect transactions that are intended to stabilize or maintain the market price
of the offered Securities at levels other than those which otherwise might prevail on the open market. Such transactions, if commenced,
may be discontinued at any time. No underwriter, dealer or agent involved in an &ldquo;at-the-market distribution&rdquo;, no affiliate
of such an underwriter, dealer or agent and no person or company acting jointly or in concert with such an underwriter, dealer or agent
may, in connection with the distribution, enter into any transaction that is intended to stabilize or maintain the market price of the
Securities distributed, including selling an aggregate number or principal amount of securities that would result in the underwriter,
dealer or agent creating an over-allocation position in the Securities distributed. See &ldquo;Plan of Distribution&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">As at the date of this Prospectus, no underwriter,
dealer or agent is in a contractual relationship with the Company requiring the underwriter, dealer or agent to distribute under this
Prospectus. No underwriter, dealer or agent has been involved in the preparation of this Prospectus or performed any review of the contents
of this Prospectus<B>.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investors should rely only on the information
contained in or incorporated by reference in this Prospectus and any applicable Prospectus Supplement. The Company has not authorized
anyone to provide investors with different or additional information. There are certain risks inherent in an investment in our Securities
and in our activities. Prospective investors should carefully read and consider the risk factors described or referenced under the headings
 &ldquo;Forward-Looking Information&rdquo; and &ldquo;Risk Factors&rdquo; in this Prospectus, contained in any of the documents incorporated
by reference herein, and in any applicable Prospectus Supplement and any of the documents incorporated by reference therein, before purchasing
Securities. See &ldquo;Forward-Looking Information&rdquo; and &ldquo;Risk Factors&rdquo; below and the &ldquo;Risk Factors&rdquo; section
of the applicable Prospectus Supplement.</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>All dollar amounts in this Prospectus are in
United States dollars, unless otherwise indicated. See &ldquo;Currency and Exchange Rate Information&rdquo;.</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">The outstanding Common Shares are listed and posted
for trading in Canada on the TSX Venture Exchange (&ldquo;<B>TSXV</B>&rdquo;) and in the United States on the NYSE American LLC (&ldquo;<B>NYSE
American</B>&rdquo;) under the trading symbol &ldquo;SLI&rdquo;. On July 29, 2025, the last trading day prior to the date of this Prospectus,
the closing price of the Common Shares on the TSXV was C$3.55 and on the NYSE American was US$2.59.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Unless otherwise specified in the applicable
Prospectus Supplement, the Preferred Shares, Debt Securities, Subscription Receipts, Warrants and Units will not be listed on any securities
exchange. There is no market through which the Securities, other than the Common Shares, may be sold and purchasers may not be able to
resell such Securities purchased under this Prospectus and any applicable Prospectus Supplement. This may affect the pricing of such Securities
in the secondary market, the transparency and availability of trading prices, the liquidity of such Securities, and the extent of issuer
regulation. See &ldquo;Risk Factors&rdquo; below and the &ldquo;Risk Factors&rdquo; section of the applicable Prospectus Supplement.</B></P>

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

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

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<P STYLE="font: 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>THESE SECURITIES HAVE NOT BEEN APPROVED OR
DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE &ldquo;SEC&rdquo;) OR ANY STATE SECURITIES COMMISSION OR REGULATOR
NOR HAS THE SEC OR ANY STATE SECURITIES COMMISSION OR REGULATOR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We are permitted, under a multi-jurisdictional
disclosure system adopted by the securities regulatory authorities in the United States and Canada (&ldquo;MJDS&rdquo;), to prepare this
Prospectus in accordance with Canadian disclosure requirements, which are different from United States disclosure requirements.</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>We prepare our annual financial statements,
certain of which are incorporated by reference herein, in United States dollars and in accordance with International Financial Reporting
Standards as issued by the International Accounting Standards Board (&ldquo;IFRS&rdquo;) and our interim financial statements in United
States dollars and in accordance with IFRS as applicable to interim financial reporting, including IAS 34,&nbsp;Interim Financial Reporting
(&ldquo;IAS 34&rdquo;), and they therefore may not be comparable to financial statements of United States companies.</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>Prospective investors should be aware that
the acquisition of the Securities may subject you to tax consequences both in Canada and the United States. Such tax consequences, including
for investors who are resident in, or citizens of, the United States and Canada, are not described in this Prospectus and may not be fully
described in any applicable Prospectus Supplement. You should read the tax discussion in any Prospectus Supplement with respect to a particular
offering of Securities and consult your own tax advisor with respect to your own particular circumstances.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Your ability to enforce civil liabilities under
United States federal securities laws may be affected adversely because: (i)&nbsp;the Company is governed by the <I>Canada Business Corporations
Act </I>(&ldquo;CBCA&rdquo;); (ii)&nbsp;certain officers, all but three of the directors and some of the experts named in this Prospectus
are not residents of the United States; and (iii)&nbsp;certain of the Company&rsquo;s assets and all or a substantial portion of the assets
of such persons are located outside of the United States. See &ldquo;Enforceability of Certain Civil Liabilities and Agent for Service
of Process&rdquo;.</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">Four directors and two officers of the Company
and certain of the experts named in this Prospectus reside outside of Canada. See &ldquo;Enforceability of Certain Civil Liabilities and
Agent for Service of Process&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&rsquo;s head office is located at
Suite&nbsp;1625, 1075 West Georgia Street, Vancouver, British Columbia, V6E 3C9 <FONT STYLE="color: #0a0a0a">and</FONT> the Company&rsquo;s
registered office is located at Suite&nbsp;2200, 885 West Georgia Street, Vancouver, British Columbia, V6C 3E8.</P>

<P STYLE="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: 8pt 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>TABLE OF CONTENTS</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="text-transform: uppercase; font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 95%; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_001"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; width: 5%; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_001"><FONT STYLE="font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_002"><FONT STYLE="font-size: 10pt">FORWARD-LOOKING INFORMATION</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_002"><FONT STYLE="font-size: 10pt">1</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_003"><FONT STYLE="font-size: 10pt">NOTICE REGARDING REPRESENTATION OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_003"><FONT STYLE="font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_004"><FONT STYLE="font-size: 10pt">PRESENTATION OF FINANCIAL INFORMATION</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_004"><FONT STYLE="font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_005"><FONT STYLE="font-size: 10pt">CURRENCY AND EXCHANGE RATE INFORMATION</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_005"><FONT STYLE="font-size: 10pt">3</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_006"><FONT STYLE="font-size: 10pt">DOCUMENTS INCORPORATED BY REFERENCE</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_006"><FONT STYLE="font-size: 10pt">4</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_007"><FONT STYLE="font-size: 10pt">AVAILABLE INFORMATION</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_007"><FONT STYLE="font-size: 10pt">6</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_008"><FONT STYLE="font-size: 10pt">ENFORCEABILITY OF CERTAIN CIVIL LIABILITIES AND AGENT FOR SERVICE OF PROCESS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_008"><FONT STYLE="font-size: 10pt">6</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_009"><FONT STYLE="font-size: 10pt">THE COMPANY</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_009"><FONT STYLE="font-size: 10pt">7</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_010"><FONT STYLE="font-size: 10pt">BUSINESS OF THE COMPANY</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_010"><FONT STYLE="font-size: 10pt">7</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_011"><FONT STYLE="font-size: 10pt">CONSOLIDATED CAPITALIZATION</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_011"><FONT STYLE="font-size: 10pt">12</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_012"><FONT STYLE="font-size: 10pt">EARNINGS COVERAGE RATIOS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_012"><FONT STYLE="font-size: 10pt">12</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_013"><FONT STYLE="font-size: 10pt">DESCRIPTION OF COMMON SHARES</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_013"><FONT STYLE="font-size: 10pt">13</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_014"><FONT STYLE="font-size: 10pt">DESCRIPTION OF PREFERRED SHARES</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_014"><FONT STYLE="font-size: 10pt">13</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_015"><FONT STYLE="font-size: 10pt">DESCRIPTION OF DEBT SECURITIES</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_015"><FONT STYLE="font-size: 10pt">13</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_016"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SUBSCRIPTION RECEIPTS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_016"><FONT STYLE="font-size: 10pt">15</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_017"><FONT STYLE="font-size: 10pt">DESCRIPTION OF WARRANTS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_017"><FONT STYLE="font-size: 10pt">16</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_018"><FONT STYLE="font-size: 10pt">DESCRIPTION OF UNITS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_018"><FONT STYLE="font-size: 10pt">17</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_019"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_019"><FONT STYLE="font-size: 10pt">18</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_020"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_020"><FONT STYLE="font-size: 10pt">19</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_021"><FONT STYLE="font-size: 10pt">PRIOR FINANCINGS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_021"><FONT STYLE="font-size: 10pt">20</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_022"><FONT STYLE="font-size: 10pt">TRADING PRICE AND VOLUME</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_022"><FONT STYLE="font-size: 10pt">20</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_023"><FONT STYLE="font-size: 10pt">PRIOR SALES</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_023"><FONT STYLE="font-size: 10pt">20</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_024"><FONT STYLE="font-size: 10pt">CERTAIN INCOME TAX CONSIDERATIONS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_024"><FONT STYLE="font-size: 10pt">20</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_025"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_025"><FONT STYLE="font-size: 10pt">20</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_026"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_026"><FONT STYLE="font-size: 10pt">23</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; padding-bottom: 0"><A HREF="#L_027"><FONT STYLE="font-size: 10pt">exemption from national instrument 44-101</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_027"><FONT STYLE="font-size: 10pt">23</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_028"><FONT STYLE="font-size: 10pt">AUDITORS, TRANSFER AGENT AND REGISTRAR</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_028"><FONT STYLE="font-size: 10pt">23</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_029"><FONT STYLE="font-size: 10pt">INTERESTS OF EXPERTS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_029"><FONT STYLE="font-size: 10pt">23</FONT></A></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_030"><FONT STYLE="font-size: 10pt">GLOSSARY OF TERMS</FONT></A></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 0; text-transform: uppercase"><A HREF="#L_030"><FONT STYLE="font-size: 10pt">25</FONT></A></TD></TR>
  </TABLE>

<P STYLE="font: 9pt 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"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_001"></A>ABOUT
THIS PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Prospectus provides a
general description of the Securities that we may offer. Each time we sell Securities under this Prospectus, we will prepare a Prospectus
Supplement that will contain specific information about the terms of that offering. The Prospectus Supplement may also add, update or
change information contained in this Prospectus. Before investing in any Securities, you should read both this Prospectus and any applicable
Prospectus Supplement, together with the additional information described below and in the applicable Prospectus Supplement under &ldquo;Documents
Incorporated by Reference&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors should rely only
on the information contained in or incorporated by reference in this Prospectus and any applicable Prospectus Supplement and are not entitled
to rely on certain parts of the information contained in or incorporated by reference in this Prospectus and any applicable Prospectus
Supplement to the exclusion of the remainder. We have not authorized anyone to provide investors with different or additional information.
If anyone provides you with different or additional information, you should not rely on it. We are not making an offer of Securities in
any jurisdiction where the offer or sale of Securities is not permitted by law. Prospective investors should not assume that the information
contained in or incorporated by reference in this Prospectus and any applicable Prospectus Supplement is accurate as of any date other
than the date on the front of such documents (including the documents incorporated by reference herein and therein), regardless of the
time of delivery of this Prospectus, any applicable Prospectus Supplement or any sale of Securities. Our business, financial condition,
results of operations and prospects may have changed since those dates. Information contained on the Company&rsquo;s website should not
be deemed to be a part of this Prospectus, nor incorporated by reference herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Market data and certain industry
forecasts used in the Prospectus and the documents incorporated by reference herein were obtained from market research, publicly available
information and industry publications. We believe that these sources are generally reliable, but the accuracy and completeness of this
information is not guaranteed. We have not independently verified such information, nor have we ascertained the validity or accuracy of
the underlying economic assumptions relied upon therein, and we do not make any representation as to the accuracy of such information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless we have indicated otherwise,
or the context otherwise requires, references in this Prospectus and any Prospectus Supplement to &ldquo;SLI&rdquo;, the &ldquo;Company&rdquo;,
 &ldquo;we&rdquo;, &ldquo;us&rdquo; and &ldquo;our&rdquo; refer to Standard Lithium Ltd. and/or, as applicable, one or more of its subsidiaries,
its predecessors and/or its co-ownership arrangement.</P>

