<SEC-DOCUMENT>0000917225-12-000040.txt : 20120816
<SEC-HEADER>0000917225-12-000040.hdr.sgml : 20120816
<ACCEPTANCE-DATETIME>20120816114605
ACCESSION NUMBER:		0000917225-12-000040
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20120810
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120816
DATE AS OF CHANGE:		20120816

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:		121039187

	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
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>rmb8k.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): August 10, 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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    <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>
</TABLE>
<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>

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<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>
</TABLE>


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    <TD STYLE="width: 13%; font-family: Times New Roman, Times, Serif; font-weight: bold">ITEM 1.01</TD>
    <TD STYLE="width: 87%; padding-bottom: 12pt; font-family: Times New Roman, Times, Serif; font-weight: bold">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"><U>RMB Facility Agreement</U></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; text-indent: 0.5in">On August 10, 2012, Solitario Exploration &amp;
        Royalty Corp. (the &ldquo;Company&rdquo;) entered into a Facility Agreement (the &ldquo;Facility Agreement&rdquo;) with RMB Australia
        Holdings Limited, an Australian corporation (&ldquo;RMBAH&rdquo; or the &ldquo;Finance Party&rdquo;), and RMB Resources Inc., a
        Delaware corporation (&ldquo;RMBR&rdquo; or the &ldquo;Agent&rdquo;).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the Facility Agreement, the Company may
        borrow up to $5,000,000 from the Finance Party at any time during the 24 month period commencing on the date of initial funding
        (the &ldquo;Availability Period&rdquo;), after which time any undrawn portion of the $5,000,000 commitment will be cancelled and
        will no longer be available for drawdown. The Company will borrow an initial amount of $1,500,000 at the initial funding, which
        will be deposited in a proceeds account. The Company may withdraw funds from the proceeds account only for permitted expenditures
        with written approval of the Agent. The Company intends to utilize the funds from the initial funding to pay the balance remaining
        on the facility arrangement fee of $175,000, to pay certain legal expenses related to the Facility Agreement, and to reduce outstanding
        short-term margin loans.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Facility Agreement requires the Company
        to use proceeds from any borrowing only for approved expenditures including: (i) ongoing permitting and other pre-development efforts
        at its Mt. Hamilton gold project; (ii) ongoing earn-in payments related to Mount Hamilton LLC (&ldquo;MH-LLC&rdquo;), the Company&rsquo;s
        80% owned subsidiary, which owns the Mt. Hamilton project; (iii) general corporate purposes as set forth in a corporate and project
        budget approved by the Finance Party; and (iv) for any other purpose approved by the Finance Party.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Facility Agreement is subject to a $250,000
        arrangement fee, of which $75,000 has already been paid and the balance of which is payable upon the initial funding under the
        Facility Agreement and matures on the earlier to occur of (i) 36 months from the date of initial funding or (ii) the date on which
        financing is made available to MH-LLC for purposes of placing the Mt. Hamilton project into commercial production . Amounts borrowed
        under the Facility Agreement, including amounts in the proceeds account, will bear interest at LIBOR plus 5%, payable in arrears
        on the last day of each quarterly interest period as long as there are outstanding balances due under the Facility Agreement. Outstanding
        amounts under the Facility Agreement may be repaid at any time without penalty. Any amounts repaid may not be redrawn under the
        Facility Agreement.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the Facility Agreement, the Company
        has committed to issue 1,624,748 warrants (the &ldquo;Warrants&rdquo;) to the Finance Party as partial consideration for financing
        services provided in connection with the Facility Agreement. Each Warrant entitles the holder to purchase one common share (the
        &ldquo;Warrant Shares&rdquo;) of the Company pursuant to the terms and conditions of the Warrant. The Warrants expire 36 months
        from their date of issuance and have an exercise price of $1.5387 per Warrant Share, subject to customary anti-dilution adjustments.
        The Company has agreed to use its best efforts to register the resale of the Warrant Shares (as defined below) with the U.S. Securities
        and Exchange Commission promptly following the execution of the Facility Agreement. Issuance of the Warrants is subject to the
        receipt of required approvals of NYSE MKT and the Toronto Stock Exchange (&ldquo;TSX&rdquo;) and is a condition to the Finance
        Party&rsquo;s obligation to provide funding under the Facility Agreement.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Borrowings under the Facility Agreement are
        secured by a lien on the Company&rsquo;s 80% interest in MH-LLC as well as a general security interest in the Company&rsquo;s remaining
        assets.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Facility Agreement contains various financial
        and operational covenants that impose limitations on the Company. These include, among other things, limitations and covenants
        regarding: (i) the conduct of the Mt. Hamilton project and use of related assets; (ii) compliance with applicable laws and permits;
        (iii) mining rights at the Mt. Hamilton project; (iv) the Company&rsquo;s corporate budget; (v) provision of information; (vi)
        maintenance of accounting records; (vii) maintenance of corporate existence; (viii) compliance with certain material agreements;
        (ix) payment of indebtedness and taxes; (x) amendments to existing agreements relating to the Mt. Hamilton project or entry into
        any such agreements; (xi) amendments to governing documents; (xii) disposition of or encumbrance of certain assets; (xii) engaging
        in other lines of business; (xiv) incurrence of indebtedness; (xv) related party transactions; (xvi) creation of new subsidiaries;
        (xvii) dividends and other distributions; (xiii) maintenance of the <BR>
</P></TD></TR></TABLE>

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property securing the Facility Agreement; (xix) insurance;
        (xx) subordination of intercompany claims; (xxi) tradeability of the Warrant Shares under United States and Canadian securities
        laws; (xxii) registration of the Warrant Shares under United States securities laws; (xxiii) maintenance of listing status on the
        NYSE MKT and status as a registrant under United States Security laws; and maintenance of listing status on the TSX and status
        as a reporting issuer under Canadian securities laws.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Subject in certain cases to applicable notice
        provisions and cure periods, events of default under the Facility Agreement include, without limitation: (i) failure to make payments
        when due; (ii) certain misrepresentations under the Facility Agreement and certain other documents; (iii) breach of financial covenants
        in the Facility Agreement; (iv) breach of other covenants in the Facility Agreement and certain other documents; (v) loss of certain
        mineral rights; (vi) compulsory acquisition or expropriation of certain secured property by a government agency; (vii) certain
        cross-defaults on other indebtedness of the Company; (viii) entry of certain judgments against the Company that are not paid or
        satisfied; (ix) enforcement of encumbrances against a material asset of the Company (or any such encumbrance becomes capable of
        being enforced); (x) events of liquidation, receivership or insolvency of the Company; (xi) maintenance of listing status on the
        TSX or NYSE MKT exchange and status as a registrant under United States securities laws and reporting issuer under Canadian securities
        laws; (xii) the occurrence or non-occurrence, as applicable, of certain events or circumstances pertaining to MH-LLC and/or the
        Mt. Hamilton project; or (xiii) occurrence of any event which has or is reasonably likely to have a material adverse effect on
        the assets, business or operations of the Company, its ability to perform under the Facility Agreement and other transaction documents,
        the rights of the Finance Party or the enforceability of a transaction document. The Facility Agreement provides that in the event
        of default, the Finance Party may declare that the debts and monetary liabilities of the Company are immediately due and payable
        and/or cancel the credit facility.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Amendment of Letter of Intent with Ely Gold and Minerals</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In connection with the execution of the Facility
        Agreement, RMBAH, RMBR, Solitario, Ely Gold and Minerals, Inc. (Ely), and DHI Minerals (US), Ltd. (&ldquo;DHI-US&rdquo;) entered
        into an agreement (the Side Agreement), which among other things modified the letter of Intent dated August 26, 2010 between Solitario,
        Ely and DHI-US (the &ldquo;Letter of Intent&rdquo;). The Side Agreement (i) clarified certain regulatory requirements related to
        Solitario&rsquo;s obligation to subscribe for Ely shares, proceeds of which are to be used to repay the debt owed by Ely to Augusta
        Resources Corporation; (ii) modified the earliest date that Solitario could subscribe for these shares to May 1, 2013; (iii) accelerated
        the dates of required subscription for Ely shares from on or before June 1, 2013, June 1, 2014 and June 1, 2015, respectively,
        to no earlier than May 1, 2013, on or before May 1, 2014 and on or before May 1, 2015; and (iv) gave Ely the right to reduce the
        aggregate purchase price and the related number of Ely shares that Solitario could subscribe for under the Letter of intent and
        that Ely would contribute the amount of such reduction toward payment due to Augusta.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The foregoing description does not purport to
        be complete and is qualified in its entirety by reference to the Facility Agreement, Form of Warrant, Security Agreement Pledge
        Agreement and Side Agreement attached hereto as Exhibits 10.1 through 10.5 and incorporated by reference herein.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; font-weight: bold">ITEM 2.03</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; font-weight: bold">Creation of a Direct Financial Obligation or an Obligation Under an Off-balance Sheet Arrangement of the Registrant</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The information set forth in Item 1.01 of the Current Report on Form 8-K is incorporated by reference herein.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">ITEM 3.02</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Unregistered Sales of Securities</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman, Times, Serif; text-indent: 0.5in">The information set forth in Item 1.01 of the Current Report on Form 8-K is incorporated by reference herein. The Company did not pay any underwriting discounts or commissions in connection with the issuance of the Warrants, and will not pay any underwriting discounts or commissions in connection with the issuance, if any, of any Warrant Shares. The issuance of the Warrants was made, and the issuance of the Warrant Shares, if any, will be made, in a private placement in reliance upon an exemption from registration under Section 4(2) of the Securities Act of 1933 (assuming that the Warrant Shares are issued to the Finance Party in accordance with the terms of the Warrants and the Facility Agreement).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>

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<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">ITEM 9.01</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">FINANCIAL STATEMENTS AND EXHIBITS</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline">Exhibits</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline">Exhibit Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">99.1</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Facility Agreement dated August 10, 2012 between Solitario, RMBAH and RMBR.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">99.2</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Form of Warrant Certificate.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">99.3</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Security Agreement dated August 10, 2012 between Solitario, RMBAH and RMBR.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">99.4</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Pledge Agreement dated August 10, 2012 between Solitario, RMBAH and RMBR.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">99.5</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Side Agreement dated August 10, 2012 between Solitario, RMBAH, RMBR, DHI-US and Ely</TD></TR>
<TR>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 84%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"></P>

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<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; 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">August 15, 2012</P>

<TABLE ALIGN="RIGHT" CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 7%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 92%; font-family: 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: 10pt 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: 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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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh991.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: right; font-size: 18pt">Agreement</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">Execution Version</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 22pt">Facility Agreement</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Solitario Exploration &amp; Royalty Corp.</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">RMB Australia Holdings Limited</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">RMB Resources Inc.</P></TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">david.walton@freehills.com</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
</TABLE>
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    <DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">Contents</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 12pt; border-bottom: Black 1pt solid">Table of contents</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0.25in 14.2pt 0.25in 42.55pt"></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: 19%; padding-right: 5.4pt; font-size: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; font-size: 12pt; font-weight: bold">The agreement</TD>
    <TD STYLE="width: 33%; font: normal 12pt Times New Roman, Times, Serif; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; font-size: 12pt; font-weight: bold">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-size: 12pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 12pt; font-weight: bold">Operative part</TD>
    <TD STYLE="font: normal 12pt Times New Roman, Times, Serif; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 12pt; font-weight: bold">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">Definitions and interpretations</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">1.1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Definitions</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">1.2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Interpretations</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">27</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">1.3</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Inclusive expressions</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">28</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">1.4</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Business Day</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">29</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">1.5</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Accounting Standards</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">29</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">Conditions precedent</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">29</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">2.1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Conditions precedent to the first Funding Portion</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">29</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">2.2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Conditions precedent to all Funding Portions</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">2.3</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Certified copies</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">2.4</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Benefit of conditions precedent</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">3</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">Commitment, purpose and availability of Facility</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">3.1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Provision of Commitment</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">3.2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Purpose</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">3.3</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Cancellation of Commitment during Availability Period</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">3.4</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Cancellation at end of Availability Period</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">3.5</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Voluntary prepayment</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">3.6</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Mandatory prepayment</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">4</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">Funding and rate setting procedures</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">4.1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Delivery of Funding Notice</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">32</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: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; width: 19%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; width: 27%">4.2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; width: 33%">Requirements for a Funding Notice</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; width: 21%">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">4.3</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Irrevocability of Funding Notice</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">4.4</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Amount of Funding Portions</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">4.5</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Selection of Interest Periods</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">4.6</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Determination of Funding Rate</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">5</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">Facility</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">5.1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Provision of Funding Portions</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">5.2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Repayment</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">5.3</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Interest</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">34</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">5.4</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Calculation of per annum interest rate</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">34</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">5.5</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Market Disruption Event</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">34</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">6</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">Payments</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">35</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">6.1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Manner of payment</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">35</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">6.2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Payments on a Business Day</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">35</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">6.3</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Payments in gross</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">35</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">6.4</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Additional payments</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">35</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">6.5</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Taxation deduction procedures</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">36</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">6.6</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Tax Credit</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">36</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">6.7</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Tax affairs</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">36</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">6.8</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Amounts payable on demand</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">36</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">6.9</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Appropriation of payments</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">36</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">6.10</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Currency exchanges</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">37</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">7</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">Warrants</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">37</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">7.1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Grant</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">37</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">7.2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Issue of Warrants</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">37</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">7.3</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Exercise of Warrants</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">37</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">7.4</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Ranking of Shares and Warrants</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">39</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">7.5</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Registration under Securities Laws</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">39</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">7.6</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Approvals for issue of Shares</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">40</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">8</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">Representations and warranties</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">40</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">8.1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">General representations and warranties</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">40</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">8.2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Project representations and warranties</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">43</TD></TR>
</TABLE>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; width: 19%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; width: 27%">8.3</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; width: 33%">Survival and repetition of representations and warranties</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; width: 21%">45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">8.4</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Reliance by Finance Parties</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">9</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">Undertakings</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Conduct of Project</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Project Covenants</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.3</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Environmental issues</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">46</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.4</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Corporate and Project Budget</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">46</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.5</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Provision of information and reports</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">47</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.6</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Proper accounts</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">48</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.7</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Notices to the Agent</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">48</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.8</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Corporate existence</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">49</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.9</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Compliance</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">49</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.10</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Maintenance of capital</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">49</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.11</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Compliance with laws and Authorizations</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">49</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.12</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">ERISA</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">50</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.13</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Payment of debts, expenses and Taxes</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">50</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.14</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Project Documents</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">50</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.15</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">MHLLC Operating Agreement and Letter of Intent</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.16</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Amendments to constitution</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">52</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.17</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Negative pledge and disposal of assets</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">52</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.18</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">No change to business</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">53</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.19</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Financial accommodation and Financial Indebtedness</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">53</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.20</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Arm&rsquo;s length transactions</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">53</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.21</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Restrictions on Distributions and fees</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">53</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.22</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Undertakings regarding property</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">54</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.23</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Undertakings in relation to Security Interests</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">54</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.24</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Governance</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">55</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.25</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Insurance</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">55</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">9.26</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Term of undertakings</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">57</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">10</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">Proceeds Account</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">57</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Establishment of Proceeds Account</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">54</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">10.2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Flow of funds from Proceeds Account</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">58</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold; width: 19%">11</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold; width: 27%">Events of Default and Review Events</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold; width: 33%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold; width: 21%">58</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">11.1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Events of Default</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">58</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">11.2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Cure periods</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">63</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">11.3</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Effect of Event of Default</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">63</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">11.4</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Parties to continue to perform</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">63</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">11.5</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Enforcement</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">64</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">11.6</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Review event</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">64</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">12</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">Increased costs and illegality</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">65</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">12.1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Increased costs</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">65</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">12.2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Illegality</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">65</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">12.3</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Reduction of Commitment</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">65</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">12.4</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Patriot Act</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">66</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">13</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">Indemnities and Break Costs</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">66</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">13.1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">General indemnity</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">66</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">13.2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Break Costs</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">67</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">13.3</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Continuing indemnities and evidence of Loss</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">67</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">14</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">Fees, Tax, costs and expenses</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">67</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">14.1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Arrangement fee</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">67</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">14.2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Tax</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">67</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">14.3</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Costs and expenses</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">68</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">15</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">Interest on overdue amounts</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">68</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">15.1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Payment of interest</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">68</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">15.2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Accrual of interest</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">68</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">15.3</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Rate of interest</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">68</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">16</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">Assignment</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">69</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">16.1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Assignment</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">69</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">16.2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Borrower obligation in registered form</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">69</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">16.3</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Assignment by Finance Party</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">69</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">16.4</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Assist</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">69</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">16.5</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Lending Office</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">69</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">16.6</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">No increase in costs</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">69</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">17</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">Saving provisions</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">70</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">17.1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">No merger of security</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">70</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: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; width: 19%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; width: 27%">17.2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; width: 33%">Exclusion of moratorium</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; width: 21%">70</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">17.3</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Conflict</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">70</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">17.4</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Consents</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">70</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">17.5</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Principal obligations</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">70</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">17.6</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Non-avoidance</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">71</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">17.7</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Set-off authorized</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">71</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">17.8</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Agent&rsquo;s certificates and approvals</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">71</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">17.9</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">No reliance or other obligations and risk assumption</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">71</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">17.10</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Power of attorney</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">72</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">18</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">General</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in; font-size: 11pt; font-weight: bold">72</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">18.1</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Confidential information</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">72</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">18.2</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Borrower to bear cost</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">72</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">18.3</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Notices</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">72</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">18.4</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Governing law and jurisdiction</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">73</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">18.5</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Prohibition and enforceability</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">73</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">18.6</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Waivers</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">74</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">18.7</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Variation</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">74</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">18.8</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Cumulative rights</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">74</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">18.9</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">Counterparts</TD>
    <TD STYLE="padding-right: 5.4pt; text-indent: 0in">74</TD></TR>
</TABLE>


<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0.25in 14.2pt 0.25in 42.55pt">Signing page75</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Freehills owns the copyright in this document and using
it without permission is strictly prohibited.</P>



<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">The agreement</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 12pt; border-bottom: Black 1pt solid">Facility Agreement</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 0.25in 42.55pt">Date <FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&#9658;
</FONT><FONT STYLE="font-size: 10pt">August 10, 2012</FONT></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: 28%; border-bottom: #262626 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 11pt">Between the parties</TD>
    <TD STYLE="width: 72%; border-bottom: #262626 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 11pt">Borrower</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Solitario Exploration &amp; Royalty Corp.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">a corporation existing under
        the laws of Colorado, United States of America of 4251 Kipling Street, Suite 390, Wheat Ridge, Colorado 80033, United States of
        America</FONT></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">(<B>Borrower</B>)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 11pt">Financier</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">RMB Australia Holdings Limited</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">ACN 003 201 214 of Level 13, 60 Castlereagh Street, Sydney,
        New South Wales 2000, Australia</P>
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">(</FONT>Financier<FONT STYLE="font-weight: normal">)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 11pt">Agent</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">RMB Resources Inc.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">of 77 Water Street, 8th Floor, New York, New York 10005, United
        States of America</P>
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">(</FONT>Agent<FONT STYLE="font-weight: normal">)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 11pt">Background</TD>
    <TD STYLE="padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">the Financier has agreed to provide the Facility to the Borrower on the terms of this agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: #4D4D4D 1pt solid; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 11pt">The parties agree</TD>
    <TD STYLE="border-top: #4D4D4D 1pt solid; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">as set out in the operative part of this agreement, in consideration of, among other things, the mutual promises contained in this agreement.</TD></TR>
</TABLE>


<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right"></P>

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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">Operative part</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1</TD><TD>Definitions and interpretations</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.1</TD><TD>Definitions</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The meanings of the terms used in this document are
set out below.</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Term</TD>
    <TD STYLE="width: 72%; border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Meaning</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Accounting Standards</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">generally accepted accounting principles in the United States of America.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Affiliate</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 12.6pt; text-indent: -12.6pt">with respect to a Person:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any partner, officer, ten percent (10%) or more shareholder, manager, director or managing agent of that Person or that
        Person&rsquo;s Affiliates;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any spouse, parent, siblings, children or grandchildren (by birth or adoption) of that Person; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any other Person (other than a Subsidiary):</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 28.4pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control
        with, that Person;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 28.4pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>that directly or indirectly beneficially owns or holds 10% or more of any class of voting stock or partnership or other
        voting interest of that Person or any Subsidiary of that Person; or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 28.4pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>10% or more of the voting stock or partnership or other voting interest of which is directly or indirectly beneficially
        owned or held by that Person or a Subsidiary of that Person.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Notwithstanding anything to the contrary in this agreement,
        the term &lsquo;Affiliate&rsquo;, as applied to Solitario and MHLLC, shall not mean or include DHIUS or any Affiliate of DHIUS
        (unless that Affiliate is independently an Affiliate of Solitario or MHLLC).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Attorney</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">an attorney appointed under a Transaction Document.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Augusta Agreement</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the Share Purchase Agreement dated November 15, 2007 between Augusta Resource Corporation and Ely Gold &amp; Minerals Inc. (formerly Ivana Ventures Inc.).</TD></TR>
</TABLE>

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

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Authorization</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; width: 72%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any consent, registration, filing, agreement, notice of non-objection, notarization, certificate, license, approval, permit,
        authority or exemption; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>in relation to anything which a Government Agency may prohibit or restrict within a specific period, the expiry of that
        period without appeal, intervention or action or notice of intended appeal, intervention or action.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Availability Period</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the period of 24&nbsp;months commencing on Financial Close.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Bankruptcy Code</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">Title 11 of the United States Code as amended from time to time.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Break Costs</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">for any repayment or prepayment, the amount (if any) by which:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the interest on the amount repaid or prepaid which the Financier should have received under this agreement (had the repayment
        or prepayment not occurred),</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">exceeds:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the return which that Financier would be able to obtain by placing the amount repaid or prepaid to it on deposit with a
        Reference Bank,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">in each case for the period from the date of repayment or prepayment
        until the last day of the then current Interest Period applicable to the repaid or prepaid amount.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Business Day</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>for the purposes of clause&nbsp;18.3</P>
        <P STYLE="margin: 0">, a day on which banks are open for business in the city where the notice or other communication is received
        excluding a Saturday, Sunday or public holiday; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>for all other purposes, a day on which banks are open for business in Sydney, Australia, New York, New York and Denver,
        Colorado, excluding a Saturday, Sunday or public holiday.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Change in Law</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">any present or future law, regulation, treaty, order or official
        directive or request (which, if not having the force of law, would be complied with by a responsible financial institution) which:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>commences, is introduced, or changes, after the date of this agreement; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>does not relate to a change in the effective rate at which Tax is imposed on the overall net income of a Finance Party.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Collateral Security</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">any present or future Encumbrance, Surety Obligation or other document or agreement created or entered into by the Borrower or any other person as security for, or to credit enhance, the payment of any of the Secured Moneys, including any further security granted under clause&nbsp;9.23(a)</TD></TR>
</TABLE>

