<SEC-DOCUMENT>0001493152-23-036959.txt : 20231012
<SEC-HEADER>0001493152-23-036959.hdr.sgml : 20231012
<ACCEPTANCE-DATETIME>20231011192019
ACCESSION NUMBER:		0001493152-23-036959
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20231011
FILED AS OF DATE:		20231012
DATE AS OF CHANGE:		20231011

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Uranium Royalty Corp.
		CENTRAL INDEX KEY:			0001711570
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40359
		FILM NUMBER:		231321520

	BUSINESS ADDRESS:	
		STREET 1:		1830 - 1188 WEST GEORGIA STREET
		STREET 2:		SUITE 1830
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 4A2
		BUSINESS PHONE:		(604) 630-1000

	MAIL ADDRESS:	
		STREET 1:		1830 - 1188 WEST GEORGIA STREET
		STREET 2:		SUITE 1830
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 4A2
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6-k.htm
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Washington,
D.C. 20549</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
6-K</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Report
of Foreign Private Issuer</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Pursuant
to Rule 13</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a<FONT STYLE="text-transform: uppercase">-16
or 15</FONT>d<FONT STYLE="text-transform: uppercase">-16</FONT></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>UNDER
the Securities Exchange Act of 1934</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the month of October 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
File No.: 001-40359</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>Uranium
Royalty Corp.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Translation
of registrant&rsquo;s name into English)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Suite
1830, 1188 West Georgia Street</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vancouver,
British Columbia, V6E 4A2, Canada</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F &#9744; Form
40-F &#9746;</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits
99.1 through 99.3 contained in this Form 6-K shall be deemed to be incorporated by reference into the registration statement on Form
F-10, as amended (Registration No. 333-272534) of the Company (including any prospectuses forming a part of such registration statements)
and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently
filed or furnished.</FONT></P>

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


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Uranium Royalty Corp.</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    October 11, 2023 </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Josephine
    Man</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Josephine Man</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
    of Exhibit</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting Agreement</FONT></A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-2.htm">Consent of Sangra Moller LLP</A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-3.htm">Consent of DLA Piper (Canada) LLP</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-transform: none; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-transform: none; text-align: center"></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
11, 2023&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Uranium
Royalty Corp.&lrm;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suite
1830 &ndash; 1188 West Georgia Street</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vancouver,
British Columbia, V6E 4A2</FONT></P>