<P STYLE="font: 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">Certain capitalized terms
and other terms used in this Prospectus are defined in the &ldquo;Glossary of Terms&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: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_002"></A>FORWARD-LOOKING
INFORMATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Prospectus, including
the documents incorporated herein by reference, contains certain &ldquo;forward-looking information&rdquo; within the meaning of applicable
Canadian securities legislation and &ldquo;forward-looking statements&rdquo; within the meaning of the United States Private Securities
Litigation Reform Act of 1995 (collectively referred to herein as &ldquo;forward-looking information&rdquo;). These statements relate
to future events or the Company&rsquo;s future performance. All statements, other than statements of historical fact, may be forward-looking
information. Information concerning mineral resource and mineral reserve estimates also may be deemed to be forward-looking information
in that it reflects a prediction of mineralization that would be encountered if a mineral deposit were developed and mined. Forward-looking
information generally can be identified by the use of words such as &ldquo;seek&rdquo;, &ldquo;anticipate&rdquo;, &ldquo;plan&rdquo;,
 &ldquo;continue&rdquo;, &ldquo;estimate&rdquo;, &ldquo;expect&rdquo;, &ldquo;may&rdquo;, &ldquo;will&rdquo;, &ldquo;project&rdquo;, &ldquo;predict&rdquo;,
 &ldquo;propose&rdquo;, &ldquo;potential&rdquo;, &ldquo;target&rdquo;, &ldquo;intend&rdquo;, &ldquo;could&rdquo;, &ldquo;might&rdquo;,
 &ldquo;should&rdquo;, &ldquo;believe&rdquo;, &ldquo;scheduled&rdquo;, &ldquo;implement&rdquo; and similar words or expressions. These
statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially
from those anticipated in such forward-looking information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In particular, this Prospectus
contains or incorporates by reference forward-looking information, including, without limitation, with respect to the following matters
or the Company&rsquo;s expectations relating to such matters: the Company&rsquo;s planned exploration and development programs (including,
but not limited to, plans and expectations regarding testing and operation of the lithium extraction Demonstration Plant (as defined below));
commercial opportunities for lithium products, delivery of studies; the Company&rsquo;s strategic and ongoing partnerships, including
with Equinor (as defined below); filing of technical reports; expected results of exploration; accuracy of mineral or resource exploration
activity; accuracy of mineral reserves or mineral resources estimates, including the ability to develop and realize on such estimates;
whether mineral resources will ever be developed into mineral reserves, and information and underlying assumptions related thereto; budget
estimates and expected expenditures by the Company on its properties; regulatory or government requirements or approvals; the reliability
of third party information; continued access to mineral properties or infrastructure, payments and share issuances pursuant to property
agreements; fluctuations in the market for lithium and its derivatives; expected timing of the expenditures; performance of the Company&rsquo;s
business and operations; changes in exploration costs and government regulation in Canada and the United States; competition for, among
other things, capital, acquisitions, undeveloped lands and skilled personnel; changes in commodity prices and exchange rates; currency
and interest rate fluctuations; inflation, the Company&rsquo;s funding requirements and ability to raise capital; geopolitical instability;
war (such as Russia&rsquo;s invasion of Ukraine and the ongoing conflict in the Middle East) and other factors or information.</P>

<P STYLE="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; text-indent: 0.5in">Forward-looking information
does not take into account the effect of transactions or other items announced or occurring after the statements are made. Forward-looking
information is based upon a number of expectations and assumptions and is subject to a number of risks and uncertainties, many of which
are beyond the Company&rsquo;s control, which could cause actual results to differ materially from those that are disclosed in or implied
by such forward-looking information. With respect to forward-looking information listed above and incorporated by reference herein, the
Company has made assumptions regarding, among other things: current technological trends; the ability to fund, advance and develop the
Company&rsquo;s properties; the Company&rsquo;s ability to operate in a safe and effective manner; uncertainties with respect to receiving,
and maintaining, mining, exploration, environmental and other permits; pricing and demand for lithium, including that such demand is supported
by growth in the electric vehicle market and the energy storage market; impact of increasing competition; commodity prices, currency rates,
interest rates and general economic conditions; the legislative, regulatory and community environments in the jurisdictions where the
Company operates; impact of unknown financial contingencies; market prices for lithium products; budgets and estimates of capital and
operating costs; estimates of mineral resources and mineral reserves; reliability of technical data; the ability to negotiate access agreements
on commercially reasonable terms and the anticipated timing and results of operation and development. Although the Company believes that
the assumptions and expectations reflected in such forward-looking information are reasonable, the Company can give no assurance that
these assumptions and expectations will prove to be correct. Since forward-looking information inherently involves risks and uncertainties,
undue reliance should not be placed on such information.</P>

<P STYLE="font: 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">Forward-looking information
involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information.
Such factors include, but are not limited to, factors relating to: general economic conditions in Canada, the United States and globally;
industry conditions, including the state of the electric vehicle market and the energy storage market; governmental regulation of the
mining industry, including environmental regulation; geological, technical and drilling problems; changes in current and future trade
agreements, legislation, regulations, import tariffs and other similar trade barriers, including material changes in the U.S.-Mexico-Canada
agreements and implementation of the &ldquo;America First Trade Policy&rdquo;; geo-political tension and tension with respect to lithium;
unanticipated operating events; negotiation of commercial access agreements; competition for and/or inability to retain drilling rigs
and other services and to obtain capital, undeveloped lands, skilled personnel, equipment and inputs; reliance on third parties; potential
or ongoing joint ventures; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities;
uncertainties associated with estimating mineral resources and mineral reserves, including uncertainties relating to the assumptions underlying
mineral resource and mineral reserve estimates; whether mineral resources will ever be converted into mineral reserves; uncertainties
in estimating capital and operating costs, cash flows and other project economics; liabilities and risks, including environmental liabilities
and risks inherent in mineral extraction operations; health and safety risks; risks related to unknown financial contingencies, including
litigation costs, on the Company&rsquo;s operations; unanticipated results of exploration activities; unpredictable weather conditions;
unanticipated delays in preparing technical studies; inability to generate profitable operations; restrictive covenants in debt instruments;
lack of availability of additional financing on terms acceptable to the Company; intellectual property risk; stock market volatility;
volatility in market prices for commodities; liabilities inherent in the mining industry; inflation risks; risks related to war (such
as Russia&rsquo;s invasion of Ukraine and the ongoing conflict in the Middle East); changes in tax laws, royalty policies and incentive
programs relating to the mining industry; other risks pertaining to the mining industry; conflicts of interest; dependency on key personnel;
and fluctuations in currency and interest rates, as well as those factors discussed in the section entitled &ldquo;Risk Factors&rdquo;
in this Prospectus and in the AIF (as defined herein). Although the Company has attempted to identify important factors that could cause
actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors
that cause actions, events or results to differ from those anticipated, estimated or intended.</P>

<P STYLE="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; text-indent: 0.5in">Readers are cautioned that
the foregoing lists of factors are not exhaustive. The forward-looking information contained in or incorporated by reference in this
Prospectus is expressly qualified by these cautionary statements. All forward-looking information in this Prospectus or incorporated
by reference in this Prospectus speak as of the date of this Prospectus (or as of the date in the document incorporated by reference).
The Company does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information,
future events or otherwise, except as required by law. All forward-looking information contained in this Prospectus, including the documents
incorporated by reference herein, are expressly qualified in their entirety by this cautionary statement. Additional information about
these assumptions and risks and uncertainties is contained in the Company&rsquo;s filings with securities regulators, including the Company&rsquo;s
most recent AIF and most recent management&rsquo;s discussion and analysis for our most recently completed financial period and, if applicable,
interim financial period, which are available on SEDAR+ at <U>www.sedarplus.com</U> and EDGAR at <U>www.sec.gov</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; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_003"></A>NOTICE
REGARDING REPRESENTATION OF MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The disclosure included in
or incorporated by reference in this Prospectus uses mineral reserves and mineral resources classification terms that comply with reporting
standards in Canada and are made in accordance with National Instrument 43-101 - <I>Standards of Disclosure for Mineral Projects</I> (&ldquo;<B>NI
43-101</B>&rdquo;). NI 43-101 is a rule&nbsp;developed by the Canadian Securities Administrators that establishes standards for all public
disclosure an issuer makes of scientific and technical information concerning mineral projects.</P>

<P STYLE="font: 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">These standards differ from the requirements of the SEC that are applicable to domestic United States reporting companies. Any mineral reserves and mineral resources
reported by the Company in accordance with NI 43-101 may not qualify as such under SEC standards. Accordingly, information included in
this Prospectus and the documents incorporated by reference herein that describes the Company&rsquo;s mineral reserves and mineral resources
estimates may not be comparable with information made public by United States companies subject to the SEC&rsquo;s reporting and disclosure
requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_004"></A>PRESENTATION
OF FINANCIAL INFORMATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We present our financial statements
in United States dollars. Our annual financial statements are prepared in accordance with IFRS and our interim financial statements are
prepared in accordance with IFRS as applicable to interim financial reporting, including IAS 34. Unless otherwise indicated, financial
information included in or incorporated by reference in this Prospectus has been derived from financial statements prepared in accordance
with IFRS, or in accordance with IAS 34. As a result, certain financial information included in or incorporated by reference in this Prospectus
may not be comparable to financial information prepared by companies in the United States reporting under generally accepted accounting
principles in the United States. Certain calculations included in tables and other figures in this Prospectus have been rounded for clarity
of presentation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_005"></A>CURRENCY
AND EXCHANGE RATE INFORMATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated,
all references to &ldquo;$&rdquo;, &ldquo;US$&rdquo; or &ldquo;dollars&rdquo; in this Prospectus refer to United States dollars. References
to &ldquo;C$&rdquo; in this Prospectus refer to Canadian dollars.</P>

<P STYLE="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: justify; text-indent: 0.5in">The following table sets forth,
for each of the periods indicated, the high, low and average exchange rates, and the exchange rate at the end of the period, for the conversion
of one (1)&nbsp;United States dollar into the Canadian dollar equivalent, based on the exchange rate as reported by the Bank of Canada:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>US$ to C$</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>YE 2024</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Q1 2025</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">High</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4416</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4603</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Low</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3316</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4166</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.3698</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4352</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rate at end of period</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4389</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C$</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.4376</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&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; text-align: justify; text-indent: 0.5in">The exchange rate on July&nbsp;29,
2025, as reported by the Bank of Canada for the conversion of one United States dollar into Canadian dollars was $1.00 equals C$1.37.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_006"></A>DOCUMENTS
INCORPORATED BY REFERENCE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Information has been incorporated
by reference in this Prospectus from documents filed by us with the securities commissions or similar regulatory authorities in Canada,
which have also been filed with, or furnished to, the SEC</B>. Copies of the documents incorporated by reference herein may be obtained
on request without charge from the Corporate Secretary of the Company at Suite&nbsp;1625, 1075 West Georgia Street, Vancouver, British
Columbia, V6E 3C9, telephone (604) 409-8154, e-mail: info@standardlithium.com, and are also available electronically under the profile
of the Company at <U>www.sedarplus.com</U> or in the United States through EDGAR at the website of the SEC at <U>www.sec.gov</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; text-align: justify; text-indent: 0.5in">As at the date of this Prospectus,
the following documents, filed by the Company with the securities commissions or similar regulatory authorities in each of the provinces
of Canada, other than Qu&eacute;bec, and filed with, or furnished to, the SEC, are specifically incorporated by reference into, and form
an integral part of, this Prospectus, provided that such documents are not incorporated by reference to the extent that their contents
are modified or superseded by a statement contained in this Prospectus or in any other subsequently filed document that is also incorporated
by reference in this Prospectus, as further described below:</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"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025043495/ck0001537137-ex99_1.htm" STYLE="-sec-extract: exhibit">(a)</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025043495/ck0001537137-ex99_1.htm" STYLE="-sec-extract: exhibit">the annual information form of the Company dated March&nbsp;21, 2025 for the six month fiscal period ended
December&nbsp;31, 2024 (the &ldquo;<B>AIF</B>&rdquo;);</A></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"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025043495/ck0001537137-ex99_3.htm" STYLE="-sec-extract: exhibit">(b)</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025043495/ck0001537137-ex99_3.htm" STYLE="-sec-extract: exhibit">the audited consolidated financial statements of the Company for the six month fiscal period ended December&nbsp;31,
2024 and year ended June&nbsp;30, 2024, together with the notes thereto and the auditor&rsquo;s report thereon;</A></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"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025043495/ck0001537137-ex99_2.htm" STYLE="-sec-extract: exhibit">(c)</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025043495/ck0001537137-ex99_2.htm" STYLE="-sec-extract: exhibit">the management&rsquo;s discussion and analysis of the results of operations and financial condition of
the Company for the six month fiscal period ended December&nbsp;31, 2024;</A></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"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025067515/ck0001537137-ex99_1.htm" STYLE="-sec-extract: exhibit">(d)</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025067515/ck0001537137-ex99_1.htm" STYLE="-sec-extract: exhibit">the unaudited condensed consolidated interim financial statements of the Company as at and for the three
months ended March&nbsp;31, 2025 and 2024, together with the notes thereto;</A></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"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025067515/ck0001537137-ex99_2.htm" STYLE="-sec-extract: exhibit">(e)</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000095017025067515/ck0001537137-ex99_2.htm" STYLE="-sec-extract: exhibit">the management&rsquo;s discussion and analysis of the results of operations and financial condition of
the Company for the three months ended March&nbsp;31, 2025; </A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465924065561/tm241257d2_ex99-1.htm" STYLE="-sec-extract: exhibit">(f)</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465924065561/tm241257d2_ex99-1.htm" STYLE="-sec-extract: exhibit">the management information circular of the Company dated May 15, 2024 prepared in connection with the annual general and special meeting
of shareholders held on June 27, 2024;</A></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"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925056887/tm2517224d1_ex99-1.htm" STYLE="-sec-extract: exhibit">(g)</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925056887/tm2517224d1_ex99-1.htm" STYLE="-sec-extract: exhibit">the management information circular of the Company dated May&nbsp;30, 2025 prepared in connection with
the annual general and special meeting of shareholders held on July&nbsp;16, 2025;</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925072513/tm2521695d1_ex99-1.htm" STYLE="-sec-extract: exhibit">(h)</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925072513/tm2521695d1_ex99-1.htm" STYLE="-sec-extract: exhibit">the technical report entitled &ldquo;Amended
and Restated NI 43-101 Technical Report, South West Arkansas Project Pre-Feasibility Study, Lewisville, Lafayette County, AR&rdquo; dated
July 23, 2025 with an effective date of August 8, 2023, amending and restating the earlier report dated September 18, 2023 (the &ldquo;<B>South
West Arkansas Technical Report</B>&rdquo;); and</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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"></TD><TD STYLE="width: 0.5in"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925072513/tm2521695d1_ex99-2.htm" STYLE="-sec-extract: exhibit">(i)</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1537137/000110465925072513/tm2521695d1_ex99-2.htm" STYLE="-sec-extract: exhibit">the technical report entitled &ldquo;Amended
and Restated Technical Report for the Definitive Feasibility Study for Commercial Lithium Extraction Plant at Lanxess South Plant&rdquo;
dated July 23, 2025 with an effective date of August 18, 2023, amending and restating the earlier report dated October 18, 2023 (the &ldquo;<B>Lanxess
Technical Report</B>&rdquo;).</A></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&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: justify; text-indent: 0.5in"><B>Except as otherwise stated
below, any documents of the foregoing type, and all other documents of the type required to be incorporated by reference in a short form
prospectus pursuant to NI 44-101, including, without limitation, any material change reports (excluding material change reports filed
on a confidential basis), interim financial statements, annual financial statements and the auditor&rsquo;s report thereon, management&rsquo;s
discussion and analysis, information circulars, annual information forms and business acquisition reports filed by the Company with the
securities commissions or similar regulatory authorities in any of the provinces or territories of Canada subsequent to the date of this
Prospectus and during the 25-month period this Prospectus remains effective, shall be deemed to be incorporated by reference in this Prospectus.
Notwithstanding anything herein to the contrary, any statement contained in this Prospectus or in a document incorporated or deemed to
be incorporated by reference in this Prospectus shall be deemed to be modified or superseded, for purposes of this Prospectus, to the
extent that a statement contained herein or in any other subsequently filed document that also is incorporated or is deemed to be incorporated
by reference herein, modifies or supersedes such prior statement. The modifying or superseding statement need not state that it has modified
or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The making
of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when
made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that was required
to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement
so modified or superseded shall be deemed, except as so modified or superseded, not to constitute a part of this Prospectus.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, to the extent
that any document or information incorporated by reference into this Prospectus pursuant to the foregoing paragraph is also included in
any report that we file with or furnish to the SEC pursuant to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Exchange Act, such document
or information shall be deemed to be incorporated by reference as an exhibit to the registration statement of which this Prospectus forms
a part. Furthermore, we may incorporate by reference into the registration statement of which this Prospectus forms a part, any report
on Form&nbsp;6- K furnished to the SEC, including the exhibits thereto, if and to the extent provided in such report.</P>