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

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<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-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Commitment</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; width: 72%">the maximum aggregate amount agreed to be provided by the Financier under the Facility, being $5,000,000, as reduced or cancelled in accordance with this agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Contamination</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">in respect of a property, the presence of Pollutants:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>in, on or under the property; or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>in the ambient air and emanating from the property.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Contested Tax</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">a Tax payable by the Borrower where the Borrower is contesting its liability to pay that Tax, and has reasonable grounds to do so.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Continuing Payment Obligations</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">has the meaning given to that term in section 3.2(c)(v) of Article III of the MHLLC Operating Agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Contribution Agreement</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the agreement entitled &lsquo;Limited Liability Company Contribution Agreement&rsquo; dated 22 December 2010 between DHIUS, the Borrower and MHLLC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Control</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">of a Person, includes the possession directly or indirectly
        of the power, whether or not having statutory, legal or equitable force, and whether or not based on statutory, legal or equitable
        rights, directly or indirectly, to do any of the following:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>to control 50% or more of the total votes which might be cast at a general meeting of that Person;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>to elect or appoint a majority of the board of directors or other governing body of that Person; or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>to direct or cause the direction of the management and policies of that company whether by means of trusts, agreements,
        arrangements, understandings, the ownership of any interest in shares or stock of that company or otherwise.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Corporate and Project Budget</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">the document comprising:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the consolidated cashflow budget for the Solitario Group for a 36 month period; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the financial budget for the Project over a 36 month period, which must be consistent and not conflict with the consolidated
        cashflow budget for the Solitario Group as described in item 1 above,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">to be initially provided in accordance with clause&nbsp;2.1(c)</P>
        <P STYLE="margin: 0">and then provided in an updated form under clauses 9.4</P>
        <P STYLE="margin: 0">and 9.5(c)</P>
        <P STYLE="margin: 0">.</P></TD></TR>
</TABLE>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<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-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Debtor Relief Laws</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; width: 72%">the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, insolvency, rearrangement, moratorium, reorganization, or similar debtor relief laws affecting the rights of creditors generally from time to time in effect and applicable to the Borrower or MHLLC, having regard to its place of formation.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Default</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>an Event of Default; or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>a Potential Event of Default.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Deposit Account Control Agreement</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the deposit account control agreement between the Borrower, the Finance Parties and KeyBank National Association in relation to the Proceeds Account.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">DHIUS</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">DHI Minerals (U.S.) Ltd a corporation existing under the laws of Nevada, United States of America.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Dispose</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">in relation to any asset, property or right, means to sell, transfer, assign, surrender, convey, lease, license, discount, lend, farm-out or otherwise dispose of any interest in the asset, property or right.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Distribution</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">any dividend, distribution or other amount declared or paid by the Borrower on any Marketable Securities issued by it.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Documents</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the Transaction Documents and the Project Documents.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Dollars <FONT STYLE="font-weight: normal">and</FONT> $</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the lawful currency of the United States of America.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Encumbrance</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">as applied to the property of any Person:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any mortgage, deed to secure debt, deed of trust, lien, pledge, charge, capital lease, conditional sale or other title retention
        agreement, or other security interest, security title or encumbrance of any kind in respect of any property of that Person or upon
        the income and profits from that property, whether that interest is based on the common law, statute or contract;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any arrangement, express or implied, under which any property of that Person is transferred, sequestered or otherwise identified
        for the purpose of subjecting the same to the payment of Financial Indebtedness or performance of any other obligation in priority
        to the payment of the general, unsecured creditors of that Person; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the filing of, or any agreement to give, any financing statement under the Uniform Commercial Code of any state or its equivalent
        in any jurisdiction.</P></TD></TR>
</TABLE>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<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-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Environmental Approvals</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; width: 72%">all consents, approvals, licenses or other Authorizations of any kind required by Environmental Law.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Environmental Bonding</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the environmental bonding instruments or cash bonds which have been posted with the U.S. Forest Service as disclosed in Schedule 11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Environmental Law</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">any law of the United States of America or the State of Nevada that relates to the protection of the environment or health and safety or manages Pollutants, including laws concerning land use or the rehabilitation of any land, development, Contamination, conservation of natural or cultural resources and resource allocation (including any law of the United States of America or the State of Nevada relating to the exploration for, and development or exploitation of, any natural resource).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Environmental Liability</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">any actual or potential Loss incurred or which may be incurred
        in connection with:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the investigation or remediation;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>a claim by any third party;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any action, order, declaration or notice by a Government Agency under an Environmental Law; or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any agreement between the Borrower or MHLLC and any:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 30.6pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>owner or occupier of land; or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 30.6pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Government Agency,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">of or in respect of Contamination of the Project or the Project
        Area, but does not include any Loss (which but for this sentence would be an Environmental Liability) arising from the development
        of the Project in accordance with all applicable Environmental Laws and Environmental Approvals.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">ERISA</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the <I>Employee Retirement Income Security Act of 1974</I> (PL 93-406, 2 September 1974), as amended.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Event of Default</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">any event specified in clause&nbsp;11.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Exchange</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>NYSE MKT; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Toronto Stock Exchange.</P></TD></TR>
</TABLE>

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

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<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-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Excluded Tax</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; width: 72%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">a Tax imposed by any jurisdiction on the net income of a Finance
        Party but not a Tax:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>calculated on or by reference to the gross amount of any payment (without allowance for any deduction) derived by a Finance
        Party under a Transaction Document or any other document referred to in a Transaction Document; or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>imposed as a result of a Finance Party being considered a resident of or organized or doing business in that jurisdiction
        solely as a result of it being a party to a Transaction Document or any transaction contemplated by a Transaction Document.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Exercise Price</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; text-indent: 0in; font-size: 9pt">$1.5387.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Expiry Date</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the date which is 36 months after a Warrant is issued to the Financier or the Financier&rsquo;s nominee under this agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Facility</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the Facility made available by the Financier to the Borrower under clause&nbsp;3.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Finance Party</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">each of the Agent and the Financier and <B>Finance Parties </B>means both of them.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Financial Close</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the date on which all of the conditions precedent in clause&nbsp;2.1</TD></TR>
</TABLE>

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

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<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-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Financial Indebtedness</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; width: 72%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">any debt or other monetary liability in respect of moneys borrowed
        or raised or any financial accommodation including under or in respect of any:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>bill, bond, debenture, note or similar instrument;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>acceptance, endorsement or discounting arrangement;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Surety Obligation;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>finance or capital Lease;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">5</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>agreement for the deferral of a purchase price or other payment in relation to the acquisition of any asset or service;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">6</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>obligation to deliver goods or provide services paid for in advance by any financier;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">7</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>agreement for the payment of capital or premium on the redemption of any preference shares; or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">8</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Hedging Agreements,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">and irrespective of whether the debt or liability:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">9</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>is present or future;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">10</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT>is actual, prospective, contingent or otherwise;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">11</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT>is at any time ascertained or unascertained;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">12</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT>is owed or incurred alone or severally or jointly or both with any other person; or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">13</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT>comprises any combination of the above.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Financial Report</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>in relation to the Borrower, the following financial statements and information in relation to the entity (or the equivalent
        financial statements or information in the jurisdiction of the entity), prepared in accordance with the Accounting Standards for
        its financial quarter or financial year:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 28.4pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>a balance sheet;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 28.4pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>a statement of operations; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 28.4pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>a statement of cash flows; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>in relation to MHLLC, the following financial statements and information in relation to the entity (or the equivalent financial
        statements or information in the jurisdiction of the entity), for its financial quarter or financial year:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 28.4pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>a balance sheet; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 28.4pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>a statement of operations.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Financier Warrants</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">1,624,748 Warrants.</TD></TR>
</TABLE>

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

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<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-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Force Majeure Event</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; width: 72%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>an act of God;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>war, revolution, an act of terrorism, or any other unlawful act against public order or authority;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>a restraint by a Government Agency; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any other event beyond the reasonable control of a person, whether or not foreseeable,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">which wholly or partially prevents, hinders, obstructs, delays
        or interferes with the development or operation of the Project.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Funding Date</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the date on which a Funding Portion is provided, or is to be provided, to the Borrower under this agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Funding Notice</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">a notice given under clause&nbsp;4.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Funding Portion</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">each portion of the Commitment provided under this agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Funding Rate</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">in respect of an Interest Period, the aggregate of:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>LIBOR for that Interest Period; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Margin.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Good Industry Practice</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">in respect of the Project, the degree of care and skill, diligence, prudence (financial and operational), foresight and operating practice which would reasonably and ordinarily be expected from a skilled operator engaged in the same type of undertaking as the Project under the same or similar circumstances.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Government Agency</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">any government or any governmental, semi-governmental, administrative, fiscal or judicial body, department, commission, authority, tribunal, agency or entity.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Group Structure Diagram</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the group structure diagram in Schedule 8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Hedging Agreement</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">an interest rate transaction, foreign exchange transaction, equity or equity index option, bond option, commodity swap, commodity option, commodity forward sale, cap transaction, currency swap transaction, cross-currency swap rate transaction or any other hedge or derivative agreement, including any master agreement and any transaction or confirmation under it.</TD></TR>
</TABLE>

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

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<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-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Initial Transaction Costs</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; width: 72%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>all Taxes and registration fees payable on or with respect to the Transaction Documents;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the reasonable legal fees in relation to the preparation, negotiation and completion of the Transaction Documents and all
        related matters; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>all other reasonable fees, costs and expenses (including travel costs, fees payable to any independent technical expert
        and other disbursements) of the Finance Parties.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Interest Payment Date</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the last day of each Interest Period.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Interest Period</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">a period selected or determined under clause&nbsp;4.5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Key Mineral Rights</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Mineral Rights in relation to the unpatented mining claims, fee and leased land, and other interests in land set out
        in Part 1 of Schedule 2</P>
        <P STYLE="margin: 0">;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any other mining claim or right owned by MHLLC which is material in the context of the Project and which the Agent reasonably
        designates by notice to the Borrower to be a &lsquo;Key Mineral Right&rsquo;;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any present or future renewal, extension, modification, substitution, amalgamation or variation of any of the land and interests
        in land described in paragraphs 1</P>
        <P STYLE="margin: 0">and 2</P>
        <P STYLE="margin: 0">;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any present or future interest from time to time held by or on behalf of MHLLC in any other present or future mining claim
        or right which forms part of, is used in connection with or relates in any way to the land and interests in land described in paragraphs
        1</P>
        <P STYLE="margin: 0">and 2</P>
        <P STYLE="margin: 0">; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">5</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any present or future application for or interest in any of the above, which confers or which, when granted, will confer
        the same or similar rights.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Lease</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">a lease, charter, hire purchase, hiring agreement or any other agreement under which any property is or may be used or operated by a person other than the owner.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Leased Property</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the property described in Schedule 3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Lending Office</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">in respect of a Finance Party, the office of that Finance Party set out opposite its name in Schedule 1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Letter of Intent</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the Letter of Intent dated 27 August 2010 between the Borrower, DHIUS and Ely Gold &amp; Minerals Inc..</TD></TR>
</TABLE>

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

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<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-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">LIBOR</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; width: 72%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">in relation to an Interest Period for a Funding Portion, the
        rate per cent per annum determined by the Agent to be:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the average of the rates quoted on the LIBOR Page as being the rate per annum at which United States Dollar deposits are
        offered for a period equivalent to the Interest Period at about 11.00 am (London time) on the Value Date, eliminating the highest
        and lowest rates and rounding up the resultant figure to 4 decimal places;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>where 2 or fewer rates are quoted for the relevant period on the LIBOR Page at the relevant time, the average of the rates
        notified to the Agent by each Reference Bank to be the rate per annum at which United States Dollar deposits are offered to that
        Reference Bank for a period equivalent to the Interest Period at about 11.00 am (London time) on the Value Date, rounding up the
        resultant figure to 4 decimal places; or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>if LIBOR cannot be determined in accordance with paragraphs 1 or 2 of this definition, the rate most nearly approximating
        the rate that would otherwise have been calculated by the Agent in accordance with paragraphs 1 or 2 having regard to comparable
        indices then available in the financial markets.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">LIBOR Business Day</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">a day on which banks are open for business in London and New York excluding a Saturday, Sunday or public holiday.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">LIBOR Page</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the Bloomberg Screen BTMM, being the page on which the British Bankers&rsquo; Association Interest Settlement Rate for US Dollars is displayed, or any other Bloomberg page which may replace it for the purpose of displaying offered rates for United States Dollar deposits.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Listing Rules</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the listing rules of the Exchange together with any agreement between the Borrower and the Exchange in connection with the listing of the Shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Loss</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">any claim, action, damage, loss, liability, cost, charge, expense, outgoing or payment.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Management Committee</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">has the meaning given to that term in the MHLLC Operating Agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Manager</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">has the meaning given to that term in the MHLLC Operating Agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Margin</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">5% per annum.</TD></TR>
</TABLE>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<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-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Marketable Securities</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; width: 72%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>debentures, stocks, shares or bonds of any government, of any local Government Agency, or of any body corporate, association
        or society, and includes any right or option in respect of shares in any body corporate;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any unit (whatever called) in a trust estate which represents a legal or beneficial interest in any of the income or assets
        of a trust estate and includes, but is not limited to, any option to acquire any unit as described in this paragraph 2;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any option or right in respect of an unissued share;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any convertible note; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">5</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any instrument or security which is a combination of any of the above.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Market Disruption Event</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">any event specified in clause&nbsp;5.5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Material Adverse Effect</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">a material adverse effect on:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the ability of the Borrower to perform any of its obligations under any Transaction Document;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the rights of the Finance Parties under, or the enforceability of, a Transaction Document;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the value of the Secured Property (for the avoidance of doubt, a reduction of the price of gold or other metals or minerals
        to be produced by the Project is not to be taken to have a material adverse effect on the value of the Secured Property); or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the assets, business or operations of the Borrower or MHLLC (including the Project and the Project Assets).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Material Agreement</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the MHLLC Operating Agreement;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Contribution Agreement; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any other agreement:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 28.4pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>to which the Borrower or MHLLC is a party; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 28.4pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>that is, in the reasonable opinion of the Agent, material to the development of the Project and which the Agent notifies
        the Borrower is to be a Material Agreement, but the Agent will not designate an agreement for the provision of any goods or services
        to be a Material Agreement if the relevant agreement (if terminated) would be readily replaceable in the market for the relevant
        goods or services within a reasonable period.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">MHLLC</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">Mt. Hamilton LLC, a Colorado limited liability company.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">MHLLC OA Side Agreement</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the side agreement dated on or about the date of this agreement between DHIUS, the Borrower, MHLLC and the Finance Parties in respect of (among other things) the MHLLC Operating Agreement.</TD></TR>
</TABLE>

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

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<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-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">MHLLC Operating Agreement</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; width: 72%">the agreement entitled &lsquo;Limited Liability Company Operating Agreement of Mt. Hamilton LLC&rsquo; dated 22 December 2010 between the Borrower and DHIUS.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Mineral Rights</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>all of the patented and unpatented mining claims, fee and leased lands, and other interests in lands, which are held by
        MHLLC and are described in <FONT STYLE="font-weight: normal">Schedule 2</FONT></P>
        <P STYLE="margin: 0">and<B> </B>Schedule 3</P>
        <P STYLE="margin: 0">of this agreement;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>all entitlements of MHLLC under the provisions of the Mining Law to conduct exploration or mining activities in any part
        of the Project Area;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any present or future interest from time to time held by or on behalf of MHLLC in any present or future right, lease, license,
        patented or unpatented mining claim, permit, plan of operations or other authority which confers or may confer a right to prospect
        or explore for or mine any metals or minerals;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any present or future renewal, extension, modification, substitution, amalgamation or variation of any of the mineral rights
        described above (whether extending over the same or a greater or lesser area); and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">5</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any present or future application for or an interest in any of the above which confers or which, when operated, will confer
        the same or similar rights.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Mining Law</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">any law, including the relevant laws of United States of America, Nevada or otherwise, whether or not deriving from statute, concerning the acquisition by any allowed means of interests in public lands or private lands for the purpose of conducting mining exploration, mine development, mining operations, reclamation and related operations on that land, together with the rights necessary to conduct those activities, including but not limited to laws relating to public land use, development, conservation of natural or cultural resources and resource allocation and includes any laws concerning permits, licences and Authorizations required to be received before conducting any of those activities and includes any and all rules, regulations or ordinances promulgated under or in respect of those laws.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Notice of Cash Exercise</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; text-indent: 0in; font-size: 9pt">is defined in a Warrant Certificate.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">NYSE MKT</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">NYSE MKT (formerly known as NYSE Amex Equities).</TD></TR>
</TABLE>

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

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<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-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Officer</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; width: 72%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>in relation to a corporation, a secretary, chief executive officer, chief financial officer, treasurer, president or vice
        president or a person notified to be an authorized officer, of the corporation;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>in relation to a limited liability company , the manager of that limited liability company or a person notified to be an
        authorized officer of that limited liability company ; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>in relation to a Finance Party, a director, secretary or any person whose title includes the word &lsquo;Director&rsquo;,
        &lsquo;Managing Director&rsquo;, &lsquo;Manager&rsquo; or &lsquo;Vice President&rsquo;, and any other person appointed by the Finance
        Party to act as its authorized officer for the purposes of this agreement.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Opt-out Notice</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">has the meaning given to that term in the MHLLC Operating Agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Overdue Margin</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">2% per annum.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Overdue Rate</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">the aggregate of:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Overdue Margin;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Margin; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>LIBOR on the relevant date on which the Overdue Rate is calculated under clause&nbsp;15</P>
        <P STYLE="margin: 0">, as determined by the Agent in accordance with the definition of LIBOR in this clause&nbsp;1.1</P>
        <P STYLE="margin: 0">except that in making the determination all references in that definition to:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 30.6pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>&lsquo;Interest Period&rsquo; are references to a period of&nbsp;30 days;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 30.6pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>&lsquo;Value Date&rsquo; are to the relevant date on which the Overdue Rate is calculated under clause&nbsp;15</P>
        <P STYLE="margin: 0">; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 30.6pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>&lsquo;Funding Portion&rsquo; are to the relevant overdue amount.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Owned Property</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the property described in Schedule 2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Ownership Interest</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">has the meaning given to &lsquo;Interest&rsquo; in the MHLLC Operating Agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Patriot Act</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56, signed into law on October 26, 2001, as amended from time to time.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Payment Currency</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the currency in which any payment is actually made.</TD></TR>
</TABLE>

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

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<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-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Permitted Disposal</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; width: 72%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>sale of product derived from the Project Area on normal commercial terms;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any Disposal on normal commercial terms of obsolete assets or assets that are surplus or otherwise no longer required;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any Disposal on normal commercial terms of assets if the proceeds of the Disposal are used at or about the same time to
        acquire replacement assets of comparable or superior value, type and quality which are to be used for a similar purpose;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any Disposal of Marketable Securities or other ownership interest in any Subsidiary of the Borrower (other than MHLLC) in
        connection with a farm-out, joint venture or similar arrangement, providing that Disposal does not contravene clause 9.20</P>
        <P STYLE="margin: 0">;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">5</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any payment of cash as consideration for the acquisition of any Marketable Securities or of assets or services on normal
        commercial terms, or, in the case of MHLLC, in payment of any management fees or reimbursements payable under the MHLLC Operating
        Agreement;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">6</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any Disposal which is required to be made under any applicable law or an order or directive made by any Government Agency;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">7</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any Disposals which constitute Permitted Encumbrances or in connection with Permitted Financial Indebtedness;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">8</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any payment of cash under or in connection with any Permitted Financial Accommodation;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">9</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>a Disposal arising under a Permitted Royalty;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">10</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT>any Disposal of Marketable Securities in:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 28.4pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Kinross Gold Corporation;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 28.4pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Ely Gold &amp; Minerals Inc.;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 28.4pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>TNR Gold Corp.; or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 28.4pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>International Lithium Corp.,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: 0in">owned by the Borrower;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">11</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT>any Disposal of assets (other than Project Assets) not included in paragraphs 1</P>
        <P STYLE="margin: 0">to 10</P>
        <P STYLE="margin: 0">(inclusive) where the market value (in aggregate) in any 12 month period does not exceed $250,000; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">12</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT>any other Disposal made with the prior written consent of the Agent (for the avoidance of doubt, the Agent&rsquo;s consent
        will be taken to have been given where the relevant Disposal is included in a Corporate and Project Budget approved by the Agent).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Permitted Encumbrance</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>a lien created by operation of law securing an obligation that is not yet due;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>a lien for the unpaid balance of purchase money under an installment contract entered into in the ordinary course of business;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any Encumbrance in the form of a cross lien on the interest of the Borrower in a joint venture or similar arrangement that
        only secures the performance of an obligation as a joint venturer (or similar) in favor of one or more other parties to the joint
        venture (or similar), provided, however, that the Encumbrance does not extend to any other assets owned by the Borrower;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any lien, security interest or other encumbrance granted in respect of Marketable Securities owned by the Borrower in:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 28.4pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Kinross Gold Corporation;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 28.4pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Ely Gold &amp; Minerals Inc.;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 28.4pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>TNR Gold Corp; or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 28.4pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>International Lithium Corp.;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">5</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any Permitted Royalty;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">6</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any Encumbrance arising under, or given pursuant to the terms of, the Augusta Agreement including that Deed of Trust and
        Security Agreement, Assignment of Leases and Rents and Fixture Filing to Secure Guaranty dated 28 February 2008, by DHIUS (as trustor),
        to Stewart Title of Northwestern Nevada (as trustee) and Augusta Resource Corporation (as beneficiary);</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">7</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>a lien for the unpaid balance of money owing for repairs;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">8</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any Encumbrance arising in respect of the cash deposits and other arrangements relating to the Environmental Bonding;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">9</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the security interest granted to DHIUS under Section 3.5 of Article III of the MHLLC Operating Agreement;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">10</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT>each Security;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">11</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT>any landlord&rsquo;s lien granted on usual terms pursuant to any premises lease between the Borrower (as tenant) and an
        unrelated Person (as landlord); and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">12</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT>any other Encumbrance created with the prior written consent of the Agent (for the avoidance of doubt, the Agent&rsquo;s
        consent will be taken to have been given where the relevant Encumbrance is included in a Corporate and Project Budget approved
        by the Agent),</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">in each case which affects or relates to any of the assets of
        the Borrower or MHLLC.</P></TD></TR>
</TABLE>