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

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<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:&lrm;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scott Melbye, President,
  Chief Executive Officer and Director</FONT></TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BMO
Nesbitt Burns Inc. (&ldquo;<B>BMO</B>&rdquo;), as the lead manager and &lrm;sole bookrunner (the &ldquo;<B>Lead Underwriter</B>&rdquo;),
and Canaccord Genuity Corp. (together with the Lead Underwriter, the &ldquo;<B>Underwriters</B>&rdquo; and each &lrm;individually an
&ldquo;<B>Underwriter</B>&rdquo;) hereby severally, and not jointly, nor jointly and severally, agree to &lrm;purchase from Uranium Royalty
Corp. (the &ldquo;<B>Company</B>&rdquo;) in the respective percentages set forth in &lrm;Section 22 hereof, and the Company hereby agrees
to issue and sell to the Underwriters, upon &lrm;and subject to the terms hereof, an aggregate of 10,205,000 common shares of the Company
&lrm;&lrm;(the &ldquo;<B>Firm Shares</B>&rdquo;) on an underwritten basis at a price of $2.94 per Firm Share (the &ldquo;<B>Offering
&lrm;Price</B>&rdquo;) for an aggregate purchase price of $30,002,700 (the &ldquo;<B>Offering</B>&rdquo;).&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
and subject to the terms and conditions contained herein, the Company hereby grants to &lrm;the Underwriters an option (the &ldquo;<B>Over-Allotment
Option</B>&rdquo;) to purchase, severally, and not jointly, &lrm;nor jointly and severally, in the respective percentages set
forth in Section 22 hereof, up to an &lrm;additional 1,530,750 common shares of the Company (the &ldquo;<B>Additional Shares</B>&rdquo;)
at a price of $2.94 per Additional Share for the purposes of covering over-allotments and for market &lrm;stabilization purposes. The
Over-Allotment Option may be exercised in accordance with Section &lrm;&lrm;16 hereof. The Firm Shares and the Additional Shares are
collectively referred to herein as the &lrm;&lrm;&ldquo;<B>Offered Shares</B>&rdquo;.&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to applicable laws, after a reasonable effort has been made to sell all of the Offered &lrm;Shares at the Offering Price, the Underwriters
may subsequently reduce the selling price to &lrm;investors from time to time, provided that any such reduction in the Offering Price
shall not affect &lrm;the aggregate Offering Price less the Underwriting Fee payable to the Company.&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Offering shall take place in the Qualifying Jurisdictions (as defined below) and in the United &lrm;States (as defined below) and in
such jurisdictions outside Canada and the United States as &lrm;determined appropriate by the Underwriters.&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Underwriters understand that the Company has prepared and filed with each of the &lrm;Canadian Securities Commissions (as hereinafter
defined) in each of Qualifying Jurisdictions (as &lrm;hereinafter defined) the Canadian Base Shelf Prospectus (as defined herein) in
respect of the &lrm;issuance from time to time, of common shares, preferred shares, or warrants to purchase other Shelf Securities (as
defined herein), &lrm;subscription receipts to purchase other Shelf Securities, debentures, notes or other evidence of &lrm;indebtedness
of any kind, nature or description, and units comprised of one or more of the other Shelf &lrm;Securities or any other combination of
such securities (collectively, the &ldquo;<B>Shelf Securities</B>&rdquo;) in each case &lrm;in accordance with Canadian Securities Laws
(as defined herein).&lrm; The &lrm;British Columbia Securities Commission (the &ldquo;<B>BCSC</B>&rdquo;) is the principal regulator
of the Company &lrm;in respect of the Shelf Securities and the offering of the Offered Shares under the passport &lrm;system procedures
provided for under Multilateral Instrument 11-102 &ndash; <I>Passport System</I> and &lrm;National Policy 11-202&lrm; &lrm;&ndash; P<I>rocess
for Prospectus Reviews in Multiple Jurisdictions</I> and the BCSC has issued the &lrm;Prospectus Receipt (as defined herein). The term
&ldquo;<B>Canadian Base Shelf Prospectus</B>&rdquo; means &lrm;the final short form base shelf prospectus dated July 20, 2023 relating
to the Shelf &lrm;Securities, at the time the BCSC issued the Prospectus Receipt with respect thereto in &lrm;accordance with Canadian
Securities Laws (as defined herein), including the Shelf Procedures &lrm;&lrm;(as defined herein), and includes all Documents Incorporated
by Reference therein and the &lrm;documents otherwise deemed to be a part thereof or included therein pursuant to Canadian &lrm;Securities
Laws. The Company has also prepared and filed a preliminary prospectus supplement &lrm;relating to the Offering (as defined below), which
excluded certain Shelf Information, with the &lrm;Canadian Securities Commissions, in accordance with the Shelf Procedures (including
the &lrm;Documents Incorporated by Reference therein, the &ldquo;<B>Canadian Preliminary Prospectus &lrm;Supplement</B>&rdquo;).&lrm;</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Underwriters also understand that the Company has prepared and filed with the U.S. &lrm;Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;)
pursuant to the Canada/U.S. Multi-&lrm;Jurisdictional Disclosure System adopted by the SEC (the &ldquo;<B>MJDS</B>&rdquo;), a registration
statement on &lrm;Form F-10 (File No. 333-272534) covering the public offering and sale of the Shelf Securities, &lrm;including the Offered
Shares, under the U.S. Securities Act (as hereinafter defined) (the &lrm;Canadian Base Shelf Prospectus, together with any Documents
Incorporated by Reference therein, any supplements or amendments thereto and with such deletions therefrom and &lrm;additions or
changes thereto as are permitted or required by Form F-10 and the applicable rules &lrm;and regulations of the SEC, in the form included
in such Form F-10, the &ldquo;<B>U.S. Base &lrm;Prospectus</B>&rdquo;). The Canadian Base Shelf Prospectus and the U.S. Base Prospectus
are &lrm;hereinafter collectively sometimes referred to as the &ldquo;<B>Base Prospectuses</B>&rdquo;. The Company has &lrm;also prepared
and filed with the SEC an Appointment of Agent for Service of Process and &lrm;Undertaking on Form F-X (the &ldquo;<B>Form F-X</B>&rdquo;)
in connection with the initial filing of the Registration &lrm;Statement (as defined herein). The Company has also prepared
and filed with the SEC, in &lrm;accordance with General Instruction II.L of Form F-10, the Canadian Preliminary Prospectus &lrm;Supplement,
with such deletions therefrom and additions or changes thereto, as are permitted or &lrm;required by Form F-10 and the applicable rules
and regulations of the SEC (the &ldquo;<B>U.S. &lrm;Preliminary Prospectus Supplement</B>&rdquo;).&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Underwriters also understand that the Company will, as promptly as possible and &lrm;in any event no later than 4:59 p.m.
(Eastern) on the date of this Agreement prepare and file, (i) &lrm;with the Canadian Securities Commissions, in accordance with the Shelf
Procedures, a final &lrm;prospectus supplement setting forth the Shelf Information (including any Documents &lrm;Incorporated by Reference
therein and any supplements or amendments thereto, the &ldquo;<B>Canadian &lrm;Prospectus Supplement</B>&rdquo;) in order to qualify
for distribution to the public the Offered Shares in &lrm;all of the provinces and territories of Canada, other than Quebec (the &ldquo;<B>Qualifying
&lrm;Jurisdictions</B>&rdquo;) through the Underwriters or any other investment dealer or broker registered to &lrm;transact such business
in the applicable Qualifying Jurisdictions contracting with the &lrm;Underwriters, and (ii) with the SEC, in accordance with General
Instruction II.L of Form F-10, the &lrm;Canadian Prospectus Supplement, with such deletions therefrom and additions or changes &lrm;thereto
as are permitted or required by Form F-10 and the applicable rules and regulations of the &lrm;SEC (the &ldquo;<B>U.S. Prospectus Supplement</B>&rdquo;).
The U.S. Prospectus Supplement and the Canadian &lrm;Prospectus Supplement are hereinafter collectively referred to as the &ldquo;<B>Prospectus
&lrm;Supplements</B>&rdquo;. The Canadian Preliminary Prospectus Supplement, together with the Canadian &lrm;Base Shelf Prospectus, is
hereinafter called the &ldquo;<B>Canadian Preliminary Prospectus</B>&rdquo;. The &lrm;information, if any, included in the Prospectus
Supplement that is permitted to be omitted from the Canadian Base Shelf Prospectus with &lrm;respect to the Offering, is referred to
herein as the &ldquo;<B>Shelf Information</B>&rdquo;.&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registration statement on Form F-10, including the U.S. Prospectus (as hereinafter defined), &lrm;each as amended or supplemented, and
the exhibits thereto and the documents incorporated by &lrm;reference therein, in the form in which it became effective, is herein called
the &ldquo;<B>Registration &lrm;Statement</B>&rdquo;. The U.S. Preliminary Prospectus Supplement, together with the U.S. Final Base &lrm;Shelf
Prospectus, is hereinafter called the &ldquo;<B>U.S. Preliminary Prospectus</B>&rdquo;. The U.S. Preliminary &lrm;Prospectus and the
Canadian Preliminary Prospectus are hereinafter collectively referred to as &lrm;the &ldquo;<B>Preliminary Prospectuses</B>&rdquo;. The
term &ldquo;<B>U.S. Prospectus</B>&rdquo; shall refer to the U.S. Base &lrm;Prospectus as supplemented by the U.S. Prospectus Supplement,
including, in each case, the Documents Incorporated by Reference therein. Any reference to any amendment or supplement
&lrm;to the Registration Statement, the U.S. Preliminary Prospectus or the U.S. Prospectus shall be &lrm;deemed to refer to and include
any documents filed with the SEC after the effective date of the &lrm;Registration Statement or the date of the U.S. Base Prospectus,
as applicable, and which are &lrm;incorporated by reference in such Registration Statement, U.S. Preliminary Prospectus or the &lrm;U.S.
Prospectus at any time on or prior to the Closing Date (as defined below) (the period from &lrm;the date hereof through and including
the Closing Date, the &ldquo;<B>Offering Period</B>&rdquo;). The term &lrm;&lrm;&ldquo;<B>Canadian Prospectus</B>&rdquo; shall refer
to the Canadian Base Shelf Prospectus, as supplemented by &lrm;the Canadian Prospectus Supplement, including for greater certainty, in
each case, the &lrm;Documents Incorporated by Reference therein. The U.S. Prospectus and the Canadian &lrm;Prospectus are hereinafter
collectively sometimes referred to as the &ldquo;<B>Prospectuses</B>&rdquo;.&lrm;</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
reference herein to any &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; to the Base Prospectuses or the &lrm;Prospectuses shall be
deemed to refer to and include (i) the filing of any document with the &lrm;Canadian Securities Commissions or the SEC after the date
of the Base Prospectuses or the &lrm;Prospectuses, as the case may be, which is incorporated therein by reference or is otherwise &lrm;deemed
to be a part thereof or included therein by the Canadian Securities Laws (as hereinafter &lrm;defined) and the U.S. Securities Act, as
applicable, and (ii) any such document so filed.&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S. Preliminary Prospectus, as supplemented by the Issuer Free Writing Prospectuses (as &lrm;hereinafter defined), if any, and the information
listed in Schedule &ldquo;B&rdquo; hereto, taken together, are &lrm;hereinafter referred to collectively as the &ldquo;<B>Pricing
Disclosure Package</B>&rdquo;. For purposes of this &lrm;Agreement, the &ldquo;<B>Applicable Time</B>&rdquo; is 9:00 a.m. (Eastern) on
the date of this Agreement.&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and the Underwriters agree that (i) any offers or sales of the Offered Shares in &lrm;Canada will be conducted through the Underwriters,
or one or more affiliates of the Underwriters, &lrm;duly registered in compliance with applicable Canadian Securities Laws; and (ii)
any offers or &lrm;sales of the Offered Shares in the United States will be conducted through the Underwriters, or &lrm;one or more affiliates
of the Underwriters, duly registered as a broker-dealer in compliance with &lrm;applicable U.S. Securities Laws (as hereinafter defined),
federal and state broker-dealer laws and &lrm;the requirements of Financial Industry Regulatory Authority, Inc. (&ldquo;<B>FINRA</B>&rdquo;).&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
consideration of the agreement on the part of the Underwriters to purchase the Offered Shares &lrm;and in consideration of the services
rendered and to be rendered by the Underwriters hereunder, &lrm;the Company agrees to pay to BMO, on behalf of the Underwriters, at the
Closing Time (as &lrm;hereinafter defined), and at the Option Closing Time (as hereinafter defined), if any, a cash fee &lrm;equal to
5.5% of the aggregate gross proceeds of the Offering (the &ldquo;<B>Underwriting Fee</B>&rdquo;) the &lrm;payment of such fee to be reflected
by the Underwriters making payment of the gross proceeds &lrm;of the sale of the Firm Shares or the Additional Shares, as the case may
be, to the Company, &lrm;less the amount of the Underwriting Fee. Notwithstanding the foregoing, in consideration for the &lrm;work rendered
by the Lead Underwriter as lead manager and sole bookrunner for the Offering, at &lrm;the Closing Time, and at the Option Closing Time,
if any, the Company shall pay to BMO a &ldquo;step-&lrm;up fee&rdquo; equal to 5.0% of the Underwriting Fee (the &ldquo;<B>Step-up Fee</B>&rdquo;),
and the remainder of the Underwriting Fee shall be payable to &lrm;the Underwriters in accordance with the respective percentages set
out opposite their names in &lrm;Section 22(1). For greater certainty, the Step-up Fee is payable by the Company as part of and &lrm;not
in addition to the Underwriting Fee.&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall be subject to the following terms and conditions:&lrm;</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TERMS
AND CONDITIONS</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
used in this Agreement or in any amendment hereto, the following terms shall &lrm;have the following meanings, respectively:&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Additional
Shares</B>&rdquo; has the meaning given to it in the second paragraph of this &lrm;Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>affiliate</B>&rdquo;
has the meaning given to it in the <I>Business Corporations Act</I> (British &lrm;Columbia);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Agreement</B>&rdquo;
means the agreement resulting from the acceptance by the Company of &lrm;the offer made by the Underwriters by this underwriting agreement;&lrm;</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Applicable
Time</B>&rdquo; has the meaning given to it in the tenth paragraph of this Agreement; &lrm;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Base
Prospectus</B>&rdquo; has the meaning given to it in the sixth paragraph of this Agreement;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>BCSC</B>&rdquo;
has the meaning given to it in the fifth paragraph of this Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>BMO</B>&rdquo;
means BMO Nesbitt Burns Inc.;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Business
Day</B>&rdquo; means any day, other than a Saturday or Sunday, on which banks are &lrm;open for business in Vancouver, British Columbia;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Canadian
Base Shelf Prospectus</B>&rdquo; has the meaning given to it in the fifth paragraph of &lrm;this Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Canadian
Offering Documents</B>&rdquo; means the Canadian Prospectus and the Canadian &lrm;Preliminary Prospectus Supplement, including the Documents
Incorporated by &lrm;Reference and any Marketing Documents;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Canadian
Preliminary Prospectus</B>&rdquo; has the meaning given to it in the seventh &lrm;paragraph of this Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Canadian
Preliminary Prospectus Supplement</B>&rdquo; has the meaning given to it in the fifth &lrm;paragraph of this Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Canadian
Prospectus</B>&rdquo; has the meaning given to it in the eighth paragraph of this &lrm;Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Canadian
Prospectus Supplement</B>&rdquo; has the meaning given to it in the seventh &lrm;paragraph of this Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Canadian
Securities Commissions</B>&rdquo; means the securities regulatory authorities in each &lrm;of the Qualifying Jurisdictions;&lrm;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>CDS</B>&rdquo;
means the CDS Clearing and Depository Services Inc.;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>CFPOA</B>&rdquo;
has the meaning given to it in Section 7(50);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Claims</B>&rdquo;
has the meaning given to it in Section 9(1);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Closing
Da</B>te&rdquo; has the meaning given to it in Section 14;&lrm;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Closing
Time</B>&rdquo; has the meaning given to it in Section 14;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Common
Shares</B>&rdquo; means the common shares in the capital of the Company;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Company</B>&rdquo;
means Uranium Royalty Corp.;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Consents</B>&rdquo;
has the meaning given to it in Section 7(11);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>controlled</B>&rdquo;,
&ldquo;<B>distribution</B>&rdquo;, &ldquo;<B>material change</B>&rdquo;, &ldquo;<B>material </B>fact&rdquo; and &lrm;&lrm;&ldquo;<B>misrepresentation</B>&rdquo;
have the respective meanings given to them in the Securities Act &lrm;&lrm;(British Columbia), except where otherwise specified in this
Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Defaulting
Underwriter</B>&rdquo; has the meaning given to it in Section 22(2);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Documents
Incorporated by Reference</B>&rdquo; means all interim and annual financial &lrm;statements, management&rsquo;s discussion and analysis,
business acquisition reports, &lrm;management information circulars, annual information forms, material change reports, &lrm;Marketing
Documents and other documents that are or are required by Applicable &lrm;Securities Laws to be incorporated by reference into the Offering
Documents, as &lrm;applicable, each to the extent not superseded or modified by any other subsequently filed &lrm;document that also
is, or is deemed to be, incorporated by reference into the &lrm;Prospectuses, including by section 3.2 of NI 44-101;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Effective
Time</B>&rdquo; means the time the Registration Statement is declared or becomes &lrm;effective;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Employee
Plans</B>&rdquo; has the meaning given to it in Section 7(36);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Encumbrance</B>&rdquo;
means any encumbrance, lien, charge, hypothec, pledge, mortgage, title &lrm;retention agreement or other security interest;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Environmental
Laws</B>&rdquo; has the meaning given to it in Section 7(37);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>FCPA</B>&rdquo;
has the meaning given to it in Section 7(50);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>FINRA</B>&rdquo;
has the meaning given to it in the eleventh paragraph of this Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Firm
Shares</B>&rdquo; has the meaning given to it in the first paragraph of this Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Form
F-X</B>&rdquo; has the meaning given to it in the sixth paragraph of this Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Governmental
Authority</B>&rdquo; means and includes, without limitation, any national, federal, &lrm;provincial, state or municipal government or
other political subdivision of any of the &lrm;foregoing, any entity exercising executive, legislative, judicial, regulatory or administrative
&lrm;functions of or pertaining to government and any corporation or other entity owned or &lrm;controlled (through stock or capital
ownership or otherwise) by any of the foregoing;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&lrm;&ldquo;<B>IFRS</B>&rdquo;
means the International Financial Reporting Standards as issued by the &lrm;International Accounting Standards Board;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Indemnified
Party</B>&rdquo; has the meaning given to it in Section 9(1);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Indemnitor</B>&rdquo;
has the meaning given to it in Section 9(1);&lrm;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Investment
Company Act</B>&rdquo; means the United States Investment Company Act of 1940, &lrm;as amended;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Issuer
Free Writing Prospectus</B>&rdquo; means an &ldquo;issuer free writing prospectus&rdquo; as defined &lrm;in Rule 433 under the U.S. Securities
Act relating to the Offered Shares that (i) is required &lrm;to be filed with the SEC by the Company, (ii) is a &ldquo;road show that
is a written &lrm;communication&rdquo; within the meaning of Rule 433(d)(8)(i) under the U.S. Securities Act &lrm;whether or not required
to be filed with the SEC or (iii) is exempt from filing pursuant to &lrm;Rule 433(d)(5)(i) under the U.S. Securities Act because it contains
a description of the Offered Shares or of the Offering that does not reflect the final terms, in each case in the &lrm;form filed or
required to be filed with the SEC or, if not required to be filed, in the form &lrm;retained in the Company&rsquo;s records pursuant
to Rule 433(g) under the U.S. Securities Act, &lrm;in each case that has not been superseded or modified by subsequent filings, &lrm;communications
or disclosures;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>IT
Systems and Data</B>&rdquo; has the meaning given to it in Section 7(51);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Lead
Underwriter</B>&rdquo; has the meaning given to it in the first paragraph of this Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Losses</B>&rdquo;
has the meaning given to it in Section 9(1);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Marketing
Documents</B>&rdquo; means the term sheet dated October 10, 2023 relating to the &lrm;Offering and any other marketing materials approved
in accordance with Section 3(2);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>marketing
materials</B>&rdquo; has the meaning given to it in NI 41-101;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Material
Adverse Effect</B>&rdquo; means any event, fact, circumstance, development, change &lrm;occurrence or state of affairs (i) that is materially
adverse to the business, assets &lrm;&lrm;(including intangible assets), affairs, operations, liabilities (contingent or otherwise),
&lrm;capital, properties, condition (financial or otherwise) or results of operations of the &lrm;Company or (ii) that would result in
any of the Pricing Disclosure Package or the &lrm;Prospectuses containing a misrepresentation or an untrue statement of a material fact
or &lrm;omitting to state a material fact necessary in order to make the statements made, in light &lrm;of the circumstances under which
they were made, not misleading, all within the meaning &lrm;of Applicable Securities Laws;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Material
Agreements</B>&rdquo; mean any mortgage, note, indenture, contract, agreement &lrm;&lrm;(written or oral), instrument, lease or other
document to which the Company is a party or &lrm;by which the Company or a material portion of the assets thereof are bound which is
&lrm;material to the Company (on a consolidated basis);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Material
Royalties</B>&rdquo; has the meaning given to it in Section 7(27);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Material
Subsidiary</B>&rdquo; means the Subsidiary listed on Schedule &ldquo;C&rdquo; hereto; &lrm;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>MJDS</B>&rdquo;
has the meaning given to it in the sixth paragraph of this Agreement;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&lrm;&ldquo;<B>Money
Laundering Laws</B>&rdquo; has the meaning given to it in Section 7(48);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&lrm;&ldquo;<B>Nasdaq</B>&rdquo;
means the Nasdaq Capital Market;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>NI
43-101</B>&rdquo; means National Instrument 43-101 &ndash; <I>Standards of Disclosure for Mineral &lrm;Projects</I>;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>NI
44-101</B>&rdquo; means National Instrument 44-101 &ndash; <I>Short Form Prospectus Distributions</I>;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>NI
44-102</B>&rdquo; means National Instrument 44-102 &ndash; <I>Shelf Distributions</I>;&lrm;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>NI
51-102</B>&rdquo; means National Instrument 51-102 &ndash; <I>Continuous Disclosure Obligations</I>;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>NI
52-109</B>&rdquo; means National Instrument 52-109 &ndash; <I>Certification of Disclosure in Issuers&rsquo; &lrm;Annual and Interim Filings</I>;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Offered
Shares</B>&rdquo; has the meaning given to it in the second paragraph of this Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Offering</B>&rdquo;
has the meaning given to it in the first paragraph of this Agreement;&lrm;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Offering
Jurisdictions</B>&rdquo; means the United States and the Qualifying Jurisdictions;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&lrm;&ldquo;<B>Offering
Period</B>&rdquo; has the meaning given to it in the eighth paragraph of this &lrm;Agreement;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Offering
Price</B>&rdquo; has the meaning given to it in the first paragraph of this &lrm;Agreement;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Operator</B>&rdquo;
or the &ldquo;<B>Operators</B>&rdquo; has the meaning given to it in Section &lrm;&lrm;7(29)(a);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Option
Closing Date</B>&rdquo; has the meaning given to it in Section 16(1);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Option
Closing Time</B>&rdquo; has the meaning given to it in Section 16(1);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Over-Allotment
Option</B>&rdquo; has the meaning given to it in the second paragraph of this &lrm;Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Personnel</B>&rdquo;
has the meaning given to it in Section 9(1);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Preliminary
Prospectuses</B>&rdquo; has the meaning given to it in the eighth paragraph of this &lrm;Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Pricing
Disclosure Package</B>&rdquo; has the meaning given to it in the tenth paragraph of this &lrm;Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Prospectuses</B>&rdquo;
has the meaning given to it in the eighth paragraph of this &lrm;Agreement; &ldquo;Prospectus Amendment&rdquo; means any amendment to
the Prospectuses;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Prospectus
Receipt</B>&rdquo; means the receipt issued by the BCSC and the Ontario Securities &lrm;Commission dated July 20, 2023, which is deemed
to also be a receipt of the other &lrm;Canadian Securities Commissions pursuant to Multilateral Instrument 11-102 &mdash; <I>Passport
&lrm;System</I> and National Policy 11-202 &mdash; <I>Process for Prospectus Reviews in Multiple &lrm;Jurisdictions</I>, for the Canadian
Base Shelf Prospectus and any Prospectus Amendment, &lrm;as the case may be;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Prospectus
Supplements</B>&rdquo; has the meaning given to it in the seventh paragraph of this &lrm;Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Public
Record</B>&rdquo; has the meaning given to it in Section 7(26);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Purchasers</B>&rdquo;
means, collectively, each of the purchasers of the Offered Shares &lrm;arranged by the Underwriters pursuant to the Offering;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Qualifying
Jurisdictions</B>&rdquo; has the meaning given to it in the seventh paragraph of this &lrm;Agreement;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Registration
Statement</B>&rdquo; has the meaning given to it in the eighth paragraph of this &lrm;Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Royalty
Agreements</B>&rdquo; has the meaning given to it in Section 7(30);</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Royalty
Portfolio</B>&rdquo; has the meaning given to it in Section 7(28);</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Sanctioned
Country</B>&rdquo; has the meaning given to it in Section 7(49);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Sanctions</B>&rdquo;
has the meaning given to it in Section 7(49);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&lrm;&ldquo;<B>SEC</B>&rdquo;
has the meaning given to it in the sixth paragraph of this Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>SEDAR</B>&rdquo;
means the System for Electronic Document Analysis and Retrieval;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Selling
Firm</B>&rdquo; has the meaning given to it in Section 2(1);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Shelf
Information</B>&rdquo; has the meaning given to it in the seventh paragraph of this &lrm;Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Shelf
Procedures</B>&rdquo; means NI 44-101 and NI 44-102;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Shelf
Securities</B>&rdquo; has the meaning given to it in the fifth paragraph of this &lrm;Agreement;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Step-up
Fee</B>&rdquo; has the meaning given to it in the tenth paragraph of this &lrm;Agreement;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Stock
Plan</B>&rdquo; means any stock option plan of the Company;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Subsidiary</B>&rdquo;
has the meaning ascribed thereto in the Canadian Securities Laws of the &lrm;Province of British Columbia;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Supplementary
Material</B>&rdquo; means, collectively, any amendment to the Offering &lrm;Documents and any amendment or supplemental prospectus or
ancillary materials that &lrm;may be filed by or on behalf of the Company under Applicable Securities Laws relating to &lrm;the Offering
and/or the distribution of the Offered Shares;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Tax
Act</B>&rdquo; means the <I>Income Tax Act</I> (Canada) and the regulations thereunder, both as &lrm;amended from time to time and any
proposed amendments thereto announced publicly &lrm;by or on behalf of the Minister of Finance (Canada) on or prior to the date of this
&lrm;Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Taxes</B>&rdquo;
has the meaning given to it in Section 7(39);&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>template
version</B>&rdquo; has the meaning ascribed to such term in NI 41-101 and includes any &lrm;revised template version of marketing materials
as contemplated by NI 41-101;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>TMX
Group</B>&rdquo; means TMX Group Limited;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>TSX</B>&rdquo;
means the Toronto Stock Exchange;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Underwriters</B>&rdquo;
has the meaning given to it in the first paragraph of this Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Underwriters&rsquo;
Expenses</B>&rdquo; has the meaning given to it in Section 17;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>Underwriting
Fee</B>&rdquo; has the meaning given to it in the twelfth paragraph of this &lrm;Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>United
States</B>&rdquo; means the United States of America, its territories and possessions, any &lrm;State of the United States and the District
of Columbia;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>U.S.
Affiliate</B>&rdquo; of any Underwriter means the U.S. registered broker-dealer affiliate of &lrm;such Underwriter;&lrm;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>U.S.
Base Prospectus</B>&rdquo; has the meaning given to it in the sixth paragraph of this &lrm;Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>U.S.
Exchange Act</B>&rdquo; means the United States Securities Exchange Act of 1934, as &lrm;amended, and the rules and regulations promulgated
thereunder;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>U.S.
Offering Documents</B>&rdquo; means the Registration Statement, the U.S. Preliminary &lrm;Prospectus, the U.S. Prospectus and the Pricing
Disclosure Package;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>U.S.
Preliminary Prospectus</B>&rdquo; has the meaning given to it in the eighth paragraph of this &lrm;Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>U.S.
Preliminary Prospectus Supplement</B>&rdquo; has the meaning given to it in the sixth &lrm;paragraph of this Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>U.S.
Prospectus</B>&rdquo; has the meaning given to it in the eighth paragraph of this Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>U.S.
Prospectus Supplement</B>&rdquo; has the meaning given to it in the seventh paragraph of &lrm;this Agreement;&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;&ldquo;<B>U.S.
Securities Act</B>&rdquo; means the United States Securities Act of 1933, as amended, and &lrm;the rules and regulations promulgated
thereunder;&lrm; and</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
                                            terms used but not defined herein have the meanings ascribed to them in the &lrm;Canadian
                                            Prospectus.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            reference in this Agreement to a Section or Subsection shall refer to a section or &lrm;subsection
                                            of this Agreement.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                            words and personal pronouns relating thereto shall be read and construed as the &lrm;number
                                            and gender of the party or parties referred to in each case required and &lrm;the verb shall
                                            be construed as agreeing with the required word and/or pronoun.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            reference in this Agreement to &ldquo;$&rdquo; or to &ldquo;dollars&rdquo; shall refer to
                                            the lawful currency of &lrm;the United States of America, unless otherwise specified.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            following are the schedules to this Agreement, which schedules are deemed to be a &lrm;part
                                            hereof and are hereby incorporated by reference herein:&lrm;</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
&ldquo;A&rdquo; &mdash; Form of Opinion to be Provided by the Company&rsquo;s Canadian Counsel</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
&ldquo;B&rdquo; &mdash; Pricing Terms Included in the Pricing Disclosure Package</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule
&ldquo;C&rdquo; &mdash; Material Subsidiary</FONT></P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2 Distribution of the Offered Shares</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                            Underwriter shall be permitted to appoint additional investment dealers or brokers &lrm;&lrm;(each,
                                            a &ldquo;<B>Selling Firm</B>&rdquo;) as its agents in the Offering and each such Underwriter
                                            &lrm;may determine the remuneration payable to such Selling Firm at no additional &lrm;cost
                                            to the Company. The Underwriters will offer the Offered Shares, directly and &lrm;through
                                            Selling Firms or any duly registered affiliate of an Underwriter, in the &lrm;Offering Jurisdictions
                                            for sale to the public only in accordance with Applicable &lrm;Securities Laws and in any
                                            jurisdiction outside of the Offering Jurisdictions &lrm;&lrm;(subject to Section 6 hereof)
                                            to purchasers permitted to purchase the Offered &lrm;Shares only in accordance with Applicable
                                            Securities Laws and applicable &lrm;securities laws in such jurisdiction, and upon the terms
                                            and conditions set forth in &lrm;the Offering Documents and in this Agreement. Each Underwriter
                                            shall require &lrm;any Selling Firm appointed by such Underwriter to agree to the foregoing