<P STYLE="font: 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">Upon new annual financial
statements and related management&rsquo;s discussion and analysis of the Company being filed with the applicable securities commissions
or similar regulatory authorities in Canada during the period that this Prospectus is effective, the previous annual financial statements
and related management&rsquo;s discussion and analysis and the previous interim financial statements and related management&rsquo;s discussion
and analysis of the Company most recently filed shall be deemed to no longer be incorporated by reference into this Prospectus for purposes
of future offers and sales of Securities hereunder. Upon new interim financial statements and related management&rsquo;s discussion and
analysis of the Company being filed with the applicable securities commissions or similar regulatory authorities in Canada during the
period that this Prospectus is effective, the previous interim financial statements and related management&rsquo;s discussion and analysis
of the Company most recently filed shall be deemed to no longer be incorporated by reference into this Prospectus for purposes of future
offers and sales of Securities hereunder. Upon a new annual information form of the Company being filed with the applicable securities
commissions or similar regulatory authorities in Canada during the period that this Prospectus is effective, notwithstanding anything
herein to the contrary, the following documents shall be deemed to no longer be incorporated by reference into this Prospectus for purposes
of future offers and sales of Securities hereunder: (i)&nbsp;the previous annual information form; (ii)&nbsp;any material change reports
filed by the Company prior to the end of the financial year in respect of which the new annual information form is filed; (iii)&nbsp;any
business acquisition reports filed by the Company for acquisitions completed prior to the beginning of the financial year in respect of
which the new annual information form is filed; and (iv)&nbsp;any information circulars filed by the Company prior to the beginning of
the financial year in respect of which the new annual information form is filed. Upon a new management information circular prepared in
connection with an annual general meeting of the Company being filed with the applicable securities commissions or similar regulatory
authorities in Canada during the period that this Prospectus is effective, the previous management information circular prepared in connection
with an annual general meeting of the Company shall be deemed to no longer be incorporated by reference into this Prospectus for purposes
of future offers and sales of Securities 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-align: justify; text-indent: 0.5in">References to our website
in any documents that are incorporated by reference into this Prospectus and any Prospectus Supplement do not incorporate by reference
the information on such website into this Prospectus or any Prospectus Supplement, and we disclaim any such incorporation by reference.</P>

<P STYLE="font: 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">A Prospectus Supplement containing
the specific terms of an offering of Securities and other information relating to the Securities will be delivered to purchasers of such
Securities together with this Prospectus, unless an exemption from the prospectus delivery requirements is available, and will be deemed
to be incorporated by reference into this Prospectus as of the date of such Prospectus Supplement, but only for the purpose of the distribution
of the Securities to which the Prospectus Supplement pertains.</P>

<P STYLE="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; text-indent: 0.5in">In addition, certain marketing
materials (as that term is defined in applicable Canadian securities legislation) may be used in connection with a distribution of Securities
under this Prospectus and the applicable Prospectus Supplements. Any &ldquo;template version&rdquo; of &ldquo;marketing materials&rdquo;
(as those terms are defined in applicable Canadian securities legislation) pertaining to a distribution of Securities, and filed by the
Company after the date of the Prospectus Supplement for the distribution of such Securities and before the termination of the distribution
of such Securities, will be deemed to be incorporated by reference in that Prospectus Supplement for the purposes of the distribution
of Securities to which the Prospectus Supplement pertains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_007"></A>AVAILABLE
INFORMATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to our continuous
disclosure obligations under the securities laws of the provinces and territories of Canada, we are subject to the informational requirements
of the Exchange Act and in accordance therewith file reports and other information with the SEC. Under the MJDS, such reports and other
information may be prepared in accordance with the disclosure requirements of Canada, which requirements are different from those of the
United States. As a foreign private issuer, the Company is exempt from the rules&nbsp;under the Exchange Act prescribing the furnishing
and content of proxy statements, and the Company&rsquo;s officers and directors are exempt from the reporting and short swing profit recovery
provisions contained in Section&nbsp;16 of the Exchange Act. The Company&rsquo;s reports and other information filed or furnished with
or to the SEC are electronically available from EDGAR at <U>www.sec.gov</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; text-align: justify; text-indent: 0.5in">The Company will file with
the SEC a registration statement on Form&nbsp;F-10 under the United States Securities Act of 1933, as amended, with respect to the Securities.
This Prospectus, which forms a part of the registration statement, does not contain all of the information set forth in the registration
statement, certain items of which are contained in the exhibits to the registration statement as permitted or required by the rules&nbsp;and
regulations of the SEC. Items of information omitted from this Prospectus but contained in the Registration Statement will be available
on the SEC&rsquo;s website at <U>www.sec.gov</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; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_008"></A>ENFORCEABILITY
OF CERTAIN CIVIL LIABILITIES AND AGENT FOR SERVICE OF PROCESS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Purchasers are advised
that it may not be possible for investors to enforce judgments obtained in Canada against any person that resides outside of Canada, even
if the party has appointed an agent for service of process.</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">Your ability to enforce civil
liabilities under United States federal securities laws may be affected adversely because: (i)&nbsp;the Company is governed by the CBCA;
(ii)&nbsp;certain officers, all except three of the directors and some of the experts named in this Prospectus are not residents of the
United States; and (iii)&nbsp;certain of the Company&rsquo;s assets and all or a substantial portion of the assets of such persons are
located outside of the United States. The Company has appointed an agent for service of process in the United States, but it may be difficult
for investors who reside in the United States to effect service of process upon the Company or these persons in the United States, or
to enforce a U.S. court judgment predicated upon the civil liability provisions of the U.S. federal securities laws against the Company
or any of these persons. There is substantial doubt whether an action could be brought in Canada in the first instance predicated solely
upon U.S. federal 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-align: justify; text-indent: 0.5in">The Company will file with
the SEC, concurrently with the registration statement on Form&nbsp;F-10 of which this Prospectus forms a part, an appointment of agent
for service of process on Form&nbsp;F-X. Under the Form&nbsp;F-X, the Company will appoint Puglisi&nbsp;&amp; Associates, with an address
at 850 Library Ave Unit 204, Newark, DE 19711, United States , as its agent for service of process in the United States in connection
with any investigation or administrative proceeding conducted by the SEC, and any civil suit or action brought against or involving the
Company in a United States court arising out of or related to or concerning the offering of Securities under the registration statement
on Form&nbsp;F-10.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Dr.&nbsp;Volker Berl,
Paul Collins and Karen Narwold, each a director of the Company, David Park, the Chief Executive Officer and a director of the Company,
and Salah Gamoudi, the Chief Financial Officer of the Company, reside outside of Canada and have appointed Cassels Brock&nbsp;&amp;
Blackwell LLP, Suite&nbsp;2200, 885 West Georgia Street, Vancouver, British Columbia, V6C 3E8 as agent for service of process in Canada.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_009"></A>THE
COMPANY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company was incorporated
under the laws of the Province of British Columbia on August&nbsp;14, 1998 under the name &ldquo;Tango Capital Corp.&rdquo; On April&nbsp;7,
1999, the Company changed its name to &ldquo;Patriot Capital Corp.&rdquo; and to &ldquo;Patriot Petroleum Corp.&rdquo; effective March&nbsp;5,
2002. At its annual general meeting held on November&nbsp;3, 2016, the shareholders of the Company approved the change of name of the
Company to &ldquo;Standard Lithium Ltd.&rdquo; and the continuance of the Company from the <I>Business Corporations Act</I> (British Columbia)
to the CBCA. On December&nbsp;1, 2016, the Company completed the name change and continuation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s registered
office is located at Suite&nbsp;2200, 885 West Georgia Street, Vancouver, British Columbia, V6C 3E8. The Company&rsquo;s head office is
located at Suite&nbsp;1625, 1075 West Georgia Street, Vancouver, British Columbia, V6E 3C9.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_010"></A>BUSINESS
OF THE COMPANY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is a near-commercial
lithium company focused on the sustainable development of a portfolio of lithium-brine bearing properties in the U.S. The Company prioritizes
brine projects characterized by high-grade resources, robust infrastructure, skilled labor, and streamlined permitting, and aims to achieve
sustainable, commercial-scale lithium production via the application of scalable and fully integrated Direct Lithium Extraction (&quot;<B>DLE</B>&quot;)
and purification processes. Recognized as a critical mineral by the U.S. Department of Energy (&quot;<B>DOE</B>&quot;), lithium holds
strategic importance for the rapidly expanding sectors of electric vehicles and energy storage systems, further influencing the broader
economy and national security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s flagship
project, the South West Arkansas Project (as defined below), is located on the Smackover Formation in southern Arkansas, a region with
a long-standing and established industry of mineral extraction and national security. The Company is also developing prospective lithium
brine areas within the Smackover Formation in East Texas (the &quot;<B>East Texas Properties</B>&quot;), in conjunction with Equinor ASA,
a multi-national energy company (&ldquo;<B>Equinor</B>&rdquo;), and continuing to evaluate the potential for commercial development of
the LANXESS Property Project (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; text-align: justify; text-indent: 0.5in">The Company operates its first-of-a-kind
industrial-scale DLE demonstration plant (the &ldquo;<B>Demonstration Plant</B>&rdquo;) at LANXESS&rsquo; South plant in southern Arkansas
(the &ldquo;<B>LANXESS Property Project</B>&rdquo;, and together with the South West Arkansas Project, the &ldquo;<B>Arkansas Lithium
Projects</B>&rdquo;). The Demonstration Plant has been used for proof-of-concept and commercial feasibility studies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The South West Arkansas Project,
being developed in partnership with Equinor, encompasses a significant land area of over 27,000 net mineral acres and is a key project
in the Company&rsquo;s portfolio due to its scale and quality of lithium-brine resources. The Company completed and published a Preliminary
Feasibility Study (&ldquo;<B>PFS</B>&rdquo;) in September&nbsp;of 2023 for the South West Arkansas Project. A Definitive Feasibility Study
(&ldquo;<B>DFS</B>&rdquo;) and a Front-End Engineering Study (&ldquo;<B>FEED</B>&rdquo;) are currently underway for the South West Arkansas
Project. Construction is targeted to begin in 2025, with first production expected in 2028, subject to, among other things, continued
project definition, due diligence, available financing, and positive DFS results.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company, in partnership
with Equinor, is also developing the East Texas Properties. The Company published exploration drilling results and testing in October&nbsp;of
2023, which demonstrated lithium concentrations of 644 mg/L on average. In partnership with Equinor, the Company plans to continue securing
further leasehold positions and to perform further exploration drilling in East Texas, and will pursue developing a resource assessment
for the project area. The Equinor Transaction (as defined below) includes a total investment of up to $160 million, reflecting a 45% ownership
stake in each of the South West Arkansas Project and the East Texas Properties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the Company also
has an interest in certain mineral leases located in the Mojave Desert in San Bernardino County, California.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Project Overview</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"><I>Arkansas Lithium Projects</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-align: justify; text-indent: 0.5in">The Arkansas Lithium Projects
consist of two independent development properties: the South West Arkansas Project and the LANXESS Property Project. The South West Arkansas
Project, developed in collaboration with Equinor, is central to the Company&rsquo;s portfolio.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The resource development of
brine leases located in southwest Arkansas (the &ldquo;<B>South West Arkansas Project</B>&rdquo;) is maintained pursuant to an option
agreement dated December&nbsp;29, 2017 between Tetra Technologies Inc. (&ldquo;<B>TETRA</B>&rdquo;) and the Company (the &ldquo;<B>TETRA
1st Option Agreement</B>&rdquo;) to acquire certain rights to conduct brine exploration and production and lithium extraction activities
on approximately 27,262 net mineral acres of brine leases and deeds located in Columbia and Lafayette Counties, Arkansas.</P>