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

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<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-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Permitted Financial Accommodation</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; width: 72%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">any financial accommodation or any Surety Obligation provided
        by the Borrower or MHLLC in respect of financial accommodation:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>under the Transaction Documents;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>under the Sandstorm Agreements;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>under the Letter of Intent;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>provided by the Borrower to a Subsidiary to the extent permitted in the Corporate and Project Budget;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">5</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>arising by operation of the MHLLC Operating Agreement;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">6</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>provided by the Borrower to a wholly owned Subsidiary from funds available to it from an equity raising, borrowings subordinated
        to the Secured Moneys as contemplated by paragraph 7</P>
        <P STYLE="margin: 0">of the definition of &lsquo;Permitted Financial Indebtedness, or other sources of funds approved by the Agent;
        or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">7</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>with the Agent&rsquo;s prior written consent (for the avoidance of doubt, the Agent&rsquo;s consent will be taken to have
        been given where the relevant financial accommodation is included in a Corporate and Project Budget approved by the Agent).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Permitted Financial Indebtedness</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any liability of the Borrower or MHLLC under any agreement entered into in the ordinary course of business for the acquisition
        of any asset or service where payment for the asset or service is deferred for a period of not more than 90&nbsp;days;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any Financial Indebtedness incurred or permitted to be incurred under any Transaction Document;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any Financial Indebtedness under the Credit Line Agreement dated 30 June 2010 between the Borrower and UBS Bank USA;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any Financial Indebtedness under the Client Account Agreement dated 2 June 2010 between the Borrower and RBC Wealth Management;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">5</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any Financial Indebtedness under the Sandstorm Agreements;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">6</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any Financial Indebtedness arising under a finance or capital Lease, the aggregate outstanding principal amount of which
        when aggregated with the Financial Indebtedness under each other finance or capital Lease entered into by members of the Solitario
        Group does not at any time exceed $250,000;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">7</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Financial Indebtedness which is subordinated to the Secured Moneys on terms approved by the Agent; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">8</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any other Financial Indebtedness approved by the Agent (for the avoidance of doubt, the Agent&rsquo;s consent will be taken
        to have been given where the relevant Financial Indebtedness is included in a Corporate and Project Budget approved by the Agent).</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Permitted Royalty</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the royalties described in Schedule 10</P>
        <P STYLE="margin: 0">, and includes the Sandstorm Royalty; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>each right or power of a Government Agency to receive royalties or other fees in relation to gold or other minerals derived
        from the Project Area.</P></TD></TR>
</TABLE>

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

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<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-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Person</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; width: 72%">an individual, corporation, company, partnership, association, trust or unincorporated organization, or a government or any agency, division, department, or political subdivision a government.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Pollutant</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">a pollutant, contaminant, dangerous, toxic or hazardous substance, petroleum or petroleum product, chemical, solid, special liquid, industrial or other waste.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Potential Event of Default</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">any thing which would become an Event of Default on the giving of notice (whether or not notice is actually given), the expiry of time, the satisfaction or non-satisfaction of any condition, or any combination of the above.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Power</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">any right, power, authority, discretion or remedy conferred on a Finance Party, a Receiver or an Attorney by any Transaction Document or any applicable law.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Principal Outstanding</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">at any time, the principal amount of all Funding Portions outstanding at that time.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Proceeds Account</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the account established under clause&nbsp;10.1(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Project</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the project known as the Mt Hamilton Gold Project located in White Pine County, Nevada, United States of America.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Project Area</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the area the subject of the Key Mineral Rights.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Project Assets</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">all the right, title and interest both present and future of
        the Borrower or MHLLC which is attributable to the Project and includes all the right, title and interest both present and future
        of the Borrower or MHLLC in, to, under or derived from:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Key Mineral Rights;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Project Area, including any title to or interest in land in the Project Area now or at a later time held by the Borrower
        or MHLLC;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>every contract for the use by any third party of any of the assets and property included in the Project or the Project Area;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Authorizations in relation to the Project or the Project Area;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">5</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Project Documents and any other contract, agreement, permit, lease, license, consent, easement, right of way and other
        rights or interests in land, which relate to the operation or maintenance of the Project or the Project Area;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">6</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>all exploration and mining information, documents, maps, reports, records, studies and other written data, including all
        data stored on magnetic tapes, disks or diskettes or any other computer storage media, relating to geological, geochemical and
        geophysical work, feasibility studies and other operations conducted with respect to the Project Area;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">7</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>all buildings, improvements, structures, systems, fixtures, plant, machinery, equipment, barges, tools and other personal
        property at any time used or intended for use in connection with or incidental to the development of the Project, and all associated
        facilities and infrastructure; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">8</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>every contract for the use by any third party of any of the assets described in paragraphs 1 to 7 inclusive.</P></TD></TR>
</TABLE>

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

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<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-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Project Documents</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; width: 72%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Key Mineral Rights;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>all instruments and indicia of title to the Key Mineral Rights and Mineral Rights and all other documentation and agreements
        under which the Borrower or MHLLC derives the right to conduct mining or exploration in the Project Area;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>each Material Agreement;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any agreement or contract described in clause&nbsp;9.14(f)</P>
        <P STYLE="margin: 0">;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">5</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>all agreements evidencing the Environmental Bonding arrangements;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">6</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any other document executed from time to time by any person in respect of the documents described in paragraphs 1 to 5 inclusive
        or which is collateral, supplementary or related to those documents; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">7</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any other document that the Agent and the Borrower agree in writing to be a Project Document.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Project Finance Availability Date</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the date on which financial accommodation or equity funding is first raised and is available to MHLLC for the purposes of placing a mineral deposit situation on the land set out in Schedule 2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Promissory Note</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the instrument in the form set out in Schedule 6.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Quarter</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the period of 3 months preceding a Quarterly Date.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Quarterly Date</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">each of 31 March, 30 June, 30 September and 31 December each year.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Quarterly Report</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the reports prepared by the Manager and submitted to the Management Committee in accordance with section 6.10 of Article III of the MHLLC Operating Agreement.</TD></TR>
</TABLE>

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

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<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-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Receiver</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; width: 72%">a receiver or receiver and manager appointed under a Security Document, or a person acting in an equivalent role.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Reference Banks</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Barclays Bank plc;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>JPMorgan Chase Bank; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Royal Bank of Scotland plc,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0in">and any other bank or financial institution
        nominated by the Agent.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Registration Statement</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">has the meaning given to it in clause 7.5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Relevant Currency</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the currency in which a payment is required to be made under the Transaction Documents and, if not expressly stated to be another currency, is Dollars.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Repayment Date</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">the earlier of:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the date 36 months from the date of Financial Close; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Project Finance Availability Date.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Review Event</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">any event specified in clause&nbsp;11.6(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Same Day Funds</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">immediately available and freely transferable funds.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Sandstorm</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">Sandstorm Gold Ltd, a existing under the laws of the Province of British Columbia, Canada.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Sandstorm Agreements</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">means:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the agreement described as Net Smelter Return Royalty Agreement dated as of June 11, 2012 made between the Borrower, MHLLC
        and Sandstorm; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the agreement described as Agreement Regarding Additional Property dated as of June 11, 2012 made between the Borrower,
        MHLLC and Sandstorm.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Sandstorm Royalty</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the 2.4% net smelter return royalty granted or to be granted by MHLLC in favor of Sandstorm pursuant to the Sandstorm Agreements.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Sandstorm Royalty Side Agreement</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the side agreement dated on or about the date of this agreement between Sandstorm and the Finance Parties in respect of (among other things) the Sandstorm Agreements.</TD></TR>
</TABLE>

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

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Secured Moneys</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; width: 72%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">all debts and monetary liabilities of the Borrower to the Finance
        Parties under or in relation to any Transaction Document and in any capacity, irrespective of whether the debts or liabilities:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>are present or future;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>are actual, prospective, contingent or otherwise;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>are at any time ascertained or unascertained;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>are owed or incurred by or on account of the Borrower alone, or severally or jointly with any other person;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">5</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>are owed to or incurred for the account of any Finance Party alone, or severally or jointly with any other person;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">6</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>are owed to any other person as agent (whether disclosed or not) for or on behalf of any Finance Party;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">7</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>are owed or incurred as principal, interest, fees, charges, Taxes, damages (whether for breach of contract or tort or incurred
        on any other ground), losses, costs or expenses, or on any other account;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">8</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>are owed to or incurred for the account of any Finance Party directly or as a result of:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 30.6pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the assignment or transfer to any Finance Party of any debt or liability of the Borrower or MHLLC (whether by way of assignment,
        transfer or otherwise); or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 30.6pt; text-indent: -14.2pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any other dealing with any such debt or liability;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">9</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>are owed to or incurred for the account of a Finance Party before the date of this agreement or before the date of any assignment
        of this agreement to any Finance Party by any other person or otherwise; or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">10</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;
        </FONT>comprise any combination of the above.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Secured Property</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the property subject to a Security Interest.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Securities Act</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">has the meaning given to it in clause 7.5</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Securities Laws</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">all securities, companies and corporations laws, together with all regulations, rules and policy statements under those laws, which are applicable including the applicable laws of the United States of America and Canada, or a State, Province or Territory of either of them.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Security Interest</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; text-indent: 0in; font-size: 9pt">any security interest created or expressed to be created in favor of a Finance Party by a Security Document.</TD></TR>
</TABLE>

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

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<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-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Security Document</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; width: 72%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the agreement entitled &lsquo;Security Agreement&rsquo; dated on or about the date of this agreement granted by the Borrower
        in favor of the Finance Parties;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the agreement entitled &lsquo;Pledge Agreement&rsquo; dated on or about the date of this agreement granted by the Borrower
        in favor of the Finance Parties;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Deposit Account Control Agreement;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>each Collateral Security; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">5</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any other document under which an Encumbrance is created or expressed to be created in favor of a Finance Party.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Shares</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">fully paid shares of the common stock in the capital of the Borrower.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Solitario Group</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the Borrower and its Subsidiaries as shown in the Group Structure Diagram, and any company which becomes a Subsidiary of the Borrower after the date of this agreement and Solitario Group means any one of them and for the avoidance of doubt includes MHLLC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Subsidiary</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">a Person over which another Person has Control.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Surety Obligation</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">any guaranty, suretyship, letter of credit, letter of comfort
        or any other obligation:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>to provide funds (whether by the advance or payment of money, the purchase of or subscription for shares or other securities,
        the purchase of assets or services, or otherwise) for the payment or discharge of;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>to indemnify any person against the consequences of default in the payment of; or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>to be responsible for,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">any debt or monetary liability of another person or the assumption
        of any responsibility or obligation in respect of the insolvency or the financial condition of any other person.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Tax</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any tax, levy, charge, impost, duty, fee, deduction, compulsory loan or withholding including goods and services tax; or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any income, stamp or transaction duty, tax or charge,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">which is assessed, levied, imposed or collected by any Government
        Agency and includes any interest, fine, penalty, charge, fee or other amount imposed on or in respect of any of the above.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Title Document</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">any original, duplicate or counterpart certificate or document of title.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Trading Days</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">days on which trading of securities takes place on NYSE MKT.</TD></TR>
</TABLE>

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

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<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-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Transaction Document</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; width: 72%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>this agreement;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>each Security Document;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Promissory Note;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the MHLLC OA Side Agreement;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">5</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Sandstorm Royalty Side Agreement;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">6</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>each Warrant Certificate;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">7</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any document or agreement entered into or given under any of the above;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">8</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any other document that the Agent and the Borrower agree in writing to be a Transaction Document; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">9</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>all amendments, modifications, extensions, replacements and substitutions to any of the above.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Undrawn Commitment</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">at any time, the Commitment less the Principal Outstanding at that time.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Value Date</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the date 2 LIBOR Business Days before the first day of an Interest Period.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Warrant</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">a warrant to purchase Shares.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Warrant Share</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">each Share received by the Financier or the Financier&rsquo;s nominee on the exercise of a Warrant.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Warrant Certificate</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">a certificate in the form of Schedule 7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Work Fee</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">a non-refundable, non-rebateable fee of $75,000 payable in cash by the Borrower to the Agent upon acceptance of the Agent&rsquo;s mandate to arrange the Facility.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.2</TD><TD>Interpretations</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">In this agreement headings and bold type are for convenience
only and do not affect the interpretation of this agreement and, unless the context requires otherwise:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>words indicating the singular include the plural and vice versa;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>words indicating a gender include any gender;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>other parts of speech and grammatical forms of a word or phrase defined in this agreement have a corresponding meaning;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>an expression suggesting or referring to a natural person or an entity includes any company, partnership, joint venture, association,
corporation or other body corporate and any Government Agency;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>a reference to any thing (including any right) includes a part of that thing but nothing in this clause&nbsp;1.2(e)
                                                                  implies that performance of part of an obligation constitutes performance of the obligation;</TD></TR></TABLE>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD>a reference to a clause, party, annexure, exhibit or schedule is a reference to a clause&nbsp;of, and a party, annexure, exhibit
and schedule to, this agreement and a reference to this agreement includes any annexure, exhibit and schedule;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(g)</TD><TD>a reference to a statute, regulation, proclamation, ordinance or by-law includes all statutes, regulations, proclamations,
ordinances or by-laws amending, consolidating or replacing it, whether passed by the same or another Government Agency with legal
power to do so, and a reference to a statute includes all regulations, proclamations, ordinances and by-laws issued under that
statute;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(h)</TD><TD>a reference to a document includes all amendments or supplements to, or replacements or novations of, that document;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(i)</TD><TD>a reference to liquidation includes official management, appointment of an administrator, compromise, arrangement, merger,
amalgamation, reconstruction, winding up, dissolution, deregistration, assignment for the benefit of creditors, scheme, composition
or arrangement with creditors, insolvency, bankruptcy, or a similar procedure or, where applicable, changes in the constitution
of any partnership or person, or death;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(j)</TD><TD>a reference to a party to any document includes that party&rsquo;s successors and permitted assigns;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(k)</TD><TD>a reference to an agreement other than this agreement includes an undertaking, deed, agreement or legally enforceable arrangement
or understanding whether or not in writing;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(l)</TD><TD>a reference to an asset includes all property of any nature, including a business, and all rights, revenues and benefits;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(m)</TD><TD>a reference to a document includes any agreement in writing, or any certificate, notice, deed, instrument or other document
of any kind;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(n)</TD><TD>no provision of this agreement may be construed adversely to a party solely on the ground that the party was responsible for
the preparation of this agreement or that provision;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(o)</TD><TD>a reference to a body, other than a party to this agreement (including an institute, association or authority), whether statutory
or not:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>which ceases to exist; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>whose powers or functions are transferred to another body,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">is a reference to the body which replaces it or which
substantially succeeds to its powers or functions;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(p)</TD><TD>a Default is &lsquo;continuing&rsquo; if it has not been waived in writing by, or remedied to the satisfaction of, the Agent;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(q)</TD><TD>references to time are to New York time, unless otherwise stated.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.3</TD><TD>Inclusive expressions</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Specifying anything in this agreement after the words
&lsquo;include&rsquo; or &lsquo;for example&rsquo; or similar expressions does not limit what else is included unless there is
express wording to the contrary.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.4</TD><TD>Business Day</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Except where clause&nbsp;6.2 applies or as otherwise
provided under this agreement, where the day on or by which any thing is to be done is not a Business Day, that thing must be
done on or by the succeeding Business Day.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.5</TD><TD>Accounting Standards</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Any accounting practice or concept relevant to this
agreement is to be construed or determined in accordance with the Accounting Standards.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">2</TD><TD>Conditions precedent</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">2.1</TD><TD>Conditions precedent to the first Funding Portion</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Financier is not obliged to provide the first Funding
Portion or the Commitment until the Agent has received all of the following in form and of substance satisfactory to the Agent:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD><B>officer&rsquo;s certificate</B>: an officer&rsquo;s certificate in the form of Schedule 4 given in respect of the Borrower and dated no more than 5&nbsp;Business Days before the first Funding Date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD><B>Transaction Documents</B>: originals of each Transaction Document duly executed by all parties to them other than the Finance
Parties and, where applicable:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>with evidence satisfactory to the Agent that all Taxes applicable to the Transaction Documents have been or will be duly paid;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>in recordable form together with all executed documents necessary to record them;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD><B>budget</B>: a copy of the agreed Corporate and Project Budget initialed by the Borrower and the Agent for identification
purposes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD><B>Project Documents</B>: copies of each Project Document duly executed by all parties to them;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD><B>Title Documents</B>: each Title Document required to be lodged with a Finance Party under any Transaction Document;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD><B>Financial Reports</B>: a copy of:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the consolidated audited Financial Report for the Solitario Group for the year ending 31 December 2011;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the consolidated unaudited Quarterly Financial Report for the Solitario Group for the period ending 31 March 2012; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>the most recent Quarterly Reports;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(g)</TD><TD><B>Authorizations</B>: evidence that all Authorizations required as of the first Funding Date have been obtained in connection
with the transactions contemplated by the Documents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(h)</TD><TD><B>Proceeds Account</B>: evidence that the Proceeds Account has been established;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(i)</TD><TD><B>Promissory Note</B>: the Promissory Note has been provided by the Borrower to the Agent and has been appropriately completed
and executed by the Borrower;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(j)</TD><TD><B>Warrants</B>: the Financier Warrants, and certificates for the Financier Warrants issued in the name of the Financier or
the Financier&rsquo;s nominee (as applicable);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(k)</TD><TD><B>Mineral Rights</B>: evidence that:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>MHLLC is the legal holder of the Mineral Rights and that the Key Mineral Rights are valid and in good standing; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the Key Mineral Rights give MHLLC all rights required to enable it to conduct the Project in accordance with the Corporate
and Project Budget;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(l)</TD><TD><B>good title</B>: evidence that the Borrower and MHLLC have good title to the Secured Property and the Project Assets (as
applicable);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(m)</TD><TD><B>opinion</B>: an opinion from the Borrower&rsquo;s counsel, Polsinelli Shughart LLP, in respect of the due execution and
enforceability of the Transaction Documents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(n)</TD><TD><B>insurance</B>: evidence that the Borrower has complied with clause&nbsp;9.25</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(o)</TD><TD><B>Management Committee</B>: evidence that the Management Committee has been established;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(p)</TD><TD><B>due diligence</B>: the completion of any technical, legal and commercial due diligence investigations with respect to the
Borrower and MHLLC and the Project Assets and Secured Property, including detailed mining plans, layouts, plant flow sheets and
reserve and resource estimations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(q)</TD><TD><B>Environmental Bonding</B>: evidence that the Borrower and MHLLC have complied with all of their obligations in respect of
the Environmental Bonding required on and as of the date of funding the first Funding Portion and that the Environmental Bonding
arrangements required on and as of the date of funding the first Funding Portion are the only environmental bonds required to be
taken out in accordance with the requirements of any Environmental Law relating to the Project and the Project Area required on
and as of the date of funding the first Funding Portion;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(r)</TD><TD><B>Initial Transaction Costs</B>: evidence that the Initial Transaction Costs have been or will be paid in full at the time
the first Funding Portion is provided;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(s)</TD><TD><B>arrangement fee</B>: evidence that the fee described in clause&nbsp;14.1 has been or will be paid in full (less any agreed deductions) on the date the first funding portion is provided;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(t)</TD><TD><B>enquiries</B>: results of searches, enquiries and requisitions in respect of the Borrower, MHLLC, the Project Assets and
Secured Property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(u)</TD><TD><B>other approvals</B>: evidence that all other approvals necessary for the transactions contemplated by the Transaction Documents
have been obtained; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(v)</TD><TD><B>other matters</B>: any other certificates, Authorizations, documents, matters or things which the Agent or the Financier
reasonably requires.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">2.2</TD><TD>Conditions precedent to all Funding Portions</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Financier is not obliged to provide any Funding
Portion until the following conditions are fulfilled to the satisfaction of the Agent:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD><B>Funding Notice</B>: a Funding Notice has been provided by the Borrower to the Agent that complies with clause&nbsp;4.2;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD><B>Funding Date</B>: the Funding Date for the provision of a Funding Portion, is a Business Day within the Availability Period;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD><B>Commitment</B>: in respect of the provision of a Funding Portion, the Commitment will not be exceeded by providing the Funding
Portion;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD><B>no Default</B>: no Default has occurred which is continuing and no Default will result from the Funding Portion being provided;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD><B>no Material Adverse Effect</B>: no event has occurred which has had, or is likely to have, a Material Adverse Effect and
no event has occurred which will prevent the Borrower, MHLLC and DHIUS from developing or operating the Project in accordance with
the Corporate and Project Budget; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD><B>representations and warranties</B>: as of the Funding Date the representations and warranties set out in clauses 8.1 and
8.2 are true and correct in all material respects.

