<SEC-DOCUMENT>0000917225-12-000029.txt : 20120613
<SEC-HEADER>0000917225-12-000029.hdr.sgml : 20120613
<ACCEPTANCE-DATETIME>20120613163556
ACCESSION NUMBER:		0000917225-12-000029
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120611
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120613
DATE AS OF CHANGE:		20120613

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOLITARIO EXPLORATION & ROYALTY CORP.
		CENTRAL INDEX KEY:			0000917225
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				841285791
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32978
		FILM NUMBER:		12905451

	BUSINESS ADDRESS:	
		STREET 1:		4251 KIPLING STREET
		STREET 2:		SUITE 390
		CITY:			WHEAT RIDGE
		STATE:			CO
		ZIP:			80033
		BUSINESS PHONE:		3035341030

	MAIL ADDRESS:	
		STREET 1:		4251 KIPLING STREET
		STREET 2:		SUITE 390
		CITY:			WHEAT RIDGE
		STATE:			CO
		ZIP:			80033

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOLITARIO RESOURCES CORP
		DATE OF NAME CHANGE:	20000711
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<TYPE>8-K
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<FILENAME>sand8k.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>Form&nbsp;8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">Date of Report (Date of
earliest event reported): June 11, 2012</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>SOLITARIO EXPLORATION
&amp; ROYALTY CORP.</B></P>

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

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    <TD STYLE="width: 38%; font: 10pt Times New Roman, Times, Serif; text-align: center">Colorado<BR> (State or other jurisdiction of<BR> incorporation or organization)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">001-32978<BR> (Commission<BR> File Number)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">84-1285791<BR> (I.R.S. Employer<BR> Identification No.)</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">4251
Kipling Street, Suite 390<BR>
Wheat Ridge, CO 80033<BR>
(Address of principal executive offices) </FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%; font: 10pt Times New Roman, Times, Serif">Registrant&rsquo;s telephone number, including area code:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(303) 534-1030</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">Not Applicable<BR>
(Former name or former address, if changed since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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    <TD STYLE="width: 2%; font: 10pt Wingdings">o</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17&nbsp;CFR 230.425)</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="font: 10pt Wingdings">o</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17&nbsp;CFR 240.14a-12)</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="font: 10pt Wingdings">o</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17&nbsp;CFR&nbsp;240.14d-2(b))</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Wingdings">o</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17&nbsp;CFR&nbsp;240.13e-4(c))</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 13%; font: bold 10pt Times New Roman, Times, Serif">ITEM 1.01</TD>
    <TD STYLE="width: 87%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 12pt">Entry into a Material Definitive Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On June 11,
        2012, Mt. Hamilton, LLC (&ldquo;MH-LLC) and Solitario Exploration &amp; Royalty Corp. (the &ldquo;Company&rdquo; or &ldquo;Solitario&rdquo;)
        entered into a net smelter royalty agreement (the &ldquo;Royalty Agreement&rdquo;) with Sandstorm Gold, Ltd. (&ldquo;Sandstorm&rdquo;)
        Under the agreement Sandstorm purchased a 2.4% net smelter returns royalty (&ldquo;NSR&rdquo;) on MH-LLC&rsquo;s Mt. Hamilton gold
        project for $10 million. The Mt. Hamilton gold project, located in Nevada, U.S.A., is held by MH-LLC, which is a joint venture
        between Solitario and DHI Minerals (US), Ltd. that is 80%-owned by Solitario and 20%-owned by DHI-US, a wholly owned subsidiary
        of Ely Gold and Minerals of Vancouver, B.C. Canada (&ldquo;Ely&rdquo;). MH-LLC received an upfront payment of US$6.0 million upon
        signing the agreement and will receive a future cash remittance of US$4.0 million on January 15, 2013. </FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">As part of
        the agreement, MH-LLC will have the option, for a period of 30 months, to repurchase up to 100% of the NSR for US$12 million, provided
        that Solitario enters into a gold stream agreement with Sandstorm that has an upfront deposit of no less than US$30 million. In
        addition, MH-LLC has provided Sandstorm with a right of first refusal on any future royalty or gold stream financing for the Mt.
        Hamilton project. The Royalty Agreement provides that if Sandstorm has not received cash flow from the NSR royalty totaling at
        least $10 million by December 31, 2022, then, subject to certain conditions, MH-LLC will pay Sandstorm an amount equal to the shortfall.
        In addition to the terms generally described above, the Royalty Agreement contains other terms and conditions commonly contained
        in royalty agreements of this nature. </FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A copy of the Royalty Agreement is filed herewith as Exhibit 99.1.
        This exhibit is incorporated into this Item 1.01 by reference.&nbsp; The foregoing description of this transaction by the Company
        and the documentation related thereto does not purport to be complete and is qualified in its entirety by reference to such Exhibits.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

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    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">ITEM 7.01</TD>
    <TD STYLE="width: 86%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">Regulation FD Disclosure</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June 11, 2012, the Company issued a press release announcing that Sandstorm had acquired the NSR royalty from Solitario and Ely.&nbsp; A copy of the press release is attached hereto as Exhibit 99.2, and such press release is intended to be furnished to, not filed with, the SEC pursuant to Regulation FD.</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

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    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">ITEM 9.01</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">FINANCIAL STATEMENTS AND EXHIBITS</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-decoration: underline">Exhibits</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-decoration: underline">Exhibit Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">99.1</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Net smelter royalty agreement for purchase of a 2.4% NSR Royalty by Sandstorm for $10 million by and among MH-LLC, Solitario and Sandstorm dated June 11, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">99.2</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Press Release of Solitario Exploration &amp; Royalty Corp. dated June 11, 2012</TD></TR>
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 84%">&nbsp;</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>SIGNATURES</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">June 13, 2012</P>

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    <TD STYLE="width: 7%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 92%; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font-family: Times New Roman, Times, Serif">Solitario Exploration &amp; Royalty Corp.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif; text-decoration: underline">/s/&nbsp;James R. Maronick</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">James R. Maronick, Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>EXHIBIT INDEX</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; font-family: Times New Roman, Times, Serif; text-decoration: underline">&nbsp;Exhibits</TD>
    <TD STYLE="width: 87%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Exhibit Description</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>Net smelter royalty agreement for purchase of a 2.4% NSR Royalty by Sandstorm for $10 million by and among MH-LLC, Solitario and Sandstorm dated June 11, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>99.2</TD>
    <TD>Press Release of Solitario Exploration &amp; Royalty Corp. dated June 11, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

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

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

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

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

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

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

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



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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>THIS NET SMELTER RETURN ROYALTY AGREEMENT</B>
dated as of the 11th day of<BR>
June, 2012.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">A M O N G :</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 1in 12pt; text-align: justify"><B>SOLITARIO EXPLORATION &amp; ROYALTY
CORP.</B>, a corporation duly incorporated under the laws of the State of Colorado</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 1in 12pt; text-align: justify">(the &ldquo;<B>Covenantor</B>&rdquo;)</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right">OF THE FIRST PART</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 1in 12pt; text-align: justify">- and -</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 1in 12pt; text-align: justify"><B>MT. HAMILTON LLC, </B>a limited
liability company duly organized under the laws of State of Colorado</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 1in 12pt; text-align: justify">(the &ldquo;<B>Owner</B>&rdquo;)</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right">OF THE SECOND PART</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 1in 12pt; text-align: justify">- and -</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 1in 12pt; text-align: justify"><B>SANDSTORM GOLD LTD.</B> a corporation
duly incorporated under the laws of the Province of British Columbia</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 1in 12pt; text-align: justify">(the &ldquo;<B>Royalty Holder</B>&rdquo;)</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: right">OF THE THIRD PART</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>WHEREAS</B> the Owner is the owner
of (a) a 100% undivided interest in certain unpatented mining claims, subject to the paramount title of the United States of America,
as well as certain fee parcels, and (b) an undivided 100% leasehold interest in a mining lease covering certain patented and unpatented
mining claims, collectively comprising a portion of the Mt. Hamilton gold project, located in White Pine County, Nevada. The interests
described in (a) and (b) above are more particularly described in Schedule &ldquo;A&rdquo; attached hereto and forming a part hereof
(the &ldquo;<B>Property</B>&rdquo;);</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>AND WHEREAS</B> the Property is free
and clear of any and all liens, charges, security interests, claims, mortgages and other encumbrances, save and except for the
permitted encumbrances which are set forth in Schedule &ldquo;B&rdquo; attached hereto and forming a part hereof;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>AND WHEREAS </B>the Owner seeks to
grant to the Royalty Holder a certain net smelter returns royalty, all on and subject to the terms and conditions herein contained;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>AND WHEREAS</B>the Covenantor is willing to execute and deliver this Agreement to provide a guarantee to and in favour of the
Royalty Holder with respect to the covenants, obligations and indemnifications of the Owner as herein provided;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>AND WHEREAS</B> the Parties are therefore
desirous of executing and delivering this Agreement, all on and subject to the terms and conditions contained herein;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>AND WHEREAS</B> capitalized terms
when used in these preambles shall have the respective meanings set forth in Article 1;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>NOW THEREFORE</B> in consideration
of the premises and the mutual covenants and agreements herein contained and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged by each of the Parties, the Parties mutually agree as follows:</P>