<P STYLE="font: 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">Under the TETRA 1st Option
Agreement, the Company paid TETRA $500,000 on January&nbsp;28, 2018, $600,000 by December&nbsp;29, 2018, $700,000 on January&nbsp;31,
2020, and $750,000 on December&nbsp;29, 2020. Under the TETRA 1st Option Agreement, the Company is required to pay additional annual payments
of $1,000,000 by each annual anniversary date beginning on the date that is 48 months following the date of the TETRA 1st Option Agreement,
until the earlier of the expiration of 10 years from the date of the TETRA 1<SUP>st</SUP> Option Agreement or the execution of a limited
mineral assignment, or, if the Company exercises the option. During the lease period, as specified in the TETRA 1st Option Agreement,
at any time following the commencement of commercial production of the lithium, the Company agreed to pay a royalty of 2.5% (minimum royalty
of $1,000,000) to TETRA. On October&nbsp;31, 2023, the Company exercised its option to acquire brine production rights pursuant to the
TETRA 1st Option Agreement at the South West Arkansas Project.</P>

<P STYLE="font: 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">All of the Company&rsquo;s
activities in southern Arkansas relate to brine leases that overlie the Smackover Formation in a region with a long history of commercial
scale brine processing. Historical published brine data and current unpublished brine data from within and adjacent to the Company&rsquo;s
two areas of interest lead the Company to believe that lithium-bearing brines are present.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The South West Arkansas Project
brine lease area has been historically drilled for oil and gas exploration, and approximately 2,041 exploration and production wells have
been completed in the Smackover Formation in or immediately adjacent to the Company&rsquo;s lease area. A portion of these wells had available
petro-physical logs of the Smackover Formation brine-bearing zone. On January&nbsp;28, 2019, the Company announced a maiden inferred mineral
resource of 802,000 tonnes lithium carbonate equivalent (&ldquo;<B>LCE</B>&rdquo;) at the South West Arkansas Project.</P>

<P STYLE="font: 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">On October 12, 2021, the Company
announced the results of a preliminary economic assessment (&ldquo;<B>PEA</B>&rdquo;) and updated inferred mineral resource estimate on
the South West Arkansas Project. The results of the PEA led to the commencement of a PFS at the South West Arkansas Project on May 12,
2022.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 8, 2023, the Company
announced the results of the PFS on the South West Arkansas Project. On September 18, 2023, the Company filed a PFS and updated inferred
mineral resource for its South West Arkansas Project, available under the Company&rsquo;s SEDAR+ profile at www.sedarplus.com. On July
30, 2025, the Company filed the amended and restated South West Arkansas Technical Report, available under the Company&rsquo;s SEDAR+
profile at www.sedarplus.com. Mineral resources, however, are not mineral reserves and do not have demonstrated economic viability. There
is no guarantee that all or any part of a mineral resource will be converted into a mineral reserve.</P>

<P STYLE="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; text-indent: 0.5in">On May&nbsp;7, 2024, the Company
entered into a strategic partnership with Equinor, involving a gross investment of up to $160 million across the South West Arkansas and
East Texas Properties (the &ldquo;<B>Equinor Transaction</B>&rdquo;) whereby Equinor acquired interests in two of the Company&rsquo;s
formerly wholly-owned subsidiaries, one of which holds the South West Arkansas Project and the other holds the East Texas Properties.
Pursuant to the terms of the Equinor Transaction, Equinor acquired a 45% interest in each of the subsidiaries for an initial cash payment
of $30 million to the Company and the commitment to invest an additional $130 million as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Equinor agreed to solely fund the first $40 million
and $20 million in exploration and development costs for the South West Arkansas Project and the East Texas Properties, respectively,
after which all additional capital expenditures would be funded on a pro-rata basis; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The Company will receive $40 million in milestone
payments associated with the South West Arkansas Project and $30 million in milestone payments associated with the East Texas Properties
subject to final investment decisions being made by certain dates (&quot;<B>FID</B>&quot;).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will maintain
majority ownership and operatorships pursuant to a development services agreement at each of the South West Arkansas Project and the East
Texas Properties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The LANXESS Property
Project is maintained pursuant to a memorandum of understanding dated May&nbsp;4, 2018 and subsequent joint venture term sheet dated
November&nbsp;9, 2018 with LANXESS, regarding the testing and proving of commercial viability of lithium extraction from brine that is
produced as part of LANXESS&rsquo; bromine extraction business at its three facilities in Union County, southern Arkansas.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The first phase of the Lanxess
Property Project (the &quot;<B>Lanxess 1A Project</B>&quot;) is located at the LANXESS South facility near El Dorado, Arkansas. The Company
has also been successfully operating the Demonstration Plant at the Lanxess 1A Project location for over four years. The Demonstration
Plant serves as a testing and optimization facility, refining the commercial blueprint for scalable and replicable DLE processes.</P>

<P STYLE="font: 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">On September 6, 2023, the
Company completed a DFS for the Lanxess 1A Project at the LANXESS Property Project. On October 18, 2023, the Company filed the Lanxess
DFS technical report and measured and indicated resource for the LANXESS Property Project, available under the Company&rsquo;s SEDAR+
profile at <U>www.sedarplus.com</U>. On July 30, 2025, the Company filed the amended and restated Lanxess Technical Report, available
under the Company&rsquo;s SEDAR+ profile at www.sedarplus.com. Mineral resources, however, are not mineral reserves and do not have demonstrated
economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is considering
whether to advance towards an FID on the Lanxess 1A Project, with the timing contingent upon ongoing review of project commercialization
potential. The Company does not anticipate moving forward with the Lanxess 1A Project unless and until it a more constructive lithium
market and further project definition is 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; text-align: justify; text-indent: 0.5in"><I>East Texas Properties</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-align: justify; text-indent: 0.5in">Pursuant to the Equinor Transaction,
the Company and Equinor are developing and advancing mineral right acquisitions and exploration of prospective lithium brine areas at
the East Texas Properties. The Company published exploration drilling results and testing on October&nbsp;25, 2023, which demonstrated
lithium concentrations of 644 mg/L on average, highlighting the potential for globally significant lithium resource concentrations in
the areas the Company is exploring. In partnership with Equinor, the Company plans to continue securing further leasehold positions and
to perform further exploration drilling on the East Texas Properties and will pursue developing a resource assessment for the project
area that it expects to complete in 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; text-align: justify; text-indent: 0.5in"><I>Lithium Brine Processing
R&amp;D Project</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-align: justify; text-indent: 0.5in">The Company is focused on
continuously improving its lithium extraction and refining technologies through its technical group. This work centers on several areas:
(i)&nbsp;pre-treating brines using filtration technologies; (ii)&nbsp;selectively extracting lithium from pre-treated brine to produce
concentrated lithium salt solutions; (iii)&nbsp;purifying and crystallizing these solutions to produce battery-grade lithium products;
and (iv)&nbsp;de-risking the technology by designing, building, and operating progressively larger pilot and pre-commercial plants.</P>

<P STYLE="font: 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">As part of these efforts,
the Company entered into the Joint Development Agreement with KTS (as defined below) to support the commercial deployment of its projects.
In March&nbsp;2024, the Company installed a commercial-scale lithium extraction column&mdash;referred to as a LiPRO&trade; Lithium Selective
Sorption (&ldquo;<B>LSS</B>&rdquo;) unit&mdash;at its Demonstration Plant near El Dorado, Arkansas. This column, supplied by KTS, is the
same size and design as those planned for the Company&rsquo;s commercial projects, including the South West Arkansas Project.</P>

<P STYLE="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; text-indent: 0.5in">On April&nbsp;24, 2024, the
Company announced that it had successfully commissioned a commercial-scale DLE column at its DLE facility, which is one of the largest
continuously operating DLE facilities in North America. The Company further announced that during a representative period of continuous
operation, the commercial-scale column exceeded design parameters, achieving an average lithium recovery of 97.3%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The lithium extraction column
has been integrated with the Demonstration Plant for testing and optimization. This step is intended to provide validation and information
necessary for ongoing project financing processes, as well as for the FEED and DFS studies for the South West Arkansas Project.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This work, carried out at
project sites and various other locations in the United States and Canada, supports the Company&rsquo;s efforts to advance its projects
toward commercial-scale production.</P>

<P STYLE="font: 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>Carbon Capture Project</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-align: justify; text-indent: 0.5in">On September&nbsp;14, 2021,
the Company announced that it was undertaking and funding a pilot project in southern Arkansas to test a novel carbon capture technology.
The pilot project is being conducted with the owner of the technology, Aqualung Carbon Capture AS (&ldquo;<B>Aqualung</B>&rdquo;), and
a pilot carbon capture unit was installed at a natural gas processing site in southern Arkansas owned and operated by Mission Creek Resources
LLC. The pilot project will take a slipstream of flue gas for processing through the Aqualung pilot unit. The resulting concentrated carbon
dioxide (&ldquo;<B>CO<SUB>2</SUB></B>&rdquo;) stream will then be used in the Company&rsquo;s ongoing research and development (&ldquo;<B>R&amp;D</B>&rdquo;)
program to understand how CO<SUB>2</SUB> may be permanently sequestered by the Company as part of normal brine reinjection activities.
This R&amp;D program will then expand to consider how CO<SUB>2</SUB> may also be used as an alternative reagent at several points in the
Company&rsquo;s process flowsheet.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company believes the patent-protected
Aqualung carbon capture systems (&ldquo;<B>CCS</B>&rdquo;) technology, developed by the Norwegian University of Science and Technology
(&ldquo;<B>NTNU</B>&rdquo;), is an innovative approach with the ability to deliver a cost effective, scalable, modular decarbonization
solution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Aqualung CCS technology
results from over 20 years of research at NTNU and is based on a membrane system that selectively extracts CO<SUB>2</SUB> from a wide
range of CO<SUB>2</SUB> sources emitted by hydrocarbon-burning energy sources. It produces a high purity CO<SUB>2</SUB> gas stream that
can either be sequestered or reused.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has invested $2.5
million in Aqualung as part of a $10 million strategic equity round that included Nasdaq listed, Golar LNG Limited, London-based shipowner,
Global Ship Lease,&nbsp;Inc., and Geneva-based metals trading services group, MKS Pamp SA. Dr.&nbsp;Andrew Robinson, President and Chief
Operating Officer of the Company also joined the board of Aqualung.</P>

<P STYLE="font: 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">On January&nbsp;31, 2023,
the Company installed its carbon capture pilot plant in Southern Arkansas to assess sustainable production practices in collaboration
with its investment partner, Aqualung. The pilot plant signifies the beginning of the Company&rsquo;s research and development activities
focused on CO<SUB>2 </SUB>sequestration methods.</P>

<P STYLE="font: 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>California</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-align: justify; text-indent: 0.5in">The Company also holds interests
in certain mineral leases and option agreements in the Mojave Desert, San Bernardino County, California.</P>

<P STYLE="font: 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>Recent Developments</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-align: justify; text-indent: 0.5in">On July&nbsp;23, 2024, the
Company announced that it entered into an agreement with an advisor to settle a fee of $800,000 in consideration for the issuance of 666,667
Common Shares, which fee related to strategic advisory services facilitating the partnership between the Company and Equinor.</P>

<P STYLE="font: 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">On September&nbsp;1, 2024,
David Park was appointed as Chief Executive Officer and director of the Company following the retirement of Robert Mintak.</P>

<P STYLE="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; text-indent: 0.5in">On September&nbsp;20, 2024,
the Company announced that it had received a conditional $225 million grant from the DOE for the South West Arkansas Project.</P>

<P STYLE="font: 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">On September&nbsp;20, 2024,
the Company announced that the South West Arkansas Project&rsquo;s design was being updated from its original PFS, and would now target
a larger output of 45,000 tonnes per annum of LCE, to be developed in two phases of 22,500 tonnes each. DFS and FEED studies are concurrently
underway to support this expansion.</P>