                                            and &lrm;such Underwriter shall be severally responsible for the compliance by such &lrm;Selling
                                            Firm with the provisions of this Agreement. The Underwriters shall not, &lrm;directly or
                                            indirectly, solicit offers to purchase or sell the Offered Shares or deliver &lrm;any Offering
                                            Documents so as to require registration of the Offered Shares or &lrm;filing of a prospectus
                                            or registration statement with respect to the Offered Shares &lrm;or compliance by the Company
                                            with regulatory requirements (including any &lrm;continuous disclosure obligations or similar
                                            reporting obligations) under the laws of &lrm;any jurisdiction other than the Offering Jurisdictions.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                            purposes of this Section 2, the Underwriters shall be entitled to assume that the &lrm;Offered
                                            Shares are qualified for distribution in any Qualifying Jurisdiction where a &lrm;Prospectus
                                            Receipt shall have been obtained following the filing of the Canadian &lrm;Prospectus, unless
                                            otherwise notified in writing by the Company.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BMO
                                            shall promptly notify the Company when, in its opinion, the distribution of the &lrm;Offered
                                            Shares has ceased and will provide to the Company, as soon as &lrm;practicable thereafter
                                            but in any event within 30 days after completion of the &lrm;distribution, a breakdown of
                                            the number of Offered Shares distributed in each of &lrm;the Offering Jurisdictions where
                                            such breakdown is required for the purpose of &lrm;calculating fees payable to the Canadian
                                            Securities Commissions and, as &lrm;applicable, in the United States.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;The
                                            Underwriters shall not, in connection with the services provided hereunder, make &lrm;any
                                            representations or warranties with respect to the Company or its securities, &lrm;other than
                                            as set forth in the Offering Documents or in any Issuer Free Writing &lrm;Prospectus.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
                                            the foregoing provisions of this Section 2, no Underwriter will be liable to &lrm;the Company
                                            under this Section 2 with respect to a default by another &lrm;Underwriter or another Underwriter&rsquo;s
                                            duly registered broker-dealer affiliate in the &lrm;United States or any Selling Firm, as
                                            the case may be.&lrm;</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3 Preparation of Prospectus Supplements; Marketing Materials; &lrm;Due Diligence</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
                                            the period of the distribution of the Offered Shares, the Company shall co-operate &lrm;in
                                            all respects with the Underwriters to allow and assist the Underwriters to &lrm;participate
                                            fully in the preparation of, and allow the Underwriters to approve &lrm;&lrm;(acting reasonably)
                                            the form and content of, the Offering Documents and any &lrm;Issuer Free Writing Prospectus
                                            and the Company shall allow the Underwriters to &lrm;conduct all &ldquo;due diligence&rdquo;
                                            investigations which the Underwriters may reasonably &lrm;require to fulfil the Underwriters&rsquo;
                                            obligations under Applicable Securities Laws as &lrm;underwriters and, in the case of the
                                            Canadian Prospectus Supplement and the &lrm;Supplementary Material, to enable the Underwriters
                                            responsibly to execute any &lrm;certificate required to be executed by the Underwriters.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
                                            limiting the generality of clause (1) above, during the distribution of the Offered &lrm;Shares:&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Company shall prepare, in consultation with BMO, and shall approve in &lrm;writing, prior
                                            to the time that any such marketing materials are provided to &lrm;potential Purchasers,
                                            a template version of any marketing materials &lrm;reasonably requested to be provided by
                                            the Underwriters to any such &lrm;potential Purchasers, and such marketing materials shall
                                            comply with &lrm;Applicable Securities Laws and shall be acceptable in form and substance
                                            &lrm;to the Underwriters and their counsel, acting reasonably;&lrm;</FONT></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BMO
                                            shall, on behalf of the Underwriters, approve a template version of any such &lrm;marketing
                                            materials in writing prior to the time that such marketing &lrm;materials are provided to
                                            potential Purchasers;&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Company shall file a template version of any such marketing materials on &lrm;SEDAR as soon
                                            as reasonably practical after such marketing materials &lrm;are so approved in writing by
                                            the Company and BMO and in any event on &lrm;or before the day the marketing materials are
                                            first provided to any &lrm;potential Purchaser, and any comparables shall be removed from
                                            the &lrm;template version in accordance with NI 44-101 prior to filing such on &lrm;SEDAR
                                            (provided that if any such comparables are removed, the &lrm;Company shall deliver a complete
                                            template version of any such marketing &lrm;materials to the BCSC), and the Company shall
                                            provide a copy of such &lrm;filed template version to the Underwriters as soon as practicable
                                            following &lrm;such filing; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">following
                                            the approvals and filings set forth in Section 3(2)(a) to (c) above, &lrm;the Underwriters
                                            may provide a limited use version of such marketing &lrm;materials to potential Purchasers
                                            in accordance with Applicable Securities &lrm;Laws.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;The
                                            Company and each Underwriter, on a several basis, covenants and agrees not &lrm;to provide
                                            any potential Purchaser with any marketing materials except for &lrm;marketing materials
                                            which have been approved as contemplated in Section 3(2).&lrm;</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
                                            the period from the date of this Agreement to the completion of the distribution of the Offered
                                            Shares, the Company covenants and agrees with the &lrm;Underwriters that they shall promptly
                                            notify the Underwriters in writing of:&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            material change (actual, anticipated, contemplated or threatened) in or &lrm;relating to
                                            the business, affairs, operations, assets, liabilities (contingent or &lrm;otherwise), capital
                                            or ownership of the Company;&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            material fact which has arisen or been discovered and would have been &lrm;required to have
                                            been stated in any of the Offering Documents or any &lrm;Issuer Free Writing Prospectus had
                                            the fact arisen or been discovered on &lrm;or prior to the date of such document;&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            change in any material fact (which for purposes of this Agreement shall be &lrm;deemed to
                                            include the disclosure of any previously undisclosed material &lrm;fact) contained in the
                                            Canadian Offering Documents, as they exist &lrm;immediately prior to such change, which fact
                                            or change is, or may &lrm;reasonably be expected to be, of such a nature as to render any
                                            statement &lrm;in such Canadian Offering Documents, as they exist taken together in &lrm;their
                                            entirety immediately prior to such change, misleading or untrue in any &lrm;material respect
                                            or which would result in the Canadian Offering &lrm;Documents, as they exist immediately
                                            prior to such change, containing a &lrm;misrepresentation or which would result in the Canadian
                                            Offering &lrm;Documents, as they exist immediately prior to such change, not &lrm;complying
                                            with the laws of any Qualifying Jurisdiction in which the &lrm;Offered Shares are to be offered
                                            for sale or which change would &lrm;reasonably be expected to have a significant effect on
                                            the market price or &lrm;value of any securities of the Company; or</FONT></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            occurrence of any event as a result of which (i) the Registration Statement, as &lrm;amended
                                            immediately prior to such occurrence, would include any untrue &lrm;statement of a material
                                            fact or omit to state a material fact required to be &lrm;stated therein or necessary in
                                            order to make the statements therein not &lrm;misleading, or (ii) the U.S. Preliminary Prospectus,
                                            the U.S. Prospectus, &lrm;the Pricing Disclosure Package or any Issuer Free Writing Prospectus,
                                            in &lrm;each case as then amended or supplemented (in the case of the Pricing &lrm;Disclosure
                                            Package, as of the Applicable Time), would include any untrue &lrm;statement of a material
                                            fact or omit to state a material fact required to be &lrm;stated therein or necessary in
                                            order to make the statements therein, in the light of the circumstances in which they are
                                            &lrm;made, not misleading.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company shall promptly comply with all applicable filing and other requirements &lrm;under
                                            Applicable Securities Laws whether as a result of such change, material &lrm;fact or otherwise;
                                            provided that the Company shall not file any Supplementary &lrm;Material or other document
                                            without first providing the Underwriters with a copy of &lrm;such Supplementary Material
                                            or other document and consulting with the &lrm;Underwriters with respect to the form and
                                            content thereof.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            during the distribution of the Offered Shares there is any change in any Applicable &lrm;Securities
                                            Laws, which results in a requirement to file a Prospectus Amendment, &lrm;the Company shall
                                            make any such filing under Applicable Securities Laws as &lrm;soon as possible.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company shall in good faith discuss with the Underwriters any fact or change in &lrm;circumstances
                                            (actual, anticipated, contemplated or threatened, financial or &lrm;otherwise) which is of
                                            such a nature that there is reasonable doubt whether written &lrm;notice need be given under
                                            this Section 4.&lrm;</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5 Deliveries to the Underwriters</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company shall deliver or cause to be delivered to the Underwriters, forthwith:&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;(i)
                                            copies of the Base Prospectus as filed with the Canadian Securities &lrm;Commissions and
                                            copies of all documents or information incorporated by &lrm;reference therein which are not
                                            filed and available on SEDAR or have not &lrm;previously been delivered to the Underwriters;
                                            and (ii) prior to or &lrm;contemporaneously with the filing of the Canadian Prospectus &lrm;Supplement
                                            with the Canadian Securities Commissions: (A) copies of the &lrm;Canadian Prospectus Supplement
                                            signed as required by the Canadian &lrm;Securities Laws; and (B) copies of the U.S.
                                            Prospectus Supplement filed with &lrm;the SEC;&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">copies
                                            of the Registration Statement, signed as required by the U.S. Securities &lrm;Act and any
                                            documents included as exhibits to any such registration &lrm;statement;&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">copies
                                            of any Prospectus Amendment required to be filed under Section 4 hereof &lrm;duly signed
                                            as required by the laws of all of the Qualifying Jurisdictions;&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            amendments or supplements to the Registration Statement or the U.S. &lrm;Prospectus required
                                            to be filed under Section 4 hereof, signed as required &lrm;by the U.S. Securities Act and
                                            any documents included as exhibits to the &lrm;Registration Statement; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provided,
                                            that with respect to (i) clauses (a) and (c) of this Section 5(1) if the &lrm;documents are
                                            publicly available on SEDAR, they shall be deemed to &lrm;have been delivered to the Underwriters
                                            as required by this Section 5(1); &lrm;and (ii) clauses (b) and (d) of this Section 5(1),
                                            if the documents are &lrm;available on the SEC&rsquo;s Electronic Data Gathering, Analysis,
                                            and Retrieval system, they shall be deemed to have been delivered to the Underwriters &lrm;as
                                            required by this Section 5(1).&lrm;</FONT></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company shall as soon as practicable cause to be delivered to the Underwriters in &lrm;such
                                            cities in the Offering Jurisdictions as they may reasonably request, without &lrm;charge,
                                            such numbers of commercial copies of the Prospectuses and any &lrm;Marketing Documents, excluding
                                            in each case the Documents Incorporated by &lrm;Reference, as the Underwriters shall reasonably
                                            require. The Company shall &lrm;similarly cause to be delivered to the Underwriters commercial
                                            copies of any &lrm;Supplementary Material, excluding in each case the Documents Incorporated
                                            by &lrm;Reference. The Company agrees that such deliveries with respect to the &lrm;Prospectuses,
                                            any Marketing Documents and any Supplementary Material shall &lrm;be effected as soon as
                                            possible and, in any event, in Vancouver and Toronto by &lrm;&lrm;12:00 pm (Toronto time)
                                            on the Business Day following filing of the Prospectuses &lrm;or Prospectus Amendment, as
                                            the case may be, and in all other cities by 12:00 &lrm;pm (Toronto time) on the second Business
                                            Day following filing of the &lrm;Prospectuses or Prospectus Amendment, as the case may be,
                                            provided that the &lrm;Underwriters have given the Company written instructions as to the
                                            number of &lrm;copies required and the places to which such copies are to be delivered not
                                            less &lrm;than 24 hours prior to the time requested for delivery. Such delivery shall also
                                            &lrm;confirm that the Company consents to the use by the Underwriters and Selling &lrm;Firms
                                            of the Offering Documents in connection with the distribution of the Offered &lrm;Shares
                                            in compliance with the provisions of this Agreement.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
                                            the act of having delivered the Offering Documents to the Underwriters, (or in the &lrm;case
                                            of the Pricing Disclosure Package, having conveyed such information to &lrm;prospective investors),
                                            the Company shall have represented and warranted to the &lrm;Underwriters that all information
                                            and statements (except information and &lrm;statements relating solely to the Underwriters
                                            and expressly provided by them in &lrm;writing solely for inclusion therein) contained in
                                            such documents, at the respective &lrm;dates of initial delivery thereof (or as of the Applicable
                                            Time in the case of the &lrm;Pricing Disclosure Package), comply with the Applicable Securities
                                            Laws and are &lrm;true and correct in all material respects, and that such documents, at
                                            such dates, &lrm;contain no misrepresentation or omit to state a material fact required to
                                            be stated &lrm;therein or necessary to make the statements therein, in light of the circumstances
                                            &lrm;under which they were made, not misleading and constitute full, true and plain &lrm;disclosure
                                            of all material facts relating to the Company and the Offering as &lrm;required by the Applicable
                                            Securities Laws.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company shall also deliver or cause to be delivered to the Underwriters, &lrm;concurrently
                                            with the execution of this Agreement, a &ldquo;long form&rdquo; comfort letter &lrm;from
                                            PricewaterhouseCoopers LLP, in form and substance &lrm;satisfactory to the Underwriters,
                                            acting reasonably, addressed to the Underwriters &lrm;and the directors of the Company, with
                                            respect to certain financial and accounting &lrm;information relating to the Company and
                                            affiliates contained in the Offering &lrm;Documents, which letter shall be in addition to
                                            the auditors&rsquo; reports incorporated &lrm;by reference in the Prospectuses.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            or prior to the time of filing of the Prospectus Supplement, if requested by the &lrm;Underwriters
                                            or their counsel, the Company shall deliver or cause to be delivered to each of the Underwriters
                                            a copy of the letter from the Company&rsquo;s legal &lrm;counsel to the TSX Nasdaq
                                            requesting conditional approval of the listing of the Offered &lrm;Shares and a copy of
                                            the Company&rsquo;s supplementary listing application to the Nasdaq seeking the approval
                                            of the listing of the Offered Shares.&lrm;</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will make all necessary filings, use its best efforts to obtain all necessary &lrm;consents and approvals (if any) and pay all
filing fees required to be paid in connection with the &lrm;transactions contemplated by this Agreement. The Company will use its best
efforts to qualify &lrm;the Offered Shares for offering and sale under the Applicable Securities Laws of the Offering &lrm;Jurisdictions
and in such other jurisdictions as the Underwriters may designate and maintain such &lrm;qualifications in effect for so long as required
for the distribution of the Offered Shares; provided, &lrm;however, that (i) the Company shall not be obligated to make any material
filing, file any &lrm;prospectus, registration statement or similar document, consent to service of process, or qualify &lrm;as a foreign
corporation or as a dealer in securities in any of such other jurisdictions, or subject &lrm;itself to taxation in respect of doing business
in any of such other jurisdictions in which they are &lrm;not otherwise so subject, or become subject to any periodic reporting or continuous
disclosure &lrm;obligations in such other jurisdictions that they are not then subject to in such jurisdiction, and (ii) &lrm;the Underwriters
and the Selling Firms shall comply with the applicable laws in any such &lrm;designated jurisdiction in making offers and sales of Offered
Shares therein.&lrm;</FONT></P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7 Representations and Warranties of the Company</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company represents and warrants to each of the Underwriters and acknowledges &lrm;that the Underwriters are relying on such representations
and warranties in entering into this &lrm;Agreement. The representations and warranties of the Company contained in this Agreement &lrm;shall
be true as of the date hereof, the Closing Time and Option Closing Time, if applicable.&lrm;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Canadian
                                            Offering Documents.</I></B> The Canadian Base Shelf Prospectus complied, as of &lrm;the time
                                            of filing thereof, and all other Canadian Offering Documents as of the &lrm;time of filing
                                            thereof have complied or will comply, as applicable, in all material &lrm;respects with the
                                            applicable requirements of Canadian Securities Laws; the &lrm;Canadian Base Shelf Prospectus,
                                            as of the time of filing thereof, did not, and all &lrm;other Canadian Offering Documents,
                                            as of the time of filing thereof and as of the &lrm;Closing Time and the Option Closing Time,
                                            as the case may be, have not or will &lrm;not, as applicable, contain any untrue statement
                                            of a material fact or omit to state &lrm;a material fact required to be stated therein or
                                            necessary in order to make the &lrm;statements therein, in light of the circumstances under
                                            which they were made, &lrm;not misleading; and the Canadian Base Shelf Prospectus, as of
                                            the time of filing &lrm;thereof, constituted, and the Canadian Offering Documents, as of
                                            the time of &lrm;filing thereof and as of the Closing Time and the Option Closing Time, as
                                            the &lrm;case may be, have constituted or will constitute, as applicable, full, true and
                                            plain &lrm;disclosure of all material facts relating to the Offered Shares and to the &lrm;Company;
                                            provided, however, that this representation and warranty shall not &lrm;apply to any information
                                            contained in or omitted from any Canadian Offering &lrm;Document in reliance upon and in
                                            conformity with information furnished in writing &lrm;to the Company by or on behalf of any
                                            Underwriter specifically for use therein.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>U.S.
                                            Offering Documents.</I></B> As of the applicable effective date of the Registration &lrm;Statement
                                            and any post-effective amendment thereto, the Registration &lrm;Statement and any such post-effective
                                            amendment thereto have complied or will &lrm;comply, as applicable, in all material respects
                                            with the U.S. Securities Act and &lrm;the applicable rules and regulations of the SEC, and
                                            did not or will not, as applicable, contain any &lrm;untrue statement of a material fact
                                            or omit to state a material fact required to be &lrm;stated therein or necessary in order
                                            to make the statements therein not &lrm;misleading; the U.S. Prospectus, as of the time of
                                            filing thereof, will comply, in all &lrm;material respects with the applicable requirements
                                            of U.S. Securities Laws and &lrm;the U.S. Prospectus, as of the time of filing thereof and
                                            as of the Closing Date &lrm;and the Option Closing Date, as the case may be, will not, contain
                                            any untrue &lrm;statement of a material fact or omit to state a material fact required to
                                            be stated &lrm;therein or necessary in order to make the statements therein, in light of
                                            the &lrm;circum-stances under which they were made, not misleading; and the Pricing &lrm;Disclosure
                                            Package, as of the Applicable Time, did not contain any untrue &lrm;statement of a material
                                            fact or omit to state a material fact required to be stated &lrm;therein or necessary to
                                            make the statements therein, in light of the circumstances &lrm;under which they were made,
                                            not misleading; provided, however, that this &lrm;representation and warranty shall not apply
                                            to any information contained in or &lrm;omitted from any U.S. Offering Document in reliance
                                            upon and in conformity with &lrm;information furnished in writing to the Company by or on
                                            behalf of any &lrm;Underwriter specifically for use therein.&lrm;</FONT></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Issuer
                                            Free Writing Prospectus.</I></B> Each Issuer Free Writing Prospectus, if any, as of its &lrm;issue
                                            date and at all subsequent times through the completion of the Offering of &lrm;the Offered
                                            Shares or until any earlier date that the Company notified or notifies &lrm;the Underwriters
                                            as described in Section 11(1)(b), did not, does not and will not &lrm;include any material
                                            information that conflicted, conflicts or will conflict with the &lrm;information contained
                                            in the Registration Statement, the U.S. Base Prospectus, &lrm;the U.S. Preliminary Prospectus
                                            or the U.S. Prospectus, in each case including &lrm;any Document Incorporated by Reference
                                            therein and any prospectus supplement &lrm;deemed to be a part thereof that has not been
                                            superseded or modified, or includes &lrm;an untrue statement of a material fact or omitted
                                            or would omit to state a material &lrm;fact required to be stated therein or necessary in
                                            order to make the statements &lrm;therein the light of the circumstances under which they
                                            were made, not &lrm;misleading. The foregoing sentence does not apply to statements in or
                                            omissions &lrm;from any Issuer Free Writing Prospectus in reliance upon, and in conformity
                                            with, &lrm;written information furnished to the Company by or on behalf of the Underwriters
                                            &lrm;specifically for inclusion therein.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Capitalization
                                            and Listing.</I></B> As of the date of this Agreement, the Company has an &lrm;authorized
                                            and outstanding capitalization as set forth in the sections of the &lrm;Registration Statement,
                                            the Prospectuses and the Pricing Disclosure Package &lrm;entitled &ldquo;Consolidated Capitalization&rdquo;;
                                            all of the issued and outstanding share &lrm;capital of the Company, being the Common Shares,
                                            have been duly authorized &lrm;and validly issued and are fully paid and non-assessable,
                                            have been issued in &lrm;compliance with all applicable Canadian, U.S. and other securities
                                            laws and were &lrm;not issued in violation of any pre-emptive right, resale right, right
                                            of first refusal or &lrm;similar right; the Common Shares are duly listed, and admitted and
                                            authorized for &lrm;trading, on the Nasdaq and the TSX.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;<B><I>Due
                                            Incorporation.</I></B> The Company has been duly incorporated and is validly existing &lrm;under
                                            the laws of its jurisdiction of incorporation and has all requisite corporate &lrm;power
                                            and authority to own, lease and operate its properties and conduct its &lrm;business as is
                                            or will be described in the Registration Statement, the Prospectuses &lrm;and the Pricing
                                            Disclosure Package.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Due
                                            Qualification.</I></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>
                                            </I></B>The Company is duly qualified to do business and is in good standing in &lrm;each
                                            jurisdiction in which the character or location of its assets (including any &lrm;royalty
                                            or other interest) or the nature or conduct of its business makes such &lrm;qualification
                                            necessary, except for those failures to be so qualified or in good &lrm;standing which (individually
                                            or in the aggregate) would not reasonably be &lrm;expected to have a Material Adverse Effect
                                            or limit the ability of the Company to &lrm;consummate the transactions contemplated by this
                                            Agreement.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Material
                                            Subsidiary.</I></B> The Material Subsidiary is the only Subsidiary that
                                            is &lrm;&lrm;a &ldquo;significant subsidiary&rdquo; of the Company within
                                            the meaning of Rule 1-02 of &lrm;Regulation S-X under the U.S. Securities Act or are otherwise
                                            material to the &lrm;Company; the Material Subsidiary is not currently prohibited,
                                            directly or indirectly, &lrm;from paying any dividends to the Company, in accordance with
                                            Applicable Laws, &lrm;from making any other distribution on the Material Subsidiary&rsquo;s
                                            capital stock or &lrm;similar ownership interest, from repaying to the Company any loans
                                            or advances &lrm;to the Material Subsidiary from the Company or from transferring
                                            any of the &lrm;Material Subsidiary&rsquo;s property or assets to the Company or any
                                            other Subsidiary &lrm;of the Company; all of the issued share capital of or other ownership
                                            interests in &lrm;the Material Subsidiary has been duly and validly authorized
                                            and issued and &lrm;are fully paid and non-assessable shares or other ownership interests
                                            in the capital &lrm;of the Material Subsidiary and, except as otherwise set forth in the
                                            &lrm;Registration Statement, the Prospectuses and the Pricing Disclosure Package, &lrm;are
                                            owned directly or indirectly by the Company free and clear of any &lrm;Encumbrance; the
                                            Material Subsidiary has been duly organized and validly &lrm;exists in good standing
                                            under the laws of the jurisdiction of its organization, with &lrm;full corporate power and
                                            authority to own, lease and operate its properties and &lrm;assets and to conduct its business;
                                            the Material Subsidiary is duly qualified to do &lrm;business and is in good standing
                                            in each jurisdiction in which the character or &lrm;location of its assets (including any
                                            royalty or other interest) or the nature or &lrm;conduct of its business makes such qualification