<P STYLE="font: bold 12pt Arial Bold; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
1<BR>
INTERPRETATION</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify">Definitions</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In this Agreement, unless otherwise provided:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Affiliate</B>&rdquo; means
with respect to a Person, any other Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled
by or is under common Control with, the subject Person;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Agreement</B>&rdquo; means
this Net Smelter Returns Royalty Agreement;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Allowable Deductions</B>&rdquo;
means, for any Month, all costs, charges and expenses paid or incurred by the Owner during that Month for or with respect to Products
comprising:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify">(i)&#9;charges for treatment in
the smelting, refining and other beneficiation process (including handling, processing, and provisional settlement fees, weighing,
sampling, assaying umpire and penalties and other processor deductions), but excluding costs of mining and milling or concentrating;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify">(ii)&#9;actual costs of transportation
(including loading, freight, security and insurance, demurrage and delay) of Products from the Property to the place of treatment
and then to the place of Sale; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify">(iii)&#9;sales, use, severance,
excise, net proceeds of mine and ad <I>valorem</I> taxes and any tax on or measured by mineral production, but not including: (a)
income taxes of the Owner or the Royalty Holder; (b) government royalties; and (c) any reimbursable sales or other taxes;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">provided that:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify">(iv)&#9;where Products are processed
on or off the Property in a facility wholly or partially owned by the Owner, a member of the Owner or an Affiliate of the Owner
or an Affiliate of a member of the Owner, Allowable Deductions will not include any costs that are in excess of those which would
be incurred on an arm&rsquo;s length basis or which would not be Allowable Deductions if those Products were processed by an independent
third party; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify">(v)&#9;there will be no Allowable
Deductions from Gross Proceeds received as a result of a Loss.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Annual Report</B>&rdquo; means
a written report, in relation to any calendar year, detailing:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(i)&#9;the number
of ounces of Minerals produced from the <FONT STYLE="font-weight: normal">Property</FONT>;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(ii)&#9;if applicable,
the names and addresses of each Offtaker to which the Minerals referred to in subsection (i) were delivered;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(iii)&#9;the
Gross Proceeds, the Allowable Deductions which were applied against the Gross Proceeds and the Net Smelter Returns which have resulted
or which are estimated to result from the Minerals referred to in subsection (i);</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(iv)&#9;the amount
of the Royalty which has been paid to the Royalty Holder with respect to the Minerals referred to in subsection (i), in accordance
with the provisions of this Agreement;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(v)&#9;the amount
that would be owed or that is owing by the Owner with respect to the guarantee of Cash Flow as provided under section 2.9;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(vi)&#9;prices
used by the Owner, the Covenantor and their respective Affiliates for short term and long term planning purposes with respect to
the <FONT STYLE="font-weight: normal">Property</FONT>;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(vii)&#9;an updated
mine operating and development plan and budget which includes updated reserves and resources, forecasted production during the
upcoming annual period and any planned drilling and exploration activities within the Property during the upcoming annual period;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(viii)&#9;details
of any material health or safety violations and material violations of any applicable laws (including environmental laws), in each
case with respect to the Property; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(ix)&#9;a summary
of the status of any and all material permit and permit applications with respect to the Property and mining operations to be conducted
thereon during the upcoming annual period;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Audit Dispute Notice</B>&rdquo;
has the meaning set forth in section 3.11;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>BCICAC</B>&rdquo; has the meaning
set forth in section 8.1;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means
a day that is not a Saturday, Sunday or any other day which is a statutory holiday or a bank holiday in the place where an act
is to be performed or a payment is to be made;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="color: black">&ldquo;<B>Cash
Flow</B>&rdquo; means, on a before income tax basis, </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: 0pt">gross
revenue received by the Royalty Holder from payments made pursuant to the Royalty.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Confidential Information</B>&rdquo;
has the meaning set forth in section <FONT STYLE="color: windowtext">10.2</FONT>;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Contribution Agreement</B>&rdquo;
means the contribution agreement dated as of December&nbsp;22, 2010 between the Covenantor, DHI Minerals (U.S.) Ltd. and the Owner,
as to the initial capital contributions of DHI Minerals (U.S.) Ltd. and the Covenantor, as set out in the terms contained in the
Contribution Agreement;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Control</B>&rdquo; or &ldquo;<B>Controlled</B>&rdquo;<B>
</B>means, when used as a verb:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(i)&#9;with respect
to an entity, the ability, directly or indirectly through one or more intermediaries, to direct or cause the direction of the management
and policies of the entity through the legal or beneficial ownership of voting securities or the right to appoint managers, directors
or corporate management or by contract, operating agreement, voting trust or otherwise;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(ii)&#9;with
respect to a natural person, the actual or legal ability to control the actions of another, through family relationship, agency,
contract or otherwise; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(iii)&#9;when
used as a noun, an interest that gives the holder the ability to exercise any of the powers described in subsections (i) and (ii)
of this definition;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Demanding Party</B>&rdquo;
has the meaning set forth in section 8.1;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Dispute Notice</B>&rdquo; has
the meaning set forth in section 8.1;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Effective Date</B>&rdquo; means
the date of the execution and delivery of this Agreement by the Parties;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Expert&rsquo;s Report</B>&rdquo;
has the meaning set forth in section 3.11;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Gold Production</B>&rdquo;
means either (i)&nbsp;the quantity of refined gold that is outturned to the Owner&rsquo;s account by a refinery during a Month,
or (ii)&nbsp;the recoverable and saleable quantity of gold contained in gold bearing ores or metals (metals shall include bullion
or concentrates) derived from operating the Property as a mine to which has been applied the least number of treatments or processes
necessary to render the minerals into a substance or state for which there is a commercially significant market of arm&rsquo;s
length sales or purchases between unrelated parties;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Gross Proceeds</B>&rdquo; means,
for any Month, proceeds received or deemed to be received by the Owner from the Sale of Products from the Property, whether processed
on or off of the Property (for greater certainty and without limitation, including insurance proceeds in respect of any Loss),
determined as follows, but subject to section 3.5:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(i)&#9;if Products
are sold by the Owner in the form of ore, dor&eacute;, or concentrates, then the Gross Proceeds in respect of such ore, dor&eacute;
or concentrates will be equal to the amount of the proceeds actually received by the Owner during the Month from the sale of such
raw ore, dor&eacute; or concentrates;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(ii)&#9;if Products
are sold by the Owner in the form of refined gold, then such gold will be deemed to have been sold at the Monthly Average Gold
Price for the Month in which it was produced and the Gross Proceeds in respect of gold will be determined by multiplying Gold Production
for the Month by the Monthly Average Gold Price for the Month;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(iii)&#9;if Products
are sold by the Owner in the form of refined silver, then such silver will be deemed to have been sold at the Monthly Average Silver
Price for the Month in which it was produced and the Gross Proceeds in respect of silver will be determined by multiplying Silver
Production for the Month by the Monthly Average Silver Price for the Month; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(iv)&#9;if there
is a Loss of Products then the Gross Proceeds will be equal to the sum of the insurance proceeds in respect of such Loss;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Leased Claims</B>&rdquo; means
the patented and unpatented mining claims covered by the Mining Lease, as more particularly described in Schedule &ldquo;A&rdquo;;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Loss</B>&rdquo; means an insurable
loss of or damage to Products, whether or not occurring on or off the Property and whether the Products are in the possession of
the Owner or otherwise;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Losses</B>&rdquo; means <FONT STYLE="color: windowtext">all
damages, claims, losses (other than consequential damages or loss of profits), liabilities, fines, penalties and expenses</FONT>;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Materials</B>&rdquo; has the
meaning set forth in section 2.5;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Minerals</B>&rdquo; means any
and all economic, marketable gold or silver bearing material, in whatever form or state, produced from the Property;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Mining Lease</B>&rdquo; means
that Mining Lease Agreement between Centennial Minerals Company LLC and Owner dated November 19, 2004, as amended;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Month</B>&rdquo; means a calendar
month;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Monthly Average Gold Price</B>&rdquo;
means the average London Bullion Market Association &ldquo;P.M. Gold Fix&rdquo; (or should that quotation cease, another similar
quotation acceptable to the Parties or, if they cannot agree, determined by arbitration hereunder), calculated by<BR>
 </P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><BR>
dividing the
sum of all such prices reported for the Month by the number of days for which such prices were reported;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Monthly Average Silver Price</B>&rdquo;
means the average London Bullion Market Association &ldquo;P.M. Silver Fix&rdquo; (or, should that quotation cease, another similar
quotation acceptable to the Parties or, if they cannot agree, determined by arbitration hereunder), calculated by dividing the
sum of all such prices reported for the Month by the number of days for which such prices were reported;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Net Smelter Returns</B>&rdquo;
for any Month means for any Product for which there has been a Sale, the Gross Proceeds for such Month from the Sale of such Product
less Allowable Deductions for such Month related to such Product;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Offer</B>&rdquo; has the meaning
set forth in section 2.3;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Offtaker</B>&rdquo; means the
counterparty to an Offtake Agreement;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Offtake Agreement</B>&rdquo;
means any refining, smelting, brokering, marketing and/or processing agreement entered into by the Owner or its Affiliates with
respect to Minerals produced from the <FONT STYLE="font-weight: normal">Property</FONT>;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Operating Agreement</B>&rdquo;
means the limited liability company operating agreement dated as of December 22, 2010 between the Covenantor and DHI Minerals (U.S.)
Ltd.;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Owned Claims</B>&rdquo; means
the unpatented mining claims owned by the Owner, as more particularly described in Schedule &ldquo;A,&rdquo; all of which are within
the &ldquo;Area of Influence&rdquo; under the Mining Lease and therefore subject to all of the terms and conditions of the Mining
Lease;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Owned Property</B>&rdquo; means
the fee parcel owned by the Owner, as more particularly described in Schedule &ldquo;A&rdquo;;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Owner&rdquo;</B> has the meaning
set forth in the preambles to this Agreement;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Owner Indemnified Parties</B>&rdquo;
has the meaning set forth in section 6.2;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Party</B>&rdquo; or &ldquo;<B>Parties</B>&rdquo;
means one or more of the parties to this Agreement;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Person</B>&rdquo; means and
includes any individual, corporation, limited liability company, partnership, firm, joint venture, syndicate, association, trust,
governmental agency or board or commission or authority and any other form of entity or organization;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Products</B>&rdquo; means all
gold or silver bearing ores mined from the Property and all concentrates and other mineral products, metals or minerals which are
derived therefrom, whether on or off the Property, and includes for greater certainty and without limitation Gold Production and
Silver Production;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Property</B>&rdquo; has the
meaning ascribed thereto in the preambles to this Agreement;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Proposed Metal Stream</B>&rdquo;
has the meaning set forth in section 2.3, but for greater certainty and without limitation, a Proposed Metal Stream does not include
a gold loan, forward sale or similar arrangement where the Owner is obligated to make physical delivery of Products from the Property
and where that delivery obligation does not last for more than five years;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Released Property</B>&rdquo;
has the meaning set forth in section 2.7;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Relinquishment Event</B>&rdquo;
has the meaning set forth in section 2.7;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Responding Party</B>&rdquo;
has the meaning set forth in section 8.1;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Royalty</B>&rdquo; means 2.4%
of Net Smelter Returns;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Royalty Holder Indemnified
Parties</B>&rdquo; has the meaning set forth in section 6.1;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Sale</B>&rdquo; means a sale
or transfer of title of a Product by or on behalf of the Owner or any Affiliate of the Owner to a Person, whether or not an Affiliate
of the Owner <FONT STYLE="color: black">and is deemed to include a deemed transfer of title to Products transported off the Property
that the Owner elects to have credited to or held for its account by an Offtaker and is also deemed to include any Loss prior to
any transfer or deemed transfer of title to Products; </FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Selling Party</B>&rdquo; has
the meaning set forth in section 2.3;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Silver Production</B>&rdquo;
means either (i)&nbsp;the quantity of refined silver that is outturned to the Owner&rsquo;s account by a refinery during a Month,
or (ii)&nbsp;the recoverable and saleable quantity of silver contained in silver bearing ores, metals (metals shall include bullion
or concentrates) derived from operating the Property as a mine to which has been applied the least number of treatments or processes
necessary to render the minerals into a substance or state for which there is a commercially significant market of arm&rsquo;s
length sales or purchases between unrelated parties;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Third-Party Offer</B>&rdquo;
has the meaning set forth in section 2.3;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>trading activities</B>&rdquo;
has the meaning set forth in section 3.9; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Transfer</B>&rdquo; when used
as a verb, means to sell, grant, assign, encumber, hypothecate, pledge or otherwise dispose of or commit to dispose of, directly
or indirectly, including through mergers, arrangements, amalgamations, consolidations, asset sales or spin-out transactions. When
used as a noun, &ldquo;<B>Transfer</B>&rdquo; means a sale, grant, assignment, pledge or disposal or the commitment to do any of
the foregoing, directly or indirectly, including through mergers, arrangements, amalgamations, consolidations, asset sale or spin-out
transaction;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: justify">Governing Law</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Except for matters of title to the Property
or the assignment or transfer of the Property, which will be governed by the law of the situs of the Property, this Agreement shall
be construed, interpreted and enforced in accordance with, and the respective obligations of the Parties shall be governed by,
the laws of the Province of British Columbia and the federal laws of Canada applicable therein and each Party hereby irrevocably
and unconditionally submits to the non-exclusive jurisdiction of the courts of such province and all courts competent to hear appeals
therefrom.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Severability</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">If any one or more of the provisions
contained in this Agreement is held to be invalid, illegal or unenforceable in any respect under the laws of any jurisdiction,
the validity, legality and enforceability of such provision will not in any way be affected or impaired thereby under the laws
of any other jurisdiction and the validity, legality and enforceability of the remaining provisions contained herein will not in
any way be affected or impaired thereby.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.4</TD><TD STYLE="text-align: justify">Calculation of Time</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">If any time period set forth in this
Agreement ends on a day of the week which is not a Business Day, then notwithstanding any other provision of this Agreement, such
period will be extended until the end of the next following day which is a Business Day.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.5</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Headings</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The headings to the articles and sections
of this Agreement are inserted for convenience only and will not affect the construction hereof.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.6</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Other Matters of Interpretation </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In this Agreement:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(a)&#9;the singular
includes the plural and vice versa;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(b)&#9;the masculine
includes the feminine and vice versa;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(c)&#9;references
to &ldquo;article,&rdquo; &ldquo;section&rdquo; and &ldquo;subsection&rdquo; are to articles, sections and subsections of this
Agreement, respectively;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(d)&#9;all provisions
requiring a Party to do or refrain from doing something will be interpreted as the covenant of that Party with respect to that
matter notwithstanding the absence of the words &ldquo;covenants&rdquo; or &ldquo;agrees&rdquo; or &ldquo;promises&rdquo;;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(e)&#9;all provisions
requiring a Party to do something will be interpreted as including the covenant of that Party to cause that thing to be done when
the <BR>
</P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><BR>
Party cannot directly perform the covenant but can indirectly cause that covenant to be performed, whether by an Affiliate
under its control or otherwise; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(f)&#9;the words
&ldquo;hereto,&rdquo; &ldquo;herein,&rdquo; &ldquo;hereby,&rdquo; &ldquo;hereunder,&rdquo; &ldquo;hereof&rdquo; and similar expressions
when used in this Agreement refer to the whole of this Agreement and not to any particular article, part, section, exhibit or portion
thereof.</P>