<P STYLE="font: 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">On October&nbsp;28, 2024,
the Company announced that its subsidiary, SWA Lithium LLC. (&ldquo;<B>SWA Lithium</B>&rdquo;), had entered into a licensing agreement
with Koch Technology Solutions, LLC (&ldquo;<B>KTS</B>&rdquo;) to deploy and use KTS&rsquo; Li-Pro LSS technology.</P>

<P STYLE="font: 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">On November&nbsp;18, 2024,
the Company announced that it had changed its financial year-end from June&nbsp;30 to December&nbsp;31 to better align to the operating
cycle of the industry.</P>

<P STYLE="font: 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">On December&nbsp;10, 2024,
the Company appointed Paul Collins to the Board of Directors (as defined below) as an independent director.</P>

<P STYLE="font: 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">On December&nbsp;19, 2024,
the Company announced that SWA Lithium, in partnership with KTS, successfully designed, built, commissioned, and is operating, a pilot
DLE plant at the South West Arkansas Project. The pilot DLE plant is processing brine to confirm engineering design parameters and provide
samples of battery-quality lithium carbonate for use in the qualification process with potential off-take partners.</P>

<P STYLE="font: 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">On January 15, 2025, the Company
announced that SWA Lithium successfully commenced drilling of a new well into the Smackover Formation at the South West Arkansas Project.
SWA Lithium is also undertaking an extensive field program to re-enter the wells drilled in 2023 to conduct detailed reservoir testing
and brine sampling work.</P>

<P STYLE="font: 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">On January&nbsp;16, 2025,
the Company announced that SWA Lithium finalized the $225 million grant from the DOE, which will support construction of phase 1 of the
South West Arkansas Project.</P>

<P STYLE="font: 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">On March&nbsp;19, 2025, the
Company appointed Karen Narwold to the Board of Directors as an independent director.</P>

<P STYLE="font: 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">On April&nbsp;21, 2025, the
Company announced that its South West Arkansas Project had been selected as one of the first critical mineral production projects to be
advanced under Executive Order 14241 &ndash; <I>Immediate Measures to Increase American Mineral Production</I>, announced by the U.S.
Federal Permitting Improvement Steering Council at the recommendation of the National Energy Dominance Council.</P>

<P STYLE="font: 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">On April&nbsp;24, 2025, the
Company announced that the brine production unit, formally named the Reynolds Unit, for phase 1 of its South West Arkansas Project has
been unanimously approved by the Arkansas Oil and Gas Commission with no objections or opposition in a hearing that was open to all stakeholders
from the community.</P>

<P STYLE="font: 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">On May&nbsp;29, 2025, the
Company announced that the Arkansas Oil and Gas Commission granted approval for a 2.5% royalty rate for the Reynolds Unit for Phase I
of its South West Arkansas Project<I>.</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than the below, none
of our directors or executive officers, nor, to our knowledge, any shareholder holding a sufficient number of our securities to affect
materially the control of the Company (a) is, as at the date hereof, or has been within the 10 years before the date hereof, a director
or executive officer of any company (including ours) that, while that person was acting in that capacity, or within a year of that person
ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject
to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to
hold its assets, or (b) has, within the 10 years before the date hereof, become bankrupt, made a proposal under any legislation relating
to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver,
receiver manager or trustee appointed to hold the assets of such director, executive officer or shareholder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2019, Salah Gamoudi was
the Chief Accounting Officer at Jones Energy, Inc. (&ldquo;<B>Jones</B>&rdquo;) when the company entered into bankruptcy proceedings.
Jones emerged from bankruptcy in the same year, and Mr. Gamoudi continued in his role at Jones thereafter.</P>

<P STYLE="font: 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>Detailed Project Descriptions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For additional information
with respect to the Arkansas Lithium Projects, the Company&rsquo;s other mineral interests and the business of the Company, readers are
referred to the Company&rsquo;s then-current AIF, annual management&rsquo;s discussion and analysis and interim management&rsquo;s discussion
and analysis, if applicable, all of which are incorporated by reference herein, and the other documents incorporated by reference herein.
See also &ldquo;Risk Factors&rdquo; in this Prospectus and &ldquo;Risk Factors&rdquo; in the Company&rsquo;s then-current AIF.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following summary should
be read in conjunction with the Company&rsquo;s management&rsquo;s discussion and analysis for the three months ended March&nbsp;31, 2025
and the unaudited condensed consolidated interim financial statements and related notes thereto of the Company for the three months ended
March&nbsp;31, 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; text-align: justify; text-indent: 0.5in">The following table presents
selected unaudited consolidated financial information for each of the eight most recently completed quarters ending as at March&nbsp;31,
2025, derived from financial statements prepared in accordance with IFRS, as applicable to interim financial reporting, including IAS
34, stated in United States dollars:</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="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Quarter Ended</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total Revenues</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Net Income/(Loss)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Earnings/(Loss)<BR> Per Share</TD><TD STYLE="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="font: 10pt Times New Roman, Times, Serif; width: 51%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;30, 2023</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: center">$Nil</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">(19,747,701</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</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">$</TD><TD STYLE="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.11</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;30, 2023</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$Nil</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,256,639</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.04</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;31, 2023</FONT></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: center">$Nil</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,547,904</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.04</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;31, 2024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$Nil</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,672,519</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.04</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June&nbsp;30, 2024</FONT></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: center">$Nil</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">128,278,162</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.70</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;30, 2024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$Nil</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,829,634</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.03</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&nbsp;31, 2024</FONT></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: center">$Nil</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(24,680,922</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.13</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&nbsp;31, 2025</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$Nil</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,550,199</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.01</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Developments Following the Date of the Prospectus</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If, after the date of this
Prospectus, the Company is required by Section&nbsp;4.2 of NI 43-101 to file a technical report to support scientific or technical information
that relates to a mineral project on a property that is material to the Company, the Company will file such technical report in accordance
with Section&nbsp;4.2(5)(a)(i)&nbsp;of NI 43-101 as if the words &ldquo;preliminary short form prospectus&rdquo; refer to &ldquo;shelf
prospectus supplement&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: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_011"></A>CONSOLIDATED
CAPITALIZATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at June 30, 2025 there were </FONT>200,486,214 Common Shares issued and outstanding, as well as nil Warrants, 12,678,698 Options, 2,294,394
DSUs and 3,208,452 RSUs outstanding. As at December 31, 2024, there were 188,772,683 Common Shares issued and outstanding, as well as
nil Warrants, 10,647,246 Options, 2,425,609 DSUs and 1,780,614 RSUs outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June 30, 2025, the Company issued a total of </FONT><FONT STYLE="background-color: white">25,327,409</FONT> Common Shares at an average
price of $1.61, per Common Share, under the ATM (as defined below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than as noted above,
there have been no material changes in our share or loan capital, on a consolidated basis, since March&nbsp;31, 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; text-align: justify; text-indent: 0.5in">The applicable Prospectus
Supplement will describe any material change in, and the effect of such material change on, the share and loan capital of the Company
since the date of the Company&rsquo;s financial statements for its most recently completed financial period included in such Prospectus
Supplement, including any material change that will result from the issuance of Securities pursuant to such Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_012"></A>EARNINGS
COVERAGE RATIOS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Earnings coverage ratios will
be provided in the applicable Prospectus Supplement with respect to any issuance of Preferred Shares or Debt Securities (having a term
to maturity in excess of one year) pursuant to this Prospectus, as required by applicable 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-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_013"></A>DESCRIPTION
OF COMMON SHARES</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is authorized to issue an unlimited number of Common Shares without par value of which, as at July 30, 2025, 204,043,714</FONT>
Common Shares are issued and outstanding. All rights and restrictions in respect of the Common Shares are set out in the Company&rsquo;s
constating documents and the CBCA and its regulations. The Common Shares have no pre-emptive, subscription, redemption or conversion rights.
Neither the CBCA nor the constating documents of the Company impose restrictions on the transfer of Common Shares on the register of the
Company, provided that the Company receives the certificate representing the Common Shares to be transferred together with a duly endorsed
instrument of transfer and payment of any fees and taxes which may be prescribed by the Board of Directors from time to time. There are
no sinking fund provisions in relation to the Common Shares and they are not liable to further calls or assessment by the Company. The
CBCA and the Company&rsquo;s constating documents provide that the rights and restrictions attached to any class of shares may not be
modified, amended or varied unless consented to by special resolution passed by not less than two-thirds of the votes cast in person or
by proxy by holders of shares of that class.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of the Common
Shares are entitled to: (i)&nbsp;notice of and to attend any meetings of shareholders and shall have one vote per Common Share at any
meeting of shareholders of the Company; (ii)&nbsp;dividends, if as and when declared by the Board of Directors; and (iii)&nbsp;upon liquidation,
dissolution or winding up of the Company, on a pro rata basis, the net assets of the Company after payment of debts and other liabilities,
in each case subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking senior
in priority.</P>

<P STYLE="font: 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>Dividend Policy</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has no fixed dividend
policy and the Company has not declared any dividends on its Common Shares since its incorporation. The Company anticipates that all available
funds will be used to undertake exploration and development programs on its mineral properties as well as for the acquisition of additional
mineral properties. The payment of dividends in the future will depend, among other things, upon the Company&rsquo;s earnings, capital
requirements and operating and financial condition. Generally, dividends can only be paid if a corporation has retained earnings. There
can be no assurance that the Company will generate sufficient earnings to allow it to pay dividends.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_014"></A>DESCRIPTION
OF PREFERRED SHARES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is authorized
to issue an unlimited number of Preferred Shares, without par value of which, as at July&nbsp;30, 2025, nil Preferred Shares are issued
and outstanding. The particular class of Preferred Shares and the particular terms and provisions of any series of such class of Preferred
Shares offered by any Prospectus Supplement will be described in the Prospectus Supplement filed in respect of such series of Preferred
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-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_015"></A>DESCRIPTION
OF DEBT SECURITIES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following sets forth certain
general terms and provisions of the Debt Securities. The particular terms and provisions of a series of Debt Securities offered pursuant
to this Prospectus will be set forth in the applicable Prospectus Supplement, and the extent to which the general terms and provisions
described below may apply to such Debt Securities, will be described in the applicable Prospectus Supplement. The Company may issue Debt
Securities, separately or together, with Common Shares, Preferred Shares, Subscription Receipts, Warrants or Units or any combination
thereof, 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-align: justify; text-indent: 0.5in">The Debt Securities will
be issued in one or more series under an indenture to be entered into between the Company and one or more trustees that will be named
in a Prospectus Supplement for a series of Debt Securities. To the extent applicable, the indenture will be subject to and governed by
the United States Trust Indenture Act of 1939, as amended. A copy of the form of the indenture to be entered into will be filed with
the SEC as an exhibit to the registration statement and will be filed with the securities commissions or similar authorities in Canada
when it is entered into. The description of certain provisions of the indenture in this section do not purport to be complete and are
subject to, and are qualified in their entirety by reference to, the provisions of the indenture. Terms used in this summary that are
not otherwise defined herein have the meaning ascribed to them in the indenture. A copy of any such indenture will be available on SEDAR+
at <U>www.sedarplus.com</U> and EDGAR at <U>www.sec.gov</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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    <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; text-indent: 0.5in">The particular terms relating
to Debt Securities offered by a Prospectus Supplement will be described in the related Prospectus Supplement. This description may include,
but may not be limited to, any of the following, if applicable:</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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the specific designation of the Debt Securities;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any limit on the aggregate principal amount of
the Debt Securities; the date or dates, if any, on which the Debt Securities will mature and the portion (if less than all of the principal
amount) of the Debt Securities to be payable upon declaration of acceleration of maturity;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the rate or rates (whether fixed or variable)
at which the Debt Securities will bear interest, if any, the date or dates from which any such interest will accrue and on which any such
interest will be payable and the record dates for any interest payable on the Debt Securities that are in registered form;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the terms and conditions under which we may be
obligated to redeem, repay or purchase the Debt Securities pursuant to any sinking fund or analogous provisions or otherwise;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the terms and conditions upon which we may redeem
the Debt Securities, in whole or in part, at our option;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the covenants applicable to the Debt Securities;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the terms and conditions for any conversion or
exchange of the Debt Securities for any other securities;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the extent and manner, if any, to which payment
on or in respect of the Debt Securities of the series will be senior or will be subordinated to the prior payment of other liabilities
and obligations of the Company;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether the Debt Securities will be secured or
unsecured;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether the Debt Securities will be issuable
in registered form or bearer form or both, and, if issuable in bearer form, the restrictions as to the offer, sale and delivery of the
Debt Securities which are in bearer form and as to exchanges between registered form and bearer form;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether the Debt Securities will be issuable
in the form of registered global securities (&ldquo;<B>Global Securities</B>&rdquo;), and, if so, the identity of the depositary for such
registered Global Securities;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the denominations in which registered Debt Securities
will be issuable, if other than denominations of $1,000 and integral multiples of $1,000 and the denominations in which bearer Debt Securities
will be issuable, if other than denominations of $5,000;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">each office or agency where payments on the Debt
Securities will be made and each office or agency where the Debt Securities may be presented for registration of transfer or exchange;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if other than United States dollars, the currency
in which the Debt Securities are denominated or the currency in which we will make payments on the Debt Securities;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">material Canadian federal income tax consequences
and United States federal income tax consequences of owning the Debt Securities; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any other terms, conditions, rights or preferences
of the Debt Securities which apply solely to the Debt Securities.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we denominate the purchase
price of any of the Debt Securities in a currency or currencies other than United States dollars or a non-United States dollar unit or
units, or if the principal of and any premium and interest on any Debt Securities is payable in a currency or currencies other than United
States dollars or a non-United States dollar unit or units, we will provide investors with information on the restrictions, elections,
general tax considerations, specific terms and other information with respect to that issue of Debt Securities and such non-United States
dollar currency or currencies or non-United States dollar unit or units in the applicable Prospectus Supplement.</P>