                                            necessary, except for those &lrm;failures to be so qualified or in good standing which (individually
                                            or in the &lrm;aggregate) would not reasonably be expected to have a Material Adverse Effect.&lrm;</FONT></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Agreement
                                            Duly Authorized and No Breach of Obligations or Charter.</I></B> The &lrm;Company has full
                                            corporate power and authority to enter into this Agreement. This &lrm;Agreement has been
                                            duly authorized, executed and delivered by the Company &lrm;and this Agreement constitutes
                                            a valid and binding agreement of the Company &lrm;enforceable against the Company in accordance
                                            with the terms hereof except as &lrm;the enforcement may be limited by applicable bankruptcy,
                                            insolvency, &lrm;reorganization, moratorium or other similar laws relating to or affecting
                                            creditors&rsquo; &lrm;rights generally or general equitable principles. The execution and
                                            delivery by the &lrm;Company of this Agreement and the performance of this Agreement, the
                                            &lrm;consummation of the transactions contemplated hereby, and the application of &lrm;the
                                            net proceeds from the offering and sale of the Offered Shares to be sold by &lrm;the Company
                                            in the manner set forth in the Prospectuses under &ldquo;Use of &lrm;Proceeds&rdquo; do not
                                            and will not (i) violate the organizational documents of the Company or any &lrm;Material
                                            Subsidiary of the Company, (ii) result in the creation or imposition of any &lrm;Encumbrance
                                            upon any of the assets of the Company or the Material Subsidiary &lrm;of the Company
                                            pursuant to any indenture, mortgage, deed of trust, loan &lrm;agreement or other agreement,
                                            instrument, franchise, license or permit to which &lrm;the Company or the Material
                                            Subsidiary is a party or by which the Company or &lrm;the Material Subsidiary or their
                                            respective operations or assets may be bound, &lrm;&lrm;(iii) result in a breach or violation
                                            of any of the terms or provisions of, or &lrm;constitute a default under, or give any other
                                            party a right to terminate any of its &lrm;obligations under, or result in the acceleration
                                            of any obligation under, any &lrm;Material Agreement to which the Company or the Material
                                            Subsidiary is a &lrm;party or by which the Company or the Material Subsidiary
                                            or any of its &lrm;assets is bound or affected, or (iv) violate or conflict with any
                                            judgment, ruling, &lrm;decree, order, statute, rule or regulation of any court or other governmental
                                            &lrm;agency or body applicable to the business or properties of the Company or the
                                            Material Subsidiary, except in the case of clauses (ii) or (iv) as would not &lrm;singly
                                            or in the aggregate, reasonably be expected to result in a Material Adverse &lrm;Effect.
                                            This Agreement conforms in all material respects to the description &lrm;thereof required
                                            to be contained in the Registration Statement, the Prospectuses &lrm;and the Pricing Disclosure
                                            Package.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
                                            Offered Shares.</I></B> When issued in accordance with this Agreement and pursuant to &lrm;the
                                            effective Prospectuses, and upon receipt of payment for the &lrm;Offered Shares, the
                                            Offered Shares will have been duly and validly created and &lrm;issued as fully paid and
                                            non-assessable shares in the capital of the Company.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Compliance
                                            with Applicable Laws; No Defaults.</I></B> Neither the Company nor the &lrm;Material
                                            Subsidiary is in (i) violation of its certificate or articles of incorporation, &lrm;by-laws,
                                            certificate of formation, limited liability company agreement, partnership &lrm;agreement
                                            or other organizational documents, (ii) default under, and no event &lrm;has occurred which,
                                            with notice or lapse of time or both, would constitute a &lrm;default under or result in
                                            the creation or imposition of any Encumbrance upon &lrm;any assets of the Company or the
                                            Material Subsidiary pursuant to, any Material &lrm;Agreement to which it is a party or
                                            by which it is bound or to which any of its &lrm;assets is subject, or (iii) violation in
                                            any material respect, of any statute, law, rule, &lrm;regulation, ordinance, directive, judgment,
                                            decree or order of any judicial, &lrm;regulatory or other legal or governmental agency or
                                            body applicable to the &lrm;Company or the Material Subsidiary, except in any such
                                            case for violations or &lrm;defaults that would not (individually or in the aggregate) reasonably
                                            be expected &lrm;to have a Material Adverse Effect.&lrm;</FONT></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
                                            Consents Required.</I></B> No consent, approval, authorization, order, registration, &lrm;qualification,
                                            license, filing and permit of, with and from any Governmental &lrm;Authority (collectively,
                                            &ldquo;<B>Consents</B>&rdquo;) is required in connection with the distribution &lrm;of the
                                            Offered Shares or the consummation of the transactions as contemplated &lrm;by this Agreement,
                                            other than (i) as may be required under the Applicable &lrm;Securities Laws or blue sky laws
                                            of the various jurisdictions in which the Offered &lrm;Shares are being offered, (ii) as
                                            have been obtained and are in full force and &lrm;effect, and (iii) as may be required under
                                            the rules of the Nasdaq and the TSX on &lrm;or before the Closing Time and, if applicable,
                                            the Option Closing Time.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Due
                                            Authorization.</I></B> The Company has the necessary corporate power and authority to &lrm;execute
                                            and deliver the Registration Statement, the Prospectuses and the Pricing &lrm;Disclosure
                                            Package and, if applicable, will have the necessary corporate power &lrm;and authority to
                                            execute and deliver any amendment to the Registration &lrm;Statement or Prospectuses prior
                                            to the filing thereof, and all necessary corporate &lrm;action has been taken by the Company
                                            to authorize the execution and delivery by &lrm;it of the Registration Statement, the Prospectuses
                                            and the Pricing Disclosure &lrm;Package and the filing thereof, as the case may be, in each
                                            of the Qualifying &lrm;Jurisdictions under Canadian Securities Laws or with the SEC under
                                            the U.S. &lrm;Securities Act, as applicable.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
                                            Pre-emptive or Registration Rights.</I></B> Except as described in the Registration &lrm;Statement,
                                            the Prospectuses and the Pricing Disclosure Package, including the Documents Incorporated
                                            by Reference in each of the foregoing, the Company has no outstanding warrants, options
                                            to purchase, or any pre-&lrm;emptive rights or other rights to subscribe for or to purchase,
                                            or any contracts or &lrm;commitments to issue or sell any Common Shares or other security
                                            of the &lrm;Company or any security convertible into, or exercisable or exchangeable for,
                                            &lrm;Common Shares or any other security of the Company; no person has any rights to require
                                            registration or &lrm;qualification under the U.S. Securities Act or the Canadian Securities
                                            Laws of any &lrm;security in connection with the offer and sale of the Offered Shares contemplated
                                            &lrm;hereby, and any such rights so disclosed have either been fully complied with by &lrm;the
                                            Company or effectively waived by the holders thereof.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
                                            Voting Agreements.</I></B> The Company and the Material Subsidiary are not party to
                                            &lrm;any agreement which in any manner affects or will affect the voting or control of &lrm;any
                                            of the securities of the Company or the Material Subsidiary.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>All
                                            Requisite Consents.</I></B> The Company and the Material Subsidiary has all requisite
                                            &lrm;material Consents to own, lease and operate its assets and conduct its business &lrm;as
                                            it is now being conducted in all material respects, in each case as disclosed in &lrm;the
                                            Registration Statement, the Prospectuses and the Pricing Disclosure &lrm;Package, and each
                                            such Consent is valid and in full force and effect in all &lrm;material respects, except
                                            in each case as would not reasonably be expected to &lrm;have a Material Adverse Effect;
                                            neither the Company nor any Material Subsidiary &lrm;has received written notice of any investigation
                                            or proceedings which, if decided &lrm;adversely to the Company or any such Material Subsidiary,
                                            would reasonably be &lrm;expected to result in, the revocation of, or imposition of a materially
                                            burdensome &lrm;restriction on, any such material Consent.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Legal
                                            Proceedings.</I></B> Except as disclosed in the Registration Statement, the Prospectuses
                                            and the Pricing Disclosure Package, there is no judicial, regulatory, &lrm;arbitral or other
                                            legal or governmental proceeding or other litigation or arbitration pending to which the
                                            Company or the Material Subsidiary is a party or of which &lrm;any operations or assets
                                            of the Company or the Material Subsidiary is the subject &lrm;which, individually
                                            or in the aggregate, if determined adversely to the Company or &lrm;the Material Subsidiary,
                                            would reasonably be expected to have a Material &lrm;Adverse Effect; to the Company&rsquo;s
                                            knowledge, no such proceeding, litigation or &lrm;arbitration is threatened or contemplated
                                            and the defense of all such proceedings, &lrm;litigation and arbitration against or involving
                                            the Company or the Material &lrm;Subsidiary would not reasonably be expected to have
                                            a Material Adverse Effect.&lrm;</FONT></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Independent
                                            Accountant.</I></B> PricewaterhouseCoopers LLP, which has audited the annual &lrm;consolidated
                                            financial statements of the Company that are included or &lrm;incorporated by reference in
                                            the Registration Statement, the Prospectuses and &lrm;the Pricing Disclosure Package, and
                                            whose reports appear or are incorporated by &lrm;reference in the Registration Statement,
                                            the Prospectuses and the Pricing &lrm;Disclosure Package, are independent with respect to
                                            the Company as required by &lrm;Canadian Securities Laws and are independent registered public
                                            accountants as &lrm;required by the U.S. Securities Act, the U.S. Exchange Act and by the
                                            rules of the &lrm;Public Company Accounting Oversight Board.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
                                            Reportable Event.</I></B> There has not been any reportable event within the meaning of NI
                                            &lrm;&lrm;51-102 between the Company and its current auditors.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(19)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Financial
                                            Statements.</I></B> The consolidated financial statements of the Company, including &lrm;the
                                            notes thereto, included or incorporated by reference in the Registration &lrm;Statement,
                                            the Prospectuses and the Pricing Disclosure Package present fairly, in &lrm;all material
                                            respects, the financial position as of the dates indicated and the cash &lrm;flows and results
                                            of operations for the periods specified of the Company and its &lrm;consolidated Subsidiaries;
                                            said consolidated financial statements have been &lrm;prepared in conformity with IFRS applied
                                            on a consistent basis throughout the &lrm;periods involved; the other financial and statistical
                                            information relating to the &lrm;Company included or incorporated by reference in the Registration
                                            Statement, &lrm;the Prospectuses and the Pricing Disclosure Package, present fairly the &lrm;information
                                            included therein and have been prepared on a basis consistent with &lrm;that of the financial
                                            statements of the Company that are included or incorporated &lrm;by reference in the Registration
                                            Statement, the Prospectuses and the Pricing &lrm;Disclosure Package and the books and records
                                            of the Company.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(20)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Significant
                                            Acquisitions.</I></B> Except as set out in the Prospectuses, there are no &lrm;&lrm;&ldquo;significant
                                            acquisitions&rdquo; or &ldquo;significant probable acquisitions&rdquo; for which the &lrm;Company
                                            is required, pursuant to applicable Canadian Securities Laws to include &lrm;additional financial
                                            disclosure in the Prospectuses.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(21)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Stock
                                            Plan.</I></B> Each outstanding stock option of the Company granted under any Stock &lrm;Plan
                                            was granted with a per share exercise price no less than the fair market &lrm;value per Common
                                            Share on the grant date of such option; each such stock &lrm;option (i) was granted in compliance
                                            with Applicable Laws and with the applicable &lrm;Stock Plan(s), (ii) was duly approved by
                                            the board of directors, or a duly &lrm;authorized committee thereof, of the Company, as applicable,
                                            and (iii) has been &lrm;properly accounted for in the Company&rsquo;s consolidated financial
                                            statements at the &lrm;relevant time.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(22)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
                                            Material Adverse Changes.</I></B> Subsequent to the respective dates as of which &lrm;information
                                            is given in the Registration Statement, the Prospectuses and the &lrm;Pricing Disclosure
                                            Package, except as disclosed in the Registration Statement, &lrm;the Prospectuses and the
                                            Pricing Disclosure Package, (i) the Company has not &lrm;declared or paid any dividends,
                                            or made any other distribution of any kind, on or in &lrm;respect of its share capital (other
                                            than dividends paid in the ordinary course) (ii) &lrm;there has not been any material change &lrm;in the Offered Share capital or long-term or
                                            short-term debt of the Company and &lrm;its Subsidiaries taken as a whole, (iii) neither
                                            the Company nor any Subsidiary has &lrm;sustained any material loss or material interference
                                            with its business or assets &lrm;from fire, explosion, flood, hurricane, accident or other
                                            calamity, whether or not &lrm;covered by insurance, or from any labour dispute or any legal
                                            or governmental &lrm;proceeding, in any such case that is material to the Company and its
                                            Subsidiaries &lrm;taken as a whole, and (iv) there has not been any material adverse change
                                            or any &lrm;development involving a prospective material adverse change, whether or not &lrm;arising
                                            from transactions in the ordinary course of business, in or affecting the &lrm;business,
                                            general affairs, management, condition (financial or otherwise), results &lrm;of operations,
                                            shareholders&rsquo; equity, assets or prospects of the Company and the &lrm;Subsidiaries,
                                            taken as a whole; since the date of the latest balance sheet included, &lrm;or incorporated
                                            by reference, in the Registration Statement, the Prospectuses and &lrm;the Pricing Disclosure
                                            Package, neither the Company nor any Subsidiary has &lrm;incurred or undertaken any liabilities
                                            or obligations, whether direct or indirect, &lrm;liquidated or contingent, matured or unmatured,
                                            or entered into any transactions, &lrm;including any acquisition or disposition of any business
                                            or asset, which are &lrm;material to the Company and the Subsidiaries, taken as a whole,
                                            except for &lrm;liabilities, obligations and transactions which are disclosed in the Registration
                                            &lrm;Statement, the Prospectuses and the Pricing Disclosure Package.&lrm;</FONT></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(23)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Material
                                            Interest of Directors and Officers.</I></B> Except as disclosed in the Prospectuses, to &lrm;the
                                            knowledge of the Company, none of the current directors or officers of the &lrm;Company nor
                                            any associate or affiliate of the foregoing had or has any material &lrm;interest, direct
                                            or indirect, in any material transaction or any proposed material &lrm;transaction with the
                                            Company or the Material Subsidiary which materially &lrm;affects the Company or would
                                            have a Material Adverse Effect.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(24)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Investment
                                            Company.</I></B> The Company is not and, after giving effect to application of the &lrm;net
                                            proceeds of the offering of the Offered Shares as described in the &lrm;Registration Statement,
                                            the Prospectuses and the Pricing Disclosure Package, &lrm;will not be, required to register
                                            as an &ldquo;investment company&rdquo; under the Investment &lrm;Company Act, and is not
                                            and will not be an entity &ldquo;controlled&rdquo; by an &ldquo;investment &lrm;company&rdquo;
                                            within the meaning of the Investment Company Act.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Licenses
                                            or Permits.</I></B> Except as set out in the Prospectuses, the Company and each of &lrm;its
                                            Subsidiaries have all necessary licenses, permits, authorizations, consents and &lrm;approvals
                                            and have made all necessary filings required under any Applicable &lrm;Law, regulation or
                                            rule, and have obtained all necessary licenses, permits, &lrm;authorizations, consents and
                                            approvals from other persons, in order to conduct &lrm;the Company&rsquo;s material business
                                            and consummate the transactions contemplated &lrm;herein and neither the Company nor its
                                            Subsidiaries are in violation of, or in &lrm;default under, or has received valid notice
                                            of any proceedings relating to &lrm;revocation or modification of, any such license, permit,
                                            authorization, consent or approval or any provincial, federal, municipal, state, local or
                                            foreign law, &lrm;regulation or rule or of any decree, order or judgment applicable to the
                                            Company &lrm;or its Subsidiaries that would reasonably be expected to have a Material Adverse
                                            &lrm;Effect, except as has been disclosed in the Prospectuses.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(26)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Public
                                            Record.</I></B> The information and statements set forth in the Pricing Disclosure Package
                                            &lrm;and the Prospectuses and in all information filed by or on behalf of the Company with
                                            &lrm;the Canadian Securities Commission, the SEC, the TSX, the Nasdaq and all applicable
                                            &lrm;self-regulatory authorities after July 20, 2022, in compliance, or intended compliance,
                                            &lrm;with Canadian Securities Laws (the &ldquo;<B>Public Record</B>&rdquo;), were true, correct
                                            and complete in &lrm;all material respects and did not contain any misrepresentation (as
                                            defined in the &lrm;Securities Act (British Columbia)), as of the date of such information
                                            or statements or &lrm;the date of any amendment to such information or statements.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(27)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Material
                                            Properties</I></B>. The Waterbury Lake / Cigar Lake Project and the McArthur River &lrm;Project
                                            are the only projects which the Company currently considers to be &ldquo;material&rdquo;
                                            &lrm;and the Company is the absolute legal and beneficial owner of, and has good and &lrm;marketable
                                            title to, the McArthur River Royalty and the Cigar Lake Royalty, each as &lrm;described in
                                            the Pricing Disclosure Package and the Prospectuses, including all &lrm;Documents Incorporated
                                            by Reference therein (the &ldquo;<B>Material Royalties</B>&rdquo;), and, &lrm;except as disclosed
                                            in the Pricing Disclosure Package, the Prospectuses &lrm;or the Registration
                                            Statement, such interests are free of all mortgages, liens, charges, &lrm;pledges, security
                                            interests, encumbrances, claims or demands whatsoever and the &lrm;Company does not know
                                            of any claim or the basis for any claim, in each case, that would &lrm;materially
                                            adversely affect the right thereof to use, transfer or otherwise exploit &lrm;such rights.
                                            Disclosure set out in the Public Record, Pricing Disclosure Package and &lrm;the Prospectuses
                                            including all Documents Incorporated by Reference therein with &lrm;respect to such Material
                                            Royalties has been disclosed in all material respects in &lrm;accordance with the applicable
                                            requirements of NI 43-101 and the Company has no &lrm;knowledge that such disclosure is inaccurate
                                            in any material respect. &lrm;</FONT></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Description
                                            of Royalties</I></B>. The Material Royalties and, except as would not reasonably be expected
                                            to have a Material Adverse Effect on the Company, the other interests in the Royalty
                                            Portfolio, as disclosed in the Public Record, the &lrm;Pricing Disclosure Package and the
                                            Prospectuses, including all Documents &lrm;Incorporated by Reference therein constitutes
                                            an accurate description of the terms of the royalties &lrm;held by the Company and
                                            the Material Subsidiary. &ldquo;<B>Royalty Portfolio</B>&rdquo; means the &lrm;McArthur River
                                            Royalty, the Waterbury Lake / Cigar Lake Royalty, the Michelin &lrm;Royalty, the Reno Creek
                                            Royalty, the Roughrider Royalty, the Russell Lake and &lrm;Russell Lake South Royalty, the
                                            Church Rock Royalty, the Dewey-Burdock &lrm;Royalty, the Lance Royalty, the Roca Honda Royalty,
                                            the Langer Heinrich Royalty, &lrm;the Anderson Royalty, the Slick Rock Royalty, the Workman
                                            Creek Royalty, the &lrm;Dawn Lake Royalty, the Energy Queen Royalty, the San Rafael Royalty
                                            and the &lrm;Whirlwind Royalty each as described in the Pricing Disclosure Package and the
                                            &lrm;Prospectuses including all Documents Incorporated by Reference therein.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(29)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Owners
                                            or Operators.</B> Except as would not reasonably be expected to result in a &lrm;Material
                                            Adverse Effect or the Company&rsquo;s knowledge, in respect of the Material Royalties:&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            owner or operator (each, an &ldquo;<B>Operator</B>&rdquo; or the &ldquo;<B>Operators</B>&rdquo;)
                                            of each Material Royalty holds all requisite licenses, registrations, &lrm;qualifications,
                                            permits and consents necessary or appropriate for carrying &lrm;on its respective business
                                            as currently carried on with respect to the Material Royalty and such licenses,
                                            registrations, qualifications, &lrm;permits and consents are not invalid and are subsisting
                                            and in good &lrm;standing in accordance with Applicable Laws;&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">no
                                            Operator has received any notice of proceedings relating to the revocation or &lrm;adverse
                                            modification of any material mining license, registration, &lrm;qualification or permit,
                                            and no Operator has received notice of the &lrm;revocation or cancellation of, or any intention
                                            to revoke or cancel, any &lrm;material mining rights, exploration or prospecting rights,
                                            concessions or &lrm;licenses with respect to any Material Royalty; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">no
                                            part of the Material Royalty has been taken, revoked, condemned &lrm;or expropriated
                                            by any Governmental Authority nor has any written notice &lrm;or proceeding in respect thereof
                                            been given, commenced or threatened or &lrm;is pending, nor does the Company have any knowledge
                                            of the intent or &lrm;proposal to give any such notice or commence any such proceeding.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(30)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Royalty
                                            Agreements.</I></B> Each of the agreements and other documents &lrm;and instruments pursuant
                                            to which the Company and the Material Subsidiary hold &lrm;the Material
                                            Royalties (including any interest in, or right to earn an interest &lrm;in, any property
                                            that relates to a Material Royalty property) (the &ldquo;<B>Royalty Agreements</B>&rdquo;)
                                            are in full force and effect, unamended, in all material &lrm;respects and the Company or
                                            its Subsidiaries are entitled to all material rights and &lrm;benefits thereunder in accordance
                                            with the terms thereof. Each of the Royalty &lrm; Agreements is a valid and binding obligation
                                            of the Company or its &lrm;Subsidiaries and the other parties thereto enforceable in accordance
                                            with their &lrm;respective terms, except as may be limited by bankruptcy, insolvency and
                                            other &lrm;laws affecting the enforcement of creditors&rsquo; rights generally and subject
                                            to the &lrm;qualification that equitable remedies may only be granted in the discretion of
                                            a &lrm;court of competent jurisdiction. The Company or its Subsidiaries, as applicable, &lrm;has
                                            performed in all material respects all respective obligations required to be &lrm;performed
                                            by it to date under the Royalty Agreements and none of &lrm;the Company or its Subsidiaries,
                                            or, to the knowledge of the Company, any of the &lrm;other parties thereto, is in breach
                                            or violation of or in default under in each case, in &lrm;any material respect (and in each
                                            case with or without notice or lapse of time or &lrm;both) any Royalty Agreement and neither
                                            the Company nor any of &lrm;its Subsidiaries has received or given any notice of default
                                            under any Royalty Agreement which remains uncured, and, to the knowledge of the &lrm;Company,
                                            there exists no state of facts which after notice or lapse of time or both &lrm;would constitute
                                            a material default under or material breach of any Royalty Agreement or the inability of
                                            a party to any Royalty &lrm;Agreement to perform its material obligations thereunder. To
                                            the knowledge of the &lrm;Company, none of the Material Royalty properties (or any
                                            interest in, or right to &lrm;earn an interest in, any property that relates to a Material
                                            Royalty property) is &lrm;subject to any right of first refusal or purchase
                                            or acquisition right which is not &lrm;disclosed in the Prospectuses and the Pricing Disclosure
                                            Package.&lrm;</FONT></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(31)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Notice
                                            of Adverse Claims</I></B>. Neither the Company nor the Material Subsidiary
                                            has &lrm;received any notice of, nor does the Company otherwise have any knowledge of, any
                                            claim &lrm;adverse to its ownership interests in or relating to any Royalty Portfolio, nor
                                            in respect of real &lrm;property, whether owned or held under lease or sublease by the Company
                                            or any of its Material &lrm;Subsidiaries.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(32)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
                                            Aboriginal Claims</I></B>. To the knowledge of the Company, there are no claims or actions