<P STYLE="font: bold 12pt Arial Bold; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
2<BR>
royalty description, rights of first refusal ETC.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Net Smelter Return Royalty</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In consideration of the payment of the
sum of US$10.0 million, US$6.0 million of which has been paid on the Execution Date and the remaining US$4.0 million of which shall
be paid by the Royalty Holder to the Owner on January 15, 2013, commencing on the Execution Date the Owner agrees to pay to the
Royalty Holder the Royalty in respect of Products, all on the terms and conditions specified in this Agreement. <FONT STYLE="color: black">In
the event a court of competent jurisdiction determines that any provision of this Agreement violates the statutory or common law
Rule Against Perpetuities, then such provision shall automatically be revised and reformed as necessary to comply with the Rule
Against Perpetuities and this Agreement shall not be terminated solely as a result of a violation of the Rule Against Perpetuities.
</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.2</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Sale of Products Other Than to a Smelter
or Refinery</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">If the Owner sells or causes the sale
of Products other than to a smelter or refinery, the Royalty shall be 2.4% of the gross value of recoverable Minerals contained
in such Products, without deductions except for penalties or offsets in respect of ore dependent factors, if any, imposed by the
buyer in relation to the specific Products delivered. The amount of recoverable Minerals contained in Products removed from the
Property shall be calculated and determined based upon assays, metallurgical tests and such other analyses as are customary in
the industry which are conducted in a manner satisfactory to the Owner and the Royalty Holder, acting reasonably. If the Parties
are unable to agree on the manner of conducting such assays, tests and analyses for a period of 30&nbsp;days, either Party may
refer the question to arbitration hereunder and the decision of the arbitrator shall be final and binding upon the Parties. The
gross value of such Minerals shall be determined by multiplying the amount of such recoverable Minerals by the Monthly Average
Gold Price or the Monthly Average Silver Price, as the case may be.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.3</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Right of First Refusal</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">If the Owner or the Covenantor or any
of their respective Affiliates (the &ldquo;<B>Selling Party</B>&rdquo;) shall receive <I>a bona fide</I> written offer from an
arm&rsquo;s length third Person (the &ldquo;<B>Third-Party Offer</B>&rdquo;) to purchase a gold or silver royalty on production
from the Property or to purchase any participating interest in gold or silver based on production from the Property (the &ldquo;<B>Proposed
Metal Stream</B>&rdquo;), which offer shall state the price and all other pertinent terms and conditions upon which the said third-party
wishes to complete the<BR>
 </P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><BR>
Proposed Metal Stream transaction, the Selling Party shall deliver a copy of the Third-Party Offer to the
Royalty Holder together with the Selling Party&rsquo;s own offer to sell to the Royalty Holder the Proposed Metal Stream on the
same terms and conditions (the &ldquo;<B>Offer</B>&rdquo;).&nbsp; The Royalty Holder shall have 30 days from the date the Offer
is delivered to it, to notify the Selling Party whether it elects to acquire the Proposed Metal Stream at the price and on the
terms and conditions set forth in the Offer.&nbsp; If the Royalty Holder does so elect the transaction with respect to the Proposed
Metal Stream shall be consummated promptly after notice of such election is delivered by the Royalty Holder.&nbsp; If the Royalty
Holder fails to so elect within the period provided for in this section, the Selling Party shall have 120 days following the expiration
of such period to consummate the transaction with respect to the Proposed Metal Stream with a third Person at a price and on terms
no less favourable than those offered in the Offer and in accordance with this section.&nbsp; If the Selling Party fails to consummate
the transaction with respect to the Proposed Metal Stream with a third Person within the period set forth in this section the right
of first refusal herein contained shall be deemed to be revived.&nbsp; Any subsequent proposal to complete a Proposed Metal Stream
shall be conducted in accordance with the procedures set forth in this section.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.4</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Interest in Land</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Parties agree that, subject to the
provisions of sections 2.7 and 2.8, (a) the Royalty on the Owned Property will be a covenant running with the Owned Property, will
be enforceable as an <I>in rem</I> interest in land which shall run with the Owned Property and will be binding upon and enure
to the benefit of the Parties and their respective successors and assigns; and (b) (i)&nbsp;that the Royalty on the Owned Claims
and the Leased Claims will be a covenant running with the Owner&rsquo;s leasehold interest for the entire term of the Mining Lease,
and any and all renewals and extensions thereof, (ii)&nbsp;that any assignment or sublease of the Mining Lease shall include a
provision requiring the assignee or sublessee to pay the Royalty on the Leased Claims, and (iii)&nbsp;that any conveyance by the
Owner of the Owned Claims (other than a conveyance to the lessor under the Mining Lease) shall include a provision requiring the
transferee to pay the Royalty on the Owned Claims. It is the intention of the Parties that to the extent permissible at law, the
Royalty on the Owned Claims and the Leased Claims shall be registerable or otherwise recordable in all public places where interests
in land in respect of the Property are recordable and the Owner shall execute and deliver such further documents as may be necessary
for the timely and effective recording or registration of a caution, notice or caveat in respect of the Royalty on the Owned Claims
and the Leased Claims created by this Agreement, in such public places.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.5</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Tailings and Residue</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">All tailing, residues, waste rock, spoiled
leach materials, and other materials (collectively the &ldquo;<B>Materials</B>&rdquo;) resulting from the Owner&rsquo;s operations
and activities on the Property shall be the sole property of the Owner, but shall remain subject to the obligation to pay the Royalty
should the same be processed or reprocessed, as the case may be, in the future and result in Products. The Owner shall have the
right to dispose of Materials from the Property, whether on or off of the Property, and to commingle the same with<BR>
 </P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><BR>
Materials from
other properties. In the event Materials are processed or reprocessed, as the case may be, the Royalty applicable thereto shall
be determined on a <I>pro rata</I> basis as determined by using such reasonable and customary engineering and technical practices
as are then available.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: black">2.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Ore Processing</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">All determinations with respect to: (a)
whether ore from the Property will be beneficiated, processed or milled by the Owner or sold in a raw state; (b) the methods of
beneficiating, processing or milling any such ore; (c) the constituents to be recovered therefrom; and (d) the purchasers to whom
any ore, minerals or mineral substances derived from the Property may be sold, shall be made by the Owner in its sole and absolute
discretion.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: black">2.7</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Abandonment, Relinquishment or Non-Renewal</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Subject to the terms of the Operating
Agreement and the Mining Lease, if the Owner or the Covenantor or an affiliate of the Owner or the Covenantor or any person related
thereto wishes to abandon, relinquish or terminate or not renew (the &ldquo;<B>Relinquishment Event</B>&rdquo;) (a) all or any
portion of the Owned Claims, or (b) the Mining Lease (the &ldquo;<B>Released Property</B>&rdquo;), then the Owner shall provide
the Royalty Holder with a minimum of 30 days prior written notice of such intended Relinquishment Event.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Upon receipt of the said notice, the
Royalty Holder shall have a period of 10 days within which to advise the Owner in writing that it desires (a) to take an assignment
of the Mining Lease or (b) to acquire the Owned Claims, by quitclaim deed, for consideration equal to US$10. If the Royalty Holder
shall forward such written notice to the Owner within the said 10 day period, the Owner shall thereafter do all such acts and things
or shall cause all such acts and things to be done, at the Owner&rsquo;s own sole cost and expense, to assign or convey, as appropriate,
the Released Property to the Royalty Holder for the said US$10 and to have the Released Property recorded or registered into the
name of the Royalty Holder. The Parties acknowledge and agree that any assignment of the Mining Lease to the Royalty Holder under
this section 2.7 will require the consent of the lessor thereunder.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">If the Royalty Holder does not forward
the said written notice to the Owner within the said 10 day period, then the Owner or the Covenantor or the affiliate of the Owner
or the Covenantor or the person related thereto shall have the right to complete the Relinquishment Event with respect to the applicable
Released Property.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">If a Relinquishment Event is completed
and thereafter, the Owner, the Covenantor or any Affiliate of the Owner or the Covenantor or any person related to the Owner or
the Covenantor subsequently reacquires a direct or indirect beneficial interest in the Released Property, then such Released Property
will once again be subject to the obligation to pay the Royalty with respect thereto.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.8</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Purchase of Royalty </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">At any time between the Effective Date
and the 30 month anniversary thereof, if and only if the Owner shall have entered into a metal stream agreement with respect to
the Property with the Royalty Holder or any Affiliate of the Royalty Holder that has an upfront deposit of greater than US$30.0
million, the Owner shall have the exclusive and irrevocable right and option to purchase the Royalty by making a payment to the
Royalty Holder in the amount of US$12.0 million in cash by wire transfer. Such payment shall be made with a minimum of 30 days
prior written notice to the Royalty Holder. If the Owner elects to purchase the Royalty pursuant to this section&nbsp;2.8, the
Royalty Holder shall convey the Royalty to the Owner by way of a mutually agreeable royalty deed in recordable form, and such conveyance
shall be made free and clear of all liens, claims and encumbrances arising by, through or under the Royalty Holder. If the Royalty
Holder fails to timely deliver such a royalty deed, the Parties agree that the Owner shall have the right of specific performance
to enforce that obligation, as well as all other legal and equitable remedies available to it in connection with such failure.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.9</TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Cash Flow Guarantee</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Owner does hereby guarantee to and
in favour of the Royalty Holder that the Royalty Holder shall receive a minimum of US$10.0 million in Cash Flow by December&nbsp;31,
2022. If the Royalty Holder does not receive such amount on or before December&nbsp;31, 2022, so long as the Royalty Holder has
made both of the payments referred to in section 2.1, then after receipt of written notice from the Royalty Holder to the Owner,
the Owner shall pay to the Royalty Holder in cash by wire transfer, the dollar value of the shortfall or deficiency.</P>