<P STYLE="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: justify; text-indent: 0.5in">Each series of Debt Securities
may be issued at various times with different maturity dates, may bear interest at different rates and may otherwise vary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms on which a series
of Debt Securities may be convertible into or exchangeable for Common Shares or other securities of the Company will be described in the
applicable Prospectus Supplement. These terms may include provisions as to whether conversion or exchange is mandatory, at the option
of the holder or at the option of the Company, and may include provisions pursuant to which the number of Common Shares or other securities
to be received by the holders of such series of Debt Securities would be subject to adjustment.</P>

<P STYLE="font: 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">To the extent any Debt Securities
are convertible into Common Shares or other securities of the Company, prior to such conversion the holders of such Debt Securities will
not have any of the rights of holders of the securities into which the Debt Securities are convertible, including the right to receive
payments of dividends or the right to vote such underlying securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Prospectus does not qualify
for issuance Debt Securities, or Securities convertible into or exchangeable for Debt Securities, in respect of which the payment of principal
and/or interest may be determined, in whole or in part, by reference to one or more underlying interests including, for example, an equity
or debt security, a statistical measure of economic or financial performance including, but not limited to, any currency, consumer price
or mortgage index, or the price or value of one or more commodities, indices or other items, or any other item or formula, or any combination
or basket of the foregoing items. For greater certainty, this Prospectus may qualify for issuance Debt Securities, or Securities convertible
into or exchangeable for Debt Securities, in respect of which the payment of principal and/or interest may be determined, in whole or
in part, by reference to published rates of a central banking authority or one or more financial institutions, such as a prime rate or
bankers&rsquo; acceptance rate, or to recognized market benchmark interest rates such as CORRA or a United States federal funds rate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_016"></A>DESCRIPTION
OF SUBSCRIPTION RECEIPTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following sets forth certain
general terms and provisions of the Subscription Receipts. The Company may issue Subscription Receipts, which may be offered separately
or together with Common Shares, Preferred Shares, Debt Securities, Warrants or Units, as the case may be, or may be converted into or
exchanged for Common Shares, Preferred Shares, Debt Securities, Warrants, Units and/or other securities upon the satisfaction of certain
conditions. The particular terms and provisions of the Subscription Receipts offered pursuant to this Prospectus will be set forth in
the applicable Prospectus Supplement, and the extent to which the general terms and provisions described below may apply to such Subscription
Receipts, will be described in such Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Subscription Receipts
will be issued under one or more subscription receipt agreements, in each case between the Company and a subscription receipt agent determined
by the Company. A copy of any such subscription receipt agreement will be available on SEDAR+ at <U>www.sedarplus.com</U> and EDGAR at
<U>www.sec.gov</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; text-align: justify; text-indent: 0.5in">The Prospectus Supplement
relating to any Subscription Receipts being offered will include specific terms and provisions of the Subscription Receipts being offered
thereby. These terms and provisions will include some or all of the following:</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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the name or designation of the Subscription Receipts;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the number of Subscription Receipts being offered;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the price at which Subscription Receipts will
be offered and whether the price is payable in instalments;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the terms, conditions and procedures pursuant
to which the holders of Subscription Receipts will become entitled to receive Common Shares, Preferred Shares, Debt Securities, Warrants,
Units and/or other securities, as the case may be, and the consequences of such terms and conditions not being satisfied;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the number of Common Shares, Preferred Shares,
Debt Securities, Warrants, Units and/or other securities that may be issued or delivered upon the conversion or exchange of each Subscription
Receipt;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the identity of the Subscription Receipt agent;</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>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the manner in which funds will be invested and
held, and procedures for the release of funds (including interest or other income earned on funds) pending satisfaction or non-satisfaction
of the escrow release or other conditions;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any entitlements of the holders of Subscription
Receipts to receive distributions declared on Common Shares or distribution-equivalent payments;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the designation and terms of any other Securities
with which the Subscription Receipts will be offered, if any, and the number of Subscription Receipts that will be offered with each Security;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the dates or periods during which the Subscription
Receipts may be converted or exchanged into Common Shares, Preferred Shares, Debt Securities, Warrants, Units and/or other securities;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether such Subscription Receipts will be listed
on any securities exchange;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">material Canadian federal income tax consequences
of owning, holding or disposing of the Subscription Receipts, if any;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if applicable, whether the Subscription Receipts
shall be in registered or unregistered form;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if applicable, that the Subscription Receipts
shall be issuable in whole or in part as one or more Global Securities and, in such case, the depositary or depositaries for such Global
Securities in whose name the Global Securities will be registered;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any terms, procedures and limitations relating
to the transferability, exchange or conversion of the Subscription Receipts;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any other rights, privileges, restrictions and
conditions attaching to the Subscription Receipts; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any other material terms and conditions of the
Subscription Receipts.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the exchange of their
Subscription Receipts, holders of Subscription Receipts will not have any of the rights of holders of the securities to be received on
the exchange of the Subscription Receipts.</P>

<P STYLE="font: 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">Subscription Receipts, if
issued in registered form, will be exchangeable for other Subscription Receipts of the same tenor, at the office indicated in the Prospectus
Supplement. No charge will be made to the holder for any such exchange or transfer except for any tax or government charge incidental
thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_017"></A>DESCRIPTION
OF WARRANTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following sets forth certain
general terms and provisions of Warrants. The Company will deliver an undertaking to the securities regulatory authority in each of the
provinces and territories of Canada) pursuant to which the Company will agree not to distribute pursuant to this Prospectus, as it may
be supplemented or amended, any Warrants that are &ldquo;novel&rdquo; (as such term is defined in NI 44-102), including Warrants that
are convertible into or exchangeable or exercisable for securities of an entity other than the Company or its affiliates, unless the applicable
Prospectus Supplement(s)&nbsp;pertaining to the distribution of the novel securities is either (a)&nbsp;first approved for filing by the
securities commissions or similar regulatory authorities in each of the provinces and territories of Canada) where such novel securities
are distributed, or (b)&nbsp;10 business days have elapsed since the date of delivery to the applicable securities regulatory authority
of the draft Prospectus Supplement in substantially final form and the applicable securities regulatory authority has not provided written
comments on the draft Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company may issue Warrants
for the purchase of Common Shares and/or other securities. The particular terms and provisions of the Warrants offered pursuant to this
Prospectus will be set forth in the applicable Prospectus Supplement, and the extent to which the general terms and provisions described
below may apply to such Warrants, will be described in such Prospectus Supplement.</P>

<P STYLE="font: 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">Warrants may be offered separately
or together with Common Shares, Preferred Shares, Debt Securities, Subscription Receipts or other Securities offered by any Prospectus
Supplement and may be attached to, or separate from, any such offered Securities. Each series of Warrants will be issued under one or
more warrant indentures, in each case between the Company and a warrant agent determined by the Company. Each such warrant indenture,
as supplemented or amended from time to time, will set out the terms and conditions of the applicable Warrants. The statements in this
Prospectus relating to any warrant indenture and the Warrants to be issued under it are summaries of anticipated provisions of an applicable
warrant indenture and do not purport to be complete and are subject to, and are qualified in their entirety by reference to, all provisions
of such warrant indenture, as applicable. A copy of any such warrant indenture will be available on SEDAR+ at <U>www.sedarplus.com</U>
and EDGAR at <U>www.sec.gov</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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    <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; text-indent: 0.5in">The Prospectus Supplement
relating to any Warrants being offered will include specific terms and provisions of the Warrants being offered thereby. These terms and
provisions will include some or all of the following:</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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the designation of the Warrants;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the aggregate number of Warrants offered and
the offering price;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the designation, number and terms of the Common
Shares and/or other Securities purchasable upon exercise of the Warrants, and procedures that will result in the adjustment of those numbers;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the exercise price of the Warrants;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the dates or periods during which the Warrants
are exercisable;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the designation and terms of any Securities with
which the Warrants are issued;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">if the Warrants are issued as a Unit with another
Security, the date on and after which the Warrants and the other Security will be separately transferable;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the currency or currency unit in which the exercise
price is denominated;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether such Warrants will be subject to redemption
or call, and if so, the terms of such redemption or call provisions;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any minimum or maximum amount of Warrants that
may be exercised at any one time;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether such Warrants will be listed on any securities
exchange;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether the Warrants will be issued in fully
registered or global form;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any terms, procedures and limitations relating
to the transferability, exchange or exercise of the Warrants;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any other rights, privileges, restrictions and
conditions attaching to the Warrants; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any other material terms and conditions of the
Warrants.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the exercise of their
Warrants, holders of Warrants will not have any of the rights of holders of the Securities issuable on exercise of the Warrants.</P>