</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">2.3</TD><TD>Certified copies</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">An Officer of the Borrower or MHLLC, as relevant,
must certify a copy of a document given to a Finance Party under clause&nbsp;2.1 to be a true copy of the original document. The
certification must be made no more than 5&nbsp;Business Days before the date on which it is provided.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">2.4</TD><TD>Benefit of conditions precedent</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">A condition in this clause&nbsp;2 is for the benefit
only of the Finance Parties and only the Agent acting on the instructions of the Financier may waive it.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">3</TD><TD>Commitment, purpose and availability of Facility</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">3.1</TD><TD>Provision of Commitment</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Financier must make the Commitment available to
the Borrower on the terms of this agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">3.2</TD><TD>Purpose</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must use the net proceeds of each Funding
Portion provided under the Facility only for:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>partially funding pre-development work, permitting and exploration programs relating to the Project;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>meeting its Continuing Payment Obligations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>meeting any payment obligations under an &lsquo;Underlying Agreement&rsquo; as defined in the MHLLC Operating Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>general corporate purposes as set forth in the Corporate and Project Budget; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>any other purpose that the Agent approves in writing.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">3.3</TD><TD>Cancellation of Commitment during Availability Period</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Borrower may cancel the whole or any part of the Undrawn Commitment by giving the Agent at least 10 days&rsquo; prior written
notice.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>A partial cancellation of the Undrawn Commitment may only be made in an integral multiple of $500,000.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>The Commitment is cancelled to the extent of the portion of the Undrawn Commitment cancelled under this clause&nbsp;3.3.</TD></TR></TABLE>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>A notice given under clause&nbsp;3.3(a) is irrevocable.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">3.4</TD><TD>Cancellation at end of Availability Period</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">On the last day of the Availability Period, the Commitment
is automatically cancelled to the extent of the Undrawn Commitment.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">3.5</TD><TD>Voluntary prepayment</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Borrower may prepay any of the Principal Outstanding by giving the Agent at least 30&nbsp;days&rsquo; prior written notice
specifying the prepayment date and the amount to be prepaid.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Prepayment of part of the Principal Outstanding may only be made in an integral multiple of $500,000.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>The Borrower must prepay the Principal Outstanding specified in the prepayment notice on the prepayment date specified in the
notice together with:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>all unpaid interest accrued to the prepayment date in respect of the prepaid amount; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the amount of any Break Costs in accordance with clause&nbsp;13.2</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>The Commitment is reduced by any amount of Principal Outstanding prepaid under this clause&nbsp;3.5 and accordingly, a prepaid amount may not be redrawn.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>A notice given under clause&nbsp;3.5(a) is irrevocable.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">3.6</TD><TD>Mandatory prepayment</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Borrower must immediately apply any proceeds received from the exercise of the Warrants as a mandatory prepayment of the
Principal Outstanding together with the amount of any Break Costs in accordance with clause&nbsp;13.2.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The Commitment is reduced by any amount of Principal Outstanding prepaid under this clause&nbsp;3.6</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4</TD><TD>Funding and rate setting procedures</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4.1</TD><TD>Delivery of Funding Notice</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>If the Borrower requires the provision of a Funding Portion it must deliver to the Agent a Funding Notice.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The Agent must notify the Financier of the contents of each Funding Notice as soon as reasonably practicable and in any event
within 1&nbsp;Business Day after the Agent receives the Funding Notice.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4.2</TD><TD>Requirements for a Funding Notice</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">A Funding Notice to be effective must be:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>in writing in the form of, and specifying the matters required in, Schedule 5 ; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>received by the Agent before 11.00 am Sydney time on a Business Day at least 5 Business Days before the proposed Funding Date
(or any shorter period that the Agent agrees in writing).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4.3</TD><TD>Irrevocability of Funding Notice</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower is irrevocably committed to draw Funding
Portions from the Financier in accordance with each Funding Notice given to the Agent.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4.4</TD><TD>Amount of Funding Portions</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Except as otherwise approved by the Agent, the Borrower
must ensure that the amount of each Funding Portion is:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>in the case of the first Funding Portion, $1,500,000; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>in the case of each other Funding Portion, either:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>$1,000,000 or an integral multiple of $1,000,000; or</TD></TR></TABLE>

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<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>equal to the Undrawn Commitment of the Facility.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4.5</TD><TD>Selection of Interest Periods</TD></TR></TABLE>

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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Each Interest Period must be of 90 days or any other period that the Agent agrees with the Borrower.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>If an Interest Period ends on a day which is not a Business Day, it is regarded as ending on the next Business Day in the same
calendar month or, if none, the preceding Business Day.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>An Interest Period for a Funding Portion commences either on the first Funding Date for that Funding Portion or on the last
day of the immediately preceding Interest Period for that Funding Portion.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>Each Interest Period which commences prior to a Quarterly Date and would otherwise end after that Quarterly Date, ends on that
Quarterly Date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>No Interest Period in respect of a Funding Portion may end after the Repayment Date.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4.6</TD><TD>Determination of Funding Rate</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Agent must notify the Financier and the Borrower of the Funding Rate for an Interest Period as soon as reasonably practicable,
and in any event no later than 2&nbsp;Business Days after it has made its determination of LIBOR.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>In the absence of manifest error, each determination of LIBOR by the Agent is conclusive evidence of that rate against the
Borrower.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">5</TD><TD>Facility</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">5.1</TD><TD>Provision of Funding Portions</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">If the Borrower gives a Funding Notice, the Financier
must pay into the Proceeds Account the specified Funding Portion in Same Day Funds in Dollars on the specified Funding Date and
in accordance with that Funding Notice.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">5.2</TD><TD>Repayment</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must repay the Principal Outstanding in
full on the Repayment Date.</P>

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<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">5.3</TD><TD>Interest</TD></TR></TABLE>

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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Borrower must pay interest on the Principal Outstanding for each Interest Period at the Funding Rate for the Interest Period.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The Borrower must pay accrued interest in arrears on each Interest Payment Date.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">5.4</TD><TD>Calculation of per annum interest rate</TD></TR></TABLE>

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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Interest is calculated on daily balances on the basis of a 360&nbsp;day year and for the actual number of days elapsed from
and including the first day of each Interest Period to, but excluding, the last day of the Interest Period or, if earlier, the
date of prepayment or repayment of the relevant Funding Portion under this agreement.</TD></TR></TABLE>

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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Despite anything contained in any Transaction Document, all of the Transaction Documents are limited so that in no event will
the total liability for payments in the nature of interest, additional interest and other charges exceed the applicable limits
imposed by any applicable usury laws. If any payments in the nature of interest, additional interest and other charges made under
any Transaction Document are held to be in excess of the limits imposed by any applicable usury laws, it is agreed that any amount
held to be in excess will be considered payment of principal under this agreement, and the indebtedness evidenced under this agreement
will be reduced by the amount so that the total liability for payments in the nature of interest, additional interest and other
charges will not exceed the applicable limits imposed by that applicable usury law, in compliance with the wishes of the Borrower,
each Guarantor, the Financier and the Agent. This provision will never be superseded or waived, and will control every other provision
of the Transaction Documents and all agreements between the Borrower or MHLLC and the Finance Parties, and their successors and
assigns.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">5.5</TD><TD>Market Disruption Event</TD></TR></TABLE>

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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>If a Market Disruption Event occurs in relation to a Funding Portion for any Interest Period, then the interest payable by
the Borrower for the Interest Period will be the rate per annum which is the sum of:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the Margin; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the rate notified to the Borrower by the Agent as soon as practicable and in any event before interest is due to be paid in
respect of that Interest Period, to be that which expresses as a percentage rate per annum the actual cost to the Financier of
funding that Funding Portion from whatever source it may reasonably select.</TD></TR></TABLE>

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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>In this agreement, <B>Market Disruption Event</B> means:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>at or about noon in Sydney on the first day of the relevant Interest Period, the LIBOR Page is not available and none or only
one of the Reference Banks supplies a rate to the Agent to determine LIBOR for the relevant currency and period; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>before close of business in Sydney on the first day of the relevant Interest Period, the cost to the Financier of obtaining
matching deposits on that day would be in excess of LIBOR.</TD></TR></TABLE>

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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>The Borrower may not disclose to any person any information in relation to this clause&nbsp;5.5 <P STYLE="margin: 0">or
any rates notified by a Finance Party under this clause&nbsp;5.5 without the prior written consent of the Agent, except if such
disclosure is required either by law or the Listing Rules.</P>

</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6</TD><TD>Payments</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6.1</TD><TD>Manner of payment</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">All payments by the Borrower under the Transaction
Documents must be made:</P>

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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD><FONT STYLE="color: black">i</FONT>n Same Day Funds;</TD></TR></TABLE>

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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>in Dollars; and</TD></TR></TABLE>

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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>no later than 11.00&nbsp;am at the local time of the place where the account specified by the Agent is located, on the due
date, to the Agent&rsquo;s account as specified by the Agent
to the Borrower or in any other manner the Agent directs by written notice to the Borrower from time to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6.2</TD><TD>Payments on a Business Day</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">If a payment is due on a day which is not a Business
Day, the due date for that payment is the next Business Day in the same calendar month or, if none, the preceding Business Day,
and interest must be adjusted accordingly.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6.3</TD><TD>Payments in gross</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">All payments which the Borrower is required to make
under any Transaction Document must be without:</P>

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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>any set-off, counterclaim or condition; or</TD></TR></TABLE>

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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>any deduction or withholding for any Tax or any other reason unless required to make a deduction or withholding by applicable
law.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6.4</TD><TD>Additional payments</TD></TR></TABLE>

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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>If:</TD></TR></TABLE>

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<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the Borrower is required to make a deduction or withholding in respect of Tax (other than Excluded Tax) from any payment to
be made to a Finance Party under any Transaction Document; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>a Finance Party is required to pay any Tax (other than Excluded Tax) in respect of any payment it receives from the Borrower
or the Agent under any Transaction Document, the Borrower:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt"></P>

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<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>indemnifies each Finance Party against that Tax; and</TD></TR></TABLE>

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<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>must pay to each Finance Party an additional amount which the Agent determines to be necessary to ensure that each Finance
Party receives when due a net amount (after payment of any Tax in respect of each additional amount) that is equal to the full
amount it would have received if a deduction or withholding or payment of Tax had not been made.</TD></TR></TABLE>

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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The Finance Parties will consult with the Borrower and take steps reasonably
available to them so as to obtain the benefit of any available exemption from or reduction of</FONT> withholding Tax with respect
to payments made under any Transaction Document, and otherwise so as to <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">minimize
to the extent reasonably available the impact of any deduction or withholding in respect of that Tax</FONT>.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6.5</TD><TD>Taxation deduction procedures</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">If clause&nbsp;6.4(a)(1) applies:</P>

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<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>the Borrower must pay the amount deducted or withheld to the appropriate Government Agency as required by law; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>the Borrower must:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>use reasonable endeavors to obtain a payment receipt from the Government Agency (and any other documentation ordinarily provided
by the Government Agency in connection with the payment); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>within 2&nbsp;Business Days after receipt of the documents referred to in clause&nbsp;6.5(b)(1) , deliver copies of them to the Agent.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6.6</TD><TD>Tax Credit</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>If the Borrower makes an additional payment under clause&nbsp;6.4 for the benefit of a Finance Party, and the Finance Party determines that:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>a credit against, relief or remission for, or repayment of any Tax (<B>Tax Credit</B>) is attributable to that additional payment;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the Finance Party has obtained, utilized and retained that Tax Credit, then the Finance Party must pay an amount to the Borrower
which the Finance Party reasonably determines will leave it (after that payment) in the same after Tax position as it would have
been in had the additional payment not been made by the Borrower.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Each Finance Party agrees to investigate the availability of, or claim, a Tax Credit if to do so will, in the Borrower&rsquo;s
reasonable good judgment, result in a tax saving to the Borrower, in which event the Borrower agrees to reimburse the relevant
Finance Party its reasonable out of pocket costs and expenses in investigation the availability of, or claiming, the relevant Tax
Credit.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6.7</TD><TD>Tax affairs</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Nothing in clause&nbsp;6.6:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>interferes with the right of any Finance Party to arrange its tax affairs in any manner it thinks fit;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>except where clause 6.6(b) applies, obliges any Finance Party to investigate the availability of, or claim, any Tax Credit; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>obliges any Finance Party to disclose any information relating to its tax affairs or any tax computations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6.8</TD><TD>Amounts payable on demand</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">If any amount payable by the Borrower under any Transaction
Document is not expressed to be payable on a specified date, that amount is payable by the Borrower within two Business Days after
written demand by the Agent.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6.9</TD><TD>Appropriation of payments</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Subject to clauses&nbsp;6.9(b) and 6.9(c)
, all payments made by the Borrower under a Transaction Document must be allocated and applied as between
principal, interest and other amounts in the following order:

</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD></TR></TABLE>

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    <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 -->36<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>first, towards reimbursement of all fees, costs, expenses, charges, damages and indemnity payments due and payable by the Borrower
under the Transaction Documents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>second, towards payment of interest due and payable under the Transaction Documents; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>third, towards repayment or prepayment of the Principal Outstanding.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Subject to clause 6.9(c) , if an Event of Default occurs and while it is continuing, all payments made by the Borrower under a Transaction
Document may be allocated and applied as between principal, interest and other amounts as the Agent determines.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>Any money recovered by a Finance Party as a result of the exercise of a Power under a Security must be appropriated in the
manner provided in that Security.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>Any allocation application under clauses 6.9(a) or 6.9(c)

overrides any appropriation made by the Borrower.

</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6.10</TD><TD>Currency exchanges</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">If the Agent receives an amount under a Transaction
Document in a currency which is not in the Relevant Currency, the Agent:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>may convert the amount received into the Relevant Currency in accordance with its normal procedures; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>is only regarded as having received the amount that it has converted into the Relevant Currency.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">7</TD><TD>Warrants</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">7.1</TD><TD>Grant</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Subject to the receipt of all required Exchange approvals,
the Borrower agrees to issue the Financier Warrants to the Financier or the Financier&rsquo;s nominee in accordance with this agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">7.2</TD><TD>Issue of Warrants</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>All Warrants issued under this agreement will be issued on the terms set out in this agreement and Schedule 7, which for the avoidance of doubt include the following terms:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>that each Warrant, when validly exercised, entitles the Financier or Financier&rsquo;s nominee (as applicable) to purchase
one Share at the Exercise Price; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>that each Warrant may be exercised before 5.00pm on the Expiry Date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The holding of a Warrant issued under this agreement will not entitle the holder of that Warrant to any rights as a shareholder
of the Borrower, including without limitation, voting rights.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>All Warrants issued under this agreement will be issued at no additional cost to the Financier.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>The Financier hereby represents, warrants, covenants and acknowledges that:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>it is acquiring the Financier Warrants for its own account for investment purposes only and not with a view to resale or distribution
of the Financier Warrants or the Warrant Shares in any manner that is in violation of applicable Securities Laws;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>it has, alone or together with its professional advisors, such knowledge and experience in financial and business matters as
to be capable of evaluating the merits and risks of an investment in the Financier Warrants and the Warrant Shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>it has had access to and reviewed all publicly available information concerning the Borrower;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>it understands that the Financier Warrants and the Warrant Shares have not been registered under either the Securities Act
or applicable state securities laws and, therefore, cannot be resold or otherwise transferred unless they are registered under
the Securities Act and the applicable state securities laws or unless an exemption from such registration is available;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(5)</TD><TD>it understands that it has no rights to require registration of the Financier Warrants under the Securities Laws at any time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(6)</TD><TD>it acknowledges that the certificates representing the Financier Warrants and the Warrant Shares, when delivered, will have
appropriate orders restricting transfer placed against them on the records of the transfer agent and the Borrower, as applicable,
and will have placed upon them an appropriate restrictive legend; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(7)</TD><TD>it agrees not to attempt any transfer of any of the Financier Warrants or the Warrant Shares without first complying with the
substance of said legend, and that satisfaction of the requirements set forth in such legend may, if the Borrower so requests,
depend in part upon an opinion of counsel reasonably acceptable in form and substance to the Borrower.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>Nothing in clause 7.2(d) limits the obligations of the Borrower under clause 7.5.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD>All Warrant Certificates will bear the following restrictive legends required by Securities Laws and Listing Rules:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.05pt">THIS WARRANT AND THE SECURITIES ISSUABLE ON EXERCISE
HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, AND NO INTEREST
MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION STATEMENT
UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION INVOLVING SAID SECURITIES, (B) THE COMPANY RECEIVES
AN OPINION OF LEGAL COUNSEL FOR THE HOLDER OF THE SECURITIES SATISFACTORY TO THE COMPANY STATING THAT SUCH TRANSACTION IS EXEMPT
FROM REGISTRATION OR (C) THE COMPANY OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.05pt">UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY IN CANADA BEFORE [<B><I>INSERT DATE THAT IS FOUR (4) MONTHS AND ONE (1) DAY
AFTER THE DATE OF ISSUE</I></B>]</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">7.3</TD><TD>Exercise of Warrants</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Financier or Financier&rsquo;s nominee (as applicable) may exercise the Warrants at any time before the Expiry Date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>If requested by the Agent, the Borrower must use its best efforts to assist the Financier or the Financier&rsquo;s nominee
(as applicable) to sell Shares obtained by that Person through the exercise of the Warrants.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">7.4</TD><TD>Ranking of Shares and Warrants</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Each Warrant Share ranks in all respects <I>pari passu</I> with the other then existing issued Shares, but will not in the
case of the exercise of a Warrant carry any rights to any dividends or other distributions declared or paid or made on the Shares
before the date that Warrant is exercised.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Each Warrant issued to the Financier or the Financier&rsquo;s nominee under this clause&nbsp;7 ranks in all respects <I>pari passu</I> with the other then existing issued Warrants.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">7.5</TD><TD>Registration under Securities Laws</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Borrower must, as soon as reasonably practicable, at its expense, prepare and file with the U.S. Securities and Exchange
Commission a Registration Statement on Form&nbsp;S-3 (<B>Registration Statement</B>) providing for resale by the Financier or its
nominee (as applicable) of the Warrant Shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The Borrower must use its best efforts to have the Registration Statement declared effective as soon as practicable following
the filing, and must maintain the effectiveness of the Registration Statement until the earlier of:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the last occurring Expiry Date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the date on which the Financier or the Financier&rsquo;s nominee (as applicable) no longer holds any of the Shares registered
in the Registration Statement; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>the date on which the Shares are capable of being sold without limitation under Rule&nbsp;144 under the Securities Act of 1933
(the <B>Securities Act</B>).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>With a view to making available to the Financier the benefits of Rule 144 of the Securities Act to sell the Warrant Shares
to the public without registration, the Borrower shall make and keep available adequate &lsquo;current public information&rsquo;
(as defined in that rule).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>The Borrower must register any securities under any applicable securities or &ldquo;blue sky&rdquo; laws of each State of the
United States which the Agent reasonably requests.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>The Financier must provide any information which is required in the reasonable determination of the Borrower, under the Securities
Act relating to the Financier for inclusion in the Registration Statement, and the information provided by the Financier shall
be true, correct and complete in all material respects.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD>If, during the time that the Registration Statement is effective, the Borrower notifies the Financier that the Registration
Statement contains a material misstatement or omission:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the Financier must cease any resale of the Warrant Shares pursuant to the relevant Registration Statement until it is notified
that resales may be resumed; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the Borrower must use its best efforts to supplement the relevant Registration Statement as soon as practicable to make the
disclosures in that Registration Statement correct and complete.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">7.6</TD><TD>Approvals for issue of Shares</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Borrower must maintain all approvals required to permit the exercise of the Warrants.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Without limiting the Borrower&rsquo;s obligations under clause 7.6(a), if any approvals are required for the Borrower to lawfully and validly permit the exercise of the Warrants
in accordance with their terms, the Company must use its best efforts to obtain those approvals, as soon as reasonably practicable.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>To the extent that any approvals are required for exercise of the Warrants, the Borrower must issue to the Financier or its
nominee (as applicable):</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>on the date provided for in this agreement and the Warrant Certificate (as applicable), the maximum number of Shares which
can be issued without those approvals and promptly seek to obtain those approvals for the issuance of the balance of the relevant
Shares (and if any shareholder approvals are required, it will recommend to its shareholders that they approve the issue of the
relevant Shares, and will seek to obtain all approvals as soon as is reasonably practicable; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the balance of the relevant Shares within 2 Business Days of obtaining the approvals required for the issue of those Shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">8</TD><TD>Representations and warranties</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">8.1</TD><TD>General representations and warranties</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower represents and warrants to and for the
benefit of each Finance Party that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD><B>registration</B>:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>in the case of the Borrower, it is duly incorporated, validly existing and in good standing under the laws of the State of
Colorado;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>in the case of MHLLC, it is duly organized and validly existing under the laws of the State of Colorado, and it is duly qualified
to do business, and is in good standing, in the State of Nevada; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>and each of the Borrower and MHLLC have done everything necessary to keep their corporate or limited liability company, as
applicable, existence in good standing;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD><B>corporate power</B>: each of the Borrower and MHLLC have the corporate or limited liability company, as applicable, power
to own their assets and to carry on their respective businesses as they are now being conducted;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD><B>authority</B>: each of the Borrower and MHLLC have power and authority to enter into and perform their obligations under
the Documents to which they are expressed to be a party;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD><B>authorizations</B>: each of the Borrower and MHLLC have taken all necessary action to authorize the execution, delivery
and performance of the Documents to which they are expressed to be parties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD><B>binding obligations</B>: the Documents to which the Borrower or MHLLC are expressed to be a party constitute their legal,
valid and binding obligations and, subject to any necessary stamping and registration, are enforceable in accordance with their
terms subject to laws generally affecting creditors&rsquo; rights and to principles of equity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD><B>valid Encumbrances</B>:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>upon execution and delivery of a Security Document, that Security Document will be effective to create in favor of the Finance
Parties, legal, valid and enforceable Encumbrances on, and security interests in, all right, title and interests of the Borrower
in and to the property the subject of that Security Document and the proceeds of that property; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>in respect of a Security Document where the security interest may be perfected only by possession or control of the property
the subject of that Security Document (which possession or control must be given to the Agent by the Borrower to the extent that
it is required), after all appropriate filings or recordings are made in the appropriate offices as may be required under applicable
law, and, after the Agent takes possession or control of the property that is at any time encumbered pursuant to that Security
Document, that Security Document will, constitute a fully perfected Encumbrance on, and first priority security interest in, all
right, title and interest of the Borrower in the property the subject of that Security Document and the proceeds of that property,
in each case subject to no Encumbrances other than Permitted Encumbrances;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(g)</TD><TD><B>transaction permitted</B>: the execution, delivery and performance by the Borrower of the Documents to which it is expressed
to be a party will not materially breach, or result in a material contravention of:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>any law, regulation or Authorization;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>its articles of association, articles of incorporation, articles of organization, by-laws, constitution, operating agreement,
or other constituent or organizational documents; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>any Encumbrance or agreement which is binding on it, and will not result in:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.05pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>the creation or imposition of any Encumbrance on any of its assets other than as permitted under a Transaction Document; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(5)</TD><TD>the acceleration of the date for payment of any obligation under any agreement which is binding on it;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(h)</TD><TD><B>no default or breach</B>: neither the Borrower nor MHLLC is:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>in breach in any material respect of any law or Authorization:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>in breach in any material respect under any Document, agreement or other document binding on it; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>in default in the payment of any material sum, or in non-compliance with a material obligation in respect of Financial Indebtedness;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(i)</TD><TD><B>Event of Default</B>: no Event of Default has occurred and is continuing;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(j)</TD><TD><B>no litigation</B>: no litigation, arbitration, dispute or administrative proceeding has been commenced, is pending or to
its knowledge is threatened, which if adversely determined would have a Material Adverse Effect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(k)</TD><TD><B>financial information</B>:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the most recent Financial Reports of the Solitario Group that it has provided to the Agent under clauses 2.1(f) and 9.5(a)
have been prepared in accordance with the Accounting Standards and fairly present, in all material respects,
the financial condition, the results of operations, and cash flow of the Solitario Group as of the respective dates of and for
the periods referred to in those Financial Reports, subject, in the case of interim financial statements, to the omission of:

</TD></TR></TABLE>

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

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<TD STYLE="width: 127.6pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 127.6pt"></TD><TD STYLE="width: 42.5pt">(A)</TD><TD>notes to the extent permitted by applicable Securities Law; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 127.6pt"></TD><TD STYLE="width: 42.5pt">(B)</TD><TD>normal recurring year-end adjustments; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the most recent Financial Reports of MHLLC that it has provided to the Agent under clauses 2.1(f) and 9.5(a)

fairly present, in all material respects, the financial condition and the results of operations of MHLLC as
of the respective dates of and for the periods referred to in those Financial Reports, subject, in the case of interim financial
statements, to the omission of notes and normal recurring year-end adjustments;
</TD></TR></TABLE> <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(l)</TD><TD><B>no change in affairs</B>: there has been no change in the state of affairs of the Borrower or MHLLC since the end of the
accounting period for its most recent Financial Reports or accounts, referred to in clause&nbsp;8.1(k) which has had, or could reasonably be expected to have, a Material Adverse Effect;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(m)</TD><TD><B>no financial obligations to Solitario Group members</B>: the Borrower does not owe any material obligations and MHLLC owes
no obligations in respect of Financial Indebtedness or other claims to a member of the Solitario Group (other than the Borrower
or MHLLC);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(n)</TD><TD><B>disclosure</B>:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>no representation or warranty of or by the Borrower under a Transaction Document, any schedule, annexure or exhibit attached
to a Transaction Document, contained in any certificate, list or other writing provided to a Finance Party pursuant to the provisions
of a Transaction Document, contains any untrue statement of a material fact or omits to state a material fact necessary in order
to make the statements in this agreement or in that Transaction Document, in the light of the circumstances under which they were
made, not misleading;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>all information provided to any Finance Party by or on behalf of it in respect of the Documents, the transactions contemplated
by them, each of the Borrower and MHLLC and the assets, business and affairs of each of them, is correct as at the time it is given
in all material respects and is not, whether by omission of information or otherwise, misleading in any material respect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>it has fully disclosed in writing to the Finance Parties all facts relating to it, the Documents, the transactions contemplated
by them, MHLLC, the assets, business and affairs of MHLLC and any thing in connection with them which are material to the assessment
of the nature and amount of the risk undertaken by the Finance Parties in entering into the Transaction Documents, the transactions
contemplated by them, MHLLC and any Security Provider and the assets and business affairs of MHLLC and any Security Provider; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>any filings made by it with any securities commissions or regulatory authorities are at their respective dates, materially
true and correct, contain or contained no material misrepresentation and constitute materially full, true and plain disclosure
of all material facts relating to the Borrower and the Borrower does not have any confidential filings with any securities commissions
or regulatory authorities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(o)</TD><TD><B>legal and beneficial owner</B>: each of the Borrower and MHLLC is the legal and beneficial owner of:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>its property; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>all of its assets included in the latest consolidated Financial Report provided by the Borrower, free and clear of all
                                                                                                                                                                                                                                                  third party rights, except for Permitted Encumbrances, rights and interests disclosed in a Project Document provided to the
                                                                                                                                                                                                                                                  Agent under clause 2.1(d) and any title reports provided to the Agent under clause 2.1

<P STYLE="margin: 0">and except as disclosed in the Financial Reports;</P>

</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(p)</TD><TD><B>Secured Property</B>:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>there is no Encumbrance over any of its Secured Property, other than a Permitted Encumbrance; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>no person holds an interest in its Secured Property other than under a Permitted Encumbrance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(q)</TD><TD><B>no immunity</B>: neither the Borrower nor MHLLC enjoys, nor do any of their assets enjoy, immunity from suit or execution;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(r)</TD><TD><B>not a trustee</B>: the Borrower does not enter into any Document as trustee of any trust or settlement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(s)</TD><TD><B>solvency</B>: the Borrower is solvent and is able to pay its debts as and when they become due;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(t)</TD><TD><B>commercial benefit</B>: the entering into and performance by the Borrower of its obligations under the Documents to which
it is expressed to be a party is for the commercial benefit of the Borrower and is in its commercial interests;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(u)</TD><TD><B>ownership interest</B>: the Borrower is currently the legal and beneficial owner of an 80% Ownership Interest in MHLLC subject
to the terms and conditions of the MHLLC Operating Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(v)</TD><TD><B>Taxes and fees</B>:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the Borrower and MHLLC has complied, in all material respects, with all tax laws in all applicable jurisdictions and it has
paid all Taxes due and payable by it (other than Contested Taxes), and no claims are being asserted against it in respect of any
Taxes (other than Contested Taxes); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the Borrower has paid, or will be responsible to pay, all registration or other fees, costs and expenses in connection with
the execution, performance and enforcement of the Documents, any transaction contemplated by a Document and any Authorizations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(w)</TD><TD><B>group structure</B>:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>its only Subsidiaries are listed in the Group Structure Diagram; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the Group Structure Diagram is true and correct in all respects and does not omit any material information or details; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(x)</TD><TD><B>ERISA</B>: neither the Borrower nor MHLLC has an employee pension benefit plan covered by Title IV of ERISA or any related
rules or regulations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">8.2</TD><TD>Project representations and warranties</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower represents and warrants to and for the
benefit of each Finance Party that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD><B>Mineral Rights</B>: except as disclosed to the Agent under clause 2.1 or before the date of this agreement (and in the case of a designation by the Agent under paragraph 2 of the
definition of &lsquo;Key Mineral Rights&rsquo; in clause 1.1

, disclosed to the Agent no later than 20 days following the date that the Agent makes the relevant designation):</TD></TR></TABLE> <P STYLE="margin: 0"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the Key Mineral Rights are legal, valid and continuing and confer on MHLLC the material mineral rights required to enable it
to develop and operate the Project in accordance with the Corporate and Project Budget;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>MHLLC is, or will be, the legal and beneficial holder of the Mineral Rights described in Schedule 2 and Schedule 3

; and

</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>MHLLC has in all material respects complied with its obligations in connection with its Mineral Rights to the extent required
to date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD><B>Project Documents</B>:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>no event has occurred or condition exists which would permit the cancellation, termination, forfeiture or suspension of a Project
Document, nor is any party to a Project Document in default under any term of a Project Document in any material respect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>it has given to the Agent copies of all of the Project Documents, and all copies of the Project Documents and any other documents
or agreements (including Authorizations) given by it or on its behalf to the Agent constitute true and complete copies in all material
respects of such documents and those documents and agreements are in full force and effect subject to:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 127.6pt"></TD><TD STYLE="width: 42.5pt">(A)</TD><TD>any necessary stamping and registration;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 127.6pt"></TD><TD STYLE="width: 42.5pt">(B)</TD><TD>laws generally affecting creditors&rsquo; rights; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 127.6pt"></TD><TD STYLE="width: 42.5pt">(C)</TD><TD>principles of equity; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>the Project Documents contain the entire agreement of the parties to them as to the Project and supersede all previous agreements
and understandings in relation to those aspects of the Project and there are no other material contracts, agreements or arrangements
entered into by the Borrower or MHLLC in connection with the Project;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD><B>Project Area</B>: the Project Area comprises all of the land, licenses and other rights which are required and necessary
for the effective, proper and lawful development and operation of the Project in accordance with the Corporate and Project Budget;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD><B>Bankable Feasibility Study</B>: the &lsquo;Bankable Feasibility Study&rsquo; as defined in the MHLLC Operating Agreement
was completed on 22 February 2012;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD><B>Manager</B>: the Borrower is the Manager;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD><B>Management Committee</B>: the Management Committee has been formed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(g)</TD><TD><B>joint funding</B>: &lsquo;Joint Funding&rsquo; as defined in the MHLLC Operating Agreement has commenced and DHIUS has elected
under section 3.2(c)(v) of Article III of the MHLLC Operating Agreement to require the Borrower to fund 100% of DHIUS&rsquo;s share
of MHLLC&rsquo;s expenditure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(h)</TD><TD><B>earn-in</B>: the &lsquo;Phase-I Earn-In&rsquo;, the &lsquo;Phase-II Earn-In and the &lsquo;Phase-III Earn-In&rsquo; (each
as defined in the MHLLC Operating Agreement) are each, pursuant to Section 3.2(c)(v) of the MHLLC Operating Agreement, deemed to
have occurred;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(i)</TD><TD><B>continuing payment obligations</B>: the only Continuing Payment Obligations required to be made by Solitario under the MHLLC
Operating Agreement are those contained in Schedule 9;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(j)</TD><TD><B>Environmental Bonding</B>: all environmental bonding obligations required up to the date this representation and warranty
is given or taken to be given have been lodged in accordance with the requirements of any Environmental Law relating to the Project
or the Project Area;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(k)</TD><TD><B>Environmental Liabilities</B>: to the best of the Borrower&rsquo;s knowledge, information and belief having made due enquiry,
there are no material Environmental Liabilities affecting the Project and there are no matters affecting the Project which are
likely to give rise to any material Environmental Liabilities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(l)</TD><TD><B>royalties</B>: the only royalties, overriding royalties or production payments in respect of a Mineral Right are the royalties
payable under the terms of a Mineral Right and any Permitted Royalty (or in the case of a designation by the Agent under paragraph
2 of the definition of &lsquo;Key Mineral Rights&rsquo; in clause 1.1 , any other royalties, overriding royalties or production payments in respect of a Mineral Right disclosed
to the Agent no later than 20 days following the date that the Agent makes the relevant designation);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(m)</TD><TD><B>other business</B>: the Borrower and MHLLC are not involved in and have not conducted and do not conduct any business other
than exploration, mining and project development, the development or purchase of royalty interests, and activities incidental thereto;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(n)</TD><TD><B>insurances</B>: in respect of the Project and the Project Assets, the Borrower has complied with clause&nbsp;9.25 and all premiums due under the insurance policies required to be obtained under that clause have been paid
in full.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">8.3</TD><TD>Survival and repetition of representations and warranties</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The representations and warranties given under this
agreement:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>survive the execution of each Transaction Document; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>are repeated on the date of each Funding Date and each Quarterly Date with respect to the facts and circumstances then subsisting
until:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the Commitment is cancelled;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the Secured Moneys are unconditionally repaid in full; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>each Security is discharged,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">or the Agent otherwise agrees in writing.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">8.4</TD><TD>Reliance by Finance Parties</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower acknowledges that each Finance Party has
entered into each Transaction Document to which it is a party in reliance on the representations and warranties given under this
agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9</TD><TD>Undertakings</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.1</TD><TD>Conduct of Project</TD></TR></TABLE>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 42.5pt; text-indent: 0in">The Borrower must not without
the written consent of the Agent, change the scope of the Project from that assumed in or contemplated in the Corporate and Project
Budget.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.2</TD><TD>Project Covenants</TD></TR></TABLE>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 85.1pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD><B>Force Majeure Event</B>: The Borrower must take all action as is reasonably available to it to cause any Force Majeure Event
affecting the Project to be remedied as soon as possible after that Force Majeure Event occurs, but the party affected is not obliged
to incur expenditure to overcome the events or circumstances which caused the Force Majeure Event which would make the continued
development of the Project uneconomic (in the reasonable opinion of the Agent).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD><B>Permitted Royalties</B>: The Borrower must not, without the prior written consent of the Agent, amend or vary, or agree
to amend or vary, the terms of a Permitted Royalty.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD><B>continuing payments</B>: The Borrower must comply with all of its:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>Continuing Payment Obligations; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>payment obligations under an &lsquo;Underlying Agreement&rsquo; (as defined in the MHLLC Operating Agreement).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD><B>access</B>: The Borrower must, at the request of the Agent, procure that the Finance Parties and representatives of the
Finance Parties on giving reasonable notice are allowed at all reasonable times and with reasonable frequency to have reasonable
access to the Project Area and the Project Assets to inspect any of the Project Assets and to inspect any books, records, data
and information which are in the custody or possession of the Borrower. The Borrower must pay the costs of expenses of the Agent
for:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>one site visit to the Project each year by the Agent and its representatives and consultants; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>any other site visit to the Project conducted when a Default has occurred and is continuing.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">When exercising its rights under this clause, the Agent
and any representatives or consultants of the Agent must comply with all safety requirements and site rules relating to the Project.
Any exercise of such rights shall be conducted in a manner that does not unreasonably interfere with the operation of the Project.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.3</TD><TD>Environmental issues</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>comply in all material respects with all Environmental Laws;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>obtain, at the appropriate time having regard to the status of the Project, and comply in all material respects with, all Environmental
Approvals required in connection with the development and operation of the Project; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>promptly notify the Agent of all material claims, complaints or notices concerning its compliance with Environmental Laws and
Environmental Approvals.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 42.5pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.4</TD><TD>Corporate and Project Budget</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Borrower may amend or change the Corporate and Project Budget in a manner that:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>increases or decreases any single line item by not more than 10% annually; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>increases the aggregate expenditure under the Corporate and Project Budget as a whole by not more than 10% annually in aggregate,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.05pt">as long as:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>in the case of an increase of the aggregate expenditure under the Corporate and Project Budget as a whole, the Borrower demonstrates
to the satisfaction of the Agent (acting reasonably) that it has adequate funds to pay the additional expenditure; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>the amendment or change does not have and could not reasonably be expected to have a Material Adverse Effect.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The Borrower must not amend or change the Corporate and Project Budget in any other manner without the Agent&rsquo;s prior
written consent.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.5</TD><TD>Provision of information and reports</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must ensure the Agent is provided with
the following, which must in the case of the information referred to in clauses 9.5(b), 9.5(c), 9.5(d) and 9.5(e), be in the form and contain information satisfactory to the Agent:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD><B>Financial Reports</B>:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>as soon as available and no later than 90 days after the end of each financial year, copies of the consolidated audited annual
Financial Report of the Solitario Group for that financial year;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>as soon as available and no later than 45 days after each Quarterly Date, copies of the consolidated unaudited quarterly Financial
Report of the Solitario Group for the Quarter ending on that Quarterly Date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>as soon as available and no later than 45 days after each Quarterly Date, copies of the Quarterly Report for the Quarter ending
on that Quarterly Date; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>as soon as available and no later than 90 days after the end of each financial year, copies of the annual Financial Report
of MHLLC, which annual Financial Report shall be audited (if required) pursuant to and in accordance with section 6.12 of Article
III of the MHLLC Operating Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD><B>quarterly reports</B>: as soon as practicable and no later than 30 days after each Quarterly Date, a report detailing as
appropriate having regard to the status of development of the Project:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the development of the Project;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>actual and forecast expenditure (including capital costs) relating to the Project, and reconciliations and performance of the
Project against the current Corporate and Project Budget; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>other information in relation to the development of the Project as the Agent may reasonably require;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD><B>Corporate and Project Budget</B>: any proposed amendment, variation or change to the Corporate and Project Budget which
requires the approval of the Agent pursuant to clause 9.4(b)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD><B>Proceeds Account reports</B>: no later than 30 days after the end of each Quarter, a statement summarizing all deposits
to and withdrawals from the Proceeds Account;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD><B>environmental reports</B>: no later than 5 Business Days after becoming aware of any Environmental Liability or breach or
potential breach of any Environmental Law, a report detailing those Environmental Liabilities and breaches or potential breaches
of Environmental Laws;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD><B>documents issued</B>: promptly, notification of any filing by the Borrower under Securities Laws and copies of other non-filed
documents sent to the Borrower&rsquo;s shareholders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(g)</FONT></TD><TD><B>Group Structure Diagram</B>: an updated Group Structure Diagram on each occasion that the then current Group Structure Diagram
becomes incorrect or misleading; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(h)</TD><TD><B>other information</B>: any other information which the Agent<B> </B>reasonably requests in relation to the Borrower, MHLLC
or the Project.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.6</TD><TD>Proper accounts</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>keep accounting records which fairly present its financial condition and state of affairs; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>ensure that the accounts it provides under clause&nbsp;9.5 are prepared in accordance with the Accounting Standards.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.7</TD><TD>Notices to the Agent</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must notify the Agent promptly after it
becomes aware of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>any Default occurring;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>any material breach of, or material default under, any Document;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>any material breach of any applicable license or law that could reasonably be expected to affect the validity or good standing
of the Project or the Project Assets, legal and beneficial title of MHLLC to its Project Assets, or the value of the Secured Property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>any event or circumstance which entitles a person to cancel, terminate or suspend any Mineral Right, Environmental Approval,
material Authorization or a Project Document;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>any revised estimate of proven and probable reserves or measured, indicated and inferred resources, each as construed, reported
and calculated in accordance with the Canadian Institute of Mining (CIM) Definitions Standards on Mineral Resources and Mineral
Reserves adopted by the CIM Council on 14 November 2004 and included by reference in Canadian National Instrument 43-101 (as amended
from time to time), in respect of the Project;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD>a material change in key personnel, mining or metallurgical method in respect of the Project;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(g)</TD><TD>any material adverse change in the financial position or prospects of it, the Project or MHLLC;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(h)</TD><TD>any representation, warranty, action or statement made, or taken to be made, by it in connection with any Transaction Document
or with regard to the Project or the Project Assets is or becomes false, misleading or incorrect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(i)</TD><TD>any material breach of an Authorization which the Borrower is required to obtain and maintain or cause to be obtained or maintained
under a Transaction Document;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(j)</TD><TD>any breach of, or claim being made against it or MHLLC under, any Environmental Laws or Environmental Approvals in each case
relating to or issued in connection with the Project;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(k)</TD><TD>any material notices given or received by it or MHLLC under any Project Document;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(l)</TD><TD>any litigation, arbitration, administration or other proceeding in respect of it or MHLLC, any of its assets or any Project
Assets being commenced or threatened which:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>is in excess of $500,000 (or the equivalent amount in another currency); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>if adversely determined would have or could reasonably be expected to have a Material Adverse Effect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(m)</TD><TD>any Encumbrance that exists over any of its assets other than a Permitted Encumbrance;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(n)</TD><TD>any material dispute between it or MHLLC and a Government Agency or any proposal of any Government Agency to compulsorily acquire
any of its assets or the Project Assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(o)</TD><TD>the acquisition by it of a Subsidiary;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(p)</TD><TD>the acquisition by it or any of its Subsidiaries of any interest in real property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(q)</TD><TD>any replacement of a member of, or the addition of a member to, the senior operating and corporate management team which manages
the operations of it or the Project (including the Management Committee);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(r)</TD><TD>any replacement of the Manager or the appointment of an additional Manager; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(s)</TD><TD>any material land claims or other claims with respect to the Project, Project Area or the Project Assets and any material dispute
with landowners located in or around the Project Area.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.8</TD><TD>Corporate existence</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must ensure that it, and must procure
that each member of the Solitario Group (which for the avoidance of doubt, does not include MHLLC):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>does everything necessary to maintain its corporate existence in good standing;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>does not transfer its jurisdiction of incorporation without the prior written consent of the Agent; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>does not enter into or implement any merger, demerger, scheme of arrangement, amalgamation, consolidation, restructuring or
reconstruction without the Agent&rsquo;s prior written consent.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.9</TD><TD>Compliance</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.5pt">The Borrower must comply with all its obligations under
each Document to which it is a party.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.10</TD><TD>Maintenance of capital</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must not without the Agent&rsquo;s prior
written consent:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>reduce or pass a resolution to reduce its capital;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>buy-back or pass a resolution to buy-back, any of its shares or member ownership interests (as applicable); or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>attempt or take any steps to do anything which it is not permitted to do under clauses&nbsp;9.10(a) or 9.10(b).
</TD></TR></TABLE> <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.11</TD><TD>Compliance with laws and Authorizations</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Borrower must comply with all laws and legal requirements, including each judgment, award, decision, finding or any other
determination of a Government Agency, which applies to it or any of its assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The Borrower must make all filings, notifications, recordings and registrations with Government Agencies as required by Securities
Laws, Mining Laws, Tax laws or any other applicable laws.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>The Borrower must obtain, maintain and comply with all Authorizations required:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>for the enforceability against it of each Document to which it is a party, or to enable it to perform its obligations under
each Document to which it is a party;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>in relation to it or any of its assets; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>for the development and operation of the Project.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>The Borrower must ensure that no Authorization referred to in clause&nbsp;9.11(b) is cancelled, reduced or suspended.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>The Borrower must not do anything which would prevent the renewal of any Authorization referred to in clause&nbsp;9.11(b) or cause it to be renewed on less favorable terms.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.12</TD><TD>ERISA</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must not adopt any employee pension plan
covered by ERISA or any related rules or regulations, without the prior written consent of the Agent.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.13</TD><TD>Payment of debts, expenses and Taxes</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Borrower must pay or cause to be paid:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>its debts and financial obligations including all rates, rents and other outgoings when due and payable, except where it is
contesting its liability to pay that debt or financial obligation, and has reasonable grounds to do so, in good faith in appropriate
proceedings satisfactory to the Agent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>all Taxes when due, other than Contested Taxes; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>all Contested Taxes when the terms of any final determination or set<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">t</FONT>lement
require those Contested Taxes to be paid, unless failure to pay any Contested Taxes may have a Material Adverse Effect, in which
case those the Contested Taxes must be paid on demand.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The Borrower must set aside sufficient reserves to cover any Contested Taxes or debts of financial obligations being contested
as described in clause 9.13(a)(1)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.14</TD><TD>Project Documents</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Borrower must not, without the prior written consent of the Agent:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>amend or vary, or agree to an amendment or variation of;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>terminate, rescind or discharge (except by performance);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>grant any waiver, time or indulgence in respect of any obligation under;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>do or omit to do anything which may adversely affect the provisions or operation of; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(5)</TD><TD>do or omit to do anything which would give any other person legal or equitable grounds to do anything in
                                                                  clause&nbsp;9.14(a)(1) to (4)in respect of,
</TD></TR></TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">any Project Document to which it is a party.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>If the Borrower proposes to enter into a Material Agreement, the Agent may request the Borrower to enter, and the Borrower
to procure that each other party to the Material Agreement enter, into a side agreement or tripartite agreement between the Finance
Parties, the Borrower and each other party to that Material Agreement in form and substance satisfactory to the Agent acting reasonably.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>If the Agent makes a request under clause&nbsp;9.14(b) that a side agreement or tripartite agreement be entered into in respect of a Material Agreement, the Borrower
may not enter into that Material Agreement unless a side agreement or tripartite agreement has been entered into between the Finance
Parties, the Borrower and each other party to that Material Agreement in form and substance satisfactory to the Agent acting reasonably.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>The parties agree that no term contained in a side agreement or tripartite agreement affects the rights and obligations of
the parties under any other Transaction Document unless provision to that effect is expressly made in the relevant side agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>The Borrower must do all things necessary to enforce all of its rights, powers and remedies under each Project Document to
which it is a party where it is commercially prudent to do so.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD>The Borrower must not enter into any agreement relating to the development and operation of the Project or any other agreement
or contract which relates to the Project where the aggregate amount of payments to be made under that agreement or contract is
anticipated to exceed $500,000, without the prior written consent of the Agent.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.15</TD><TD>MHLLC Operating Agreement and Letter of Intent</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD><B>compliance with MHLLC Operating Agreement obligations</B>: comply with all of its obligations under the MHLLC Operating
Agreement, including performing the Continuing Payment Obligations on their respective due dates;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD><B>compliance with Letter of Intent obligations</B>:<B> </B>subscribe for shares and other securities in Ely Gold &amp; Minerals
Inc. on the dates provided for in the Letter of Intent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD><B>Manager</B>: not resign as Manager;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD><B>notices</B>: provide the Agent with a copy of:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>any notice of or relating to any default and any notice exercising or relating to the exercise of any right, power, authority,
discretion or remedy as a result of any default under the MHLLC Operating Agreement, including a notice given under section 3.2(c)
of Article III of the MHLLC Operating Agreement; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>any other material notice given under the MHLLC Operating Agreement,</TD></TR></TABLE>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 85.05pt; text-indent: 0in">at the same time it receives
that notice;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD><B>cash calls</B>:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>comply with its obligations under section 3.3 of Article III of the MHLLC Operating Agreement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>consult with the Agent in respect of the exercise or non-exercise of any of its rights under section 3.4 of Article III of
the MHLLC Operating Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD><B>Opt-Out notice</B>:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>not give an Opt-out Notice; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>not do or omit to do any thing which would:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 127.6pt"></TD><TD STYLE="width: 42.5pt">(A)</TD><TD>entitle DHIUS to terminate, rescind or accept repudiation of, or suspend the performance of any of its obligations under, the
MHLLC Operating Agreement; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 127.6pt"></TD><TD STYLE="width: 42.5pt">(B)</TD><TD>result in a reduction of the Borrower&rsquo;s Ownership Interest or the delivery or deemed delivery of an Opt-out Notice;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(g)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Non-Contribution Notice</B>:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">not give a Non-Contribution Notice (as defined in the MHLLC Operating
Agreement) without the prior written consent of the Agent; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>consult with the Agent in respect of the exercise or non-exercise of any of its rights under sections 6.5 and 6.6 of Article
VI of the MHLLC Operating Agreement following its receipt of any <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Non-Contribution
Notice (as defined in the MHLLC Operating Agreement); and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(h)</TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>enforcement of rights under MHLLC Operating Agreement</B>: if requested
by the Agent, enforce any of its rights under the MHLLC Operating Agreement, including any rights arising as a result of a breach
of any representation and warranty given under the MHLLC Operating Agreement</FONT>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.16</TD><TD>Amendments to constitution</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must not amend its memorandum and articles
of association, articles of incorporation, articles of organization, by-laws, constitution, operating agreement, or other organizational
or formation documents without the Agent&rsquo;s prior written consent, which consent must not be unreasonably withheld.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.17</TD><TD>Negative pledge and disposal of assets</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Borrower must not create or allow to exist or agree to any interest or Encumbrance over any of its assets or the Project
Assets other than a Permitted Encumbrance.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The Borrower must not Dispose of any of its assets other than a Disposal (which is not a Disposal of a Project Asset) which
is Permitted Disposal.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>The Borrower must not allow any other person to have a right or power to receive or claim any rents, profits, receivables,
money or moneys worth (whether capital or income) in respect of its assets other than under a Permitted Encumbrance or Permitted
Royalty.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>The Borrower must not enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set-off or made subject to a combination of accounts, except for a netting or set-off arrangement in the ordinary course of its
ordinary banking arrangements for the purpose of netting debit and credit balances, and except for a Permitted Encumbrance or a
set-off arising under an agreement under which Permitted Financial Accommodation is given or Permitted Financial Indebtedness is
incurred.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>The Borrower must not enter into any arrangement which, if complied with, would prevent it from complying with its obligations
under the Transaction Documents.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD>The Borrower must not Dispose of any of its Ownership Interest in MHLLC without the prior written consent of the Agent.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.18</TD><TD>No change to business</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must procure that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>its business is operated in accordance with the Corporate and Project Budget subject to Borrower&rsquo;s right to modify the
same with Agent&rsquo;s prior written consent (which shall not be unreasonably withheld, conditioned or delayed); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>it does not engage in any business other than, or do anything which would result in substantial changes to, its existing core
businesses and operations,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.5pt">in each case except with the prior written consent of
the Agent.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.19</TD><TD>Financial accommodation and Financial Indebtedness</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Borrower must not subscribe for capital in an entity, provide any financial accommodation, or give any Surety Obligation
in respect of any financial accommodation, to or for the benefit of any person, other than:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>Permitted Financial Accommodation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the subscription by the Borrower for shares in Ely Gold &amp; Minerals Inc. in accordance with the Letter of Intent.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The Borrower must not incur any Financial Indebtedness other than Permitted Financial Indebtedness.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>The Borrower must not owe any obligations in respect of Financial Indebtedness or other claims to a member of the Solitario
Group (other than in the case of the Borrower another Solitario Group member or as arising by operation of law).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.20</TD><TD>Arm&rsquo;s length transactions</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must not, and must procure that a member
of the Solitario Group (which for the avoidance of doubt does not include MHLLC) does not:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>enter into an agreement with any Person (other than an inter-company loan by the Borrower to a wholly owned Subsidiary in accordance
with paragraph 6 of the definition of Permitted Financial Accommodation);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>acquire or Dispose of an asset;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>obtain or provide a service (except as permitted by the MHLLC Operating Agreement);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>obtain a right or incur an obligation; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>implement any other transaction,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">unless it does so on terms which are no less favorable
to it than commercially reasonable arm&rsquo;s length terms. For the avoidance of doubt, any:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD>Permitted Disposal of the type described in items 7 or 8 of the definition of that term in clause 1.1; and
</TD></TR></TABLE> <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(g)</TD><TD>payment of management fees or reimbursements payable under the MHLLC Operating Agreement,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">will be taken to be on commercially reasonable arm&rsquo;s
length terms.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.21</TD><TD>Restrictions on Distributions and fees</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must not:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>make any Distribution; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>except as permitted by the MHLLC Operating Agreement, pay any director fees, management fees, consultancy fees or other like
payments to any of its directors or Affiliates unless those fees or other payments are:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>reasonable and no more or less favorable than it is reasonable to expect would be the case if the relevant persons were dealing
with each other on commercially reasonable arm&rsquo;s length terms; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>paid with the Agent&rsquo;s prior written consent.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.22</TD><TD>Undertakings regarding property</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD><B>maintenance of property</B>:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>maintain and protect its property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>keep its property in a good state of repair and in good working order allowing for fair wear and tear;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>remedy every material defect in its title to any part of its property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>take or defend all legal proceedings to protect or recover any of its property; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(5)</TD><TD>keep its property valid and subsisting and free from liability to forfeiture, cancellation, avoidance or loss.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD><B>no partnership or joint venture</B>: not enter into any profit sharing arrangement in relation to its property or any partnership
or joint venture with any other person without the Agent&rsquo;s written consent, other than:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>under the MHLLC Operating Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>a Permitted Royalty; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>a farm-in, joint venture or similar arrangement in respect of a Disposal of the kind described in item 4 of Permitted Disposal; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD><B>no Encumbrances</B>: cause any Encumbrance which is filed or recorded in respect of its property, other than a Permitted
Encumbrance, to be removed as soon as reasonably practicable but in any event within 10 Business Days after the date that it becomes
aware of its existence.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.23</TD><TD>Undertakings in relation to Security Interests</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD><B>further security</B>: do anything which the Agent reasonably requests which more satisfactorily charges or secures the priority
of its Security Interest, or secures to the Financier its Secured Property in a manner consistent with any provision of a Transaction
Document, or aids in the exercise of any Power of a Finance Party, including, the execution of any document, the delivery of Title
Documents or the execution and delivery of blank transfers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD><B>Title Documents</B>:<B> </B>deposit with the Agent all the Title Documents it holds or is entitled to hold in respect of
any of its Secured Property which is subject to a fixed charge, mortgage, a pledge or similar kind of security interest created
under the Security Documents immediately on:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>its execution of a Security Document; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>acquisition of any asset which forms part of its Secured Property and is subject to that charge, mortgage, pledge or similar
kind of security interest; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD><B>registration and protection of security</B>: ensure that the Security Documents are registered, recorded, and filed in all
registers in all jurisdictions in which they must be registered, recorded or filed to ensure the enforceability, validity and priority
of the Security Interests against all persons and to be effective as a security interest.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.24</TD><TD>Governance</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Borrower must notify the Agent in writing not less than 10 Business Days in advance of any proposed change in the composition
of the board of the Borrower which change consists of the election or appointment of any new director.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>If the Borrower notifies the Agent of a change in the composition of its board under clause 9.24(a), the Agent must, within 5 Business days after receipt of such notice, provide a notice to the Borrower advising
it as to whether the new composition of the board of the Borrower is acceptable or unacceptable to the Finance Parties (in their
discretion).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>If the Agent notifies the Borrower under clause 9.24(b) that the change in the composition of the board of the Borrower is unacceptable to the Finance parties and
such change nonetheless occurs, it will be a Review Event.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>The Borrower must notify the Agent in writing within 5 Business Days after any change in the composition of the board of the
Borrower if such change has not already been notified to the Agent under clause 9.24(a)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.25</TD><TD>Insurance</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD><B>General requirements</B>: The Borrower must insure and keep insured its property:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>for amounts and against risks in accordance with Good Industry Practice;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>against damage, destruction and any other risk to their full replacement value;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>against workers&rsquo; compensation and public liability; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>for any other risk to the extent and for the amounts the Agent may reasonably require and notify to the Borrower from time
to time.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD><B>Payment of premiums</B>: The Borrower shall cause all premiums and other amounts necessary to effect and maintain in force
each insurance policy to be punctually paid.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD><B>Contents of insurance policy</B>: The Borrower shall undertake all actions necessary so that every insurance policy:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>is taken out in the name of the relevant party, notes each Finance Party as an additional insured, loss payee or mortgagee,
as its interests may appear;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>names the Agent as the loss payee;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>provides that it cannot be terminated or varied by the insurer for any reason including the non-payment of the premium or any
other amount in respect of the insurance policy, unless the Agent is given 10&nbsp;days prior written notice for non-payment of
the relevant premium or 30 days prior written notice for any other reason for termination or variation of the relevant insurance
policy;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>provides that notice of any occurrence given by one insured party will be regarded as notice given by all insured parties and
that failure by one insured party to observe and fulfill the conditions of the policy will not prejudice the rights of any other
insured party;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD></TR></TABLE>