<P STYLE="font: bold 12pt Arial Bold; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
3<BR>
payments, TRADING ACTIVITIES and BOOKS AND RECORDS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify">Payment Obligation</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The obligation to pay the Royalty will
accrue when there has been a Sale, provided that:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(a)&#9;there
will be deemed to have been a Sale of treated metals upon the outturn of metals from such Products by the treatment facility to
the account of the Owner;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(b)&#9;the obligation
to pay the Royalty will accrue upon any Sale of Gold Production or Silver Production by the Owner to an unrelated third party that
is not captured by section&nbsp;3.1(a) and for which the Owner receives some form of consideration; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(c)&#9;any Royalty
due in respect of a Loss will accrue when the insurance proceeds are paid.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">For
greater certainty and without limitation, the Parties anticipate that 90% or more of the Royalty shall be payable out of, or from
the proceeds of, the production from the Property. </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify">Provisional Settlements</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Where the outturn of treated metals or
a Sale (including an insurance settlement in respect of a Loss) is made on a provisional basis, the amount of the Royalty payable
will be based upon the amount of metal or other Products or the value of the Loss credited by such provisional settlement, but
will be adjusted to account for the amount of metal or other Products or the value of the Loss established by final settlement
with the treatment facility or with the purchaser or insurer of other Products, as the case may be.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.3</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Due </FONT>Date</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Royalty payments will be due and payable
quarterly on the last day of the Month after the end of the calendar quarter in which the same accrued.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.4</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Royalty </FONT>Statements</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Royalty payments will be accompanied
by a statement showing in reasonable detail on a Product by Product basis for the relevant quarter:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(a)&#9;the quantities
and grades of Products produced and for which there was a Sale in the quarter;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(b)&#9;the Gross
Proceeds of Sale received in the quarter;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(c)&#9;the Allowable
Deductions in the quarter; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(d)&#9;other
pertinent information in sufficient detail to explain the calculation of the Royalty payment.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.5</TD><TD STYLE="text-align: justify">Adjustments</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Subject to section 3.2, all Royalty payments
will be considered final and in full satisfaction of all obligations of the Owner with respect thereto, unless the Royalty Holder
gives the Owner written notice describing and setting forth a specific objection to the determination thereof within 12 months
after the receipt by the Royalty Holder of the quarterly Royalty statement. In addition to the provisions of section 3.10 and 3.11,
if the Royalty Holder objects to a particular quarterly statement as herein provided, then:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(a)&#9;the Royalty
Holder will have the right, upon reasonable notice and at a reasonable time, and for a reasonable period of duration, to have the
Owner&rsquo;s accounts and records relating to the calculation of the Royalty in question audited by a chartered accountant selected
by the Royalty Holder;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(b)&#9;if such
audit determines that there has been a deficiency or an excess in the payment made to the Royalty Holder, such deficiency or excess
will be resolved by adjusting the next quarterly Royalty payment due hereunder. If production has ceased, settlement will be made
between the Parties by cash payment; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(c)&#9;the Royalty
Holder will pay all costs of such audit unless a deficiency of two percent or more of the amount due to the Royalty Holder is determined
to exist. The Owner will pay the costs of such audit if a deficiency of two percent or more of the amount due is determined to
exist.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Failure on the part of the Royalty Holder
to make a claim on the Owner for adjustment in such one year period will establish the correctness of the payment and preclude
the filing of exception thereto or the making of claims for adjustment thereon.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.6</TD><TD STYLE="text-align: justify">Conversion of Currency</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">All payments in respect of the Royalty
will be made in U.S. dollars.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.7</TD><TD STYLE="text-align: justify">Wire Transfer</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Payments made under or pursuant to this
Agreement will be made by wire transfer in good, immediately available funds, to such account or accounts as the Royalty Holder
may designate pursuant to wire instructions provided by the Royalty Holder to the Owner not less than three Business Days prior
to the dates upon which such payments are to be made. The date the wire transfer process is initiated shall be the date of such
payment, provided that the Royalty Holder receives such payment, and the Owner shall have no duty to otherwise apportion any payment
to the Royalty Holder or its successors or assigns.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.8</TD><TD STYLE="text-align: justify">Payments in Kind</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In the event that the Royalty Holder
determines that it wishes to receive Royalty payments in the physical product in kind, the Royalty Holder shall provide written
notice of such election. Upon timely receipt of such notice, the Owner shall direct any Offtaker that is the final refiner or other
processor of the applicable Minerals to pay the Royalty directly to the account of the Royalty Holder at the Offtaker and the Owner
shall notify the Royalty Holder in writing at least three weeks prior to any change of such Offtaker. All costs incurred by the
Owner with respect to arranging for such payment in kind shall be for the account of the Royalty Holder and may be deducted from
any subsequent payment of the Royalty.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.9</TD><TD STYLE="text-align: justify">Trading Activities of Owner</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Owner will have the right to market
and sell refined Products in any manner it may elect, and will have the right to engage in forward sales, futures trading or commodity
options trading and other price hedging, price protection, and speculative arrangements (the &ldquo;<B>trading activities</B>&rdquo;)
which may involve the possible physical delivery of Products. <BR>
</P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><BR>
In determining the net proceeds from any Products subject to the
Royalty, the Owner will not be entitled to deduct from Gross Proceeds any losses suffered by the Owner, a shareholder or an Affiliate
in trading activities. If the Owner engages in trading activities, the Royalty will be on the basis of the value of the Products
produced and without regard to the price or proceeds actually received by the Owner, for or in connection with the sale, or the
manner in which a sale to a third party is made by the Owner, such value to be based on the Monthly Average Gold Price or the Monthly
Average Silver Price for the Month during which Products are credited to the Owner&rsquo;s account with a smelter or refiner, or,
if the Owner engages in trading activities in respect of Products other than refined gold or silver, the Gross Proceeds will be
based on the value of such Products ex headframe or minesite loading facility in the case of ores or ex-mill or other treatment
facility in the case of other Products. <FONT STYLE="color: black">The Parties agree that the Royalty Holder is not a participant
in the trading activities of the Owner, and therefore the Royalty will not be diminished or improved by losses or gains of the
Owner in any such trading activities.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.10</TD><TD STYLE="text-align: justify">Books and Records</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Owner shall keep true, complete and
accurate books and records of all of its operations and activities with respect to the Property, including the mining of Minerals
therefrom and the mining, stockpiling, treatment, processing, refining and transportation of Minerals, prepared in accordance with
good mining industry practice, consistently applied. The Royalty Holder and/or its authorized representatives shall be entitled,
upon delivery of three Business Days advance notice, during the normal business hours of the Owner, in a manner that does not unreasonably
interfere with the Owner&rsquo;s business, to perform audits or other reviews and examinations of the Owner&rsquo;s books and records
relevant to the calculation and payment of the Royalty pursuant to this Agreement to confirm compliance with the terms of this
Agreement, including without limitation, calculations of Net Smelter Returns. Without limiting the generality of the foregoing,
the Royalty Holder shall have the right to audit all invoices and other records relating to the transportation of Minerals from
the Property to any mill, refinery or other processor at which Minerals from the Property may be milled, smelted, concentrated,
refined or otherwise treated or processed and relating to the transportation of Minerals in the form of concentrates, dor&eacute;,
slag or other waste products from any mill at which Minerals from the Property may be milled, to a processor. The Royalty Holder
shall diligently complete any audit or other examination permitted hereunder. All expenses of any audit or other examination permitted
hereunder shall be paid by the Royalty Holder, unless the results of such audit or other examination permitted hereunder disclose
a deficiency in respect of any Royalty payments paid to the Royalty Holder hereunder in respect of the period being audited or
examined in an amount greater than two percent of the amount of the Royalty properly payable with respect to such period, in which
event all expenses of such audit or other examination shall be paid by the Owner.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In performing such audit the Royalty
Holder and/or its agents shall have reasonable access to all sampling, assay, weighing, and production records, including all mining,
stockpile and milling records of the Owner relating to the Property and any Minerals derived from the Property (and the Royalty
Holder shall be allowed to make notes or a <BR>
</P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><BR>
photocopy thereof, subject to the provisions of section 10.2), all of which such records
shall be kept and retained by the Owner in accordance with good mining industry practice for a period of <FONT STYLE="color: windowtext">six
years</FONT>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.11</TD><TD STYLE="text-align: justify">Annual Report</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Owner shall deliver to the Royalty
Holder an Annual Report on or before 60 days after the last day of each fiscal year of the Owner. With respect to the information
referenced as items (vi) and (vii) in the definition of and included in any Annual Report, neither the Owner nor the Covenantor
makes or will make any representation or warranty as to the accuracy, reliability or completeness of the same, and the Royalty
Holder shall rely on the same at its sole risk. The Parties agree that the Owner shall have no obligation to comply with or abide
by any of the forecasts or schedules included in the information referenced as items (vi) and (vii) in the definition of and included
in any Annual Report, and neither the Owner nor the Covenantor shall have any liability to the Royalty Holder or any third party
with respect to a failure to do so. With respect to any Annual Report, the Royalty Holder shall have the right to dispute any information
of the kind referenced as items (i) and (v) in the definition of Annual Report in accordance with the provisions of this section.
If the Royalty Holder disputes any of that information in an Annual Report:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(a)&#9;the Royalty
Holder shall notify the Owner in writing within 90 days from the date of delivery of the applicable Annual Report that it disputes
the accuracy of that Annual Report (or any part thereof) (the &ldquo;<B>Audit <FONT STYLE="color: black">Dispute</FONT></B><FONT STYLE="color: black"><FONT STYLE="font-weight: normal">
</FONT><B>Notice</B></FONT>&rdquo;);</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(b)&#9;the Royalty
Holder on the one hand and the Owner on the other hand shall have 90 days from the date the Audit Dispute Notice is delivered by
the Royalty Holder to resolve the dispute. If the Royalty Holder and the Owner have not resolved the dispute within the said 90
day period, a mutually agreed independent third-party expert will be appointed to prepare a report with respect to the dispute
in question (the &ldquo;<B>Expert&rsquo;s</B> <B>Report</B>&rdquo;). If the Royalty Holder and the Owner have not agreed upon such
expert within a further 10 days after the said 90 day period, then the dispute as to the expert shall be resolved by the dispute
mechanism procedures set forth in Article <FONT STYLE="color: windowtext">8</FONT>;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(c)&#9;if the
Expert&rsquo;s Report concludes that the<I> </I>amount of the Royalty which was to have been paid to the Royalty Holder was deficient
by two percent or less from the Royalty set out in the Annual Report, then the cost of the Expert&rsquo;s Report shall be borne
by the Royalty Holder;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(d)&#9;if the
Expert&rsquo;s Report concludes that the amount of the Royalty which was to have been paid to the Royalty Holder was deficient
by more than two percent from the Royalty set out in the Annual Report, then the cost of the Expert&rsquo;s Report shall be borne
by the Owner; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(e)&#9;if the
Royalty Holder or the Owner disputes the Expert&rsquo;s Report and such dispute is not resolved between the Parties within ten
days after the date of<BR>
 </P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><BR>
delivery of the Expert&rsquo;s Report, then such dispute shall be resolved by the dispute mechanism procedures
set forth in Article <FONT STYLE="color: windowtext">8</FONT>.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">If the Owner does not deliver an Annual
Report as required pursuant to this Article, the Royalty Holder shall have the right to perform or to cause its representatives
or agents to perform, at the cost and expense of the Owner, an audit of the books and records of the Owner relevant to the Royalty
in conjunction with the provisions of section 3.10. The Owner shall grant the Royalty Holder and its agents access to all such
books and records on a timely basis during normal business hours.
In order to exercise this right, the Royalty Holder must provide not less than three Business Days&rsquo; written notice to<I>
</I>the Owner of its intention to conduct the said audit. If within seven days of receipt of such notice, the Owner delivers the
applicable Annual Report, then the Royalty Holder shall have no right to perform the said audit. If the Owner delivers the Annual
Report before the delivery of the report prepared in connection with the said audit, the applicable Annual Report shall be taken
as final and conclusive, subject to the rights of the Royalty Holder as set forth in Article 8. Otherwise, absent any manifest
or gross error in the Royalty Holder&rsquo;s audit report, the said report shall be final and conclusive, subject to the provisions
of Article <FONT STYLE="color: windowtext">8</FONT>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.12</TD><TD STYLE="text-align: justify">Rights to Monitor Processing of Minerals</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Subject at all times to the workplace
rules and supervision of the Owner, and in compliance with applicable laws, the Royalty Holder shall at all reasonable times and
upon reasonable notice, and at its sole risk and expense, have:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(a)&#9;a right
of access by its representatives to the Property and to any mill used by the Owner to process Minerals derived from the Property
(provided that in the event such mill is not owned or controlled by the Owner, such right of access shall only be the same as any
such right of access of the Owner); and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(b)&#9;the right:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">(i)&#9;to monitor
the Owner&rsquo;s stockpiling and milling of ore or Minerals derived from the Property and to take samples from the Property or
from any mill or processor for the purposes of assay verifications; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">(ii)&#9;to weigh
or to cause the Owner to weigh all trucks transporting Minerals from the Property to any mill processing Minerals from the Property
prior to dumping of such ore and immediately following such dumping.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Royalty Holder shall defend, indemnify
and hold the Owner and the Covenantor harmless from and against any Losses for damage to property or injury to or death of persons
arising from any such inspection, or any inspection conducted pursuant to the provisions of section 9.2, except to the extent the
same are caused by the gross negligence or wilful misconduct of the Owner or the Covenantor.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Arial Bold; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
4<BR>
COVENANTOR GUARANTEES AND OTHER COVENANTS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify">Guarantee by the Covenantor</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(a)&#9;The Covenantor
shall cause the Owner to comply with all of its obligations under this Agreement.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(b)&#9;The Covenantor
unconditionally and irrevocably guarantees and agrees to be jointly and severally liable with the Owner for, the due and punctual
performance of all obligations and covenants of the Owner arising under this Agreement, upon the terms and subject to the conditions
of this Agreement.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(c)&#9;If any
obligation is not duly performed by the Owner and is not performed under this section by the Covenantor for any reason whatsoever,
the Covenantor will, as a separate and distinct obligation, indemnify and save harmless the Royalty Holder from and against all
Losses resulting from the failure of the Owner to perform such obligations. If any such obligation is not duly performed by the
Owner and is not performed by the Covenantor under this section or the Royalty Holder is not indemnified under the immediately
preceding sentence, in each case, for any reason whatsoever, such obligation will, as a separate and distinct obligation, be performed
by the Covenantor as primary obligor.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(d)&#9;The liability
of the Covenantor under this Article will be for the full amount of the obligations without apportionment, limitation or restriction
of any kind, will be continuing, absolute and unconditional and will not be affected by any applicable law, or any other act, delay,
abstention or omission to act of any kind by the Royalty Holder or any other person, that might constitute a legal or equitable
defence to or a discharge, limitation or reduction of the Covenantor&rsquo;s obligations hereunder.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(e)&#9;The liability
of the Covenantor under this Article will not be released, discharged, limited or in any way affected by anything done, suffered,
permitted or omitted to be done by the Royalty Holder in connection with any duties, obligations or liabilities of the Owner or
the Covenantor to the Royalty Holder.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(f)&#9;The Royalty
Holder will not be bound or obligated to exhaust its recourse against the Owner or other persons or take any other action before
being entitled to demand payment from the Covenantor under the section.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(g)&#9;In any
claim by the Royalty Holder against the Covenantor under this section, the Covenantor may not claim or assert any set-off, counterclaim,
claim or other right that either the Covenantor or the Owner may have against the Royalty Holder, any of its subsidiaries or any
directors, employees or officers thereof.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(h)&#9;The Covenantor&rsquo;s
obligations under this section 4.1 shall automatically terminate if there has been compliance with section 7.1 and the Covenantor
no longer holds a majority interest in the Owner.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify">Covenant Regarding Approvals</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Covenantor and the Owner do hereby
jointly and severally covenant and agree that they shall do all such acts and things and they shall not omit to do any acts or
things as shall be necessary in order to obtain all necessary approvals as shall be required in order each of them to be able to
execute, deliver and perform their respective obligations under this Agreement, including without limitation, all approvals as
are required pursuant to the terms of the Operating Agreement. This covenant shall not merge on the execution and delivery of this
Agreement. A breach of this covenant shall be deemed to be a breach of this Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.3</TD><TD STYLE="text-align: justify">Covenant Regarding Operating Agreement and Contribution Agreement</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Covenantor and the Owner do hereby
jointly and severally covenant and agree to do all such acts and things and to not omit to do any acts or things as shall be necessary
in order to: (i) maintain the Operating Agreement in full force and effect pursuant to the terms thereof and to not make any material
amendments to the Operating Agreement without the prior written consent of the Royalty Holder; and (ii)&nbsp;make all payments
as the same shall become due pursuant to the Contribution Agreement. This covenant shall not merge on the execution and delivery
of this Agreement. A breach of this covenant shall be deemed to be a breach of this Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.4</TD><TD STYLE="text-align: justify">Indemnification of Solitario</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Owner agrees to defend, indemnify
and hold harmless the Covenantor from all Losses arising out of or resulting from its making payments or performing other obligations
on behalf of the Covenantor under this Agreement pursuant to the provisions of section 4.1.</P>