<P STYLE="font: 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">Warrants, if issued in registered
form, will be exchangeable for other Warrants of the same tenor, at the office indicated in the Prospectus Supplement. No charge will
be made to the holder for any such exchange or transfer except for any tax or government charge incidental thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_018"></A>DESCRIPTION
OF UNITS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following sets forth certain
general terms and provisions of the Units. The Company may issue Units comprising any combination of the other Securities described in
this Prospectus. Each Unit will be issued so that the holder of the Unit is also the holder of each Security included in the Unit. Thus,
the holder of a Unit will have the rights and obligations of a holder of each Security comprising the Unit. The agreement, if any, under
which a Unit is issued may provide that the Securities comprising the Unit may not be held or transferred separately, at any time or at
any time before a specified 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; text-align: justify; text-indent: 0.5in">The Prospectus Supplement
relating to any Units being offered will include specific terms and provisions of the Units being offered thereby. These terms and provisions
will include some or all of the following:</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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the designation and terms of the Units and of
the Securities comprising the Units, including whether and under what circumstances those Securities may be held or transferred separately;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any provisions for the issuance, payment, settlement,
transfer or exchange of the Units or of the Securities comprising the Units;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">how, for income tax purposes, the purchase price
paid for the Units is to be allocated among the component Securities;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the currency or currency units in which the Units
may be purchased, and the underlying Securities denominated;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether such Units will be listed on any securities
exchange;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">whether the Units and the underlying Securities
will be issued in fully registered or global form;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any other rights, privileges, restrictions and
conditions attaching to the Units; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">any other materials terms and conditions of the
Units and the underlying Securities.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preceding description
and any description of Units in the applicable Prospectus Supplement does not purport to be complete and is subject to and is qualified
in its entirety by reference to, if applicable, the unit agreement, collateral arrangements and depositary arrangements relating to such
Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_019"></A>PLAN
OF DISTRIBUTION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company may, during the
25-month period that this Prospectus remains effective, offer for sale and issue, as applicable, the Securities, separately or together:
(i)&nbsp;through underwriters, dealers or agents purchasing as principal or acting as agent; (ii)&nbsp;directly to one or more purchasers,
including sales upon the exercise of conversion or exchange rights attaching to convertible or exchangeable securities held by the purchaser;
or (iii)&nbsp;through a combination of any of these methods of sale. Securities sold to the public pursuant to this Prospectus may be
offered and sold exclusively in Canada or the United States, or in both jurisdictions. The Prospectus Supplement relating to each offering
of Securities will indicate the jurisdiction or jurisdictions in which such offering is being made to the public, identify each underwriter,
dealer or agent, as the case may be, and will also set forth the terms of that offering, including the purchase price or prices of the
Securities (or the manner of determination thereof if offered on a non- fixed price basis), the proceeds to the Company and any underwriters&rsquo;,
dealers&rsquo; or agents&rsquo; fees, commissions or other items constituting underwriters&rsquo; or agents&rsquo; compensation. Only
underwriters, dealers or agents so named in the applicable Prospectus Supplement are deemed to be underwriters, dealers or agents, as
the case may be, in connection with the Securities offered thereby. A Prospectus Supplement may provide that the Securities sold thereunder
will be &ldquo;flow-through&rdquo; securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Securities may be sold,
from time to time in one or more transactions at a fixed price or prices which may be changed or at market prices prevailing at the time
of sale, at prices related to such prevailing market prices or at negotiated prices, including sales in transactions that are deemed to
be &ldquo;at-the-market distributions&rdquo; as defined in NI 44-102, including sales made directly on the TSXV, the NYSE American or
other existing trading markets for the securities. The prices at which the Securities may be offered may vary between purchasers and during
the period of distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If, in connection with the
offering of Securities at a fixed price or prices, the underwriters have made a bona fide effort to sell all of the Securities at the
initial offering price fixed in the applicable Prospectus Supplement, the offering price may be decreased and thereafter further changed,
from time to time, to an amount not greater than the initial offering price fixed in such Prospectus Supplement, in which case the compensation
realized by the underwriters will be decreased by the amount that the aggregate price paid by purchasers for the Securities is less than
the gross proceeds paid by the underwriters to 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-align: justify; text-indent: 0.5in">Any offering of Preferred
Shares, Debt Securities, Subscription Receipts, Warrants or Units will be a new issue of Securities with no established trading market.
Unless otherwise specified in the applicable Prospectus Supplement, Preferred Shares, Debt Securities, Subscription Receipts, Warrants
and Units will not be listed on any securities exchange. There is no market through which the Securities, other than the Common Shares,
may be sold and purchasers may not be able to resell such Securities purchased under this Prospectus and any applicable Prospectus Supplement.
This may affect the pricing of such Securities in the secondary market, the transparency and availability of trading prices, the liquidity
of such Securities, and the extent of issuer regulation. See &ldquo;Risk Factors&rdquo;.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Underwriters, dealers or agents
may make sales of Securities in privately negotiated transactions and/or any other method permitted by law, including sales deemed to
be an &ldquo;at-the-market distribution&rdquo; and subject to limitations imposed by and the terms of any regulatory approvals required
and obtained under, applicable Canadian securities laws, which includes sales made directly on an existing trading market for the Common
Shares, or sales made to or through a market maker other than on an exchange. In connection with any offering of Securities, except with
respect to &ldquo;at-the-market distributions&rdquo; or as otherwise set out in a Prospectus Supplement relating to a particular offering
of Securities, the underwriters, dealers or agents may over-allot or effect transactions which are intended to stabilize or maintain the
market price of the offered Securities at a level other than that which might otherwise prevail in the open market. Such transactions
may be commenced, interrupted or discontinued at any time. No underwriter, dealer or agent involved in an &ldquo;at-the-market distribution&rdquo;,
no affiliate of such an underwriter, dealer or agent and no person or company acting jointly or in concert with such an underwriter, dealer
or agent may, in connection with the distribution, enter into any transaction that is intended to stabilize or maintain the market price
of the Securities distributed, including selling an aggregate number or principal amount of Securities that would result in the underwriter,
dealer or agent creating an over-allocation position in the Securities distributed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If underwriters or dealers
purchase Securities as principals, the Securities will be acquired by the underwriters or dealers for their own account and may be resold
from time to time in one or more transactions, including negotiated transactions, at a fixed offering price or at varying prices determined
at the time of sale. The obligations of the underwriters or dealers to purchase those Securities will be subject to certain conditions
precedent, and the underwriters or dealers will be obligated to purchase all the Securities offered by the Prospectus Supplement if any
of such Securities are purchased. If agents are used in an offering, unless otherwise indicated in the Prospectus Supplement, such agents
will be acting on a &ldquo;best efforts&rdquo; basis for the period of their appointment. Any offering price and any discounts or concessions
allowed or re-allowed or paid may be changed from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under agreements which may
be entered into by the Company, underwriters, dealers and agents who participate in the distribution of Securities may be entitled to
indemnification by the Company against certain liabilities, including liabilities under securities legislation, or to contribution with
respect to payments which such underwriters, dealers or agents may be required to make in respect thereof. Such underwriters, dealers
and agents may be customers of, engage in transactions with, or perform services for, the Company in the ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_020"></A>USE
OF PROCEEDS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated
in a Prospectus Supplement, we currently expect to use the net proceeds from the sale of Securities to fund our capital commitments to
the South West Arkansas Project and the East Texas Properties as part of our joint ventures with Equinor, other potential capital projects,
acquisitions, general corporate purposes, and for working capital&ndash; meaning current assets minus current liabilities. Specific information
about the use of the net proceeds to the Company of any offering of Securities under this Prospectus and the specific business objectives
which the Company expects to accomplish with such proceeds will be set forth in the applicable Prospectus Supplement relating to that
offering 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; text-align: justify; text-indent: 0.5in">There may be circumstances
where, based on results obtained or for other sound business reasons, a reallocation of funds may be necessary or prudent. Accordingly,
management of the Company will have broad discretion in the application of the net proceeds of an offering of Securities. The actual amount
that the Company spends in connection with each intended use of proceeds may vary significantly from the amounts specified in the applicable
Prospectus Supplement and will depend on a number of factors, including those referred to under &ldquo;Risk Factors&rdquo; in this Prospectus
and in the documents incorporated by reference herein and any other factors set forth in the applicable Prospectus Supplement. The Company
may invest funds which it does not immediately use. Such investments may include short-term marketable investment grade securities denominated
in United States dollars, Canadian dollars or other currencies. The Company may, from time to time, issue securities (including debt securities)
other than pursuant to this 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-align: justify; text-indent: 0.5in">Any specific allocation of
the net proceeds of an offering to a specific purpose will be determined at the time of the offering and will be described in the relevant
Prospectus Supplement. To date, the Company has not generated revenues from operations. The Company had negative operating cash flows
for the six month fiscal period ended December&nbsp;31, 2024 and for the three months ended March&nbsp;31, 2025 and the Company may continue
to incur negative operating cash flows. As a result, the Company may need to allocate a portion of its existing working capital or a portion
of the proceeds of any offering of Securities to fund any such negative operating cash flow in future periods. See &ldquo;Risk Factors
 &ndash; Negative Operating Cash Flows&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: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_021"></A>PRIOR
FINANCINGS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company filed a short
form base shelf prospectus on July&nbsp;27, 2023 and a subsequent prospectus supplement for an &ldquo;at-the-market distribution&rdquo;
of up to $50,000,000 on November&nbsp;17, 2023 (the &ldquo;<B>ATM</B>&rdquo;). As of June&nbsp;30, 2025, the net proceeds of the ATM are
approximately $39,720,318, after deducting fees associated with the ATM. The Company did not previously disclose a budget for the utilization
of the proceeds of the offering, but did disclose that the proceeds were intended to be utilized to support the strategic development
goals of the Company, and to pursue the following objectives:</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Continue advancement of the working programs
at the South West Arkansas Project;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Continue advancement of the working programs
at the LANXESS Property Project;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Continue to develop and commercialize the Demonstration
Plant;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Develop and advance mineral right acquisitions
and exploration of prospective lithium brine areas at the East Texas Properties; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursue strategic project acquisitions.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this Prospectus,
there have been no material variances to the use of proceeds previously announced, and the Company continues to utilize the proceeds of
ATM in the achievement of these objectives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_022"></A>TRADING
PRICE AND VOLUME</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The outstanding Common Shares
are listed and posted for trading in Canada on the TSXV and in the United States on the NYSE American under the symbol &ldquo;SLI&rdquo;.
Trading prices and volumes of the Common Shares for the previous 12-month period will be provided, as required, in each Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_023"></A>PRIOR
SALES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Information in respect of
prior sales of Common Shares and other Securities distributed under this Prospectus and for securities that are convertible into or exchangeable
for Common Shares or such other Securities within the previous 12-month period will be provided, as required, in a Prospectus Supplement
with respect to the issuance of Common Shares and/or other Securities pursuant to such Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_024"></A>CERTAIN
INCOME TAX CONSIDERATIONS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Owning any of the Securities
may subject holders to tax consequences. The applicable Prospectus Supplement may describe certain material Canadian federal income tax
considerations generally applicable to investors described therein of the acquisition, ownership and disposition of any Securities offered
thereunder. The applicable Prospectus Supplement may describe certain United States federal income tax considerations generally applicable
to investors described therein who are U.S. persons (within the meaning of the United States Internal Revenue Code of 1986, as amended)
of the acquisition, ownership and disposition of any Securities offered thereunder. Prospective investors should consult their own tax
advisors prior to deciding to purchase any of the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_025"></A>RISK
FACTORS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An investment in the Securities
is speculative and subject to a number of risks, including those set forth below and in the Company&rsquo;s then-current AIF and in the
then-current management&rsquo;s discussion and analysis for our most recently completed financial year period and interim financial period,
if applicable. Additional risk factors relating to a specific offering of Securities will be described in the applicable Prospectus Supplement.</P>

<P STYLE="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; text-indent: 0.5in">Prospective investors should
carefully consider these risks, in addition to the information contained and incorporated by reference herein and in the Prospectus Supplement
relating to an offering and the information incorporated by reference therein, before purchasing Securities. Some of the risk factors
described herein and in the documents incorporated by reference herein (including subsequently filed documents incorporated by reference
herein), including the applicable Prospectus Supplement are interrelated and, consequently, investors should treat such risk factors as
a whole. If any of the events identified in these risks and uncertainties were to actually occur, it could have a material adverse effect
on the business, assets, financial condition, results of operations or prospects of the Company. These are not the only risks and uncertainties
that the Company faces. Additional risks and uncertainties not presently known to the Company or that are currently considered immaterial
may also have a material adverse effect on the business, assets, financial condition, results of operations or prospects of the Company.
The Company cannot assure you that it will successfully address any or all of these risks. There is no assurance that any risk management
steps taken will avoid future loss due to the occurrence of the risks described in this Prospectus or the applicable Prospectus Supplement
or the documents incorporated by reference herein and therein or other unforeseen risks.</P>

<P STYLE="font: 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>Liquidity and Capital Resources</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-align: justify; text-indent: 0.5in">At March&nbsp;31, 2025, the
Company had a cash balance of $31,568,529, a working capital surplus of $31,326,800 and current obligations of $5,677,612.</P>

<P STYLE="font: 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">Historically, capital requirements
have been primarily funded through the sale of Common Shares. Factors that could affect the availability of financing include the progress
and results of ongoing exploration at the Company&rsquo;s mineral properties, the state of international debt and equity markets and investor
perceptions and expectations of the global market for lithium and its derivatives. There can be no assurance that such financing will
be available in the amount required at any time or for any period or, if available, that it can be obtained on terms satisfactory to the
Company. Based on the amount of funding raised, the Company&rsquo;s planned exploration, development or other work programs may be postponed,
or otherwise revised, as necessary.</P>

<P STYLE="font: 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>There is No Market for the Securities</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-align: justify; text-indent: 0.5in">Unless otherwise specified
in the applicable Prospectus Supplement, the Preferred Shares, Debt Securities, Subscription Receipts, Warrants and Units will not be
listed on any securities exchange. There is no market through which the Securities, other than the Common Shares, may be sold and purchasers
may not be able to resell such Securities purchased under this Prospectus and any applicable Prospectus Supplement. This may affect the
pricing of such Securities in the secondary market, the transparency and availability of trading prices, the liquidity of such Securities,
and the extent of issuer regulation.</P>

<P STYLE="font: 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>Dilution from Further Financings</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-align: justify; text-indent: 0.5in">The Company may need to raise
additional financing in the future through the issuance of additional equity securities or convertible debt securities. If the Company
raises additional funding by issuing additional equity securities or convertible debt securities, such financings may substantially dilute
the interests of shareholders of the Company and reduce the value of their investment and the value of the Company&rsquo;s 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-align: justify"><I>Active Liquid Market for Common Shares and
Market Price of Securities</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-align: justify; text-indent: 0.5in">There may not be an active,
liquid market for the Common Shares. There is no guarantee that an active trading market for the Common Shares will be maintained on the
TSXV and/or the NYSE American. Investors may not be able to sell their Common Shares quickly or at the latest market price if trading
in the Common Shares is not active.</P>

<P STYLE="font: 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">Securities markets have a
high level of price and volume volatility, and the market price of securities of many companies have experienced wide fluctuations in
price which have not necessarily been related to the operating performance, underlying asset values or prospects of such companies. Securities
of companies with small capitalization have experienced substantial volatility in the past, often based on factors unrelated to the financial
performance or prospects of the companies involved. These risk factors included global economic and trade developments and market perceptions
of the attractiveness of certain industries. There can be no assurance that continuing fluctuations in price will not occur. In addition,
from time to time, the stock market experiences significant price and volume volatility that may affect the market price of the Common
Shares for reasons unrelated to the Company&rsquo;s performance.</P>

<P STYLE="font: 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">Other factors unrelated to
the performance of the Company that may have an effect on the price of Common Shares include the following: lessening in trading volume
and general market interest in the Company&rsquo;s securities may affect a purchaser&rsquo;s ability to trade significant numbers of Common
Shares; and the size of the Company&rsquo;s public float may limit the ability of some institutions to invest in the Company&rsquo;s securities.
The price per Common Share may be adversely affected by a variety of factors relating to the Company&rsquo;s business, including fluctuation
in the Company&rsquo;s operating and financial results, the result of any public announcement made by the Company and the Company&rsquo;s
failure to meet analysts&rsquo; expectations. Additionally, the value of the Common Shares is subject to market value fluctuations based
upon factors that influence the Company&rsquo;s activity and changes in interest and currency rates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market value of the Common
Shares may also be affected by the Company&rsquo;s financial results and political, economic, financial, and other factors that can affect
the capital markets generally, the stock exchanges on which the Common Shares are traded and the market segment of which the Company is
a part.</P>