                                            with &lrm;respect to aboriginal rights currently threatened or pending in respect of the
                                            properties &lrm;underlying the Royalty Portfolio that could have a Material Adverse Effect
                                            on the Company. &lrm;The Company is not aware of any material land entitlement claims or
                                            aboriginal land claims &lrm;having been asserted or any legal actions relating to aboriginal
                                            or community issues having been &lrm;instituted with respect to the properties underlying
                                            the Royalty Portfolio, and no material &lrm;dispute in respect of such properties with any
                                            local or aboriginal group exists or, to the &lrm;knowledge of the Company, is threatened
                                            or imminent with respect thereto or activities thereon.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(33)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Community
                                            Relationships</I></B>. To the knowledge of the Company, there are no material complaints,
                                            &lrm;issues, proceedings, or discussions, which are ongoing or anticipated which could have
                                            the &lrm;effect of interfering, delaying or impairing the ability to explore, develop or
                                            operate the &lrm;properties underlying the Royalty Portfolio in a manner that would have
                                            a material impact on &lrm;the Company.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(34)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
                                            Work Stoppage or Interruptions</I></B>. To the knowledge of the Company, there are no actions,
                                            &lrm;proceedings, inquiries, work or labour disruption, protests, blockades or initiatives
                                            by non-&lrm;governmental organizations, activist groups or similar entities or persons, that
                                            are ongoing or &lrm;anticipated which could materially adversely affect the ability to explore
                                            or develop the operations &lrm;underlying the Royalty Portfolio in a manner that would have
                                            a material impact on the Company.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(35)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Technical
                                            Disclosure.</I></B> The Company is in compliance with the applicable provisions of NI 43-101
                                            and has duly filed with the applicable regulatory authorities &lrm;all reports required by
                                            NI 43-101. All scientific and technical information set forth &lrm;in the Prospectuses, including
                                            in any Documents Incorporated by Reference &lrm;therein, relating to the Company&rsquo;s
                                            material properties has been reviewed and &lrm;approved by a qualified person as required
                                            under NI 43-101.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(36)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Compliance
                                            with Employment Laws.</I></B> The Prospectuses disclose, to the extent required &lrm;by applicable
                                            Canadian Securities Laws in the Qualifying Jurisdictions, each &lrm;material plan for retirement,
                                            bonus, stock purchase, profit sharing, stock option, &lrm;deferred compensation, severance
                                            or termination pay, insurance, medical, &lrm;hospital, dental, vision care, drug, sick leave,
                                            disability, salary continuation, legal &lrm;benefits, unemployment benefits, vacation, incentive
                                            or otherwise contributed to, &lrm;or required to be contributed to, by the Company or the
                                            Material Subsidiary for &lrm;the benefit of any current or former director, officer,
                                            employee or consultant of &lrm;the Company or the Material Subsidiary (the &ldquo;<B>Employee
                                            Plans</B>&rdquo;), each of which &lrm;has been maintained in all material respects with its
                                            terms and with the &lrm;requirements prescribed by any and all statutes, orders, rules and
                                            regulations that &lrm;are applicable to such Employee Plans.&lrm;</FONT></TD></TR></TABLE>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(37)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Environmental
                                            Matters</I></B>. There are no federal, provincial, state, municipal or local laws, by-laws,
                                            regulations, orders, policies, permits, licenses, certificates or approvals having the force
                                            of law, domestic of foreign, relating to environmental, health or safety matters (collectively,
                                            the &ldquo;<B>Environmental Laws</B>&rdquo;) that are applicable to the Company or its Subsidiaries.
                                            To the knowledge of the Company, the owners and operators of each Material Royalty are in
                                            compliance in all material respects with all Environmental Laws applicable to the property
                                            underlying such Material Royalty.</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(38)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Labour
                                            Matters.</I></B> There have not been and there is not currently any labour disruption, &lrm;grievance,
                                            arbitration proceeding or other conflict with respect to the Company &lrm;and the Material
                                            Subsidiary which would have a Material Adverse Effect, and &lrm;the Company and the
                                            Material Subsidiary are in compliance with the provisions &lrm;of all federal, provincial,
                                            local and foreign laws and regulations respecting &lrm;employment practices, terms and conditions
                                            of employment and wages and &lrm;hours, except where non-compliance with any such provisions
                                            would not have a &lrm;Material Adverse Effect.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(39)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Filing
                                            and Payment of Taxes.</I></B> Except as set out in the Prospectuses, all taxes (including
                                            &lrm;income tax, capital tax, payroll taxes, employer health tax, workers&rsquo; &lrm;compensation
                                            payments, property taxes, custom and land transfer taxes), duties, &lrm;royalties, levies,
                                            imposts, assessments, deductions, charges or withholdings and &lrm;all liabilities with respect
                                            thereto including any penalty and interest payable with &lrm;respect thereto (collectively,
                                            &ldquo;<B>Taxes</B>&rdquo;) due and payable by the Company and the &lrm;Material Subsidiary
                                            have been paid, except where such Taxes are subject to a &lrm;good faith appeal by the
                                            Company or the failure to pay Taxes would not have a &lrm;Material Adverse Effect. All tax
                                            returns, declarations, remittances and filings &lrm;required to be filed by the Company and
                                            the Material Subsidiary have been filed &lrm;with all Governmental Authorities and
                                            all such returns, declarations, remittances &lrm;and filings are complete and accurate and
                                            no material fact or facts have been &lrm;omitted therefrom which would make any of them misleading,
                                            except where the &lrm;failure to file such documents would not have a Material Adverse Effect.
                                            No &lrm;examination of any tax return of the Company or the Material Subsidiary is
                                            &lrm;currently in progress and there are no issues or disputes outstanding with a &lrm;Governmental
                                            Authority respecting any Taxes that have been paid, or may be &lrm;payable, by the Company
                                            or the Material Subsidiary, in any case, except where &lrm;such examinations, issues
                                            or disputes would not have a Material Adverse Effect &lrm;or except as set out in the Registration
                                            Statement, Prospectuses or the Pricing &lrm;Disclosure Package.&lrm;</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(40)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Tax
                                            Matters.</I></B> The Company and the Material Subsidiary have established on their
                                            &lrm;respective books and records reserves that are adequate for the payment of all &lrm;material
                                            Taxes not yet due and payable and there are no Encumbrances for &lrm;Taxes on the material
                                            assets of the Company or the Material Subsidiary, and &lrm;there are no audits pending
                                            of the tax returns of the Company and the Material &lrm;Subsidiaries (whether federal, state,
                                            provincial, local or foreign) and other than as &lrm;disclosed in the audited financial statements
                                            of the Company as at April 30, 2023 and April 30, 2022, together with the related notes and
                                            schedules &lrm;thereto, there are no claims which have been or may be asserted relating to
                                            any &lrm;such tax returns, which audits and claims, if determined adversely, would result
                                            in the assertion by any Governmental Authority of any deficiency that would result in &lrm;a
                                            Material Adverse Effect.&lrm;</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(41)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Insurance.
                                            </I></B>The Company and the Material Subsidiary maintain insurance in such amounts
                                            and covering such risks as the Company reasonably considers &lrm;adequate for the conduct
                                            of its business and the value of its assets and as is &lrm;customary for companies engaged
                                            in similar businesses in similar industries, all of &lrm;which insurance is in full force
                                            and effect, except where the failure to maintain &lrm;such insurance would not reasonably
                                            be expected to have a Material Adverse &lrm;Effect; there are no material claims by the Company
                                            or the Material Subsidiary &lrm;under any such policy or instrument as to which any
                                            insurance company is &lrm;denying liability or defending under a reservation of rights clause.&lrm;</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(42)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
                                            Franchise, Contract or Other Document.</I></B> There is no franchise, contract or other &lrm;document
                                            of a character required to be described in the Registration Statement, &lrm;the Prospectuses
                                            and the Pricing Disclosure Package, or required to be filed as &lrm;an exhibit to the Company&rsquo;s
                                            Annual Report on Form 40-F or filed as a &ldquo;material &lrm;contract&rdquo; with Canadian
                                            Securities Commissions, which is not described or filed &lrm;as required.&lrm;</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(43)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Internal
                                            Control Over Financial Reporting and Internal Accounting Controls.</I></B> The &lrm;Company
                                            maintains a system of internal accounting and other controls sufficient &lrm;to provide reasonable
                                            assurances that with respect to the Company and its &lrm;Subsidiaries that (i) transactions
                                            are executed in accordance with management&rsquo;s &lrm;general or specific authorizations,
                                            (ii) transactions are recorded as necessary to &lrm;permit preparation of financial statements
                                            in conformity with generally accepted &lrm;accounting principles and to maintain accountability
                                            for assets, (iii) access to &lrm;assets is permitted only in accordance with management&rsquo;s
                                            general or specific &lrm;authorization, and (iv) the recorded accounting for assets is compared
                                            with &lrm;existing assets at reasonable intervals and appropriate action is taken with respect
                                            &lrm;to any differences; management of the Company assessed internal control over &lrm;financial
                                            reporting (as such term is defined in Rule 13a-15(f) under the U.S. &lrm;Exchange Act and
                                            Canadian Securities Laws) of the Company as of the end of &lrm;the Company&rsquo;s most recent
                                            fiscal year and concluded such internal control over &lrm;financial reporting was effective
                                            as of such date, and, except as otherwise set &lrm;forth in the Registration Statement, the
                                            Prospectuses and the Pricing Disclosure &lrm;Package, the Company is not aware of any material
                                            weakness in its internal &lrm;control over financial reporting.&lrm;</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(44)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
                                            Change in the Company&rsquo;s Internal Control Over Financial Reporting.</I></B> Since the
                                            &lrm;date of the latest audited consolidated financial statements of the Company &lrm;included
                                            or incorporated by reference in the Registration Statement, the &lrm;Prospectuses and the
                                            Pricing Disclosure Package, there has been no change in &lrm;the Company&rsquo;s internal
                                            control over financial reporting that has materially &lrm;affected, or is reasonably likely
                                            to materially affect, the Company&rsquo;s internal &lrm;control over financial reporting
                                            (except as otherwise set forth in the Registration &lrm;Statement, the Prospectuses and the
                                            Pricing Disclosure Package).&lrm;</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(45)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Disclosure
                                            Controls.</I></B> The Company maintains disclosure controls and procedures (as &lrm;such
                                            term is defined in Rule 13a-15(e) under the U.S. Exchange Act and &lrm;Canadian Securities
                                            Laws) that comply with the requirements of the U.S.&lrm; Exchange Act and Canadian Securities
                                            Laws; such disclosure controls and &lrm;procedures have been designed to ensure that information
                                            required to be &lrm;disclosed by the Company in the reports that it files or submits under
                                            the U.S. &lrm;Exchange Act and Canadian Securities Laws is (a) recorded, processed, &lrm;summarized
                                            and reported, within the time periods specified in the SEC&rsquo;s rules and &lrm;forms and
                                            (b) made known to the Company&rsquo;s management, including its principal &lrm;executive
                                            officer and principal financial officer, to allow timely decisions regarding &lrm;required
                                            disclosure; such disclosure controls and procedures have been evaluated &lrm;by the Company&rsquo;s
                                            principal executive officer and principal financial officer as &lrm;effective, as set out
                                            in the Company&rsquo;s most recent annual report on Form 40-F.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(46)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Compliance
                                            with the Sarbanes-Oxley Act.</I></B> There is and has been no failure on the part &lrm;of
                                            the Company or any of its directors or officers, in their capacities as such, to &lrm;comply
                                            with any provision of the Sarbanes-Oxley Act of 2002 and the rules and &lrm;regulations promulgated
                                            in connection therewith that applies to the Company, &lrm;including, without limitation,
                                            Section 402 related to loans and Sections 302 and &lrm;&lrm;906 related to certifications,
                                            except as any such failure would not reasonably be &lrm;expected to have a Material Adverse
                                            Effect.&lrm;</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(47)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Statistical,
                                            Industry-Related and Market-Related Data.</I></B> The statistical, industry-related and market-related
                                            data included in the Registration Statement, the &lrm;Prospectuses and the Pricing Disclosure
                                            Package are based on or derived from &lrm;sources which the Company reasonably and in good
                                            faith believes are reliable &lrm;and accurate in all material respects.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(48)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Compliance
                                            with Anti-Money Laundering Laws.</I></B> None of the Company, any &lrm;Subsidiary or, to
                                            the Company&rsquo;s knowledge, any of its employees or &lrm;Underwriters, has at any time
                                            during the last five years (i) made any unlawful &lrm;contribution to any candidate for non-United
                                            States office, or failed to disclose &lrm;fully any such contribution in violation of law,
                                            or (ii) made any payment to any &lrm;federal or state governmental officer or official, or
                                            other person charged with &lrm;similar public or quasi-public duties, other than payments
                                            required or permitted by &lrm;the laws of the United States or any jurisdiction thereof;
                                            the operations of the &lrm;Company and each Subsidiary are and have been conducted at all
                                            times in &lrm;compliance with applicable financial record-keeping and reporting requirements
                                            of &lrm;the Currency and Foreign Transactions Reporting Act of 1970, as amended, the &lrm;Proceeds
                                            of Crime (Money Laundering) and Terrorist Financing Act (Canada) and &lrm;the applicable
                                            money laundering statutes of all other applicable jurisdictions, the &lrm;rules and regulations
                                            thereunder and any related or similar rules, regulations or &lrm;guidelines issued, administered
                                            or enforced by any governmental agency &lrm;&lrm;(collectively, the &ldquo;<B>Money Laundering
                                            Laws</B>&rdquo;) and, to the Company&rsquo;s knowledge, &lrm;no action, suit or proceeding
                                            by or before any court or governmental agency, &lrm;authority or body or any arbitrator involving
                                            the Company or any Subsidiary with &lrm;respect to the Money Laundering Laws is pending or
                                            threatened.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(49)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
                                            Conflicts with Sanctions Laws.</I></B> Neither the Company nor any of its Subsidiaries, &lrm;nor,
                                            to the knowledge of the Company, any director or officer of the Company or &lrm;its Subsidiaries
                                            nor any Underwriter, employee or other person acting on behalf of &lrm;the Company or its
                                            Subsidiaries is currently the subject of any economic or &lrm;financial sanctions administered
                                            or enforced by the U.S. government (including, &lrm;without limitation, the Office of Foreign
                                            Assets Control of the U.S.&lrm; Treasury Department or the U.S. Department of State), the
                                            United Nations, the &lrm;European Union, Her Majesty&rsquo;s Treasury of the United Kingdom
                                            or the Canadian &lrm;government (collectively, &ldquo;<B>Sanctions</B>&rdquo;), nor is the
                                            Company or any of its &lrm;Subsidiaries located, organized or resident in a country or territory
                                            where the &lrm;country or territory itself is currently the subject of comprehensive Sanctions
                                            (for &lrm;the avoidance of doubt, substantially similar to those in effect against Russia,
                                            &lrm;North Korea and Iran as of the date hereof as opposed to selective industry-&lrm;specific
                                            or targeted economic Sanctions against the subject country) (each, a &lrm;&lrm;&ldquo;<B>Sanctioned
                                            Country</B>&rdquo;); and the Company will not directly or indirectly use the &lrm;proceeds
                                            of the offering of the Offered Shares hereunder, or lend, contribute or &lrm;otherwise make
                                            available such proceeds to any Subsidiary, joint venture partner &lrm;or other person or
                                            entity, (i) to fund or facilitate any activities of or business with &lrm;any person (including
                                            any person participating in the transaction, whether as &lrm;underwriter, advisor, investor
                                            or otherwise) that, to the knowledge of the &lrm;Company, at the time of such funding or
                                            facilitation, is in material violation of &lrm;Sanctions or (ii) for use in any Sanctioned
                                            Country, that, at the time of such &lrm;funding and to the knowledge of the Company, is in
                                            a material violation of &lrm;Sanctions.&lrm;</FONT></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(50)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Compliance
                                            with Anti-Corruption Laws.</I></B> None of the Company, any of its &lrm;Subsidiaries, directors
                                            or officers or, to the knowledge of the Company, any &lrm;Underwriter, employee, affiliate
                                            or other person acting on behalf of the Company &lrm;or any of its Subsidiaries, is aware
                                            of or has taken any action, directly or &lrm;indirectly, that would result in a violation
                                            by such persons of the Foreign Corrupt &lrm;Practices Act of 1977, as amended, and the rules
                                            and regulations thereunder (the &lrm;&lrm;&ldquo;<B>FCPA</B>&rdquo;) or the Corruption of
                                            Foreign Public Officials Act (Canada) (the &lrm;&lrm;&ldquo;<B>CFPOA</B>&rdquo;), including,
                                            without limitation, making use of the mails or any means or &lrm;instrumentality of interstate
                                            commerce corruptly in furtherance of an offer, &lrm;payment, promise to pay or authorization
                                            of the payment of any money, or other &lrm;property, gift, promise to give, or authorization
                                            of the giving of anything of value &lrm;to any &ldquo;foreign official&rdquo; (as such term
                                            is defined in the FCPA) or any foreign &lrm;political party or official thereof or any candidate
                                            for foreign political office, in &lrm;contravention of the FCPA or the CFPOA and the Company
                                            and, to the &lrm;knowledge of the Company, its affiliates have conducted their businesses
                                            in &lrm;compliance with the FCPA and the CFPOA and have instituted and maintain &lrm;policies
                                            and procedures designed to ensure, and which are reasonably expected &lrm;to continue to
                                            ensure, continued compliance therewith.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(51)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Cybersecurity.
                                            </I></B>(i)(x) Except as disclosed in the Registration Statement, the Prospectuses and the
                                            Pricing Disclosure Package, there has been no material &lrm;security breach or other compromise
                                            of or relating to any of the Company&rsquo;s &lrm;information technology and computer systems,
                                            networks, hardware, software, &lrm;data, equipment or technology (collectively, &ldquo;<B>IT
                                            Systems and Data</B>&rdquo;) and (y) the &lrm;Company has not been notified of, and has no
                                            knowledge of any event or &lrm;condition that would reasonably be expected to result in,
                                            any security breach or &lrm;other compromise to its IT Systems and Data except in the case
                                            of this clause (i) &lrm;where such breach or compromise would not have a Material Adverse
                                            Effect; (ii) &lrm;the Company is presently in material compliance with all Applicable Laws
                                            or &lrm;statutes and all judgments, orders, rules and regulations of any court or arbitrator
                                            &lrm;or governmental or regulatory authority, internal policies and contractual &lrm;obligations
                                            relating to the privacy and security of IT Systems and Data and to the &lrm;protection of
                                            such IT Systems and Data from unauthorized use, access, &lrm;misappropriation or modification,
                                            except as would not, in the case of this clause (ii), individually or in &lrm;the aggregate,
                                            have a Material Adverse Effect; and (iii) the Company has &lrm;implemented backup and disaster
                                            recovery technology consistent with industry &lrm;standards and practices.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(52)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Canadian
                                            Reporting Issuer; Listing of Common Shares.</I></B> The Company is a reporting &lrm;issuer
                                            under the securities laws of each of the Qualifying Jurisdictions and is not &lrm;on the
                                            list of defaulting reporting issuers maintained by any of the Canadian &lrm;Securities Commission
                                            in each such jurisdiction that maintains such a list; the &lrm;outstanding Common Shares
                                            of the Company are registered pursuant to Section &lrm;&lrm;12(b) of the U.S. Exchange Act;
                                            the Common Shares (including the Additional &lrm;Shares) are listed and posted for trading
                                            on the TSX and the Nasdaq, and the &lrm;Company has taken no action designed to, or
                                            likely to have the effect of, &lrm;terminating the registration of the Common Shares of the
                                            Company under the &lrm;U.S. Exchange Act or de-listing the Common Shares from the TSX or
                                            the Nasdaq, &lrm;nor has the Company received any notification that the SEC, the TSX
                                            or the &lrm;Nasdaq is contemplating terminating such registration or listing.&lrm;</FONT></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(53)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>No
                                            Commissions or Finder&rsquo;s Fees.</I></B> Other than the Underwriters pursuant to this
                                            &lrm;Agreement, there are no contracts, agreements or understandings between the &lrm;Company
                                            and any person that would give rise to a valid claim against the &lrm;Company or the Underwriters
                                            for a brokerage commission, finder&rsquo;s fee or other &lrm;like payment in connection with
                                            the transactions contemplated by this Agreement &lrm;or the Offered Shares.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(54)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Lending
                                            Relationship with the Underwriters; Repayment of Debts.</I></B> Except as &lrm;disclosed
                                            in the Registration Statement, the Prospectuses or the Pricing &lrm;Disclosure Package, neither
                                            the Company nor any of its Subsidiaries (i) has any &lrm;material lending or other relationship
                                            with any bank or lending affiliate of the &lrm;Underwriters or (ii) intends to use any of
                                            the proceeds from the sale of the &lrm;Offered Shares hereunder to repay any outstanding
                                            debt owed to any affiliate of &lrm;the Underwriters.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(55)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Transfer
                                            Underwriter and Registrar.</I></B> Computershare Investor Services Inc. at its principal
                                            office in the city of Vancouver, British Columbia is the duly appointed &lrm;registrar and
                                            transfer Underwriter of the Company with respect to its Common &lrm;Shares, and Computershare
                                            Trust Company, N.A. at its principal office in Golden, &lrm;Colorado is the duly appointed
                                            U.S. co-transfer Underwriter of the Company with &lrm;respect to its Common Shares.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(56)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Minute
                                            Books and Corporate Records.</I></B> The minute books and records of the &lrm;Company and
                                            the Material Subsidiary which have been made available to the &lrm;Underwriters and
                                            their Canadian and U.S. counsel in connection with their due &lrm;diligence investigation
                                            of the Company and its Material Subsidiary contain &lrm;copies of all material proceedings
                                            (or certified copies thereof) of the holders of &lrm;Common Shares, the boards of directors
                                            and all committees of the boards of &lrm;directors of the Company and the Material Subsidiary,
                                            as applicable, for the &lrm;relevant period requested by the Underwriters or their counsel.
                                            There have been &lrm;no other material meetings, resolutions or proceedings of the holders
                                            of Common &lrm;Shares, boards of directors or any committees of the boards of directors of
                                            the &lrm;Company and the Material Subsidiary since the date of the latest meeting
                                            or &lrm;resolution in such minute books and other records provided to Canadian and U.S. counsel
                                            to the &lrm;Underwriters.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(57)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Foreign
                                            Private Issuer.</I></B> The Company is, and upon completion of the transactions &lrm;described
                                            herein, will be, a &ldquo;foreign private issuer&rdquo; within the meaning of Rule 3b-4 &lrm;under
                                            the U.S. Exchange Act.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(58)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Forward-Looking
                                            Statements.&lrm;</I></B> No forward-looking statement (within the meaning of Section 27A
                                            of the U.S. Securities Act, Section 21E of the U.S. &lrm;Exchange Act and Canadian Securities
                                            Laws) included or incorporated by &lrm;reference in the Registration Statement, the Prospectuses
                                            or any Issuer Free &lrm;Writing Prospectus has been made or reaffirmed without a reasonable
                                            basis or &lrm;has been disclosed other than in good faith.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(59)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Expropriation</I></B>.
                                            No part of the property or assets of the Company or its subsidiaries have been taken, condemned
                                            or expropriated by any Governmental Authority nor has any written notice or proceeding in
                                            respect thereof been given or commenced nor does the Company know of any intent or proposal
                                            to give such notice or commence any such proceedings.</FONT></TD></TR></TABLE>