<P STYLE="font: bold 12pt Arial Bold; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
5<BR>
REPRESENTATIONS AND WARRANTIES OF the<BR>
OWNER AND THE COVENANTOR</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Representations and Warranties of the Owner
and the Covenantor</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Owner and the Covenantor hereby jointly
and severally represent and warrant to and in favour of the Royalty Holder and acknowledge and agree that the Royalty Holder is
entering into this Agreement on the basis of such representations and warranties, namely, that they each have the corporate or
limited liability company power, capacity and authority to execute, deliver and perform this Agreement and the execution, delivery
and performance of this Agreement by each of the Owner and the Covenantor have been duly authorized by all required corporate or
limited liability company action of each of the Owner and the Covenantor and this Agreement represents a valid and <BR>
</P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><BR>
binding obligation
of each of the Owner and the Covenantor duly enforceable against each of the Owner and the Covenantor in accordance with its terms,
except as such enforceability may be limited by bankruptcy, insolvency or similar laws or by equitable principles generally.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">Representations</FONT>
and Warranties of Royalty Holder</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Royalty Holder represents and warrants
to and in favour of the Owner and the Covenantor and acknowledges and agrees that the Owner and the Covenantor are entering into
this Agreement on the basis of such representations and warranties, namely, that it has the corporate power, capacity and authority
to execute, deliver and perform this Agreement and the execution, delivery and performance of this Agreement by it has been duly
authorized by all required corporate action and this Agreement represents a valid and binding obligation of the Royalty Holder
duly enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency
or similar laws or by equitable principles generally.</P>

<P STYLE="font: bold 12pt Arial Bold; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
6<BR>
INDEMNITIES</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.1</TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Indemnity by </FONT><FONT STYLE="color: windowtext">the</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">
Owner</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Owner does hereby agree to defend,
indemnify, reimburse and hold harmless the Royalty Holder, its officers, directors, shareholders, employees and its successors
and assigns (collectively, the &ldquo;<B>Royalty Holder Indemnified Parties</B>&rdquo;), and each of them, from and against any
and all Losses that the Royalty Holder Indemnified Parties may sustain, suffer or incur as a result of:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(a)&#9;a breach
of this Agreement by the Owner; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(b)&#9;operations
conducted on or in respect of the Property by or on behalf of the Owner that result from or relate to the mining, handling, transportation,
smelting or refining of the Products, <FONT STYLE="color: black">including without limitation Losses, in any way arising from or
connected with any non-compliance with environmental laws or any contaminants or hazardous substances on, in or under the Property
or the soil, sediment, water or groundwater forming part thereof, whether in the past, present or future, or any contaminants or
hazardous substances on any other lands or areas having originated or migrated from the Property or the soil, sediment, water or
groundwater forming part thereof.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.2</TD><TD STYLE="text-align: justify">Indemnity by the Royalty Holder</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Royalty Holder does hereby agree
to defend, indemnify, reimburse and hold harmless the Owner, the Covenantor, their officers, directors, members, managers, shareholders,
employees and their successors and assigns (collectively, the &ldquo;<B>Owner Indemnified Parties</B>&rdquo;), and each of them,
from and against any and all Losses that the Owner Indemnified Parties may sustain, suffer or incur as a result of a breach of
this Agreement by the Royalty Holder.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 12pt Arial Bold; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
7<BR>
TRANSFER RIGHTS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.1</TD><TD STYLE="text-align: justify">Restricted Transfer Rights of the Owner and the Covenantor</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Owner and the Covenantor may Transfer,
in whole or in part: (i) the <FONT STYLE="font-weight: normal">Property</FONT>; (ii)&nbsp;their respective rights and obligations
under this Agreement; or (iii) in the case of the Covenantor, the membership interests of the Owner, so long as the following conditions
are satisfied:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(a)&#9;<FONT STYLE="font-weight: normal; color: black">the
Owner and the Covenantor provide</FONT> the Royalty Holder with at least 30&nbsp;days prior written notice of the intent to Transfer
of the Owner or the Covenantor, provided that only five days&rsquo; prior written notice shall be required if the proposed Transfer
is a pledge by the Covenantor of membership interests in the Owner for financing purposes;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(b)&#9;any purchaser,
merged company, transferee or assignee, as a condition to completion of the Transfer, agrees in writing in favour of the Royalty
Holder to be bound by the terms of this Agreement, including without limitation, this section, pursuant to an instrument in writing
that is satisfactory to the Royalty Holder, in its sole discretion and the Royalty Holder does not suffer a material adverse effect
in relation to the transactions set forth in this Agreement; and</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(c)&#9;any transferee
of the Owner or the Covenantor that is a mortgagee, chargeholder or encumbrancer obtains an agreement in writing in favour of the
Royalty Holder from any subsequent purchaser or transferee of such mortgagee, chargeholder or encumbrancer that such subsequent
mortgagee, chargeholder or encumbrancer will be bound by the terms of this Agreement (with respect to the latter, if applicable).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.2</TD><TD STYLE="text-align: justify">Transfer Rights of the Royalty Holder</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Royalty Holder shall have the right
to Transfer or encumber, in whole or in part, its rights and obligations under this Agreement to another Person upon the delivery
to the Owner of ten Business Days prior written notice<FONT STYLE="font-weight: normal; color: black">. In such a case, provided
that such other Person has agreed to be bound by such transferred or encumbered obligations under this Agreement,</FONT> the Royalty
Holder shall be released from such transferred obligations under this Agreement.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Notwithstanding the foregoing, the Royalty
Holder shall have the right to Transfer by way of encumbrance, in whole or in part, its rights and obligations under this Agreement
to one or more lenders providing financing to the Royalty Holder without notice to, or the consent of, the Owner or the Covenantor.
If such transferee enforces such encumbrance it will provide notice to the Owner and upon delivery of such notice, which notice
shall confirm that such transferee agrees to be bound by such transferred obligations under this Agreement, such transferee shall
become a party to this Agreement with all of the rights and obligations of the Royalty Holder, the Royalty <BR>
</P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><BR>
Holder shall not be
released from its obligations under this Agreement in the case of a Transfer by way of encumbrance which is subsequently enforced
by such transferee.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.3</TD><TD STYLE="text-align: justify">Project Financing of the Owner</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Owner covenants to and in favour
of the Royalty Holder that the terms of any project financing arranged with respect to the Property shall not allow for the lenders
to prohibit or interfere with any Royalty payments due to the Royalty Holder hereunder or allow for cash sweeps or payments of
excess cash flow to the lenders in priority to any Royalty payments due to the Royalty Holder hereunder. In connection with any
such project financing the Owner shall obtain at the closing of such project financing a certificate executed by an authorized
officer of each lending institution or any other third&nbsp;party to the project financing, acknowledging the validity and existence
of this Agreement and the Royalty obligations under this Agreement and agreeing that it will not object to or attempt to prohibit
payment of any of the payments of the Royalty hereunder.</P>

<P STYLE="font: bold 12pt Arial Bold; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
8<BR>
DISPUTE RESOLUTION</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.1</TD><TD STYLE="text-align: justify">Arbitration</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">In the event of a dispute in relation
to this Agreement, including without limitation, the existence, validity, performance, breach or termination hereof or any matter
arising hereunder, including whether any matter is subject to arbitration, the Parties agree to negotiate diligently and in good
faith in an attempt to resolve such dispute. For the purposes of this section, the Owner and the Covenantor are treated as one
Party. Failing resolution satisfactory to either Party, within ten days of the time frame specified herein or if no time frame
is specified within ten days of the delivery of notice by either Party of the said dispute, which shall be after the dispute remains
open for a period of 90 days, either Party may request that the dispute be resolved by binding arbitration, conducted in English,
in Vancouver, British Columbia, pursuant to the domestic commercial arbitration rules of the British Columbia International Commercial
Arbitration Centre (the&nbsp;&ldquo;<B>BCICAC</B>&rdquo;). The appointing authority shall be the BCICAC and the case shall be administered
by the BCICAC in accordance with its Domestic Commercial Arbitration Rules of Procedure, subject to the following:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(a)&#9;To demand
arbitration either Party (the &ldquo;<B>Demanding Party</B>&rdquo;) shall give written notice (the &ldquo;<B>Dispute Notice</B>&rdquo;)
to the other Party (the &ldquo;<B>Responding Party</B>&rdquo;), which Dispute Notice shall toll the running of any applicable limitations
of actions by law or under this Agreement.&nbsp; The Dispute Notice shall specify the nature of the allegation and the issues in
dispute, the amount or value involved (if applicable) and the remedy requested.&nbsp; Within 15 Business Days of receipt of the
Dispute Notice, the Responding Party shall answer the demand in writing, responding to the allegations and issues that are disputed.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(b)&#9;The Demanding
Party and the Responding Party shall mutually agree upon one single qualified arbitrator within seven Business Days of the Responding
Party&rsquo;s answer, failing which any of the Demanding Party and the Responding Party may request the BCICAC to appoint one qualified
arbitrator within five Business Days of the Responding Party&rsquo;s answer.&nbsp; The arbitrator shall be a disinterested person
qualified by experience to hear and determine the issues to be arbitrated.&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(c)&#9;No later
than 15 Business Days after hearing the representations and evidence of the Parties, the arbitrator shall make its determination
in writing in English and shall deliver one copy to each of the Parties. The written decision of the arbitrator shall be final
and binding upon the Parties in respect of all matters relating to the arbitration, the procedure, the conduct of the Parties during
the proceedings and the final determination of the issues in the arbitration. There shall be no appeal from the determination of
the arbitrator to any court. The decision rendered by the arbitrator may be entered into any court for enforcement purposes.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(d)&#9;The arbitrator
may determine all questions of law and jurisdiction (including questions as to whether or not a dispute is arbitratable) and all
matters of procedure relating to the arbitration.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(e)&#9;The arbitrator
shall have the right to grant legal and equitable relief and to award costs (including reasonable legal fees and the costs of arbitration)
and interest. The costs of any arbitration shall be borne by the Parties in the manner specified by the arbitrator in its determination,
if applicable. The arbitrator may make an interim order, including injunctive relief and other provisional, protective or conservatory
measures, as well as orders seeking assistance from a court in taking or compelling evidence or preserving and producing documents
regarding the subject matter of the dispute.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(f)&#9;All papers,
notices or process pertaining to an arbitration hereunder may be served on a Party as provided in this Agreement.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(g)&#9;The Parties
agree to treat as Confidential Information, in accordance with the provisions of section 10.2, the following: the existence of
the arbitral proceedings; written notices, pleadings and correspondence in relation to the arbitration; reports, summaries, witness
statements and other documents prepared in respect of the arbitration; documents exchanged for the purposes of the arbitration;
and the contents of any award or ruling made in respect of the arbitration. Notwithstanding the foregoing part of this section,
a Party may disclose such Confidential Information in judicial proceedings to enforce, nullify, modify or correct an award or ruling
and as permitted under section 10.2.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 12pt Arial Bold; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
9<BR>
Operation of the Property</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.1</TD><TD STYLE="text-align: justify">Owner to Determine Operations</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Owner will have complete discretion
concerning the nature, timing and extent of all exploration, development, mining and other operations conducted on or for the benefit
of the Property and may suspend operations and production on the Property at any time it considers prudent or appropriate to do
so. The Owner will owe the Royalty Holder no duty to explore, develop or mine the Property, or to do so at any rate or in any manner
other than that which the Owner may determine in its sole and unfettered discretion.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.2</TD><TD STYLE="text-align: justify">Commingling</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Commingling of Products from the Property
with other ores, dor&eacute;, concentrates, metals, minerals or mineral by-products produced elsewhere is permitted, provided that
reasonable and customary procedures are established for the weighing, sampling, assaying and other measuring or testing necessary
to fairly allocate valuable metals contained in such Products and in the other ores, dor&eacute;, concentrates, metals, minerals
and mineral by-products. The Royalty Holder will have the right, during reasonable business hours and upon prior notice to the
Owner, to enter upon the Property and to inspect the plant and procedures followed by the Owner with respect to allocations made
under this section, provided that such entry will be at the sole risk and cost of the Royalty Holder, and in compliance with applicable
safety rules and regulations.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.3</TD><TD STYLE="text-align: justify">Nature of Royalty Holder&rsquo;s Interest</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">The Royalty payable to the Royalty Holder
shall be payable only on production of Products from the Property, and not production from any other properties adjacent to or
in the vicinity of the Property. The Royalty Holder shall not have any possessory or working interest in the Property, nor any
of the incidents of such interest.</P>