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    <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 -->55<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(5)</TD><TD>insures the Finance Parties&rsquo; interest up to the limits of the policy regardless of any breach or violation by the Borrower
of any warranties, declarations or conditions contained in that policy; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(6)</TD><TD>includes any other terms and conditions which the Agent may reasonably require, unless the insurer does not agree to those
terms and conditions after the Borrower has used commercially reasonable efforts to obtain them.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD><B>Reputable insurer</B>: Each insurance policy required under this clause must be taken out with a reputable insurer approved
by the Agent (whose approval is not to be unreasonably withheld).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD><B>No prejudice</B>: The Borrower must not do or omit to do, or allow or permit to be done or not done, anything which may
materially prejudice any insurance policy.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD><B>Deliver documents</B>: The Borrower must promptly deliver to the Agent:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>adequate evidence as to the existence and currency of insurance coverages required under this clause&nbsp;9.25;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>adequate evidence as to the existence and currency of insurance coverages taken out by MHLLC which are equivalent to the insurances
required for the Borrower under clause 9.25(a); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>any other detail which the Agent may reasonably require by written notification to the Borrower from time to time.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(g)</TD><TD><B>No change to policy</B>: No insurance policy may be varied, rescinded, terminated, cancelled or changed in a material respect
without the Agent&rsquo;s written consent, which must not be unreasonably withheld, conditioned or delayed.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(h)</TD><TD><B>Full disclosure</B>: Before entering into each insurance policy, the Borrower must disclose to the insurer all facts which
are material to the insurer&rsquo;s risk.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(i)</TD><TD><B>Assistance in recovery of money</B>: The Borrower must do all things reasonably required by a Finance Party to enable the
Finance Party to recover any money due in respect of an insurance policy taken out by the Borrower.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(j)</TD><TD><B>Notification by Security Provider</B>: The Borrower must notify the Agent as soon as reasonably practicable after it becomes
aware of:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>an event which in relation to the property of it or MHLLC gives rise to a claim of $500,000 or more under an insurance policy;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the cancellation or variation for any reason of any insurance policy in relation to the property of it or MHLLC.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(k)</TD><TD><B>Dealing with insurance policy proceeds</B>: In respect of an insurance taken out by the Borrower</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>if a claim with respect to property is greater than $500,000, or if a claim with respect to property is less than $500,000
but the Agent determines that there are not sufficient funds available to the Borrower to ensure that the Borrower can pay or repay
any part of the Secured Moneys due and payable by it, the Agent may irrevocably authorize, instruct and direct the insurer to pay
the proceeds of that claim to up to the amount of the Secured Moneys to the Financier;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>if an Event of Default has occurred and is continuing, the proceeds in respect of any insurance policy must be used to repay
the Secured Moneys outstanding at that time or for any other purpose which the Agent approves;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD></TR></TABLE>

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    <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 -->56<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>the proceeds in respect of any claim under an insurance policy in respect of lost, destroyed or damaged property that are
                                                                                                                                                                                                                                                  not being applied in accordance with clauses 9.25(k)(1) 9.25(k)(2) and, shall be applied towards the repair, replacement and
                                                                                                                                                                                                                                                  reconstruction of that property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>clauses&nbsp;9.25(k)(1), (2)and (3) do not apply to proceeds received from any workers&rsquo; compensation or public liability policy to the extent
that the proceeds are paid to a person entitled to be compensated under the workers&rsquo; compensation or public liability policy;
and
</TD></TR></TABLE> <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(5)</TD><TD>any amount received by the Agent in accordance with clauses 9.25(k)(1) or 9.25(k)(2)may be applied by the Agent as a mandatory prepayment of the Principal Outstanding, and clause&nbsp;3.6 will apply to the prepayment.</TD></TR></TABLE> <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(l)</TD><TD><B>Power to take proceedings</B>: In respect of an insurance taken out by the Borrower, if an Event of Default has occurred
and is continuing and a Receiver has not been appointed, the Agent alone has full power to make, enforce, settle, compromise, sue
on and discharge all claims and recover and receive all moneys payable in respect of:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>any claim under any insurance policy; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>any compensation claim in respect of any injury to an employee of a Finance Party, Receiver or Attorney suffered while exercising
or attempting to exercise any Power.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9.26</TD><TD>Term of undertakings</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Unless the Agent otherwise agrees in writing, until:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>the Commitment is cancelled;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>the Secured Moneys are unconditionally paid in full; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>each Security Interest is discharged,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">the Borrower must, at its own cost, comply with its
undertakings in this clause&nbsp;9</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">10</TD><TD>Proceeds Account</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">10.1</TD><TD>Establishment of Proceeds Account</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower covenants and agrees with the Agent:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>to establish and maintain a Dollars denominated interest bearing account located in the United States of America in a place
and with a bank or financial institution acceptable to the Agent, that account to be called &lsquo;Solitario Mt Hamilton &ndash;
Proceeds Account&rsquo;;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>to maintain the Proceeds Account in the location and with the bank or financial institution at which each of that account was
originally established and not change that account to another bank or financial institution without the Agent&rsquo;s prior written
consent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>to cause all interest and other earnings on the Proceeds Account to be credited to that account; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>to deal with the amounts standing to the credit of the Proceeds Account in accordance with this clause&nbsp;10 and not otherwise.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <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 -->57<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">10.2</TD><TD>Flow of funds from Proceeds Account</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Borrower must deposit, or cause to be deposited, directly into the Proceeds Account:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the proceeds of all Funding Portions; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>any money received in connection with the Project (including proceeds of sales of assets and insurance proceeds).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The Borrower must not make a withdrawal from the Proceeds Account for any purpose at any time unless:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the Borrower has provided the Agent with a notice setting out:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 127.6pt"></TD><TD STYLE="width: 42.5pt">(A)</TD><TD>the amount of the proposed withdrawal;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 127.6pt"></TD><TD STYLE="width: 42.5pt">(B)</TD><TD>the purpose for which the funds will be used; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 127.6pt"></TD><TD STYLE="width: 42.5pt">(C)</TD><TD>the nature and extent to which the use of the funds deviates from the approved Corporate and Project Budget,</TD></TR></TABLE>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 127.6pt; text-indent: 0in">(<B>Withdrawal Notice</B>);</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the withdrawal is made for payment of amounts payable within the next following 30 day period as set out in the approved Corporate
and Project Budget; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>the Agent has approved the withdrawal in writing (that approval not to be withheld in the event that any deviations from the
approved Corporate and Project Budget do not exceed by more than 10% the amounts allowed for that expenditure in the approved Corporate
and Project Budget),</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">and at the time of the proposed withdrawal, no Default
or Review Event has occurred and is continuing, or would occur as a result of making the withdrawal.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">11</TD><TD>Events of Default and Review Events</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">11.1</TD><TD>Events of Default</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">It is an Event of Default, whether or not it is within
the control of the Borrower, if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD><B>failure to pay</B>: the Borrower fails to pay or repay any part of the Secured Moneys when due and payable by it, unless
its failure to pay is caused by administrative or technical error beyond the control of the Borrower and payment is made within
3 Business Days of the due date;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD><B>other failure</B>: the Borrower fails to perform any undertaking or obligation of it under any Transaction Document (other
than as described in clause&nbsp;11.1(a)) and, where that failure is remediable, the Borrower does not remedy the failure within 10<B> </B>Business
Days (or such longer period as may be agreed between the parties) after the Borrower receives a notice from the Agent specifying
the failure;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD><B>Key Mineral Rights</B>: a Key Mineral Right is terminated or otherwise ceases to be in full force and effect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD><B>Project Documents</B>: the Borrower or MHLLC fails to perform or observe any of its material undertakings or obligations
under a Project Document and the Borrower does not procure the remedy of the failure within the grace period stated in the Project
Document or, if no grace period is stated, within 15 Business Days;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD></TR></TABLE>

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    <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 -->58<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD><B>conduct of Project</B>: the Project is not diligently developed and maintained in accordance with the Corporate Project
and Budget, Good Industry Practice and Authorizations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD><B>Project Assets</B>:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>MHLLC does not own (including by way of leasehold and other rights) all Project Assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>a person other than MHLLC has any right, title or interest in the Project Assets, other than under a Permitted Encumbrance
and rights and interests disclosed in a Project Document provided to the Agent under clause 2.1(d);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>except for Permitted Disposals, MHLLC Disposes of, decreases or diminishes its interest in the Project Assets without the prior
written consent of the Agent; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>the Project Assets are not maintained to the standard described in clause 11.1(p);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(g)</TD><TD><B>Permitted Royalties</B>: MHLLC amends or varies, or agrees to amend or vary, the terms of a Permitted Royalty;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(h)</TD><TD><B>environmental issues</B>: MHLLC does not:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>comply in all material respects with all Environmental Laws; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>obtain, at the appropriate time having regard to the status of the Project, and comply in all material respect with, all Environmental
Approvals required in connection with the development and operation of the Project;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(i)</TD><TD><B>Mineral Rights</B>: MHLLC does not:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>have, and continue to have, good title (including by way of leasehold and other rights) to its Key Mineral Rights;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>take, or procure to be taken, all actions necessary to ensure that all conditions and requirements relating to its Key Mineral
Rights and all other Mineral Rights are observed and performed and that its Key Mineral Rights and those Mineral Rights remain
valid and are in full force and effect; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>keep its Key Mineral Rights and other Mineral Rights free from Encumbrances other than Permitted Encumbrances;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(j)</TD><TD><B>corporate existence</B>: MHLLC:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>does not do everything necessary to maintain its corporate existence in good standing; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>enters into or implements any merger, demerger, scheme of arrangement, amalgamation, consolidation, restructuring or reconstruction
without the prior written consent of the Agent;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(k)</TD><TD><B>compliance</B>: MHLLC does not comply with all its obligations under each Project Document to which it is a party;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(l)</TD><TD><B>compliance with laws and Authorizations</B>: MHLLC does not:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>comply with all laws and legal requirements, including each judgment, award, decision, finding or any other determination of
a Government Agency, which applies to it or any of its assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>make all filings, notifications, recordings and registrations with Government Agencies as required by Securities Laws, Mining
Laws, Tax laws or any other applicable laws;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD></TR></TABLE>

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    <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 -->59<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>obtain, maintain and comply in all material respects with all Authorizations required:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 127.6pt"></TD><TD STYLE="width: 42.5pt">(A)</TD><TD>for the enforceability against it of each Document to which it is a party, or to enable it to perform its obligations under
each Document to which it is a party;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 127.6pt"></TD><TD STYLE="width: 42.5pt">(B)</TD><TD>in relation to it or any of its assets; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 127.6pt"></TD><TD STYLE="width: 42.5pt">(C)</TD><TD>for the development and operation of the Project;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>ensure that an Authorization referred to in clause 11.1(l)(3) is not cancelled reduced or suspended;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(5)</TD><TD>do anything required for the renewal of any Authorization referred to in clause 11.1(l)(3)or does anything that causes it to be renewed on less favorable terms; </TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(m)</TD><TD><B>Project Documents</B>: MHLLC:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>amends or varies, or agrees to an amendment or variation of;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>terminates, rescinds or discharges (except by performance);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>grants any waiver, time or indulgence in respect of any obligation under;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>does or omits to do anything which may adversely affect the provisions or operation of; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(5)</TD><TD>does or omits to do anything which would give any other person legal or equitable grounds to do anything in
                                                                  clause&nbsp;11.1(m)(1) to 9.14(a)(4)in respect of,