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

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

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8 Representations, Warranties and Covenants of the Underwriters</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                            Underwriter hereby severally, and not jointly, nor jointly and severally,&lrm; represents
                                            and warrants to the Company that:&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                            is, and will remain so, until the completion of the Offering, appropriately &lrm;registered
                                            under Applicable Securities Laws so as to permit it to lawfully &lrm;fulfill its obligations
                                            hereunder; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                            has good and sufficient right and authority to enter into this Agreement and &lrm;complete
                                            the transactions contemplated under this Agreement on the &lrm;terms and conditions set forth
                                            herein.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Underwriters hereby covenant and agree with the Company to the following:&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Compliance
                                            with Securities Laws.</I></B> The Underwriters will comply with applicable &lrm;securities
                                            laws and broker-dealer requirements (including Applicable &lrm;Securities Laws and the requirements
                                            of FINRA) in connection with the &lrm;distribution of the Offered Shares.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Completion
                                            of Distribution.</I></B> The Underwriters will use their commercially &lrm;reasonable efforts
                                            to complete the distribution of the Offered Shares as &lrm;promptly as possible after the
                                            Closing Time.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;The
                                            Company agrees that the Underwriters are acting severally and not jointly (or jointly and
                                            severally) in performing their respective obligations under this &lrm;Agreement and that
                                            no Underwriter shall be liable for any act, omission or &lrm;conduct by any other Underwriter
                                            or another Underwriter&rsquo;s duly registered broker-&lrm;dealer affiliate in the United
                                            States or any Selling Firm or another Underwriter&rsquo;s &lrm;duly registered broker-dealer
                                            affiliate in the United States or any Selling Firm.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Distribution
                                            in Canada.</I></B> No Underwriter that is a non-resident for purposes of the Tax Act will
                                            render any services under this Agreement in Canada.&lrm;</FONT></TD></TR></TABLE>

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


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company (also referred to in this Section 9 as the &ldquo;<B>Indemnitor</B>&rdquo;) agrees
                                            to indemnify &lrm;and hold harmless the Underwriters, their respective affiliates and subsidiaries,
                                            &lrm;and their respective directors, officers, partners, agents, employees and &lrm;shareholders
                                            and each other person, if any, controlling any of the Underwriters or &lrm;their subsidiaries
                                            or affiliates directors, officers, employees and agents of the &lrm;Underwriters (hereinafter
                                            referred to as the &ldquo;<B>Personnel</B>&rdquo; and together with the &lrm;Underwriters
                                            and their respective affiliates and subsidiaries, the &ldquo;<B>Indemnified &lrm;Parties</B>&rdquo;
                                            and individually, an &ldquo;<B>Indemnified Party</B>&rdquo;), from and against any and all
                                            &lrm;losses (other than loss of profits), expenses, claims (including shareholder actions,
                                            &lrm;derivative or otherwise), actions, damages and liabilities, joint or several, including
                                            &lrm;without limitation the aggregate amount paid in reasonable settlement of any &lrm;actions,
                                            suits, proceedings, investigations or claims and the reasonable fees and &lrm;expenses of
                                            their counsel (collectively, the &ldquo;<B>Losses</B>&rdquo;) that may be suffered by, &lrm;imposed
                                            upon or asserted against an Indemnified Party as a result of, in respect &lrm;of, connected
                                            with or arising out of any action, suit, proceeding, investigation or &lrm;claim that may
                                            be made or threatened by any person or in enforcing this &lrm;indemnity (collectively the
                                            &ldquo;<B>Claims</B>&rdquo;) insofar as the Claims relate to, are caused &lrm;by, result
                                            from, arise out of or are based upon, directly or indirectly, the services &lrm;performed
                                            by the Underwriters in connection with the Offering, whether &lrm;performed before or after
                                            the Underwriters&rsquo; execution of the Agreement, &lrm;provided, however, that the Company
                                            shall not be liable under this Section 10(1) &lrm;to any Indemnified Party to the extent
                                            that such Losses arises from the sale of the &lrm;Offered Shares and is based on an untrue
                                            statement or omission or alleged untrue &lrm;statement or omission made in reliance on and
                                            in conformity with information &lrm;relating solely to the Underwriters furnished in writing
                                            to the Company by the &lrm;Underwriters expressly for inclusion in the Prospectuses. The
                                            Indemnitor agrees &lrm;to waive any right the Indemnitor may have of first requiring an Indemnified
                                            Party &lrm;to proceed against or enforce any other right, power, remedy or security or claim
                                            &lrm;payment from any other person before claiming under this indemnity. The &lrm;Indemnitor
                                            also agrees that no Indemnified Party shall have any liability (whether &lrm;direct or indirect,
                                            in contract or tort or otherwise) to the Indemnitor or any person &lrm;asserting Claims on
                                            behalf of or in right of the Indemnitor for or in connection with &lrm;the Offering except
                                            to the extent any Losses suffered by the Company are &lrm;determined by a court of competent
                                            jurisdiction in a final judgement that has &lrm;become non-appealable to have resulted from
                                            the gross negligence, willful &lrm;misconduct, or other fraudulent act of such Indemnified
                                            Party. The Indemnitor will &lrm;not, without the prior written consent of the Underwriters,
                                            settle, compromise, &lrm;consent to the entry of any judgment in or otherwise seek to terminate
                                            any Claim &lrm;in respect of which indemnification may be sought under this indemnity (whether
                                            &lrm;or not any Indemnified Party is a party to such Claim) unless the Indemnitor has &lrm;acknowledged
                                            in writing that the Indemnified Parties are entitled to be indemnified &lrm;in respect of
                                            such Claim and such settlement, compromise, consent or &lrm;termination includes an unconditional
                                            release of each Indemnified Party from any &lrm;liabilities arising out of such Claim without
                                            any admission of gross negligence, &lrm;misconduct, liability or responsibility by or on
                                            behalf of any Indemnified Party.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promptly
                                            after receiving notice of a Claim against any Indemnified Party or receipt of &lrm;notice
                                            of the commencement of any investigation which is based, directly or &lrm;indirectly, upon
                                            any matter in respect of which indemnification may be sought &lrm;from the Indemnitor, the
                                            relevant Indemnified Party will notify the Indemnitor in writing &lrm;of the particulars
                                            thereof, provided that the omission so to notify the Indemnitor &lrm;shall not relieve the
                                            Indemnitor of any liability which the Indemnitor may have to &lrm;any Indemnified Party,
                                            except to the extent the Indemnitor is materially prejudiced &lrm;by such omission. The Indemnitor
                                            shall have 14 days after receipt of the notice to &lrm;undertake, conduct and control, through
                                            counsel of their own choosing and at &lrm;their own expense, the settlement or defense of
                                            the Claim. If the Indemnitor &lrm;undertakes, conducts or controls the settlement or defense
                                            of the Claim, the &lrm;relevant Indemnified Parties shall have the right to participate in
                                            the settlement or &lrm;defense of the Claim.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Indemnitor agrees to reimburse the Underwriters for the time spent by their &lrm;Personnel
                                            in connection with any Claim related to the Indemnitor&rsquo;s indemnification &lrm;obligations
                                            at their normal per diem rates. The Indemnified Parties may retain &lrm;counsel to separately
                                            represent them in the defense of a Claim, which shall be at &lrm;the Indemnitor&rsquo;s expense
                                            if (i) the Indemnitor does not promptly assume the &lrm;defense of the Claim no later than
                                            14 days after receiving actual notice of the &lrm;Claim (as set forth in Section 9(2)), (ii)
                                            the Indemnitor agrees to separate &lrm;representation, or (iii) the Indemnified Parties are
                                            advised by counsel that there is &lrm;an actual or potential conflict in the Indemnitor&rsquo;s
                                            and the Indemnified Parties&rsquo; &lrm;respective interests or additional defenses are available
                                            to the Indemnified Parties, &lrm;which makes representation by the same counsel inappropriate.
                                            Under no &lrm;circumstances will the Company be required to pay the fees and disbursements
                                            &lrm;of more than one counsel on behalf of the Indemnified Parties.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            indemnity provided for in this Section 9 shall not apply to the extent that a court of &lrm;competent
                                            jurisdiction in a final judgment that has become non-appealable has &lrm;determined that
                                            such Losses to which the Indemnified Party may be subject were &lrm;caused primarily by the
                                            gross negligence, intentional fault or willful misconduct of &lrm;the Indemnified Party.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            obligations of the Indemnitor hereunder are in addition to any liabilities which the &lrm;Indemnitor
                                            may otherwise have to the Underwriters or any other Indemnified &lrm;Party, shall extend
                                            upon the same terms and conditions to the Indemnified Parties &lrm;and shall be binding upon
                                            and enure to the benefit of any successors, permitted &lrm;assigns, heirs and personal representatives
                                            of the Indemnitor, the Underwriters &lrm;and any other Indemnified Party. The foregoing provisions
                                            shall survive any &lrm;termination of this Agreement or the completion of the Offering.&lrm;</FONT></TD></TR></TABLE>