<P STYLE="font: bold 12pt Arial Bold; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
10<BR>
MISCELLANEOUS</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.1</TD><TD STYLE="text-align: justify">Other Activities and Interests</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">This Agreement and the rights and obligations
of the Parties hereunder are strictly limited to the Property. Each Party will have the free and unrestricted right to enter into,
conduct and benefit from any and all business ventures of any kind whatsoever, whether or not competitive with the activities undertaken
pursuant hereto, without disclosing such activities to the other Party or inviting or allowing the other to participate therein
including activities involving mineral claims or mineral leases adjoining the Property.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.2</TD><TD STYLE="text-align: justify">Confidentiality</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">All information, data, reports, records,
analyses, economic and technical studies and test results relating to the Property and the activities of the Owner or any other
party thereon and the terms and conditions of this Agreement, all of which will hereinafter be referred to as &ldquo;<B>Confidential
Information</B>,&rdquo; will be treated by the Royalty Holder as confidential and will not be disclosed to any person not a party
to this Agreement, except in the following circumstances:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(a)&#9;the Royalty
Holder may disclose Confidential Information to its auditors, legal counsel, institutional lenders, brokers, underwriters and investment
bankers, provided that such non-party users are advised of the confidential nature of the Confidential Information, undertake to
maintain the confidentiality thereof and are strictly limited in their use of the Confidential Information to those purposes necessary
for such non-party users to perform the services for which they were retained by the Royalty Holder;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(b)&#9;the Royalty
Holder may disclose Confidential Information to prospective purchasers of the Royalty Holder&rsquo;s right to receive the Royalty,
provided that each such prospective purchaser first agrees in writing to hold such information confidential in accordance with
this section and to use it exclusively for the purpose of evaluating its interest in purchasing such Royalty right;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(c)&#9;the Royalty
Holder may disclose Confidential Information where that disclosure is necessary to comply with its disclosure obligations and requirements
under any securities law, rules or regulations or stock exchange listing agreements, policies or requirements or in relation to
proposed credit arrangements, and the Owner agrees to provide to the Royalty Holder all such information as the Royalty Holder,
acting reasonably, determines is necessary or desirable to fulfill the Royalty Holder&rsquo;s disclosure obligations and requirements
under applicable securities laws, provided that prior to making any such disclosure the Royalty Holder shall give the Owner three
Business Days&rsquo; prior written notice and the opportunity to comment on such disclosure; or</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(d)&#9;with the
approval of the Owner.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Any Confidential Information that becomes
part of the public domain by no act or omission in breach of this section will cease to be confidential information for the purposes
of this section. The Royalty Holder will defend, indemnify and hold the Owner and the Covenantor harmless from and against any
and all Losses arising from or related to the disclosure of any Confidential Information by any third party referred to in sections&nbsp;10.2(a)
or (b) in breach of the provisions of this Article 10. The Royalty Holder agrees that any Confidential Information it discloses
under section&nbsp;10.2(c) shall be accompanied by public-company standard disclaimers regarding reliance on forward-looking statements.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.3</TD><TD STYLE="text-align: justify">No Partnership</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">This Agreement is not intended to, and
will not be deemed to, create any partnership relation among the Parties including, without limitation, a joint venture, mining
partnership or commercial partnership. Save and except as provided in Article <FONT STYLE="color: windowtext">4</FONT>, the obligations
and liabilities of the Parties will be several and not joint and none of the Parties will have or purport to have any authority
to act for or to assume any obligations or responsibility on behalf of any other Party. Nothing herein contained will be deemed
to constitute a Party the partner, agent, joint venturer or legal representative of the other Party.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.4</TD><TD STYLE="text-align: justify">No Waivers</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">No waiver of or with respect to any term
or condition of this Agreement shall be effective unless it is in writing and signed by the waiving Party, and then such waiver
shall be effective only in the specific instance and for the purpose for which given. No course of dealing among the Parties, nor
any failure to exercise, nor any delay in exercising, on the part of any Party hereunder, any right, power, or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any specific waiver of any right, power or privilege
hereunder preclude any other or further exercise thereof of the exercise of any other right, power or privilege.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.5</TD><TD STYLE="text-align: justify">Time of the Essence</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Time shall be of the essence in the performance
of any and all of the obligations of the Parties hereunder, including without limitation, the payment of monies.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.6</TD><TD STYLE="text-align: justify">Further Assurances</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Each Party will, at the request of another
Party and at the requesting Party&rsquo;s expense, execute all such documents and take all such actions as may be reasonably required
to effect the purposes and intent of this Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.7</TD><TD STYLE="text-align: justify">Entire Agreement</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">This Agreement, including the Schedules
hereto, constitutes the entire agreement of the Parties with respect to the subject matter hereof, all previous agreements and
promises in respect thereto being hereby expressly rescinded and replaced hereby. No modification or alteration of this Agreement
will be effective unless in writing executed subsequent to the date hereof by both Parties. No prior written or contemporaneous
oral promises, representations or agreements are binding upon the Parties. There are no implied covenants contained herein.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.8</TD><TD STYLE="text-align: justify">Notice</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Any notice, demand, consent or other
communication (&ldquo;<B>Notice</B>&rdquo;) given or made under the Agreement:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(a)&#9;must be
in writing and signed by a person duly authorised by the sender;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(b)&#9;must be
delivered to the intended recipient by hand, by overnight courier, or fax or email to the address or fax number below or the address,
email address or fax number last notified by the intended recipient to the sender:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in">To the Owner:<BR>
<BR>
<FONT STYLE="color: windowtext">Mt. Hamilton LLC<BR>
4251 Kipling Street, Suite 390<BR>
Wheat Ridge, Colorado 80033<BR>
<BR>
</FONT>Attention:&#9;Chris Herald<BR>
Fax No.: &#9;(303) 534-1809<BR>
Email: &#9;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: 0pt">cherald@aol.com</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in">To the Covenantor:<BR>
<BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: 0pt">So</FONT>litario Exploration &amp; Royalty Corp.<BR>
4251 Kipling Street, Suite 390<BR>
Wheat Ridge, Colorado 80033<BR>
<BR>
Attention:&#9;Chris Herald<BR>
Fax No.: &#9;(303) 534-1809<BR>
Email: &#9;<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; letter-spacing: 0pt">cherald@aol.com</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in">To the Royalty Holder:<BR>
<BR>
Suite 1400, 400 Burrard Street<BR>
Vancouver, BC V6C 3A6<BR>
<BR>
Attention:&#9;President and Chief Executive Officer<BR>
Fax No.:&#9;(604) 689-7317<BR>
Email:&#9;<U>nwatson@sandstormltd.com</U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in">with a copy to:<BR>
<BR>
Cassels Brock &amp; Blackwell LLP<BR>
Suite 2200, HSBC Building<BR>
885 West Georgia Street<BR>
Vancouver, BC V6C 3E8<BR>
<BR>
Attention:&#9;Jennifer Traub<BR>
Fax No.: &#9;<FONT STYLE="color: windowtext">(604) 691-6120<BR>
</FONT>Email: &#9;<FONT STYLE="color: windowtext"><U>jtraub@casselsbrock.com</U></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in">(c)&#9;will be
deemed to be duly given or made when delivered;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">but if the result is that a Notice would
be deemed to be given or made on a day which is not a Business Day in the place to which the Notice is sent or is later than 4:00
pm (local time) it will be deemed to have been duly given or made at the commencement of business on the next Business Day in that
place.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.9</TD><TD STYLE="text-align: justify">Counterparts</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">This Agreement may be executed in multiple
counterparts, each of which will constitute an original, but all of which together will constitute one and the same instrument.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.10</TD><TD STYLE="text-align: justify">Parties in Interest</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Subject to the provisions of Article
7, this Agreement will enure to the benefit of and be binding on the Parties and their respective successors and permitted assigns.
Except set forth in the previous sentence, there are no intended third-party beneficiaries of this Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial Bold; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.11</TD><TD STYLE="text-align: justify">Tax Laws</TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Following the execution and delivery
of this Agreement, each of the Parties will co-operate reasonably with the other Party in implementing any reasonable proposed
adjustments to the structure of this Agreement to facilitate tax planning, provided that such adjustments have no material adverse
impact on the non-proposing Party and that such adjustments shall not or would not be reasonably likely to result in the non-proposing
Party incurring any significant costs or liabilities.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>



<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>IN WITNESS WHEREOF</B>, the Parties
have caused this Agreement to be executed and delivered as of the date first set forth above.&#9;<BR>
<BR STYLE="mso-special-character: line-break">
<BR STYLE="mso-special-character: line-break">
</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 12pt Arial Bold; margin: 0 0 24pt; text-transform: uppercase">mt. hamilton llc<BR>
        <BR>
        <FONT STYLE="text-transform: none">By:&#9;Solitario Exploration &amp; Royalty Corp., its Manager</FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27.35pt; text-indent: -27.35pt">By:&#9;/s/ <U>Christopher
        E. Herald&#9;<BR>
        </U>Authorized Signatory</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U>&#9;Christopher E. Herald<BR>
        </U>Name <I>(please print)</I></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0pt"><U>President &amp; CEO</U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U><BR>
        </U>Title</P></TD>
    <TD STYLE="width: 32%; font: 12pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">c/s</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 12pt Arial Bold; margin: 0 0 24pt; text-transform: uppercase">SOLITARIO EXPLORATION &amp; ROYALTY CORP.</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27.35pt; text-indent: -27.35pt">By:&#9;<U>/s/ Christopher
        E. Herald&#9;<BR>         </U>Authorized Signatory</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U>Christopher E. Herald<BR>
        </U>Name <I>(please print)</I></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0pt"><U>President &amp; CEO</U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U><BR>
        </U>Title</P></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">c/s</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: bold 12pt Arial Bold; margin: 0 0 24pt; text-transform: uppercase">SANDSTORM GOLD LTD.</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 27.35pt; text-indent: -27.35pt">By:&#9;<U>/s/ Nolan
        Watson<BR>
        </U>Authorized Signatory</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0pt">Nolan Watson</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U><BR>
        </U>Name <I>(please print)</I></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0pt"><U>President &amp; CEO</U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><U><BR>
        </U>Title</P></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">c/s</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>