</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">any Project Document to which it is a party, or enters
into any agreement relating to the development and operation of the Project or any other agreement or contract which relates to
the Project where the aggregate amount of payments to be made under that agreement or contract is anticipated to exceed $500,000,
without the prior written consent of the Agent;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(n)</TD><TD><B>failure to enforce</B>: MHLLC fails to do all things necessary to enforce all of its rights, powers and remedies under each
Project Document to which it is a party where it is commercially prudent to do so;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(o)</TD><TD><B>financial accommodation and Financial Indebtedness</B>: MHLLC:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>subscribes for capital in an entity, provides any financial accommodation, or gives any Surety Obligation in respect of any
financial accommodation, to or for the benefit of any person, other than Permitted Financial Accommodation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>incurs any Financial Indebtedness other than Permitted Financial Indebtedness;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>owes any obligations in respect of Financial Indebtedness or other claims to a member of the Solitario Group;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(p)</TD><TD><B>property related matters</B>: MHLLC:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>fails to maintain and protect its property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>fails to keep its property in a good state of repair and in good working order allowing for fair wear and tear;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>fails to remedy every material defect in its title to any part of its property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>fails to take or defend all legal proceedings to protect or recover any of its property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(5)</TD><TD>fails to keep its property valid and subsisting and free from liability to forfeiture, cancellation, avoidance or loss;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(6)</TD><TD>enters into any profit sharing arrangement in relation to its property or any partnership or joint venture with any other person
without the Agent&rsquo;s written consent, other than under the MHLLC Operating Agreement or a Permitted Royalty; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(7)</TD><TD>fails to cause any Encumbrance which is filed or recorded in respect of its property, other than a Permitted Encumbrance, to
be removed as soon as reasonably practicable but in any event within 10 Business Days after the date that it becomes aware of its
existence;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(q)</TD><TD><B>insurance</B>: MHLLC<B> </B>fails to insure or to keep insured its property:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>for amounts and against risks in accordance with Good Industry Practice;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>against damage, destruction and any other risk to their full replacement value;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>against workers&rsquo; compensation and public liability; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>for any other risk to the extent and for the amounts that it is commercially prudent to do so;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(r)</TD><TD><B>abandonment</B>: all or any material part of the Project, is abandoned;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(s)</TD><TD><B>ownership interest</B>: the Borrower ceases to hold an Ownership Interest in MHLLC of at least 80%;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(t)</TD><TD><B>destruction of Secured Property</B>: all or a material part of the property of the Borrower or MHLLC is destroyed, lost
or damaged beyond repair or proves to be materially defective in circumstances not covered fully by any insurance in favor of the
relevant insured person;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(u)</TD><TD><B>expropriation</B>: any property of the Borrower or MHLLC which is a Project Asset or Secured Property is seized, nationalized,
compulsorily acquired or expropriated by, or by order of, a Government Agency, or under any law or a Government Agency orders the
sale, vesting or divesting of any part of the property of the Borrower or MHLLC which is a Project Asset or Secured Property, or
a restraint, restriction, prohibition, intervention, law, decree or other order of a Government Agency or any other matter or thing
occurs which wholly or partially prevents or hinders:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the performance by the Borrower of any of its obligations under a Document or by MHLLC or any of its obligations under a Project
Document; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the development or operation of the Project or the Project Assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(v)</TD><TD><B>misrepresentation</B>: any representation or warranty or statement made, or taken to have been made in accordance with
                                                                  clause&nbsp;8.3 , under or in connection with a Transaction Document is found to have been incorrect or misleading when made
or repeated, or taken to have been made or repeated, and, if the circumstances giving rise to the misrepresentation are remediable,
the Borrower does not remedy the circumstances giving rise to the breach within 20 Business Days after that representation or warranty
or statement was made or taken to have been made (and for the avoidance of doubt, if the circumstances giving rise to the misrepresentation
are not remediable, no grace or cure period shall be afforded to the Borrower);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(w)</TD><TD><B>cross default</B>: any Financial Indebtedness of the Borrower or MHLLC in an amount in excess of $250,000:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>becomes due and payable, or becomes capable of being declared due and payable, before the scheduled date for payment; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD></TR></TABLE>

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    <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 -->61<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>is not paid when due (after taking into account any applicable grace period);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(x)</TD><TD><B>Encumbrance</B>: any Encumbrance (other than an Encumbrance described in item 4 of the definition of Permitted Encumbrance in clause 1.1 is enforced against an asset of a the Borrower
or MHLLC;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(y)</TD><TD><B>judgment</B>: a judgment in an amount exceeding $250,000 is obtained against the Borrower or MHLLC and is not set aside,
stayed pending the outcome of an appeal (for so long as it is stayed) or satisfied within 10<B>&nbsp;</B>Business Days;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(z)</TD><TD><B>execution</B>: a distress, attachment, execution or other process of a Government Agency is issued against, levied or entered
upon an asset of the Borrower or MHLLC in an amount exceeding $250,000 and is not set aside or satisfied within 10&nbsp;Business
Days;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(aa)</TD><TD><B>winding up</B>: any of the following occur:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>an application is made;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>an order is made; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>a resolution is passed or any steps are taken to pass a resolution,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">for the winding up of the Borrower or MHLLC;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(bb)</TD><TD><B>administration, liquidation, receivership etc</B>: any of the following occur:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>an administrator, liquidator, provisional liquidator, receiver, receiver and manager, official manager, trustee, controller
or similar official is appointed, or any steps are taken to that appointment; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>a resolution to appoint an administrator, liquidator, provisional liquidator, receiver, receiver and manager, official manager,
trustee, controller or similar official is passed, or any steps are taken to pass a resolution to that appointment,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">to the Borrower or MHLLC or over the assets of the Borrower
or MHLLC;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(cc)</TD><TD><B>dissolution</B>: the Borrower or MHLLC is dissolved, or any steps are taken to dissolve the Borrower or MHLLC under any
applicable law;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(dd)</TD><TD><B>suspends payment</B>: the Borrower or MHLLC suspends payment of its debts generally;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(ee)</TD><TD><B>insolvency</B>: the Borrower or MHLLC:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>is unable to pay its debts when they are due;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>states that it is insolvent or unable to pay its debts when they are due; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>is presumed to be insolvent in accordance with the Debtor Relief Laws;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(ff)</TD><TD><B>arrangements</B>: the Borrower or MHLLC enters into or resolves to enter into any arrangement, composition or compromise
with, or assignment for the benefit of, any of its creditors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(gg)</TD><TD><B>reorganization</B>:<B> </B>a breaches of clause&nbsp;9.8(c) occurs with respect to the Borrower;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(hh)</TD><TD><B>ceasing business</B>: the Borrower or MHLLC ceases to carry on business;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(ii)</TD><TD><B>unenforceability</B>:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>a<B> </B>material provision of a Document is illegal, void, voidable or unenforceable;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>any person becomes entitled to terminate, rescind or avoid any material provision of any Document; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>the execution, delivery or performance of a Document by the Borrower or MHLLC or a Project Document by MHLLC in any material
respect breaches or results in a contravention of any law;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(jj)</TD><TD><B>suspension</B>: the Shares are suspended from quotation on an Exchange for more than 5 consecutive Trading Days;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(kk)</TD><TD><B>subscription for Ely Shares</B>:<B> </B>the Borrower fails to subscribe for shares and other securities in Ely Gold &amp;
Minerals Inc. on any of the dates provided for in the Letter of Intent or to perform any of the Continuing Payment Obligations
on their respective due dates; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(ll)</TD><TD><B>Material Adverse Effect</B>: any event occurs which has or is likely to have a Material Adverse Effect.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">11.2</TD><TD>Cure periods</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Where an Event of Default occurs under any of clauses 11.1(e) to 11.1(q) inclusive and that Event of Default is
                                                                  remediable, the Finance Parties must not take any action under clause 11.2 , unless the Borrower fails to remedy the circumstances giving rise to the Event of Default within 10 Business
Days (or such longer period as may be agreed between the parties) after the Borrower receives a notice from the Agent requiring
that the Event of Default be remedied.
</TD></TR></TABLE> <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Despite the foregoing, to the extent that any Event of Default described in clause 11.1 is capable of being remedied by DHIUS, the Finance Parties must not take any action under clause 11.2, unless DHIUS has not remedied the Default within the cure period provided for under the MHLLC OA Side Agreement.