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


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;In
                                            order to provide for a just and equitable contribution in circumstances in which &lrm;the
                                            indemnity provided in Section 9 would otherwise be available in accordance &lrm;with its
                                            terms but is, for any reason (other than for circumstances described in &lrm;Section 9(4)),
                                            held to be unavailable to or unenforceable by the Indemnified Party &lrm;or enforceable otherwise
                                            than in accordance with its terms or is insufficient to hold &lrm;the Indemnified Party harmless,
                                            the Company shall contribute to the aggregate of &lrm;all claims, expenses, costs and liabilities
                                            and all losses (other than loss of profits in &lrm;connection with the distribution of the
                                            Offered Shares) of the nature contemplated &lrm;in this Section 10 and suffered or incurred
                                            by the Indemnified Parties in such &lrm;proportions as is appropriate to not only reflect
                                            the relative benefits received by the Company on the one hand and the Underwriters on the
                                            other &lrm;hand from the distribution of the Offered Shares but also the relative fault of
                                            the &lrm;Company on one hand and the Indemnified Parties on the other hand in &lrm;connection
                                            with the Claim or Claims which resulted in such claims, expenses, &lrm;costs, damages, liabilities
                                            or losses, as well as any other equitable considerations &lrm;determined by a court of competent
                                            jurisdiction; provided that the Company shall, &lrm;in any event contribute to the amount
                                            paid or payable by the Underwriters or any &lrm;other Indemnified Party as a result of such
                                            expense, loss, clam damage or liability &lrm;any excess of such amount over the amount of
                                            the fees received by the &lrm;Underwriters hereunder.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;The
                                            Underwriters&rsquo; obligations to contribute pursuant to this Section 10 are several, &lrm;and
                                            not joint, in proportion to their respective underwriting commitments as set &lrm;forth opposite
                                            their respective names in Section 22 hereof.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;In
                                            the event that the Company is held to be entitled to contribution from the &lrm;Underwriters
                                            under the provisions of any Applicable Law, the Company shall be &lrm;limited to contribution
                                            in an amount not exceeding the lesser of:&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            portion of the full amount of the loss or liability giving rise to such contribution &lrm;for
                                            which the Underwriters are responsible, as determined above; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            amount of the aggregate fee actually received by the Underwriters from the &lrm;Company hereunder,
                                            provided that no individual Underwriter shall be &lrm;required to contribute more than the
                                            fee actually received by such &lrm;Underwriter.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;With
                                            respect to Section 9 and this Section 10, the Company acknowledges and &lrm;agrees that the
                                            Underwriters are contracting on their own behalf and as agents for &lrm;their respective
                                            affiliates and subsidiaries (including the U.S. affiliates) and each &lrm;of their respective
                                            directors, officers, partners, employees and shareholders, and &lrm;each person, if any,
                                            controlling any Underwriter or any of its subsidiaries or &lrm;affiliates and each shareholder
                                            of any Underwriter. Accordingly, the Company &lrm;hereby constitutes the Underwriters as
                                            agents for each person who is entitled to &lrm;the covenants of the Company contained in
                                            Section 9 and this Section 10 and is &lrm;not a party hereto and the Underwriters agree to
                                            accept such agents and to hold &lrm;in trust for and to enforce such covenants on behalf
                                            of such persons.&lrm;</FONT></TD></TR></TABLE>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11 Covenants of the Company</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;The
                                            Company covenants and agrees with the Underwriters that:&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Company will advise the Underwriters, promptly after receiving notice thereof, &lrm;of the
                                            time when each Offering Document or Issuer Free Writing &lrm;Prospectus has been filed, and
                                            will provide evidence satisfactory to the &lrm;Underwriters of each such filing;&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">between
                                            the date hereof and the date of completion of the distribution of the &lrm;Offered Shares,
                                            the Company will advise the Underwriters, promptly after &lrm;receiving notice or obtaining
                                            knowledge thereof, of:&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            issuance by any Canadian Securities Commission or the SEC of any order suspending
                                            or preventing the use of any of &lrm;the Offering Documents;&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            issuance by any Canadian Securities Commission, the SEC, the TSX or the Nasdaq &lrm;of
                                            any order having the effect of ceasing or suspending the distribution of the &lrm;Offered
                                            Shares or the trading in any securities of the Company, or of the &lrm;institution or, to
                                            the knowledge of the Company, threatening of any proceeding &lrm;for any such purpose; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            requests made by any Canadian Securities Commission or the SEC &lrm;for amending or supplementing
                                            any of the Offering Documents or &lrm;any Issuer Free Writing Prospectus or for additional
                                            information;&lrm;</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
the Company will use its commercially reasonable efforts to prevent &lrm;the issuance of any order referred to in subparagraphs (b)i,
(b)ii or (b)iii &lrm;above and, if any such order is issued, to obtain the withdrawal thereof at &lrm;the earliest possible time;&lrm;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Company will use its commercially reasonable efforts to obtain the conditional &lrm;listing
                                            of the Offered Shares on the TSX by the Closing Time, subject only &lrm;to the standard listing
                                            conditions, and the Company will use its &lrm;commercially reasonable efforts to have the
                                            Offered Shares listed and &lrm;admitted and authorized for trading on the Nasdaq by
                                            the Closing Time, &lrm;subject only to the official notice of issuance;&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
                                            soon as practicable, but in any event not later than eighteen months after the &lrm;effective
                                            date of the Registration Statement (as defined in Rule 158(c) &lrm;under the U.S. Securities
                                            Act), the Company will make generally available &lrm;to its security holders an earnings
                                            statement or statements of the &lrm;Company and its subsidiaries which will satisfy the provisions
                                            of Section &lrm;&lrm;11(a) of the U.S. Securities Act and Rule 158 under the U.S. Securities
                                            &lrm;Act; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Company will use the net proceeds from the Offering for the purposes &lrm;described in the
                                            Pricing Disclosure Package and the Prospectuses.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
                                            to the completion of the distribution of the Offered Shares, the Company will file all &lrm;documents
                                            required to be filed with or furnished to the Canadian Securities &lrm;Commissions and the
                                            SEC pursuant to Applicable Securities Laws.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company agrees that it will not, directly or indirectly, issue, sell, offer, grant an option
                                            &lrm;or right in respect of, or otherwise dispose of, or agree to or announce any intention
                                            to &lrm;issue, sell, offer, grant an option or right in respect of, or otherwise dispose
                                            of, any &lrm;additional Common Shares or any securities or other financial instruments convertible
                                            &lrm;into or exchangeable for Common Shares, or enter into any agreement or arrangement &lrm;under
                                            which the Corporation acquires or transfers to another, in whole or in part, any of &lrm;the
                                            economic consequences of ownership of the Common Shares, other than issuances: &lrm;&lrm;(i)
                                            pursuant to acquisitions which have previously been publicly-announced; (ii) pursuant &lrm;to
                                            rights or obligations under securities or instruments currently outstanding; or (iii) for
                                            &lrm;incentive, bonus compensation purposes, directors fees or other grants of awards under
                                            &lrm;the LTIP Plan and the issuance of securities in accordance with the terms of such &lrm;awards,
                                            from the date hereof and continuing for a period of 90 days from the Closing &lrm;Date without
                                            the prior written consent of the Lead Underwriter, such consent not to be &lrm;unreasonably
                                            withheld or delayed.&lrm;</FONT></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;On
                                            or prior to the Closing Date for the Offering of the Firm Shares, the Company &lrm;will not
                                            amend its constating documents nor will it split, consolidate, or reclassify &lrm;the Common
                                            Shares.&lrm;</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
12 All Terms to be Conditions</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company agrees that the conditions contained in this Agreement will be complied &lrm;with insofar as the same relate to acts to be performed
or caused to be performed by the &lrm;Company. Any breach or failure to comply with any of the conditions set out in this Agreement &lrm;shall
entitle any of the Underwriters to terminate their obligation to purchase the Offered Shares, &lrm;by written notice to that effect given
to the Company and the other Underwriters at or prior to the &lrm;Closing Time or the Option Closing Time, as applicable. It is understood
that the Underwriters &lrm;may waive, in whole or in part, or extend the time for compliance with, any of such terms and &lrm;conditions
without prejudice to the rights of the Underwriters in respect of any such terms and &lrm;conditions or any other or subsequent breach
or non-compliance, provided that to be binding on &lrm;any Underwriter any such waiver or extension must be in writing and signed by
such &lrm;Underwriter.&lrm;</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
13 Termination by Underwriters</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;Each
                                            Underwriter shall also be entitled to terminate its obligation to purchase the &lrm;Offered
                                            Shares by written notice to that effect to the Company and the other &lrm;Underwriters at
                                            or prior to the Closing Time or the Option Closing Time, as &lrm;applicable, if after the
                                            date hereof and prior to the Closing Time or Option Closing &lrm;Time, as applicable:&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;there
                                            should occur any material change (as defined in the <I>Securities Act</I> &lrm;&lrm;(British
                                            Columbia)), or there should be discovered any previously &lrm;undisclosed material fact (as
                                            defined in the <I>Securities Act</I> (British &lrm;Columbia)) (other than a material fact
                                            related solely to any of the &lrm;Underwriters) required to be disclosed in the Pricing Disclosure
                                            Package &lrm;or the Prospectuses or any amendment thereto, in each case which, in the &lrm;reasonable
                                            opinion of the Underwriters (or any of them), would be &lrm;expected to have a significant
                                            adverse effect on the market price of value &lrm;of the Common Shares; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">there
                                            should develop, occur or come into effect or existence, any event, action, &lrm;state, condition
                                            or major financial occurrence of national or international &lrm;consequence, including without
                                            limitation, an escalation in the severity of &lrm;the COVID-19 pandemic after October 10,
                                            2023, or any law or &lrm;regulation or a change thereof which, in the opinion of the Underwriters
                                            (or &lrm;any of them) materially adversely affects or involves or will materially &lrm;adversely
                                            affect or involve, the financial markets or the business, &lrm;operations or affairs of the
                                            Company and its subsidiaries, taken as a &lrm;whole; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            inquiry, action, suit, investigation or other proceeding in relation to the &lrm;Company
                                            or any of the directors or senior officers of the Company, &lrm;whether formal or informal
                                            (including matters of regulatory transgression &lrm;or unlawful conduct), is commenced, threatened
                                            or publicly announced or &lrm;any order is made under or pursuant to any statute or by any
                                            federal, &lrm;provincial, state, municipal or other governmental department, &lrm;commission,
                                            board, bureau, stock exchange, regulatory authority, agency &lrm;or instrumentality or there
                                            is any enactment or change of law or regulation, &lrm;or interpretation or administration
                                            thereof, (unless solely based on the &lrm;activities or alleged activities of the Underwriters),
                                            which in the reasonable &lrm;opinion of the Underwriters (or any of them), could operate
                                            to prevent or &lrm;restrict the trading of the Common Shares, including the Offered Shares,
                                            &lrm;or which seriously adversely affects, or will, or could seriously adversely &lrm;affect
                                            the market price or value of the Common Shares; or</FONT></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Company is in material breach of any term or covenant of this Agreement or &lrm;any representation
                                            or warranty given by the Company in this Agreement &lrm;becomes materially incorrect.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            this Agreement is terminated by any of the Underwriters pursuant to Section 13(1), &lrm;there
                                            shall be no further liability on the part of such Underwriter or of the &lrm;Company to such
                                            Underwriter, except in respect of any liability which may have &lrm;arisen or may thereafter
                                            arise under Section 9, Section 10 and Section 17.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            right of the Underwriters or any of them to terminate their respective obligations &lrm;under
                                            this Agreement is in addition to such other remedies as they may have in &lrm;respect of
                                            any default, act or failure to act of the Company in respect of any of &lrm;the matters contemplated
                                            by this Agreement. A notice of termination given by one &lrm;Underwriter under this Section
                                            13 shall not be binding upon the other &lrm;Underwriters.&lrm;</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
closing of the purchase and sale of the Firm Shares herein provided for shall be &lrm;completed at 8:00 a.m. (Toronto time) on October
17, 2023, or such other date and/or time as &lrm;may be agreed upon in writing by the Company and the Underwriters, but in any event
not later &lrm;than October 20, 2023 (respectively, the &ldquo;<B>Closing Time</B>&rdquo; and the &ldquo;<B>Closing Date</B>&rdquo;),
at the &lrm;offices of Sangra Moller LLP. In the event that the Closing Time has not occurred &lrm;on or before October 20, 2023, this
Agreement shall, subject to Section 13(2) hereof, terminate.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
15 Conditions of Closing and Option Closing</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;The
                                            obligations of the Underwriters under this Agreement are subject to the &lrm;accuracy of
                                            the representations and warranties of the Company contained in this &lrm;Agreement both as
                                            of the date of this Agreement, the Closing Time and the &lrm;Option Closing Time, the performance
                                            by the Company of its obligations under &lrm;this Agreement and receipt by the Underwriters,
                                            at the Closing Time or Option &lrm;Closing Time, as applicable, of the following, other than
                                            as provided below:&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            customary favourable legal opinion, dated the Closing Date and Option Closing &lrm;Date,
                                            as applicable, in form and substance and subject to customary &lrm;qualifications and assumptions
                                            satisfactory to the Underwriters, acting &lrm;reasonably, from Sangra Moller LLP in its capacity
                                            as the &lrm;Company&rsquo;s Canadian counsel, as to matters of Canadian federal and &lrm;provincial
                                            law and from local counsel (only in respect of matters governed &lrm;by the laws of the Qualifying
                                            Jurisdictions where Sangra Moller LLP is not qualified to practice law, determined by the
                                            Company &lrm;and acceptable to the Underwriters, acting reasonably), addressed to the &lrm;Underwriters
                                            and the Underwriters&rsquo; counsel and such legal opinion shall be &lrm;substantially similar
                                            and to the effect set forth in Schedule &ldquo;A&rdquo; hereto;&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            customary favourable legal opinion and negative assurance letter, dated the &lrm;Closing
                                            Date and Option Closing Date, as applicable, in form and &lrm;substance and subject to customary
                                            qualifications and assumptions &lrm;satisfactory to the Underwriters, acting reasonably,
                                            from Haynes and Boone LLP, in its capacity as the Company&rsquo;s U.S. counsel, addressed
                                            &lrm;to the Underwriters;&lrm;</FONT></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            customary favourable legal opinion and negative assurance letter, dated the &lrm;Closing
                                            Date and Option Closing Date, as applicable, in form and &lrm;substance and subject to customary
                                            qualifications and assumptions &lrm;satisfactory to the Underwriters, acting reasonably,
                                            from DLA Piper (US) LLP, in its capacity as the Underwriters&rsquo; U.S. counsel, addressed
                                            &lrm;to the Underwriters;&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">certificates
                                            or evidence of registration representing, in the aggregate, the Firm &lrm;Shares (and Additional
                                            Shares, if applicable, at the Option Closing Time) in &lrm;the name of CDS or its nominee
                                            or in such other name(s) as BMO on &lrm;behalf of the Underwriters shall have directed;&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PricewaterhouseCoopers
                                            LLP&rsquo;s comfort letter dated the &lrm;Closing Date and the Option Closing Date, as applicable,
                                            updating the &lrm;comfort letters referred to in Section 5(4) above with such changes as
                                            &lrm;may be necessary from the comfort letters delivered previously to bring &lrm;the information
                                            therein forward to a date which is within two Business &lrm;Days of the Closing Date and
                                            Option Closing Date, as applicable;&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Underwriting Fee paid in accordance with the twelfth paragraph of this &lrm;Agreement;&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;on
                                            the Closing Date, evidence satisfactory to BMO that the Firm Shares (and &lrm;Additional
                                            Shares, if applicable) shall have been (A) approved for listing on &lrm;the Nasdaq
                                            and (B) conditionally approved for listing on the TSX, in each &lrm;case, subject only to
                                            the standard listing conditions or official notice of &lrm;issuance;&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            certificate, dated the Closing Date and the Option Closing Date, as applicable, &lrm;and
                                            signed on behalf of the Company, but without personal liability, by the &lrm;President and
                                            Chief Executive Officer and by the Chief Financial Officer &lrm;of the Company, or such other
                                            officers of the Company as may be &lrm;reasonably acceptable to the Underwriters, certifying
                                            that: (i) the &lrm;Company has complied with all covenants and satisfied all terms and &lrm;conditions
                                            hereof to be complied with and satisfied by the Company at or &lrm;prior to the Closing Time
                                            and the Option Closing Time, as applicable; (ii) all &lrm;the representations and warranties
                                            of the Company contained herein are &lrm;true and correct in all material respects as of
                                            the Closing Time and the &lrm;Option Closing Time, as applicable with the same force and
                                            effect as if &lrm;made at and as of the Closing Time and the Option Closing Time, as &lrm;applicable,
                                            except for such representations and warranties which are in &lrm;respect of a specific date
                                            in which case such representations and &lrm;warranties shall be true and correct, in all
                                            material respects as of such &lrm;date, after giving effect to the transactions contemplated
                                            hereby; (iii) there &lrm;has been no material change relating to the Company since the date
                                            &lrm;hereof which has not been generally disclosed, except for the offering of &lrm;the Offered
                                            Shares, and with respect to which the requisite material &lrm;change statement or report
                                            has not been filed and no such disclosure has &lrm;been made on a confidential basis; and
                                            (iv) that, to the best of the &lrm;knowledge, information and belief of the persons signing
                                            such certificate, &lrm;no order, ruling or determination having the effect of ceasing or
                                            &lrm;suspending trading in the Common Shares or any other securities of the &lrm;Company
                                            has been issued and no proceedings for such purpose are &lrm;pending or are contemplated
                                            or threatened;&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
                                            the Closing Time or Option Closing Time, as applicable, certificates dated the &lrm;Closing
                                            Date or the Option Closing Date, as applicable, signed on behalf of &lrm;the Company, but
                                            without personal liability, by the President and Chief &lrm;Executive Officer of the Company
                                            or another officer acceptable to the &lrm;Underwriters, acting reasonably, in form and content
                                            satisfactory to the &lrm;Underwriters, acting reasonably, with respect to the constating
                                            documents &lrm;of the Company; the resolutions of the directors of the Company relevant &lrm;to
                                            the Offering, including the allotment, issue (or reservation for issue) and &lrm;sale of
                                            the Firm Shares and the grant of the Over-Allotment Option, the &lrm;authorization of this
                                            Agreement, the listing of the Firm Shares and the &lrm;Additional Shares on the TSX and Nasdaq
                                            and transactions contemplated &lrm;by this Agreement; and the incumbency and signatures
                                            of signing officers &lrm;of the Company;&lrm;</FONT></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
                                            the Closing Time, the Company&rsquo;s directors and officers (collectively, the &ldquo;<B>Insiders</B>&rdquo;)
                                            &lrm;shall deliver signed agreements (the &ldquo;<B>Insider Agreements</B>&rdquo;), in form
                                            and content &lrm;acceptable to the Underwriters and their counsel, acting reasonably, to
                                            the Lead &lrm;Underwriter, pursuant to which the Insiders agree, for a period beginning on
                                            the Closing &lrm;Date and ending 90 days after the Closing Date, not to, directly or indirectly,
                                            offer, sell, &lrm;contract to sell, grant any option to purchase, make any short sale, lend,
                                            swap or &lrm;otherwise dispose of, transfer or assign (or announce any intention to do so),
                                            any &lrm;Common Shares or securities exchangeable or convertible into Common Shares, or &lrm;enter
                                            into any transaction or arrangement that has the effect of transferring, in whole or in &lrm;part,
                                            any of the economic consequences of ownership of Common Shares, whether &lrm;such transaction
                                            is settled by the delivery of Common Shares, other securities, cash or &lrm;otherwise, without
                                            the prior written consent of the Lead Underwriter, such consent not to &lrm;be unreasonably
                                            withheld or delayed, other than (i) the Company&rsquo;s Insiders collectively, &lrm;are permitted
                                            to sell up to such aggregate number of Common Shares as is equal to 5% &lrm;of the Common
                                            Shares outstanding, or securities exchangeable or convertible into &lrm;Common Shares to
                                            satisfy tax obligations on the exercise of any such convertible &lrm;securities or (ii) pursuant
                                            to a bona fide take-over bid, change of control or any other &lrm;similar transaction made
                                            generally to all of the shareholders of the Corporation, provided &lrm;that, in the event
                                            the take-over bid, change of control or similar transaction is not &lrm;completed, such securities
                                            shall remain subject to the Insider Agreement.&lrm;;&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
                                            the Closing Time or Option Closing Time, as applicable, a certificate of status &lrm;&lrm;(or
                                            equivalent) for the Company dated within one (1) Business Day (or &lrm;such earlier or later
                                            date as the Underwriters may accept) of the Closing &lrm;Date; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
                                            other documents as the Underwriters or counsel to the Underwriters may &lrm;reasonably require.&lrm;</FONT></TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
16 Over-Allotment Option</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Over-Allotment Option may be exercised by the Underwriters at any time, in whole &lrm;or
                                            in part, by delivering notice to the Company not later than 12:00 p.m. (Toronto &lrm;time)
                                            on the 30th day after the Closing Date, which notice will specify the number &lrm;of Additional
                                            Shares to be purchased by the Underwriters and the date (the &lrm;&lrm;&ldquo;<B>Option Closing
                                            Date</B>&rdquo;) and time (the &ldquo;<B>Option Closing Time</B>&rdquo;) on and at which
                                            &lrm;such Additional Shares are to be purchased. Such Option Closing Date may be &lrm;the
                                            same as (but not earlier than) the Closing Date and will not be earlier than &lrm;three Business
                                            Days nor later than five Business Days after the date of delivery of &lrm;such notice (except
                                            to the extent a shorter or longer period shall be agreed to by &lrm;the Company). Subject
                                            to the terms of this agreement, upon the Underwriters &lrm;furnishing this notice, the Underwriters
                                            will be committed to purchase, in the &lrm;respective percentages set forth in Section 22,
                                            and the Company will be &lrm;committed to issue and sell in accordance with and subject to
                                            the provisions of &lrm;this Agreement, the number of Additional Shares indicated in the notice.
                                            Additional &lrm;Shares may be purchased by the Underwriters only for the purpose of satisfying
                                            &lrm;the Underwriters&rsquo; &ldquo;over-allocation position&rdquo; (as defined in National
                                            Instrument 41-&lrm;&lrm;101 &ndash; General Prospectus Requirements in connection with the
                                            Offering.&lrm;</FONT></TD></TR></TABLE>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            the event that the Over-Allotment Option is exercised in accordance with its terms, the &lrm;closing
                                            of the issuance and sale of that number of Additional Shares in respect of &lrm;which the
                                            Underwriters are exercising the Over-Allotment Option shall take place &lrm;at the Option
                                            Closing Time at the offices of Sangra Moller LLP or at &lrm;such other place as may be agreed
                                            to by the Underwriters and the Company.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
                                            the Option Closing Time, the Company shall issue to the Underwriters that number of &lrm;Additional
                                            Shares in respect of which the Underwriters are exercising the Over-&lrm;Allotment Option
                                            and deposit with CDS or its nominee, if requested by BMO, the &lrm;Additional Shares electronically
                                            through the non-certificated inventory system of &lrm;CDS against payment per Additional
                                            Share by wire transfer or certified cheque &lrm;payable to the Company or as otherwise directed
                                            by the Company.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrently
                                            with the deliveries and payment under paragraph (3), the Company shall &lrm;pay the Underwriting
                                            Fee applicable to the Additional Shares in the manner &lrm;provided in the twelfth paragraph
                                            of this Agreement against delivery of a receipt &lrm;for that payment.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            obligation of the Underwriters to make any payment or delivery contemplated by this &lrm;Section
                                            16 is subject to the conditions set forth in Section 15.&lrm;</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will pay all expenses and fees in connection with the Offering, including, &lrm;without limitation: (i) all expenses of or incidental
to the creation, issue, sale or distribution of the &lrm;Offered Shares and the filing of the Offering Documents; (ii) the fees and expenses
of the &lrm;Company&rsquo;s legal counsel; (iii) all costs incurred in connection with the preparation of &lrm;documentation relating
to the Offering; and (iv) all reasonable and direct expenses of the &lrm;Underwriters including all reasonable fees and disbursements
of the Underwriters&rsquo; legal counsel up to a maximum of US$130,000 (collectively, the &ldquo;<B>Underwriters&rsquo; Expenses</B>&rdquo;).
All Underwriters&rsquo; Expenses incurred by the &lrm;Underwriters, or on their behalf, shall be payable by the Company immediately upon
receiving &lrm;an invoice therefor from the Underwriters and shall be payable whether or not an offering is &lrm;completed. At the option
of BMO, such fees and expenses may be deducted from the gross &lrm;proceeds otherwise payable to the Company on the closing of the Offering.
Regardless of &lrm;whether the transactions contemplated herein are completed or not, the Company will pay the &lrm;Underwriters&rsquo;
Expenses, as described in this Section 17.&lrm;</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
18 No Advisory or Fiduciary Relationship</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company acknowledges and agrees that (a) the purchase and sale of the Offered &lrm;Shares pursuant to this Agreement, including the determination
of the Offering Price, the Offered &lrm;Shares and any related discounts and commissions, is an arm&rsquo;s-length commercial transaction
&lrm;between the Company, on the one hand, and the several Underwriters, on the other hand, (b) in &lrm;connection with the Offering
and the process leading to such transaction each Underwriter is and &lrm;has been acting solely as a principal and is not the agent or
fiduciary of the Company or its &lrm;shareholders, creditors, employees or any other party, (c) no Underwriter has assumed or will &lrm;assume
an advisory or fiduciary responsibility in favour of the Company with respect to the &lrm;Offering or the process leading thereto (irrespective
of whether such Underwriter has advised or &lrm;is currently advising the Company on other matters) and no Underwriter has any obligation
to the &lrm;Company with respect to the Offering except the obligations expressly set forth in this &lrm;Agreement, (d) the Underwriters
and their respective affiliates may be engaged in a broad range &lrm;of transactions that involve interests that differ from those of
the Company, and (e) the &lrm;Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to &lrm;the
Offering and the Company has consulted its own legal, accounting, regulatory and tax &lrm;advisors to the extent it deems appropriate.&lrm;</FONT></P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
notice to be given hereunder shall be in writing and may be given by hand delivery or &lrm;email and shall, in the case of notice to
the Company, be addressed and emailed or delivered to:&lrm;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;1188
West Georgia Street, Suite 1830</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vancouver,
British Columbia V6E 4A2&lrm;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 80%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Josephine Man, Chief Financial
  Officer</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">Email:</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">jman@uraniumroyalty.com</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
a copy to (such copy not to constitute notice):&lrm;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;1000
Cathedral Place, 925 West Georgia Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vancouver,
British Columbia V6C 3L2&lrm;&lrm;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 80%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:&lrm;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rod Talaifar</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">Email:&lrm;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;RTalaifar@sangramoller.com</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
in the case of the Underwriters, addressed and emailed or delivered to:&lrm;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;885
West Georgia Street, Suite 1700&lrm;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vancouver,
British Columbia, V6C 3E8</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 80%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;Attention:&lrm;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Haroon Chaudhry, Director
  &lrm;</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">Email:&lrm;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;haroon.chaudhry@bmo.com</FONT></TD></TR>
</TABLE>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;161
Bay Street, Suite 3000&lrm;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Toronto,
Ontario M5J 2S1&lrm;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 80%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:&lrm;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tom Jakubowski, Managing
  Director</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">Email:&lrm;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;tjakubowski@cgf.com</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
a copy to (such copy not to constitute notice):&lrm;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;1133
Melville Street, Suite 2700</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vancouver,
British Columbia V6E 4E5&lrm;&lrm;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 80%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:&lrm;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deepak Gill</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">Email:&lrm;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;deepak.gill@dlapiper.com</FONT></TD></TR>
</TABLE>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;701
Fifth Avenue, Suite 6900</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seattle,
Washington 98104&lrm;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 80%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:&lrm;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andrew Ledbetter</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">Email:&lrm;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;andrew.ledbetter@usdlapiper.com</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;The
Company and the Underwriters may change their respective addresses for notice by notice &lrm;given in the manner referred to above.&lrm;</FONT></P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
20 Actions on Behalf of the Underwriters</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BMO
will reasonably consult with the other Underwriters representing a majority of the &lrm;allocations as set forth in Section 22 prior
to taking any action on their behalf. All steps which &lrm;must or may be taken by the Underwriters in connection with this Agreement,
with the exception &lrm;of the matters contemplated by Section 9, Section 12 and Section 13, shall be taken by BMO on &lrm;the Underwriters&rsquo;
behalf and the execution of the Agreement by the Underwriters shall constitute &lrm;the Company&rsquo;s authority for accepting notification
of any such steps from, and for giving notice &lrm;to, and for delivering any definitive certificate(s) representing the Offered Shares
to, or to the &lrm;order of, BMO.&lrm;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
representations, warranties, obligations and agreements of the Company and of the &lrm;Underwriters contained herein or delivered pursuant
to this Agreement shall survive the purchase &lrm;by the Underwriters of the Offered Shares for a period of three years following the
Closing Date &lrm;and shall continue in full force and effect notwithstanding any subsequent disposition by the &lrm;Underwriters of
the Offered Shares and the Underwriters shall be entitled to rely on the &lrm;representations and warranties of the Company contained
in or delivered pursuant to this &lrm;Agreement notwithstanding any investigation which the Underwriters may undertake or which &lrm;may
be undertaken on the Underwriters&rsquo; behalf.&lrm;</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
                                            to the terms of this Agreement, the Underwriters&rsquo; obligations under this &lrm;Agreement
                                            to purchase the Offered Shares shall be several, and not joint and &lrm;several,
                                            and the liability of each of the Underwriters to purchase the Offered &lrm;Shares shall
                                            be limited to the following percentages of the purchase price paid for &lrm;the Offered Shares:&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 60%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 1in">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BMO Nesbitt Burns Inc.&lrm;</FONT></TD>
  <TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</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">Canaccord Genuity Corp.&lrm;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35%</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT></TD>
    </TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            any of the Underwriters fails to purchase its applicable percentage of the Offered Shares
                                            at the Closing Time or the Option Closing Time, as the case may be, (a &lrm;&lrm;&ldquo;<B>Defaulting
                                            Underwriter</B>&rdquo;) and the percentage of Offered Shares that have not &lrm;been purchased
                                            by the Defaulting Underwriter represents 10% or less of the &lrm;Offered Shares then the
                                            other Underwriters will be severally, and not jointly and &lrm;severally, obligated to purchase,
                                            on a pro rata basis to their respective &lrm;percentages as aforesaid, all but not less than
                                            all of the Offered Shares not &lrm;purchased by the Defaulting Underwriter, and to receive
                                            the Defaulting &lrm;Underwriter&rsquo;s portion of the Underwriting Fee in respect thereof,
                                            and such non-&lrm;defaulting Underwriters shall have the right, by notice to the Company,
                                            to &lrm;postpone the Closing Date or Option Closing Date, as the case may be, by not more
                                            than &lrm;three Business Days to effect such purchase. In the event that the percentage of
                                            &lrm;Offered Shares that have not been purchased by a Defaulting Underwriter &lrm;represents
                                            more than 10% of the aggregate Offered Shares, the other &lrm;Underwriters will have the
                                            right, but will not be obligated, to purchase all of the &lrm;percentage of the Offered Shares
                                            which would otherwise have been purchased &lrm;by the Defaulting Underwriter; the Underwriters
                                            exercising such right will purchase &lrm;such Offered Shares, if applicable, pro rata to
                                            their respective percentages &lrm;aforesaid or in such other proportions as they may otherwise
                                            agree. In the event &lrm;that such right is not exercised, the non-defaulting Underwriters
                                            shall be relieved &lrm;of all obligations to the Company arising from such default. Nothing
                                            in this section &lrm;shall oblige the Company to sell to the Underwriters less than all of
                                            the Offered &lrm;Shares or relieve from liability to the Company any Underwriter which shall
                                            be so &lrm;in default.&lrm;</FONT></TD></TR></TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --> -</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the distribution of the Offered Shares, the Underwriters (or any of &lrm;them) may effect transactions which stabilize
or maintain the market price of the Common &lrm;Shares at levels other than those which might otherwise prevail in the open market, but
in each &lrm;case as permitted by Applicable Securities Laws. Such stabilizing transactions, if any, may be &lrm;discontinued by the
Underwriters at any time.&lrm;</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
24 Relationship with TMX Group Limited&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
of the Underwriters or affiliates thereof, own or control an equity interest in TMX &lrm;Group. In addition, certain of the Underwriters
or affiliates thereof have nominee directors &lrm;serving on the TMX Group&rsquo;s board of directors. As such, each such investment
dealer may be &lrm;considered to have an economic interest in the listing of securities on any exchange owned or &lrm;operated by TMX
Group. No Person is required to obtain products or services from TMX Group &lrm;or its affiliates as a condition of any such dealer supplying
or continuing to supply a product or &lrm;service. The Underwriters do not require the Company to list securities on any exchange owned
&lrm;by TMX Group, as a condition of supplying or continuing to supply underwriting and/or other &lrm;services.&lrm;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
and all previous agreements with respect to the purchase and sale of the Offered &lrm;Shares, whether written or oral, are terminated
and this Agreement constitutes the entire &lrm;agreement between the Company and the Underwriters with respect to the purchase and sale
of &lrm;the Offered Shares.&lrm;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement shall be governed by and construed in accordance with the laws in force &lrm;in the province of British Columbia and the federal
laws of Canada applicable therein.&lrm;</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
27 Time of the Essence</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Time
shall be of the essence of this Agreement.&lrm;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement may be executed in counterparts, each of which when so executed shall &lrm;be deemed to be an original and such counterparts
together shall constitute one and the same &lrm;instrument.&lrm;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&lrm;[Remainder
of page intentionally blank. Signature page follows.]&lrm;</B></FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the foregoing is in accordance with your understanding and is agreed to by you, will &lrm;you please confirm your acceptance by signing
the enclosed copies of this letter at the place &lrm;indicated and returning the same to us.&lrm;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yours
    very truly,&lrm;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BMO
    NESBITT BURNS INC.&lrm;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&lrm;
    <U>&lrm;</U></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Haroon Chaudhry</I></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>&lrm;</U></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Haroon
    Chaudhry</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&lrm;
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>[BMO
Nesbitt Burns Inc. Signature Page to Underwriting Agreement]</I></B></FONT></P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CANACCORD
    GENUITY CORP.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&lrm;
    <I><U>&lrm;</U></I></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Tom Jakubowski</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tom
    Jakubowski</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&lrm;
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing
    Director, Global Head of Metals &amp; Mining, Investment Banking</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>[Canaccord
Genuity Corp. Signature Page to Underwriting Agreement]</I></B></FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing is in accordance with our understanding and is accepted by &lrm;us.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>URANIUM
    ROYALTY CORP.&lrm;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&lrm;
    </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Josephine Man</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Josephine
    Man</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&lrm;
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>[Uranium
Royalty Corp. Signature Page to Underwriting Agreement]</I></B></FONT></P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Schedule
&ldquo;A&rdquo; </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATTERS
TO BE ADDRESSED IN THE COMPANY&rsquo;S CANADIAN COUNSEL OPINION</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            valid existence of the Company under the laws of its jurisdiction of incorporation.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            authorized and issued capital of the Company.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company has all requisite corporate power, capacity and authority including under the laws of its jurisdiction of incorporation, and is qualified to (i) carry on its businesses
                                            as &lrm;presently carried on, (ii) own its property; and (iii) enter into this Agreement
                                            and to carry &lrm;out the transactions contemplated hereby, (iii) to create, issue and sell,
                                            as applicable, the &lrm;Offered Shares; and (iv) to grant the Over-Allotment Option.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                            necessary action has been taken by the Company to authorize, as applicable: (i) the &lrm;execution
                                            and delivery of each of the Canadian Preliminary Prospectus Supplement and &lrm;the Canadian
                                            Prospectus and, if applicable, any amendments thereto, (ii) the filing of &lrm;each of the
                                            Canadian Preliminary Prospectus Supplement and the Canadian Prospectus &lrm;and, if applicable,
                                            any amendments thereto under the Canadian Securities Laws in each &lrm;of the Qualifying
                                            Jurisdictions, (iii) the execution and delivery of this Agreement and the &lrm;performance
                                            of its obligations thereunder. (iv) the issuance, sale and delivery of the &lrm;Offered Shares
                                            and the grant of the Over-Allotment Option.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Offered Shares have been duly authorized and are validly issued and outstanding as fully
                                            &lrm;paid and non-assessable shares.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            description of the attributes of the Offered Shares in the Canadian Preliminary Prospectus
                                            &lrm;Supplement and the Canadian Prospectus are, in all material respects, a true, complete
                                            &lrm;and accurate description of the rights, privileges, restrictions and conditions attaching
                                            to &lrm;such securities.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Company is a &ldquo;reporting issuer&rdquo; or the equivalent thereof in each of the Qualifying
                                            &lrm;Jurisdictions.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            execution and delivery by the Company of this Agreement, the fulfilment of the terms and
                                            &lrm;the performance of its obligations hereunder, the consummation of the transactions &lrm;contemplated
                                            hereby and the issuance, sale and delivery of the Offered Shares to be &lrm;issued and sold
                                            by the Company at the Closing Time and the grant of the Over-Allotment &lrm;Option do not
                                            and will not result in a breach (whether after notice or lapse of time or both) &lrm;of any
                                            statute, law, by law, regulation, or decree, or the terms of any of the constating &lrm;documents
                                            of the Company.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
                                            Agreement has been duly authorized and executed by the Company and constitutes legal, &lrm;valid
                                            and binding obligations of the Company and is enforceable against the Company in &lrm;accordance
                                            with its terms, subject to customary enforceability qualifications.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computershare
                                            Investor Services Inc. at its principal office in the city of Vancouver and Toronto &lrm;has
                                            been duly appointed as the transfer agent and registrar for the Common Shares.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
                                            necessary documents have been filed, all requisite proceedings have been taken and all other
                                            &lrm;legal requirements have been fulfilled by the Company under the securities laws of each
                                            &lrm;of the Qualifying Jurisdictions in order to qualify the distribution of the Offered
                                            Shares to &lrm;the public in each of the Qualifying Jurisdictions through investment dealers
                                            or brokers &lrm;registered under the applicable securities laws of the Qualifying Jurisdiction
                                            who have &lrm;complied with the relevant provisions of such Applicable Securities Laws and
                                            to qualify &lrm;the grant of the Over-Allotment Option.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            Offered Shares have been conditionally approved for listing on the TSX subject to the filing
                                            &lrm;of documents in accordance with the requirements of the TSX.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
                                            to the assumptions, qualifications, limitations and restrictions set out therein, the &lrm;statements
                                            under the heading &ldquo;Eligibility for Investment&rdquo; and &ldquo;Certain Canadian Federal
                                            &lrm;Income Tax Considerations&rdquo; in the Canadian Preliminary Prospectus Supplement and
                                            &lrm;the Canadian Prospectus are accurate in all material respects.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            form and terms of the certificates representing the Common Shares have been duly &lrm;approved
                                            by the Company and comply with the provisions of the articles and &lrm;bylaws of the Company,
                                            the requirements of the <I>Canada Business Corporations Act</I> &lrm;and meet all legal requirements
                                            under the rules of TSX.&lrm;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            all other legal matters reasonably requested by counsel to the Underwriters relating to the
                                            &lrm;distribution of the Offered Shares.&lrm;</FONT></TD></TR></TABLE>