<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"></P>

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<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">&nbsp;SCHEDULE &ldquo;A&rdquo;<BR>
<BR>
DESCRIPTION OF PROPERTY</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center; font-weight: bold">Mt Hamilton LLC Properties Subject to Sandstorm Royalty</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center; font-weight: bold; text-decoration: underline">Unpatented Claims in White Pine County, Nevada</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: bold">Claim Name</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: bold">Owner</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">Location Date</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">County Doc. #</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">BLM NMC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 10</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/26/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315743</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839910</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 11</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/26/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315744</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839911</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 12</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/26/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315745</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839912</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 13</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/26/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315746</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839913</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 14</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/26/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315747</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839914</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 15</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/26/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315748</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839915</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 16</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/26/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315749</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839916</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 17</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/26/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315750</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839917</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 18</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/26/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315751</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839918</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 19</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/23/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315752</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839919</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 20</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/26/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315753</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839920</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 21</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/23/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315754</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839921</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 22</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/23/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315755</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839922</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 25</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/23/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315756</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839923</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 26</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/23/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315757</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839924</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 27</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/26/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315758</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839925</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 28</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/23/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315759</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839926</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 36</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/26/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315760</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839927</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 37</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/26/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315761</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839928</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 38</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/26/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315762</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839929</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">H 39</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">Centennial Minerals Company LLC *</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11/26/2002</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">315763</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">839930</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 1</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899951</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 2</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899952</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 3</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899953</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 4</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899954</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 5</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899955</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 6</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899956</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 7</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899957</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 8</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899958</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 9</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899959</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 10</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899960</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 11</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899961</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 12</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899962</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 13</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899963</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 14</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899964</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 15</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899965</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 16</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899966</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 17</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899967</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 18</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899968</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 19</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899969</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 20</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899970</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 21</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899971</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 22</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899972</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 30; Options: NewSection -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Schedule A</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center; font-weight: bold">Mt Hamilton LLC Properties Subject to Sandstorm Royalty</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center; font-weight: bold; text-decoration: underline">Unpatented Claims in White Pine County, Nevada</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: bold">Claim Name</TD>
    <TD STYLE="width: 41%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: bold">Owner</TD>
    <TD STYLE="width: 16%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">Location Date</TD>
    <TD STYLE="width: 18%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">County Doc. #</TD>
    <TD STYLE="width: 13%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">BLM NMC</TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 23</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899973</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 24</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899974</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 25</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899975</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 26</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899976</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 27</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899977</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 28</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899978</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 29</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899979</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 30</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899980</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 31</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899981</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 32</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899982</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 33</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4/5/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">896926</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 34</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4/5/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">896927</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 35</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4/5/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">896928</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 36</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4/5/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">896929</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 37</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4/5/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">896930</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 38</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4/5/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">896931</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 41</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9/1/2006</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">334247</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">933798</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 43</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9/1/2006</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">334249</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">933800</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 45</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4/5/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">896938</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 46</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4/5/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">896939</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 47</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4/5/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">896940</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 48</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4/5/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">896941</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 49</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4/5/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">896942</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 50</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4/5/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">896943</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 51</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4/5/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">896944</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 52</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4/5/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">896945</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 57</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9/1/2006</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">334255</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">933806</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 58</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4/5/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">896951</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 59</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4/5/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">896952</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 60</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4/5/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">896953</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">AR 61</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6/2/2005</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">899983</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 1</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346315</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005079</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 2</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346316</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005080</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 3</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346317</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005081</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 4</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346318</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005082</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 5</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346319</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005083</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 6</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346320</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005084</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 7</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346321</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005085</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 8</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346322</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005086</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 9</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346323</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005087</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 10</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346324</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005088</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 11</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346325</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005089</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 12</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346326</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005090</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 13</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346327</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005091</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 14</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346328</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005092</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 15</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346329</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005093</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 16</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346330</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005094</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 17</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346331</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005095</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Schedule A</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center; font-weight: bold">Mt Hamilton LLC Properties Subject to Sandstorm Royalty</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center; font-weight: bold; text-decoration: underline">Unpatented Claims in White Pine County, Nevada</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: bold">Claim Name</TD>
    <TD STYLE="width: 41%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: bold">Owner</TD>
    <TD STYLE="width: 16%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">Location Date</TD>
    <TD STYLE="width: 18%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">County Doc. #</TD>
    <TD STYLE="width: 13%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">BLM NMC</TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 18</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346332</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005096</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 19</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346333</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005097</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 20</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346334</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005098</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 21</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346335</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005099</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 22</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346336</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005100</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 23</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346337</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005101</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 24</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346338</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005102</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 25</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346339</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005103</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 26</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346340</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005104</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 27</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346341</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005105</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 28</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346342</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005106</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 29</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346343</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005107</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">SC 30</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/23/2009</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">346344</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1005108</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">HF 1</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9/1/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354812</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1056978</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">HF 2</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9/1/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354813</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1056979</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">HF 3</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9/1/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354814</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1056980</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">HF 4</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9/1/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354815</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1056981</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">HF 5</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9/1/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354816</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1056982</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">HF 6</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9/1/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354817</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1056983</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">HF 7</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9/1/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354818</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1056984</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">HF 8</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9/1/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354819</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1056985</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">HF 9</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9/12/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354820</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1056986</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">HF 10</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">9/12/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354821</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1056987</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 1</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/6/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353939</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049740</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 2</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/6/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353940</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049741</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 3</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/6/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353941</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049742</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 4</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/6/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353942</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049743</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 5</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/7/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353943</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049744</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 6</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/6/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353944</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049745</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 7</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/7/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353945</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049746</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 8</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/7/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353946</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049747</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 9</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/7/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353947</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049748</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 10</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/7/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353948</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049749</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 11</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/7/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353949</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049750</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 12</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/7/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353950</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049751</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 13</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/6/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353951</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049752</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 14</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/7/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353952</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049753</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 15</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/7/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353953</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049754</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 16</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353954</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049755</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 17</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353955</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049756</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 18</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353956</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049757</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 19</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353957</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049758</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 20</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353958</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049759</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 21</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353959</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049760</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 22</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353960</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049761</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 23</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353961</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049762</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 24</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353962</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049763</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 25</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353963</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049764</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Schedule A</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center; font-weight: bold">Mt Hamilton LLC Properties Subject to Sandstorm Royalty</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center; font-weight: bold; text-decoration: underline">Unpatented Claims in White Pine County, Nevada</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: bold">Claim Name</TD>
    <TD STYLE="width: 41%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: bold">Owner</TD>
    <TD STYLE="width: 16%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">Location Date</TD>
    <TD STYLE="width: 18%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">County Doc. #</TD>
    <TD STYLE="width: 13%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">BLM NMC</TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 26</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/8/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353964</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049765</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 27</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/8/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353965</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049766</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 28</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/8/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353966</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049767</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 29</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/8/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353967</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049768</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 30</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/8/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353968</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049769</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 31</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/8/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353969</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049770</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 32</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/8/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353970</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049771</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 33</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/8/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353971</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049772</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 34</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/8/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353972</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049773</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 35</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/8/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353973</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049774</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 36</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/8/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353974</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049775</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 37</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/8/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353975</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049776</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 38</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/8/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353976</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049777</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 39</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/8/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353977</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049778</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 40</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/8/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353978</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049779</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 41</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/8/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353979</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049780</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 42</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/8/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353980</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049781</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 43</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/8/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353981</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049782</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 44</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353982</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049783</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 45</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353983</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049784</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 46</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353984</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049785</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 47</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353985</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049786</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 48</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353986</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049787</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 49</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353987</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049788</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 50</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353988</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049789</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 51</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353989</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049790</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 52</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353990</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049791</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 53</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353991</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049792</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 54</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353992</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049793</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 55</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353993</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049794</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 56</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353994</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049795</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 57</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353995</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049796</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 58</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353996</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049797</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 59</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353997</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049798</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 60</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353998</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049799</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 61</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">353999</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049800</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 62</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354000</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049801</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 63</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354001</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049802</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 64</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354002</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049803</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 65</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354003</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049804</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 66</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354004</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049805</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 67</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354005</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049806</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 68</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354006</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049807</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 69</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354007</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049808</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 70</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354008</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049809</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 71</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354009</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1049810</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 79</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7/9/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354642</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1053918</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 80</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7/10/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354644</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1053919</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Schedule A</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center; font-weight: bold">Mt Hamilton LLC Properties Subject to Sandstorm Royalty</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border: windowtext 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center; font-weight: bold; text-decoration: underline">Unpatented Claims in White Pine County, Nevada</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: bold">Claim Name</TD>
    <TD STYLE="width: 41%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-weight: bold">Owner</TD>
    <TD STYLE="width: 16%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">Location Date</TD>
    <TD STYLE="width: 18%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">County Doc. #</TD>
    <TD STYLE="width: 13%; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">BLM NMC</TD></TR>
</TABLE>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 81</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7/10/2011</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">354645</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1053920</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 82</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/20/2012</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">356760</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1069276</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 83</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/20/2012</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">356761</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1069277</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 84</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/20/2012</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">356762</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1069278</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 85</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/20/2012</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">356763</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1069279</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 86</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/20/2012</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">356764</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1069280</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 87</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/20/2012</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">356765</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1069281</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 88</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/20/2012</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">356766</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1069282</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 89</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/20/2012</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">356767</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1069283</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 90</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/20/2012</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">356768</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1069284</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 91</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/20/2012</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">356769</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1069285</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 92</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/20/2012</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">356770</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1069286</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MH 93</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/20/2012</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">356771</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1069287</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MHP 1</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/27/2012</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">356754</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1069271</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MHP 2</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/27/2012</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">356755</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1069272</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MHP 3</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/27/2012</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">356756</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1069273</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MHP 4</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/27/2012</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">356757</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1069274</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">MHP 5</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Mt. Hamilton LLC</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2/27/2012</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">356758</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1069275</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 24pt 0 6pt; text-align: center"><BR>
        * Covered by Mining Lease</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 24pt 0 6pt; text-align: center"><B><U>Patented Claims in White Pine
        County, Nevada</U></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: bold">Parcel #</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-weight: bold">Patent Name</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">Patent #</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">MS #</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">99-059-05</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Badger State*</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6449</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">69</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">99-059-25</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Centennial*</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4705</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">66</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">99-059-66</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Gloucester*</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">867</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">41</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">99-059-81</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Woo Hop*</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5404</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">68</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">99-059-27</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Chester (Centennial Minerals Company LLC (&ldquo;<B>CMC</B>&rdquo;) owns 51%)*</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1131</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">42</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">99-059-28</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Chester #1 (CMC owns 51%)*</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">256014</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3763</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">99-059-29</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Chester #2 (CMC owns 51%)*</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">256018</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3763</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">99-059-30</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Chester #3 (CMC owns 51%)*</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">256018</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3763</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">99-059-31</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Chester #4 (CMC owns 51%)*</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">256018</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3763</TD>
    <TD COLSPAN="2" STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: left">* Covered by Mining Lease</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 24pt 0 6pt; text-align: center"><B><U>Fee Parcel in White Pine County,
        Nevada<BR STYLE="mso-special-character: line-break">
        <BR STYLE="mso-special-character: line-break">
        </U></B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">Henkle Buchanan Property 160 acres SE &frac14;;
        Section 20, T16N, R57E<BR STYLE="mso-special-character: line-break">
        <BR STYLE="mso-special-character: line-break">
        </P></TD></TR>
<TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 41%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">Schedule A</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"></P>



<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">SCHEDULE &ldquo;B&rdquo;<BR>
<BR>
PERMITTED ENCUMBRANCES</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">A. <U>Royalties</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 73%; padding-right: 13.05pt; padding-left: 5.4pt; font-size: 12pt; text-decoration: underline; text-align: center">Royalty</TD>
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt; text-decoration: underline">Claims Burdened</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 12pt; padding-left: 0.25in; text-indent: -0.25in; tab-stops: 0in list .5in left 1.0in 369.0pt; font-size: 12pt">1.&nbsp;&nbsp; 2.5% NSR created by July&nbsp;1, 1977 Conveyance between Silver King Mines, Inc. and Phillips Petroleum Company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">Chester Lode</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Chester 1-4</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 12pt; padding-left: 0.25in; text-indent: -0.25in; tab-stops: 0in list .5in left 1.0in 369.0pt; font-size: 12pt">2.&#9;Undefined net profits interest created by October&nbsp;31, 1986 Agreement, Assignment, and Conveyance of Net Profits Royalty Interest (the &ldquo;<B>1986 Agreement</B>&rdquo;) between Nicor Mineral Ventures Inc. (&ldquo;<B>NMVI</B>&rdquo;) and Nicor Minerals Inc. (&ldquo;<B>NMI</B>&rdquo;)<A HREF="#note_ftn1" NAME="note_ftnref1" STYLE="font-size: 65%; vertical-align: 35%">1</A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">All patented claims covered by Mining Lease</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 12pt; padding-left: 0.25in; text-indent: -0.25in; tab-stops: 0in list .5in left 1.0in 369.0pt; font-size: 12pt">3.&nbsp;&nbsp; 2.5% Net Returns royalty created by that Special Warranty Deed and Bill of Sale dated August&nbsp;31, 1987 between Queenstake Resources (U.S.) Inc. and Westmont Mining Inc.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">All patented claims covered by Mining Lease</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 12pt; padding-left: 0.25in; text-indent: -0.25in; tab-stops: 0in list .5in left 1.0in 369.0pt; font-size: 12pt">4.&nbsp;&nbsp; 2.5% NSR created by Conveyance of Net Smelter Return Royalty dated January&nbsp;5, 1995, from Mt.&nbsp;Hamilton Mining Company to Costain Minerals Inc.2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">All patented claims covered by Mining Lease</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 8.1pt; padding-bottom: 12pt; padding-left: 0.25in; text-indent: -0.25in; tab-stops: 0in list .5in left 1.0in 369.0pt; font-size: 12pt">5.&nbsp;&nbsp; Advance and production royalties payable to the lessor under the Mining Lease</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 12pt">All patented and unpatented claims on Schedule&nbsp;A</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">B. <U>Deeds of Trust</U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in; text-align: justify">Deed of Trust and Security Agreement,
Assignment of Leases and Rents and Fixture Filing to Secure Guaranty dated February&nbsp;28, 2008 by DHI Minerals (U.S.) Ltd.,
a Nevada corporation, as Trustor, to Stewart Title of Northeastern Nevada, a Nevada corporation, as Trustee, and Augusta Resource
Corporation, a British Columbia corporation, as Beneficiary, recorded in White Pine County on April&nbsp;10, 2008 at Document No.&nbsp;342733.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">C. <U>Security Interests</U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in; text-align: justify">The security interests granted
by each member of the Owner to the other pursuant to the Operating Agreement.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">D. <U>Other Encumbrances</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>All encumbrances listed in the May&nbsp;25, 2012 Harris &amp; Thompson Title Reports.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>November 15, 2007, Share Purchase Agreement between Augusta Resource Corporation and Ivana Ventures Inc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Rights of third parties to use the surface of the patented and unpatented claims.</TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"><A HREF="#note_ftnref1" NAME="note_ftn1" STYLE="font-size: 65%; vertical-align: 35%">1</A>
The net profits interest conveyed to NMI is effective &ldquo;until the date which is the tenth anniversary of the last day of the
month in which the first commercial sale of Subject Minerals occurs.&rdquo; The first commercial sale occurs at the time, &ldquo;after
a decision has been made by (NMVI) to commence commercial production, at which time the first payment for sale of commercial quantities
of Subject Minerals is received, without regard to any subsequent increase or decrease in the level of production of Subject Minerals.&rdquo;
That language, plus the language in the 1986 Agreement that all of its conditions are binding on the successors and assigns of
the parties, allows for a strong argument that the net profits royalty is extinguished if commercial production from the claims
covered by that Agreement commenced more than ten&nbsp;years ago.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">
That royalty has a cap of $2,500,000; it is not clear whether that is an annual cap or an aggregate cap.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>