<P STYLE="font: 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>The Company May&nbsp;Be Impacted by Inflationary
Pressures</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-align: justify; text-indent: 0.5in">General inflationary pressures
may affect labor and other costs, which could have a material adverse effect on the Company&rsquo;s financial condition, results of operations
and the capital expenditures required to advance the Company&rsquo;s business plans. There can be no assurance that any governmental action
taken to control inflationary or deflationary cycles will be effective or whether any governmental action may contribute to economic uncertainty.
Governmental action to address inflation or deflation may also affect currency values. Accordingly, inflation and any governmental response
thereto may have a material adverse effect on the Company&rsquo;s business, results of operations, cash flow, financial condition and
the price of the Company&rsquo;s securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Discretion in the Use of Proceeds</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-align: justify; text-indent: 0.5in">Management will have broad
discretion concerning the use of the net proceeds from the offering of any Securities, as well as the timing of their expenditures. Depending
on fluctuations in lithium prices and other factors, the intended use of net proceeds from the offering of any Securities may change.
As a result, an investor will be relying on the judgment of management for the application of the net proceeds from the offering of any
Securities. Management may use the net proceeds from the offering of any Securities in ways that an investor may not consider desirable
if they believe it would be in the best interests of the Company to do so. The results and the effectiveness of the application of proceeds
from an offering of any Securities are uncertain. If the proceeds are not applied effectively, the Company&rsquo;s business, financial
condition, results of operations or prospects may suffer.</P>

<P STYLE="font: 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>Negative Operating Cash Flows</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-align: justify; text-indent: 0.5in">Given that none of the Company&rsquo;s
properties have yet to enter commercial production and generate cash flow, the Company had negative operating cash flow for its fiscal
period ended December&nbsp;31, 2024. To the extent that the Company has negative cash flow in future periods, the Company may need to
deploy a portion of its cash reserves or a portion of the proceeds of any offering of Securities to fund such negative cash flow.</P>

<P STYLE="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"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_026"></A>LEGAL
MATTERS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise specified
in the Prospectus Supplement relating to a specific offering of Securities, certain legal matters relating to the offering of the Securities
will be passed upon on behalf of the Company by Cassels Brock&nbsp;&amp; Blackwell LLP with respect to matters of Canadian law and Skadden,
Arps, Slate, Meagher&nbsp;&amp; Flom LLP with respect to matters of U.S. law. As at the date of this Prospectus, the partners and associates
of Cassels Brock&nbsp;&amp; Blackwell LLP, as a group, beneficially own, directly or indirectly, less than 1% of the outstanding securities
of any class or series 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-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_027"></A>exemption
from national instrument 44-101</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to a decision of
the Autorit&eacute; des march&eacute;s financiers dated May&nbsp;29, 2025, the Company was granted exemptive relief from the requirement
that this Prospectus as well as the documents incorporated by reference herein and any Prospectus Supplement and the documents incorporated
by reference therein to be filed in relation to an&nbsp;&ldquo;at-the-market&rdquo; distribution be publicly filed in both the French
and English languages. This exemptive relief is granted on the condition that this Prospectus, any Prospectus Supplement (other than in
relation to an &ldquo;at-the-market&rdquo;&nbsp;distribution) and the documents incorporated by reference herein and therein be publicly
filed in both the French and English languages if the Company offers Securities to Queb&eacute;c purchasers in connection with an offering
other than in relation to an &ldquo;at-the-market&rdquo; distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_028"></A>AUDITORS,
TRANSFER AGENT AND REGISTRAR</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #222222">The
Company&rsquo;s independent registered public accounting firm is PricewaterhouseCoopers LLP, Chartered Professional Accountants, who have
issued a Report of Independent Registered Public Accounting Firm dated March 21, 2025 in respect of the Company&rsquo;s consolidated financial
statements as at December 31, 2024 and June 30, 2024 and for the six-month period ended December 31, 2024 and for the year ended June
30, 2024. PricewaterhouseCoopers LLP has advised that they are independent with respect to the Company within the meaning of the relevant
rules and related interpretations prescribed by the relevant professional bodies in Canada, including the CPABC Code of Professional Conduct
and any applicable legislation or regulations, as well as the rules of the SEC and the Public Company Accounting Oversight Board (PCAOB)
on auditor independence</FONT>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The registrar and transfer
agent for the Common Shares is TSX Trust Company, located at its principal offices in Vancouver, British Columbia.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_029"></A>INTERESTS
OF EXPERTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Experts who have prepared
reports or summaries of reports for the Company directly or in a document incorporated by reference to the Prospectus include the following:
Mr.&nbsp;Frank Gay, P.Eng. of Hunt, Guillot&nbsp;&amp; Associates, LLC (HGA), Mr.&nbsp;Marek Dworzanowski, EUR ING, C.Eng., Mr.&nbsp;Randal
M. Brush, P.Eng. of Haas and Cobb Petroleum Consultants, LLC, Mr.&nbsp;Robert E. Williams, P.Geo., CPG of Haas and Cobb Petroleum Consultants,
LLC, Mr.&nbsp;Caleb Mutschler, P.Eng of HGA, Mr.&nbsp;Dutch Johnson, P.Eng of HGA and Mr.&nbsp;Charles Campbell, P.Eng of Alliance Technical
Group, have acted as qualified persons under NI 43-101 in connection with the South West Arkansas Technical Report. Mr.&nbsp;Randal M.
Brush, P.Eng. of Haas and Cobb Petroleum Consultants, LLC, Mr.&nbsp;Charles Daniel Campbell, P.Eng. of Alliance Technical Group, Mr.&nbsp;Frank
Gay, P.Eng. of HGA, Ms.&nbsp;Susan B. Patton, P.Eng. of RESPEC Company, LLC, Mr.&nbsp;Mike Rockandel, RM-SME of Mike Rockandel Consulting,
LLC, and Mr.&nbsp;Robert E. Williams,&nbsp;Jr. PG, CPG of Haas and Cobb Petroleum Consultants, LLC have acted as qualified persons under
NI 43-101 in connection with the Lanxess Technical Report.</P>

<P STYLE="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; text-indent: 0.5in">None of the above-mentioned
experts has any registered or beneficial interest, directly or indirectly, in any securities or other properties of the Company. None
of the aforementioned firms or persons, nor any directors, officers or employees of such firms, are currently, or are expected to be elected,
appointed or employed as, a director, officer or employee of the Company. As at the date hereof, such persons, and the directors, officers,
partners and employees, as applicable, of each of the experts beneficially own, directly or indirectly, in the aggregate, less than 1%
of the 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-align: justify; text-indent: 0.5in">Experts who have prepared
reports for the Company directly or in a document incorporated by reference to the Prospectus include the following: PricewaterhouseCoopers
LLP, Chartered Professional Accountants, who issued the Report of Independent Registered Public Accounting Firm accompanying the audited
financial statements of the Company for the six month fiscal period ended December 31, 2024 and year ended June 30, 2024, and report that
they are independent with respect to the Company within the meaning of the relevant rules and related interpretations prescribed by the
relevant professional bodies in Canada, including the CPABC Code of Professional Conduct and any applicable legislation and regulations,
as well as the rules of the SEC and the Public Company Accounting Oversight Board (PCAOB) on auditor independence, as of the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All scientific and technical
information in this Prospectus has been reviewed and approved by Stephen D. Ross, Professional Geologist, who is a qualified person under
NI 43-101. Mr.&nbsp;Ross is not independent of the Company as he is a Consultant and Vice President, Resource Development of the Company.
As of the date hereof, Mr.&nbsp;Ross holds 460,500 Common Shares and 100,000 Options.</P>

<P STYLE="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: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="L_030"></A>GLOSSARY
OF TERMS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When used in this Prospectus,
the following terms have the meanings set forth below unless expressly indicated otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>AIF</B>&rdquo; has the meaning given
to that term under &ldquo;Documents Incorporated by Reference&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">&ldquo;<B>Arkansas Lithium Projects</B>&rdquo;
has the meaning given to that term under &ldquo;Business of the Company&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">&ldquo;<B>ATM</B>&rdquo; has the meaning given
to that term under &ldquo;Prior Financings&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">&ldquo;<B>Board of Directors</B>&rdquo; means
the board of directors of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>CBCA</B>&rdquo; means the <I>Canada
Business Corporations Act</I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Common Shares</B>&rdquo; has the meaning
given to that term on the cover page&nbsp;of this 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-align: justify">&ldquo;<B>Company</B>&rdquo; has the meaning given
to that term on the cover page&nbsp;of this 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-align: justify">&ldquo;<B>Demonstration Plant</B>&rdquo; has the
meaning given to that term under &ldquo;Business of the Company&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">&ldquo;<B>Debt Securities</B>&rdquo; has the meaning
given to that term on the cover page&nbsp;of this 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-align: justify">&ldquo;<B>DSUs</B>&rdquo; means the deferred share
units 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-align: justify">&ldquo;<B>East Texas Properties</B>&rdquo; has
the meaning given to that term under &ldquo;Business of the Company&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">&ldquo;<B>EDGAR</B>&rdquo; means the Electronic
Data Gathering, Analysis, and Retrieval 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">&ldquo;<B>Equinor</B>&rdquo; has the meaning given
to that term under &ldquo;Business of the Company&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">&ldquo;<B>Exchange Act</B>&rdquo; means the <I>United
States Securities Exchange Act</I> of 1934, 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: justify">&ldquo;<B>Forward-Looking Information</B>&rdquo;
has the meaning given to that term under &ldquo;Forward-Looking Information&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">&ldquo;<B>GAAP</B>&rdquo; means the Generally
Accepted Accounting Principles.</P>

<P STYLE="font: 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">&ldquo;<B>Global Securities</B>&rdquo; has the
meaning given to that term under &ldquo;Description of Debt Securities&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">&ldquo;<B>IFRS</B>&rdquo; has the meaning given
to that term on the cover page&nbsp;of this 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-align: justify">&ldquo;<B>Joint Development Agreement</B>&rdquo;
means a joint development agreement entered into on May&nbsp;9, 2023 between Standard Lithium Ltd. and Koch technology Solutions, 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; text-align: justify">&ldquo;<B>LANXESS</B>&rdquo; means LANXESS Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>LANXESS Property Project</B>&rdquo;
has the meaning given to that term under &ldquo;Business of the Company&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">&ldquo;<B>Lanxess Technical Report</B>&rdquo;
has the meaning given to that term under &ldquo;Documents Incorporated by Reference&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">&ldquo;<B>LSS</B>&rdquo; has the meaning given
to that term under &ldquo;Business of the Company&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">&ldquo;<B>MJDS</B>&rdquo; has the meaning given
to that term on the cover page&nbsp;of this 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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>NI 43-101</B>&rdquo; has the meaning
given to that term under &ldquo;Notice Regarding Representation of Mineral Reserve and Mineral Resource Estimates&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">&ldquo;<B>NI 44-101</B>&rdquo; means National
Instrument 44-101 &ndash; <I>Short Form&nbsp;Prospectus Distributions</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-align: justify">&ldquo;<B>NI 44-102</B>&rdquo; means National
Instrument 44-102 &ndash; <I>Shelf Distributions</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-align: justify">&ldquo;<B>NYSE American</B>&rdquo; has the meaning
given to that term on the cover page&nbsp;of this 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-align: justify">&ldquo;<B>Options</B>&rdquo; means the incentive
stock options 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-align: justify">&ldquo;<B>Preferred Shares</B>&rdquo; has the
meaning given to that term on the cover page&nbsp;of this 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-align: justify">&ldquo;<B>Prospectus</B>&rdquo; has the meaning
given to that term on the cover page&nbsp;of this 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-align: justify">&ldquo;<B>Prospectus Supplement</B>&rdquo; has
the meaning given to that term on the cover page&nbsp;of this 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-align: justify">&ldquo;<B>RSUs</B>&rdquo; means the restricted
share units 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-align: justify">&ldquo;<B>SEC</B>&rdquo; has the meaning given
to that term on the cover page&nbsp;of this 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-align: justify">&ldquo;<B>Securities</B>&rdquo; has the meaning
given to that term on the cover page&nbsp;of this 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-align: justify">&ldquo;<B>SEDAR+</B>&rdquo; means the System for
Electronic Document Analysis and Retrieval Plus.</P>

<P STYLE="font: 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">&ldquo;<B>SLI</B>&rdquo; or &ldquo;<B>we</B>&rdquo;
has the meaning given to that term on the cover page&nbsp;of this 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-align: justify">&ldquo;<B>South West Arkansas Project</B>&rdquo;
has the meaning given to that term under &ldquo;Business of the Company&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">&ldquo;<B>South West Arkansas Technical Report</B>&rdquo;
has the meaning given to that term under &ldquo;Documents Incorporated by Reference&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Subscription Receipts</B>&rdquo; has
the meaning given to that term on the cover page&nbsp;of this 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-align: justify">&ldquo;<B>SWA Lithium</B>&rdquo; has the meaning
given to that term under &ldquo;Business of the Company&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">&ldquo;<B>TETRA</B>&rdquo; has the meaning given
to that term under &ldquo;Business of the Company&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">&ldquo;<B>TETRA 1st Option Agreement</B>&rdquo;
has the meaning given to that term under &ldquo;Business of the Company&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">&ldquo;<B>TSXV</B>&rdquo; has the meaning given
to that term on the cover page&nbsp;of this 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-align: justify">&ldquo;<B>Units</B>&rdquo; has the meaning given
to that term on the cover page&nbsp;of this 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-align: justify">&ldquo;<B>Warrants</B>&rdquo; has the meaning
given to that term on the cover page&nbsp;of this 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="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2528837d1_supplimg002.jpg" ALT=""></P>

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

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

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