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


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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRICING
TERMS INCLUDED IN THE PRICING DISCLOSURE PACKAGE</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of Firm Shares Offered by the Company: 10,205,000</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of Additional Shares: 1,530,750</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
Offering Price per Offered Share: US$2.94</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underwriting
Commission per Offered Share: US$0.1617</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date
of Delivery of Firm Shares: October 17, 2023&lrm;</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;-&lrm;</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term sheet dated October
  10, 2023 relating to the Offering</FONT></TD></TR>
</TABLE>


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">Schedule
&ldquo;C&rdquo; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&lrm;Uranium
                                            Royalty (USA) Corp.&lrm;</FONT></TD></TR></TABLE>

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

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex99-2.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.2</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-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="ex99-2_001.jpg" ALT="" STYLE="height: 25px; width: 200px"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="letter-spacing: 3.5pt"></FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="letter-spacing: 3.5pt">Barristers &amp; Solicitors</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><P STYLE="margin-top: 0; margin-bottom: 0">1000 Cathedral Place</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">925 West Georgia Street</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">Vancouver, British Columbia</P>
                         <P STYLE="margin-top: 0; margin-bottom: 0">Canada V6C 3L2</P></TD>
  <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="margin-top: 0; margin-bottom: 0">Telephone: (604) 662-8808</P>
      <P STYLE="margin-top: 0; margin-bottom: 0">Facsimile: (604) 669-8803</P>
      <P STYLE="margin-top: 0; margin-bottom: 0">www.sangramoller.com</P></TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">October 11, 2023</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>VIA SEDAR</U></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">British Columbia Securities Commission</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: #FEFEFD">Financial and Consumer Affairs
Authority of Saskatchewan</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: #FEFEFD">Nova Scotia Securities Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: #FEFEFD">Financial and Consumer Services
Commission of </FONT>New Brunswick</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: #FEFEFD">Office of the Superintendent of
Securities of Newfoundland and Labrador</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: #FEFEFD">Financial and Consumer Services
Division, </FONT>Prince Edward Island</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: #FEFEFD">Office of the Superintendent of
Securities, </FONT>Northwest Territories</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: #FEFEFD">Office of the Yukon Superintendent
of Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: #FEFEFD">Nunavut Securities Office</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">Dear Sirs/Mesdames:</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1.5pt solid; width: 0.5in"><B>Re:</B></TD>
  <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify"><B>Uranium Royalty Corp. (the &ldquo;Corporation&rdquo;) &ndash; Prospectus Supplement dated October 11, 2023
  (the &ldquo;Prospectus Supplement&rdquo;) to the Corporation&rsquo;s Short Form Base Shelf Prospectus dated July 20, 2023</B></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We refer to the Prospectus Supplement qualifying the
distribution of 10,205,000 common shares of the Corporation for aggregate gross proceeds of US$30,002,700.</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, as Canadian counsel to the Corporation, hereby
consent to the use of our firm name on the covering page of the Prospectus Supplement and under the headings &ldquo;<I>Documents Filed
as part of the Registration Statement</I>&rdquo;, &ldquo;<I>Enforcement of Judgements Against Foreign Persons</I>&rdquo; and &ldquo;<I>Legal
Matters</I>&rdquo; in the Prospectus Supplement and we also consent to the use of our firm name and references to our opinions under the
headings &ldquo;<I>Certain Canadian Federal Income Tax Considerations</I>&rdquo; and &ldquo;<I>Eligibility for Investment</I>&rdquo; in
the Prospectus Supplement.</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 read the Prospectus Supplement and have no
reason to believe that there are any misrepresentations in the information contained in the Prospectus Supplement that are derived from
our opinion or that are within our knowledge as a result of the services we performed in connection with such opinion.</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="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Yours truly,</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SANGRA MOLLER LLP</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(signed) &ldquo;<I>Sangra Moller LLP</I>&rdquo;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>5
<FILENAME>ex99-3.htm
<TEXT>
<HTML>
<HEAD>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 33%; vertical-align: bottom"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DLA
                                            Piper (Canada) LLP</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1133
    Melville Street, Suite 2700</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vancouver
    BC V6E 4E5</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.dlapiper.com</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October
11, 2023</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIA
SEDAR+</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:&lrm;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">British
    Columbia Securities Commission</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">And
    To:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ontario
    Securities Commission &lrm;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alberta
    Securities Commission &lrm;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    and Consumer Affairs Authority of Saskatchewan &lrm;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Manitoba Securities Commission &lrm;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    and Consumer Services Commission of New Brunswick</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nova
    Scotia Securities Commission &lrm;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    of Superintendent of Securities of Prince Edward Island&lrm;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    of the Superintendent of Securities of Newfoundland and Labrador</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    of the Yukon Superintendent of Securities</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    of the Superintendent of Securities of Nunavut</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    of the Superintendent of Securities of Northwest Territories</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Sirs/Mesdames:&lrm;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Uranium
    Royalty Corp. (the &ldquo;Company&rdquo;)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prospectus
    Supplement dated October 11, 2023 (the &ldquo;Prospectus Supplement&rdquo;) to the Short Form Base Shelf Prospectus of the Company
    dated July 20, 2023 </FONT></TD></TR>
  </TABLE>
<P STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.45pt; text-indent: -37.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT>&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; font-weight: normal">We
refer to the Prospectus Supplement of the Company dated October 11, 2023. The Prospectus Supplement is supplemental to the Short Form
Base Shelf Prospectus of the Company dated July 20, 2023 with respect to the issuance of common shares in the capital of the Company,
as described in the Prospectus Supplement. </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; 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; font-weight: normal">We,
as Canadian counsel to the Underwriters (as such term is defined in the Prospectus Supplement), hereby consent to the references to and
use of our opinions under the headings &ldquo;<I>Certain Canadian Federal Income Tax Considerations</I>&rdquo; and &ldquo;<I>Eligibility
for Investment</I>&rdquo;, and the references to our firm name under the headings &ldquo;<I>Documents Filed as Part of the Registration
Statement</I>&rdquo; and &ldquo;<I>Legal Matters</I>&rdquo; in the Prospectus Supplement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
confirm that we have read the Prospectus Supplement and that we have no reason to believe that there are &lrm;any misrepresentations
in the information contained therein that are:&lrm;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">derived
    from our opinions referred to above, or &lrm;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">within
    our knowledge as a result of the services we performed in connection with such &lrm;opinions.&lrm;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.45pt; text-indent: -37.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.45pt; text-indent: -37.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Yours
truly,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.45pt; text-indent: -37.45pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;&lrm;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.45pt; text-indent: -37.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"><I>&lrm;&rdquo;DLA
Piper (Canada) LLP&rdquo;&lrm;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37.45pt; text-indent: -37.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"><I>&nbsp;</I></FONT></P>


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

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