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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in; text-align: justify">Columbia corporation, as Beneficiary,
recorded in White Pine County on April&nbsp;10, 2008 at Document No.&nbsp;342733.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">C. <U>Security Interests</U></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 0.25in; text-align: justify">The security interests granted
by each member of the Owner to the other pursuant to the Operating Agreement.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">D. <U>Other Encumbrances</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>All encumbrances listed in the May&nbsp;25, 2012 Harris &amp; Thompson Title Reports.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>November 15, 2007, Share Purchase Agreement between Augusta Resource Corporation and Ivana Ventures Inc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Rights of third parties to use the surface of the patented and unpatented claims.</TD></TR></TABLE>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>



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

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<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>presrel.htm
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>June 11, 2012</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>SANDSTORM GOLD ACQUIRES NSR ROYALTY FROM</U></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in"><B><U>SOLITARIO AND ELY GOLD
FOR US$10.0 MILLION</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Denver, Colorado</B>: Solitario Exploration
&amp; Royalty Corp. (&ldquo;Solitario;&rdquo; NYSE MKT: <B>XPL;</B> TSX: <B>SLR</B>) and Ely Gold &amp; Minerals (&ldquo;Ely Gold;&rdquo;
TSX.V: <B>ELY</B>) <FONT STYLE="color: #404040">are pleased to announce that Sandstorm Gold (&ldquo;Sandstorm&rdquo;) has purchased
a 2.4% net smelter returns royalty (&ldquo;NSR&rdquo;) on the Mt. Hamilton gold project (&ldquo;Mt. Hamilton&rdquo;) for US$10.0
million. The Mt. Hamilton gold project, located in Nevada, U.S.A., is held by Mt. Hamilton LLC (&ldquo;MH-LLC&rdquo;) that is 80%-owned
by Solitario and 20%-owned by Ely. MH-LLC received an upfront payment of US$6.0 million upon signing the agreement and will receive
a future cash remittance of US$4.0 million on January 15, 2013. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #404040">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #404040">As part of the agreement, MH-LLC
will have the option, for a period of 30 months, to repurchase up to 100% of the NSR for US$12 million, provided that Solitario
enters into a gold stream agreement with Sandstorm that has an upfront deposit of no less than US$30 million. In addition, MH-LLC
has provided Sandstorm with a right of first refusal on any future royalty or gold stream financing for the Mt. Hamilton project.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #404040">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #404040">Chris Herald, President
and CEO of Solitario, stated: &ldquo;Annually, Sandstorm evaluates a significant number of projects for funding participation,
we are very pleased that they have elected to participate in the funding of Mt. Hamilton&rsquo;s development. Sandstorm&rsquo;s
purchase of this royalty confirms our belief that the Mt. Hamilton gold project displays robust economics and outstanding resource
growth potential. We are currently focused on permitting and engineering activities, with drilling on the horizon.&rdquo; Ely&rsquo;s
President and CEO, Trey Wasser, said: </FONT>&ldquo;This funding enables the joint venture to&nbsp;drill test the&nbsp;historic&nbsp;Seligman&nbsp;deposit&nbsp;where
we hope to add significant economic ounces to the current mine plan.&rdquo;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #404040">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #404040"><B>About Mount Hamilton </B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #404040"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #404040">Solitario released a feasibility
study on the Centennial gold-silver deposit in February 2012 showing favorable economics for an open pit operation with heap leach
extraction. Once in operation, the mine is expected to produce 48,000 ounces of gold and 330,000 ounces of silver for an average
gold-equivalent production (at a 55:1 silver to gold ratio) of 54,000 ounces per year over an eight-year period, with excellent
potential to add additional resources and extend the mine life.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #404040"><B>Mineral Reserve Statement,
Centennial Gold-Silver Deposit</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Gold Grade</TD>
    <TD COLSPAN="2" STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Silver Grade*</TD>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 16%; vertical-align: top; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Reserve<BR> Category</TD>
    <TD STYLE="width: 12%; vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Tons<BR> (millions)</TD>
    <TD STYLE="width: 12%; vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Oz/Ton</TD>
    <TD STYLE="width: 12%; vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">g/Tonne</TD>
    <TD STYLE="width: 12%; vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Oz/Ton</TD>
    <TD STYLE="width: 12%; vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">g/Tonne</TD>
    <TD STYLE="width: 12%; vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Contained<BR> Gold (oz)</TD>
    <TD STYLE="width: 12%; vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Contained Silver (oz)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Proven</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">0.923</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">0.032</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">1.10</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">0.155</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">5.31</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">29,300</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">142,700</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Probable</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">21.604</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">0.021</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">0.72</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">0.134</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">4.59</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">457,800</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">2,884,300</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify">Prov.+Prob.</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify">22.527</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify">0.022</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify">0.75</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify">0.136</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify">4.66</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify">487,100</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: justify">3,028,200</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #404040"><FONT STYLE="font-size: 10pt">Reported
silver grade is cyanide soluble.</FONT><FONT STYLE="font-size: 11pt"> </FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #404040">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #404040"><B>Mineral Resource* Statement,
Centennial Gold-Silver Deposit</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Resource<BR> Category</TD>
    <TD STYLE="width: 16%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Tons<BR> (000is)</TD>
    <TD STYLE="width: 16%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Gold<BR> Grade<BR> (oz/t)</TD>
    <TD STYLE="width: 20%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Contained<BR> Gold (oz)</TD>
    <TD STYLE="width: 16%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Silver<BR> Grade<BR> (oz/t)</TD>
    <TD STYLE="width: 15%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Contained<BR> Silver (oz)</TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 17%">Measured</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 16%">918</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 16%">0.032</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 20%">29,524</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 16%">0.155</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 15%">142,152</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Indicated</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">22,732</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">0.022</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">497,330</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">0.132</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">3,010,471</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Measured and<BR> Indicated</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">23,650</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">0.022</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">526,854</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">0.133</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">3,152,624</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Inferred</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">3,454</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">0.018</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">60,859</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">0.079</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">273,457</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #404040">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #404040"><FONT STYLE="font-size: 10pt">*Mineral
Resources are not Mineral Reserves and do not have demonstrated economic viability</FONT><FONT STYLE="font-size: 11pt">.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #404040">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Walter Hunt, Chief Operating Officer of Solitario,
B.Sc.-Geology, M.S. Geologic Engineering, is the Qualified Person under NI 43-101 responsible for reviewing and approving the technical
information contained in this news release.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR>
    <TD>
        <P STYLE="font: 12pt/11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Cautionary
Note to U.S. Investors concerning estimates of Resources: This section uses the terms &ldquo;Measured, Indicated and Inferred
Resources.&rdquo; The Company advises U.S. investors that while these terms are recognized and required by Canadian regulations,
the SEC does not recognize the terms. U.S. investors are cautioned not to assume that any part or all of Measured or Indicated
Mineral Resources will ever be converted into Reserves. Inferred Resources have a great amount of uncertainty as to their existence,
and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral
Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form
the basis of feasibility or pre-feasibility studies</B></FONT><B><FONT STYLE="font-size: 9pt">, </FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">except
in rare cases. U.S. investors are cautioned not to assume that any part or all of a Measured, Indicated or Inferred Resource exists,
or is economically or legally minable.</FONT></B><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"> </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;<B>About Solitario</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">Solitario is a
gold, silver, platinum-palladium, and base metal exploration and royalty company actively exploring in Brazil, Mexico, and Peru.
Solitario has significant business relationships with Votorantim Metais on its high-grade Bongar&aacute; zinc project in Peru and
Anglo Platinum on its Pedra Branca platinum-palladium project in Brazil. Solitario is traded on the NYSE MKT (&quot;<B>XPL</B>&quot;)
and on the Toronto Stock Exchange (&quot;<B>SLR</B>&quot;). Additional information about Solitario is available online at </FONT>www.solitarioxr.com</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>About Ely Gold</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt">Ely Gold is focused
on the acquisition and development of gold resources in North America. Besides its interest in the Mt. Hamilton project, Ely Gold
has entered into a series of transactions to acquire a portfolio of assets in the Abitibi Gold Camp in Quebec. Ely Gold is traded
on the TSX Venture Exchange (&quot;<B>ELY</B>&quot;). Additional information about Ely Gold is available online at </FONT>www.elygoldandminerals.com</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">FOR MORE INFORMATION AT SOLITARIO, CONTACT:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Debbie Mino-Austin</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Director-Investor Relations</P></TD>
    <TD STYLE="width: 40%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(800) 229-6827</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Christopher E. Herald</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">President &amp; CEO</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(303) 534-1030</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">FOR MORE INFORMATION AT ELY GOLD, CONTACT:</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Steve Kenwood</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Director</P></TD>
    <TD STYLE="width: 40%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(604) 488-1104</P></TD></TR>
</TABLE>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 60%">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Trey Wasser</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">President &amp; CEO</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 40%">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(972) 803-3087</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release. </I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Cautionary Statement Regarding Forward
Looking Information </B></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>This press release contains forward-looking
statements within the meaning of the U.S. Securities Act of 1933 and the U.S. Securities Exchange Act of 1934, and as defined in
the United States Private Securities Litigation Reform Act of 1995 (and the equivalent under Canadian securities laws),</I> <I>that
are intended to be covered by the safe harbor created by such sections. Forward-looking statements are statements that are not
historical fact. They are based on the beliefs, estimates and opinions of the Company's management on the date the statements are
made and address activities, events or developments that Solitario expects or anticipates will or may occur in the future, and
are based on current expectations and assumptions. Forward-looking statements involve a number of risks and uncertainties. Consequently,
there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially
from those anticipated in such statements. Such forward-looking statements include, without limitation, statements regarding the
Company&rsquo;s expectation of the projected timing and outcome of engineering studies; expectations regarding the receipt of all
necessary permits and approvals to implement the mining plan at Mt. Hamilton; the potential for confirming, upgrading and expanding
oxide gold and silver mineralized material at Mt. Hamilton; reserve and resource estimates; operating cost estimates; estimates
of gold and silver grades; estimates of recovery rates; expectations regarding the cash flow generated by the property; and other
statements that are not historical facts. Although Solitario management believes that its expectations are based on reasonable
assumptions, it can give no assurance that these expectations will prove correct. Important factors that could cause actual results
to differ materially from those in the forward-looking statements include, among others, risks relating to risks that Solitario&rsquo;s
exploration and property advancement efforts will not be successful; risks relating to fluctuations in the price of gold and silver;
the inherently hazardous nature of mining-related activities; uncertainties concerning reserve and resource estimates; availability
of outside contractors in connection with Mt. Hamilton and other activities; uncertainties relating to obtaining approvals and
permits from governmental regulatory authorities; the possibility that environmental laws and regulations will change over time
and become even more restrictive; and availability and timing of capital for financing the Company&rsquo;s exploration and development
activities, including uncertainty of being able to raise capital on favorable terms or at all; as well as those factors discussed
in Solitario&rsquo;s filings with the U.S. Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) including Solitario&rsquo;s
latest Annual Report on Form 10-K and its other SEC filings (and Canadian filings) including, without limitation, its latest Quarterly
Report on Form 10-Q. The Company does not intend to publicly update any forward-looking statements, whether as a result of new
information, future events, or otherwise, except as may be required under applicable securities laws. </I></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>



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