</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">11.3</TD><TD>Effect of Event of Default</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>If an Event of Default occurs and while it is continuing the Agent may, by notice to the Borrower declare that:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the Secured Moneys are immediately due and payable; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the Commitment is cancelled,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">or make each of the declarations under
clauses&nbsp;11.3(a)(1) and 11.3(a)(2).
<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The Borrower must immediately repay the Secured Moneys on receipt of a notice under clause&nbsp;11.3(a)(1).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>Despite the foregoing, and without limiting the provisions of any Transaction Document, if an Event of Default described in
clause 11.1(bb) occurs in relation to the Borrower or MHLLC, the Commitment will be automatically cancelled and all Secured
Money will become immediately due and payable in full, without notice of intent to demand, demand, presentment for payment, notice
of non-payment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration,
and all other notices, all of which are by this clause expressly waived by the Borrower.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">11.4</TD><TD>Parties to continue to perform</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>If the Agent makes a declaration under clause&nbsp;11.2 or a gives a notice under clause&nbsp;11.6(d):</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the declaration or notice does not affect the obligations of the Borrower under the Transaction Documents; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the Borrower must continue to perform its obligations under the Transaction Documents as if the declaration had not been made
or the notice had not been given, subject to any directions given by a Finance Party under any Transaction Document.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Clause&nbsp;11.4(a) does not affect the Borrower&rsquo;s obligations under clause&nbsp;11.2.</TD></TR></TABLE> <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">11.5</TD><TD>Enforcement</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Transaction Documents may be enforced in accordance with their terms without notice to the Borrower or any other person
even if:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>a Finance Party accepts any part of the Secured Moneys after an Event of Default; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>there has been any other Event of Default.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>No Finance Party is liable to the Borrower for any Loss the Borrower may suffer, incur or be liable for arising out of or in
connection with a Finance Party exercising any Power, except to the extent specifically set out in a Transaction Document.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">11.6</TD><TD>Review event</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>It is a Review Event if:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>there is a change in:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 127.65pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT></TD><TD>Control of the Borrower;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 127.65pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT></TD><TD>the identity of any Representative (as defined in the MHLLC Operating agreement) of Solitario on the Management Committee;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 127.65pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="font: 8pt Symbol">&#183;</FONT></TD><TD>the identity of the Manager;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the board of the Borrower is not in a form acceptable to the Finance Parties at the expiration of the relevant time period
in accordance with clause 9.24(c) ; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>the Agent forms the view, acting reasonably and having regard to the most recent information provided to the Agent under clause
9.5 , that the funds available to the Borrower (including amounts available under the Facility) will not in any
period be adequate to meet its financial obligations as set out in the Corporate and Project Budget for that period.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The Borrower must notify the Agent as soon as it becomes aware of the occurrence of a Review Event.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>The Financier has the right to review the Facility for a period of 60 days from the date on which the Agent receives a notice
under clause&nbsp;11.6(a) or becomes aware of the occurrence of a Review Event.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>If the Financier decides that it does not wish to continue to provide the Facility following the occurrence of a Review
                                                                  Event, it must give written notice to that effect to the Borrower within the 60 day review period referred to in
                                                                  clause&nbsp;11.6(c) . The notice must state a date (not earlier than 90 days from the date of the service of the notice) by which
the Secured Moneys must be paid in full, and the Borrower must pay the Secured Moneys to the Agent in full on the date stated in
the notice.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <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 -->64<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">12</TD><TD>Increased costs and illegality</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">12.1</TD><TD>Increased costs</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>If the Financier determines that any Change in Law affecting it or any of its Affiliates directly or indirectly:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>increases the effective cost to the Financier of performing its obligations under the Transaction Documents or funding or maintaining
the Commitment or the Principal Outstanding;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>reduces any amount received or receivable by the Financier under the Transaction Documents; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>in any other way reduces the effective return to the Financier or any Affiliate under the Transaction Documents or the overall
return on capital of the Financier or any Affiliate,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">(each an <B>Increased Cost</B>), the Borrower must pay
to the Financier within 30 days of written demand by the Agent compensation for the Increased Cost to the extent attributed by
the Financier or Affiliate (using the methods it reasonably considers to be appropriate) to the Financier&rsquo;s obligations under
the Transaction Documents or the funding or maintenance of the Commitment or the Principal Outstanding.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>A claim under clause&nbsp;12.1(a) in the absence of manifest error, is sufficient evidence of the amount to which the Finance Party is entitled
under clause&nbsp;12.1(a) unless the contrary is proved.
</TD></TR></TABLE> <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>If the Borrower receives a demand from the Financier under clause&nbsp;12.1(a) , the Borrower may (but is not obligated to), by written notice to the Agent on or before the date which is
60 days after the date of that demand, cancel the Commitment and prepay the Secured Moneys in full.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>A notice under clause&nbsp;12.1(c) is irrevocable and the Borrower must, on the date which is 60 days after the date that the notice is given,
pay to the Agent on account of the Financier the Secured Moneys in full.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">12.2</TD><TD>Illegality</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>If any Change in Law or other event makes it illegal for the Financier to perform its obligations under the Transaction Documents
or fund or maintain the Commitment, the Financier may by notice to the Borrower:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>suspend its obligations under the Transaction Documents for the duration of the illegality; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>by notice to the Borrower, cancel the Commitment and require the Borrower to repay the Secured Moneys in full on the date which
is 40&nbsp;Business Days after the date on which the Financier gives the notice or any earlier date required by, or to comply with,
the applicable law.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>A notice under clause&nbsp;12.2(a)(2)is irrevocable and the Borrower must, on the repayment date determined under clause&nbsp;12.2(a)(2), pay to the Agent on account of the Financier the Secured Moneys in full.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">12.3</TD><TD>Reduction of Commitment</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Commitment is reduced by any amount of Secured
Moneys paid under this clause&nbsp;12 and accordingly, an amount paid under this clause&nbsp;12 may not be redrawn.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">12.4</TD><TD>Patriot Act</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Each Finance Party and the Agent (for itself and not
on behalf of any other Finance Party) hereby notifies the Borrower and MHLLC that pursuant to the requirements of the Patriot Act,
it is required to obtain, verify and record information that identifies each of them, which information includes their names and
addresses and other information that will allow that Finance Party or the Agent, as applicable, to identify them in accordance
with the Patriot Act. The Borrower shall provide, to the extent commercially reasonable, any information and take any actions as
are reasonably requested by the Agent or any Finance Party in order to assist the Agent and the Finance Parties in maintaining
compliance with the Patriot Act.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">13</TD><TD>Indemnities and Break Costs</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">13.1</TD><TD>General indemnity</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Borrower indemnifies each Finance Party against any Loss which that Finance Party, a Receiver (whether acting as agent
of the Borrower or of a Finance Party) or an Attorney pays, suffers, incurs or is liable for, in respect of any of the following:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>a Funding Portion required by a Funding Notice not being made for any reason including any failure to fulfill any condition
precedent contained in clause&nbsp;2 , but excluding any default by that Finance Party;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the occurrence of any Default;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>a Finance Party exercising its Powers consequent upon or arising out of the occurrence of any Default;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>the non-exercise, attempted exercise, exercise or delay in the exercise of any Power;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(5)</TD><TD>any act or omission of a Security Provider or any of its employees or agents when exercising its Powers consequent upon or
arising out of the occurrence of any Default;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(6)</TD><TD>an Environmental Liability;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(7)</TD><TD>any compulsory acquisition or statutory or judicial divestiture of any Secured Property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(8)</TD><TD>any other thing in respect of a Security Interest or any Secured Property; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(9)</TD><TD>any payment made by the Financier to the Agent to indemnify the Agent for a Loss the Agent pays, suffers, incurs or is liable
for in acting as Agent.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The indemnity in clause&nbsp;13.1(a) includes:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the amount determined by a Finance Party as being incurred by reason of the liquidation or re-employment of deposits or other
funds acquired or contracted for by the Finance Party to fund or maintain the Commitment; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>loss of Margin (but only to the extent of amounts actually advanced by a Finance Party to the Borrower in accordance with this
agreement and the other Transaction Documents).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>The indemnity in clause&nbsp;13.1(a) does not include or apply to any Loss suffered or incurred by any Finance Party which results from that Finance
Party&rsquo;s fraud, gross negligence or willful misconduct.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">13.2</TD><TD>Break Costs</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must, within 3&nbsp;Business Days of demand
by the Agent, pay to the Agent for the account of each Finance Party its Break Costs attributable to all or any part of a Funding
Portion being prepaid or repaid by the Borrower on a day other than the last day of the Interest Period for that Funding Portion.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">13.3</TD><TD>Continuing indemnities and evidence of Loss</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Each indemnity of the Borrower in a Transaction Document is a continuing obligation of the Borrower, despite:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>any settlement of account; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the occurrence of any other thing,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">and remains in full force and effect until:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>the Secured Moneys are unconditionally repaid in full; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>each Security Interest has been finally discharged.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Each indemnity of the Borrower in a Transaction Document is an additional, separate and independent obligation of it and no
one indemnity limits the general nature of any other indemnity.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>Each indemnity in a Transaction Document survives the termination of any Transaction Document.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>A certificate given by an Officer of a Finance Party detailing the amount of any Loss covered by any indemnity in a Transaction
Document is sufficient evidence unless the contrary is proved.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">14</TD><TD>Fees, Tax, costs and expenses</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">14.1</TD><TD>Arrangement fee</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must pay to the Agent a non-refundable,
non-rebateable fee equal to 5% of the Commitment (being $250,000) on the date of execution of this agreement, less the amount of
the Work Fee already paid.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">14.2</TD><TD>Tax</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Borrower must pay any Tax, other than an Excluded Tax in respect of any Finance Party, which is payable in respect of a
Transaction Document (including in respect of the execution, delivery, performance, release, discharge, amendment or enforcement
of a Transaction Document).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The Borrower must pay any fine, penalty or other cost in respect of a failure to pay any Tax described in
                                                                  clause&nbsp;14.2(a) except to the extent that the fine, penalty or other cost is caused by the Agent&rsquo;s failure to tender
to the appropriate party money received from the Borrower at least 5&nbsp;Business Days before the due date for tender.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>The Borrower indemnifies each Finance Party against any amount payable under clause&nbsp;14.2(a)or 14.2(b). </TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">14.3</TD><TD>Costs and expenses</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must pay the Finance Parties&rsquo; legal
costs in relation to the negotiation, preparation, execution, delivery, stamping, registration and completion of a Transaction
Document and all other costs and expenses of each Finance Party in relation to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>the variation and discharge of any Transaction Document;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>the enforcement, protection or waiver of any rights under any Transaction Document;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>the consent or approval of a Finance Party given under any Transaction Document;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>any enquiry by a Government Agency involving the Borrower,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>any administration costs of each Finance Party in relation to the matters described in clause&nbsp;14.3(c) or 14.3(d); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD>any legal costs and expenses and any professional consultant&rsquo;s fees for the costs and expenses described in clauses
                                                                  14.3(a) to 14.3(d) inclusive on a full indemnity basis.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">15</TD><TD>Interest on overdue amounts</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">15.1</TD><TD>Payment of interest</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must pay interest on:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>any of the Secured Moneys due and payable by it, but unpaid; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>any interest payable but unpaid under this clause&nbsp;15</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">15.2</TD><TD>Accrual of interest</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The interest payable under this clause&nbsp;15
accrues from day to day from and including the due date for payment up to the actual date of payment, before and, as an
additional and independent obligation, after any judgment or other thing into which the liability to pay the Secured Moneys
becomes merged.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">15.3</TD><TD>Rate of interest</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The rate of interest payable under this
clause&nbsp;15 on any part of the Secured Moneys is the higher of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>the Overdue Rate determined by the Agent:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>on the date that part of the Secured Moneys becomes due and payable but is unpaid; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>on each date which is 1&nbsp;month after the immediately preceding date on which the Overdue Rate was determined under this
clause&nbsp;15.3(a);  and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>the rate fixed or payable under a judgment or other thing referred to in clause&nbsp;15.2.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <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 -->68<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">16</TD><TD>Assignment</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">16.1</TD><TD>Assignment</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower must not assign or novate any of its rights
or obligations under a Transaction Document without the prior written consent of the Agent.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">16.2</TD><TD>Borrower obligation in registered form</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The obligation of the Borrower to pay principal and
interest under this agreement is taken to be in registered form for the purposes of the United States Internal Revenue Code, Sections
871(h)(6), 881(c)(6), 163(f) and the regulations issued thereunder, including Temp. Treas. Reg. Section 5f.163-1(a) and Temp.
Treas. Reg. Section 5f.103-1. Accordingly, the Borrower must maintain a book entry system to record the owner of the right to
principal and interest and must issue to the Financier a Promissory Note evidencing the Secured Moneys and making specific reference
to and complying with the registration requirements in order to effect a transfer of the rights under the obligation, and clause&nbsp;16.3
will apply to any assignment by the Financier of its rights under a Transaction Document with respect to the obligation of the
Borrower to pay principal and interest.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">16.3</TD><TD>Assignment by Finance Party</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Subject to the restrictions on transfer of the Financier Warrants described in clause 7.2(d) , a Finance Party may assign or novate any of its rights and obligations under a Transaction Document to any
person if:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>any necessary prior Authorization is obtained;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the assignment or novation is to a person in the RMB group of companies (which term includes any person, partnership or corporate
entity in that group) or, after consultation with the Borrower, to a reputable bank or financial institution or to a combination
of reputable banks and financial institutions;<B> </B>and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>it notifies the Agent and the Borrower.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>In the event that the Financier elects to assign any of its rights under clause&nbsp;16.3(a) , the Financier must surrender to the Borrower the Promissory Note, and the Borrower must reissue the Promissory
Note to the assignee. An assignment by the Financier will be taken to be effective when the Promissory Note is reissued by the
Borrower.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">16.4</TD><TD>Assist</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Each party must do any thing which the Agent reasonably
requests including, executing any documents or amending any Transaction Document, to effect any transfer, assignment or novation
under this clause&nbsp;16.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">16.5</TD><TD>Lending Office</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>A Finance Party may change its Lending Office at any time.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>A Financier must promptly notify the Agent and the Borrower of the change.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">16.6</TD><TD>No increase in costs</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">If a Finance Party assigns or novates any of its rights
or obligations under any Transaction Document or changes its Lending Office, the Borrower is not required to pay any net increase
in the aggregate amount of costs, Taxes, fees or charges which is a direct consequence of the transfer or assignment or change
of Lending Office.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">17</TD><TD>Saving provisions</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">17.1</TD><TD>No merger of security</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Nothing in this agreement merges, extinguishes, postpones, lessens or otherwise prejudicially affects:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>any Encumbrance or indemnity in favor of any Finance Party; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>any Power.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>No other Encumbrance or Transaction Document which a Finance Party has the benefit of in any way prejudicially affects any
Power.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">17.2</TD><TD>Exclusion of moratorium</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">To the extent not excluded by law, a provision of any
legislation which directly or indirectly:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>lessens, varies or affects in favor of the Borrower any obligations under a Transaction Document; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>stays, postpones or otherwise prevents or prejudicially affects the exercise by any Finance Party of any Power,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">is negatived and excluded from each Transaction Document
and all relief and protection conferred on the Borrower by or under that legislation is also negatived and excluded.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">17.3</TD><TD>Conflict</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Where any right, power, authority, discretion or remedy
conferred on a Finance Party, a Receiver or an Attorney by any Transaction Document is inconsistent with the powers conferred by
applicable law then, to the extent not prohibited by that law, those conferred by applicable law are regarded as negatived or varied
to the extent of the inconsistency.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">17.4</TD><TD>Consents</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Whenever the doing of any thing by the Borrower is dependent on the consent of a Finance Party, the Finance Party may withhold
its consent or give it conditionally or unconditionally in its absolute discretion, unless expressly stated otherwise in a Transaction
Document.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The Borrower must procure that any conditions imposed by a Finance Party under clause&nbsp;17.4(a) are complied with.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">17.5</TD><TD>Principal obligations</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">This agreement and each Collateral Security is:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>a principal obligation and is not ancillary or collateral to any other Encumbrance (other than another Collateral Security)
or other obligation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>independent of, and unaffected by, any other Encumbrance or other obligation which any Finance Party may hold at any time in
respect of the Secured Moneys.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">17.6</TD><TD>Non-avoidance</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">If any payment by the Borrower to a Finance Party is
avoided for any reason including any legal limitation, disability or incapacity of or affecting the Borrower or any other thing,
and whether or not:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>any transaction relating to the Secured Moneys was illegal, void or substantially avoided; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>any thing was or ought to have been within the knowledge of any Finance Party,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">the Borrower:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>as an additional, separate and independent obligation, indemnifies each Finance Party against that avoided payment; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>acknowledges that any liability of the Borrower under the Transaction Documents and any right or remedy of the Finance Parties
under the Transaction Documents is the same as if that payment had not been made.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">17.7</TD><TD>Set-off authorized</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">If the Borrower does not pay any amount when due and
payable by it to any Finance Party under a Transaction Document, the Finance Party may:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>apply any credit balance in any currency in any account of the Borrower with the Finance Party in or towards satisfaction of
that amount; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>effect any currency conversion which may be required to make an application under clause&nbsp;17.7(a)</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">17.8</TD><TD>Agent&rsquo;s certificates and approvals</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>A certificate signed by any Officer of the Agent in relation to any amount, calculation or payment under any Transaction Document
is sufficient evidence of that amount, calculation or payment unless the contrary is proved.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Where any provision of a Transaction Document requires the Agent&rsquo;s approval, that approval will not be effective unless
and until it is provided in writing.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">17.9</TD><TD>No reliance or other obligations and risk assumption</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Borrower acknowledges and confirms that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>it has not entered into any Transaction Document in reliance on any representation, warranty, promise or statement made by
or on behalf of any Finance Party;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>in respect of the transactions evidenced by the Transaction Documents, no Finance Party has any obligations other than those
expressly set out in the Transaction Documents; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>in respect of interest rates, exchange rates or commodity prices, no Finance Party is liable for any movement in interest rates,
exchange rates or commodity prices or any information, advice or opinion provided by any Finance Party or any person on behalf
of any Finance Party, even if:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>provided at the request of the Borrower (it being acknowledged by the Borrower that those matters are inherently speculative);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>relied on by the Borrower; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>provided incorrectly or negligently.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">17.10</TD><TD>Power of attorney</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>For consideration received, the Borrower irrevocably appoints the Agent and each Officer of the Agent as its attorney to, at
any time following the occurrence of an Event of Default:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>execute and deliver all documents; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>do all things,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">which are necessary or desirable to give effect to each
Transaction Document.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>An attorney appointed under clause&nbsp;17.10(a) may appoint a substitute attorney to perform any of its powers.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">18</TD><TD>General</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">18.1</TD><TD>Confidential information</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">A Finance Party must not disclose to any person:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>any Document, Corporate and Project Budget or Financial Report; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>any information about the Borrower or MHLLC,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">except:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>in connection with a permitted assignment, novation under clause&nbsp;16 or any participation, where the disclosure is made on the basis that the recipient of the information will
comply with this clause&nbsp;18.1 in the same way that the Finance Party is required to do;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>to any professional or other adviser consulted by it in relation to any of its rights or obligations under the Transaction
Documents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>to a country&rsquo;s central bank, a country&rsquo;s taxation office or any Government Agency requiring disclosure of the information;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD>in connection with the enforcement of its rights under the Transaction Documents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(g)</TD><TD>where the information is already in the public domain, or where the disclosure would not otherwise breach any duty of confidentiality;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(h)</TD><TD>if required by applicable law or the rules of any securities exchange; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(i)</TD><TD>otherwise with the prior written consent of the Borrower (that consent not to be unreasonably withheld).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">A Finance Party will not use information about the
Borrower or MHLLC where to do so would constitute a breach by the Finance Party of Securities Laws.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">18.2</TD><TD>Borrower to bear cost</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Any thing which must be done by the Borrower under
any Transaction Document, whether or not at the request of any Finance Party, must be done at the cost of the Borrower.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">18.3</TD><TD>Notices</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Any notice or other communication including, any request, demand, consent or approval, to or by a party to any
                                                                  Transaction Document must be in legible writing and in English addressed to the party in accordance with its details set out
                                                                  in Schedule 1 or as specified to the sender by the party by notice.</TD></TR></TABLE>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>If the sender is a company, any such notice or other communication must be signed by an Officer of the sender.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>Any notice or other communication described in this clause&nbsp;18.3 is regarded as being given by the sender and received by the addressee:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>if by delivery in person or by recognized overnight courier, when delivered to the addressee;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>if by post, three (3) days after deposit by U.S. First Class mail postage prepaid certified or return receipt requested;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>if by facsimile, when received by the addressee in legible form; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>if by email, when the email (including any attachment) comes to the attention of the recipient party or a person acting on
its behalf,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">but if the delivery or receipt is on a day which is
not a Business Day or is after 4.00pm (addressee&rsquo;s time) it is regarded as received at 9.00am on the following Business Day.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>Any notice or other communication described in this clause&nbsp;18.3 can be relied on by the addressee and the addressee is not liable to any other person for any consequences
of that reliance if the addressee believes it to be genuine, correct and authorized by the sender.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>A facsimile transmission is regarded as legible unless the addressee telephones the sender within 2&nbsp;hours after the transmission
is received or regarded as received under clause&nbsp;18.3(c) and informs the sender that it is not legible.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">18.4</TD><TD>Governing law and jurisdiction</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>This agreement is governed by the laws of the State of Colorado and the laws of the United States of America which are applicable
in the State of Colorado, without reference to conflicts of law principles.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The Borrower irrevocably submits to the non-exclusive jurisdiction of the State or Federal courts of the State of Colorado.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>The Borrower irrevocably consents to venue for any dispute involving this agreement or the other Transaction documents in any
State, District or Federal court sitting in the City and County of Denver, Colorado and waives any objection to the venue of any
legal process on the basis that the process has been brought in an inconvenient forum.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>The Borrower irrevocably waives any immunity in respect of its obligations under this agreement that it may acquire from the
jurisdiction of any court or any legal process for any reason including the service of notice, attachment before judgment, attachment
in aid of execution or execution.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">18.5</TD><TD>Prohibition and enforceability</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Any provision of, or the application of any provision of, any Transaction Document or any Power which is prohibited in any
jurisdiction is, in that jurisdiction, ineffective only to the extent of that prohibition.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Any provision of, or the application of any provision of, any Transaction Document which is void, illegal or unenforceable
in any jurisdiction does not affect the validity, legality or enforceability of that provision in any other jurisdiction or of
the remaining provisions in that or any other jurisdiction.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">18.6</TD><TD>Waivers</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Waiver of any right arising from a breach of this agreement or of any Power arising on default under this agreement or on the
occurrence of an Event of Default must be in writing and signed by the party granting the waiver.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>A failure or delay in exercise, or partial exercise, of:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>a right arising from a breach of this agreement or the occurrence of an Event of Default; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>a Power created or arising on default under this agreement or on the occurrence of an Event of Default,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">does not result in a waiver of that right or Power.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>A party is not entitled to rely on a delay in the exercise or non-exercise of a right or Power arising from a breach of this
agreement or on a default under this agreement or on the occurrence of an Event of Default as constituting a waiver of that right
or Power.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>A party may not rely on any conduct of another party as a defense to exercise of a right or Power by that other party.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>This clause&nbsp;may not itself be waived except in writing.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">18.7</TD><TD>Variation</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">An amendment or modification of any term of a Transaction
Document must be in writing and signed by the parties to the relevant Transaction Document.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">18.8</TD><TD>Cumulative rights</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Powers are cumulative and do not exclude any other
right, power, authority, discretion or remedy of any Finance Party, Receiver or Attorney.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">18.9</TD><TD>Counterparts</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>This agreement may be executed in any number of counterparts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>All counterparts, taken together, constitute one instrument.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>A party may execute this agreement by signing any counterpart.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">Signing page</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 24pt; border-bottom: Black 1pt solid">Executed as an agreement</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="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; font-weight: bold">Borrower</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Signed for</P>
        <P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">Solitario Exploration &amp; Royalty Corp.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">by its authorized signatories</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 9pt"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: windowtext 1pt solid; font-size: 9pt">/s/Christopher E. Herald, CEO</TD>
    <TD STYLE="width: 45%; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">Authorized Signatory</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">print name</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">Christopher E. Herald</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">/s/James R. Maronick, CFO</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">Authorized Signatory</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">print name</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">James R. Maronick</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</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="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; font-weight: bold">Agent</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Signed for</P>
        <P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">RMB Resources Inc.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">by its authorized signatory</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 9pt"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: windowtext 1pt solid; font-size: 9pt">/s/ Alvaro Belevan</TD>
    <TD STYLE="width: 45%; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">Authorized Signatory</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">print name</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">Alvaro Belevan</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">title</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">Managing Director</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; font-weight: bold">Financier</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Signed for</P>
        <P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">RMB Australia Holdings Limited</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">by its attorney</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 9pt"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: windowtext 1pt solid; font-size: 9pt">/s/ Christopher Kamper</TD>
    <TD STYLE="width: 45%; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">Attorney</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">print name</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">Christopher Kamper</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">in the presence of</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">Debbie L. Deaguero</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">Witness</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">print name</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">Debbie L Deaguero</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">&nbsp;</TD></TR>
</TABLE>
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<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exh992.htm
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<P STYLE="margin: 0"></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 12pt; border-bottom: Black 1pt solid">Warrant Certificate</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">THIS WARRANT AND THE SECURITIES ISSUABLE ON EXERCISE
HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, AND NO INTEREST
MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION STATEMENT
UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION INVOLVING SAID SECURITIES, (B) THE COMPANY RECEIVES
AN OPINION OF LEGAL COUNSEL FOR THE HOLDER OF THE SECURITIES SATISFACTORY TO THE COMPANY STATING THAT SUCH TRANSACTION IS EXEMPT
FROM REGISTRATION OR (C) THE COMPANY OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE
HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY IN CANADA BEFORE ____ DECEMBER 2012.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">No. W- _____________________</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0">1,624,748</P></TD>
    <TD STYLE="width: 52%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-left-color: windowtext; border-left-width: 1pt; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">WARRANT TO PURCHASE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; border-top-color: windowtext; font: 10pt Arial, Helvetica, Sans-Serif; border-top-width: 1pt; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Issued: ____ AUGUST 2012</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">$0.01 PAR VALUE COMMON STOCK</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Solitario Exploration &amp; Royalty Corp.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"><U>Warrant</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">THIS IS TO CERTIFY that for value received, and subject
to these terms and conditions, &ldquo;<U>RMB Australia Holdings Limited&rdquo;</U>, a company incorporated under the laws of Australia,
or such other person or entity to which or whom this Warrant is transferred (the &quot;<U>Holder</U>&quot;), is entitled to exercise
this Warrant to purchase 1,624,748 fully paid and non-assessable shares of Solitario Exploration &amp; Royalty Corp., a Colorado
corporation (the &quot;<U>Company</U>&quot;), $0.01 par value per share common stock (the &quot;<U>Warrant Shares</U>&quot;), at
a price per share of $1.5387 (the &ldquo;<U>Exercise Price</U>&quot;) (the number of shares, type of security and the Exercise
Price being subject to adjustment as provided below).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">1. &#9;<U>Method of Exercise</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt">1.1</TD><TD><U>Cash Exercise Right</U>. This Warrant may be exercised by the Holder, at any time during the period (the &quot;<U>Exercise
Period</U>&quot;) that (a) commences on the date of issue of this Warrant (b) ends on a date 36 months from the date of issue of
this Warrant. During the Exercise Period the Holder may exercise this Warrant in whole or in part, by delivering to the Company
at 4251 Kipling Street, Suite 390, Wheat Ridge, Colorado 80033, United States of America (or any other office or agency of the
Company as it may designate by notice in writing to the Holder at the address of the Holder appearing on the books of the Company)
(x) this Warrant certificate, (y) a certified or cashier's cheque payable to the Company, or cancelled indebtedness of the Company
to the Holder, in the amount of the Exercise Price multiplied by the number of shares for which this Warrant is being exercised
(the &ldquo;<U>Purchase Price</U>&quot;), and (z) the Notice of Cash Exercise attached as <U>Exhibit A</U> duly completed and executed
by the Holder. On exercise, the Holder will be entitled to receive from the Company a stock certificate in proper form representing
the number of Warrant Shares purchased.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 45pt">1.2</TD><TD><U>Net Issuance Right</U>. Despite the payment provisions described above, the Holder may elect to convert all or a portion
of this Warrant into Warrant Shares by surrendering this Warrant at the office of the Company at the address set out in Section
1. 1 and delivering to the Company the Notice of Net Issuance Exercise attached as <U>Exhibit B</U> duly completed and executed
by the Holder, in which case the Company will issue to the Holder the number Warrant Shares of the Company equal to the result
obtained by (a) subtracting B from A, (b) multiplying the difference by C, and (c) dividing the product by A as set out in the
following equation:</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt"><B>X </B>= (<B><U>(A - B) x C)/A</U></B> where:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 42pt"><B>X</B></TD><TD>= the number of Warrant Shares issuable on net issuance exercise pursuant to the provisions of this Section 1.2.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 42pt"><B>A</B></TD><TD>= the Current Market Price (as defined below) of one Warrant Share on the date of net issuance exercise.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 42pt"><B>B</B></TD><TD>= the Exercise Price for one Warrant Share under this Warrant (as adjusted from time to time pursuant to Section 4 hereof).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 42pt"><B>C</B></TD><TD>= the number of Warrant Shares as to which this Warrant is exercisable pursuant to the provisions of this Warrant or, if only
a portion of this Warrant is being exercised, the portion of this Warrant being exercised as set out in the Notice of Net Issuance
Exercise.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 36.55pt">If the foregoing calculation results in a negative
number, then no Warrant Shares shall be issued on net issuance exercise pursuant to this Section 1.2.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 35.45pt">On net issuance exercise in accordance with this Section
1.2, the Holder shall be entitled to receive from the Company a stock certificate in proper form representing the number of Warrant
Shares determined in accordance with the foregoing.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD><U>Delivery of Stock Certificates; No Fractional Shares</U></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD>Within 10 days after the payment of the Purchase Price following the exercise of this Warrant (in whole or in part) or after
notice of net issuance exercise and compliance with Section 1.2, the Company at its expense will issue in the name of and deliver
to the Holder (i) a certificate or certificates for the number of fully paid and non-assessable Warrant Shares to which the Holder
will be entitled on the exercise of this Warrant, and (ii) a new Warrant of like tenor to purchase up to that number of Warrant
Shares, if any, as to which this Warrant has not been exercised if this Warrant has not expired. The Holder will for all purposes
be deemed to have become the holder of record of the Warrant Shares on the date this Warrant was exercised (the date the Holder
has fully complied with the requirements of Section 1.1 or 1.2), irrespective of the date of delivery of the certificate or certificates
representing the Warrant Shares; provided that, if the date this Warrant is exercised is a date when the stock transfer books of
the Company are closed, a person will be deemed to have become the holder of record of such Warrant Shares at the close of business
on the next succeeding date on which the stock transfer books are open.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD>No fractional shares will be issued upon the exercise of this Warrant. In lieu of fractional shares, the Company will pay the
Holder a sum in cash equal to such fraction multiplied by the Exercise Price.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">3.</TD><TD><U>Covenants as to Warrant Shares</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">The Company covenants that at all times during the Exercise
Period there will be reserved for issuance and delivery on exercise of this Warrant the number of Warrant Shares as is necessary
for exercise in full of this Warrant and, from time to time, it will take all steps necessary to amend its Articles of Incorporation
to provide sufficient reserves of Warrant Shares. All Warrant Shares issued pursuant to the exercise of this Warrant will, on their
issuance, be validly issued and outstanding, fully paid and non-assessable, free and clear of all liens and other encumbrances
or restrictions on sale and free and clear of all pre-<BR>
</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in"><BR>
emptive rights, except restrictions arising (i) under federal and state securities
laws, (ii) not by or through the Company, or (iii) by agreement between the Company and the Holder or its successors.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD><U>Anti-Dilution Protection</U>.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD><U>Definitions</U>. For the purposes of this section 4, unless there is something in the subject matter or context inconsistent
therewith, the words and terms defined below shall have the respective meanings specified therefor in this subsection:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>&ldquo;<U>Common Shares</U>&rdquo; means shares of the Company which are of the same class as the Warrant Shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>&quot;<U>Current Market Price</U>&quot; of Warrant Shares at any date means the price per share equal to the weighted average
price at which the Common Shares have traded on the NYSE MKT or, if the Common Shares are not then listed on the NYSE MKT, on the
Toronto Stock Exchange or, if the Common Shares are not then listed on the Toronto Stock Exchange, on such other stock exchange
as may be selected by the directors of the Company for such purpose, during the period of twenty consecutive trading days ending
five business days before such date; provided that the weighted average price shall be determined by dividing the aggregate sale
price of all Common Shares sold on the said exchange during the said twenty consecutive trading days by the total number of Common
Shares so sold; and provided further that if the Common Shares are suspended from trading or have not traded on a stock exchange
for an extended period of time, the Current Market Price will be the fair market value of the Common Shares as determined by the
Company&rsquo;s directors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>&quot;<U>director</U>&quot; means a director of the Company for the time being and, unless otherwise specified herein, a reference
to action &quot;by the directors&quot; means action by the directors of the Company as a board or, whenever empowered, action by
the executive committee of such board; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>&quot;<U>trading day</U>&quot; with respect to a stock exchange or over-the-counter market means a day on which such stock
exchange or market is open for business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD><U>Adjustments</U>. The Exercise Price and the number of Warrant Shares issuable to the Holder pursuant to this Warrant Certificate
shall be subject to adjustment from time to time in the events and in the manner provided as follows:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>If at any time during the Exercise Period the Company shall:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>fix a record date for the issue of, or issue, Common Shares to the holders of all or substantially all of the outstanding Common
Shares by way of a stock dividend;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>fix a record date for the distribution to, or make a distribution to, the holders of all or substantially all of the Common
Shares payable in Common Shares or securities exchangeable or exercisable for or convertible into Common Shares;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>subdivide the outstanding Common Shares into a greater number of Common Shares; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>consolidate the outstanding Common Shares into a lesser number of Common Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">(any of such events in subsections (1), (2), (3) and
(4) above being herein called a &quot;<U>Common Share Reorganization</U>&quot;), the Exercise Price shall be adjusted on the earlier
of the record date on which holders of Common Shares are determined for the purposes of the Common Share Reorganization and the
effective date of the Common Share Reorganization to the amount determined by multiplying the Exercise Price in effect immediately
prior to such record date or effective date, as the case may be, by a fraction:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD>the numerator of which shall be the number of Common Shares outstanding on such record date or effective date, as the case
may be, before giving effect to such Common Share Reorganization; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD>the denominator of which shall be the number of Common Shares which will be outstanding immediately after giving effect to
such Common Share Reorganization (including in the case of a distribution of securities exchangeable or exercisable for or convertible
into Common Shares the number of Common Shares that would be outstanding had such securities all been exchanged or exercised for
or converted into Common Shares on such date).</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">To the extent that any adjustment in the Exercise Price
occurs pursuant to this section 4.2(a) as a result of the fixing by the Company of a record date for the distribution of securities
exchangeable or exercisable for or convertible into Common Shares, the Exercise Price shall be readjusted immediately after the
expiry of any relevant exchange, exercise or conversion right to the Exercise Price which would then be in effect based upon the
number of Common Shares actually issued and remaining issuable after such expiry and shall be further readjusted in such manner
upon the expiry of any further such right.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>If at any time during the Exercise Period there shall occur:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>a reclassification or redesignation of the Common Shares, any change of the Common Shares into other shares or securities or
any other capital reorganization involving the Common Shares other than a Common Share Reorganization;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>a consolidation, amalgamation or merger of the Company with or into any other body corporate which results in a reclassification
or redesignation of the Common Shares or a change of the Common Shares into other shares or securities; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>the transfer of the undertaking or assets of the Company as an entirety or substantially as an entirety to another corporation
or entity;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">(any of such events being herein called a &quot;<U>Capital
Reorganization</U>&quot;), after the effective date of the Capital Reorganization the Holder shall be entitled to receive, and
shall accept, for the same aggregate consideration, upon exercise of this Warrant, in lieu of the number of Warrant Shares which
the Holder was theretofore entitled to purchase or receive upon the exercise of this Warrant, the kind and aggregate number of
shares and other securities or property resulting from the Capital Reorganization which the Holder would have been entitled to
receive as a result of the Capital Reorganization if, on the effective date thereof, the Holder had been the registered holder
of the number of Warrant Shares to which the Holder was theretofore entitled to purchase or receive upon the exercise of this Warrant.
If necessary, as a result of any Capital Reorganization, appropriate adjustments shall be made in the application of the provisions
of this Warrant Certificate with respect to the rights and interest thereafter of the Holder to the end that the provisions of
this Warrant Certificate shall thereafter correspondingly be made applicable as nearly as may reasonably be possible in relation
to any shares or other securities or property thereafter deliverable upon the exercise of this Warrant.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>If at any time during the Exercise Period any adjustment or readjustment in the Exercise Price shall occur pursuant to the
provisions of section 4.2(a) hereof, then the number of Warrant Shares purchasable upon the subsequent exercise of this Warrant
shall be simultaneously adjusted or readjusted, as the case may be, by multiplying the number of Warrant Shares purchasable upon
the exercise of this Warrant immediately prior to such adjustment or readjustment by a fraction which shall be the reciprocal of
the fraction used in the adjustment or readjustment of the Exercise Price.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.3</TD><TD><U>Rules</U>. The following rules and procedures shall be applicable to adjustments made pursuant to subsection 4.2 of this
Warrant Certificate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Subject to the following provisions of this subsection 4.3, any adjustment made pursuant to subsection 4.2 hereof shall be
made successively whenever an event referred to therein shall occur.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>No adjustment in the Exercise Price shall be required unless the adjustment would result in a change of at least one per cent
in the Exercise Price then in effect and no adjustment shall be made in the number of Warrant Shares purchasable or issuable on
the exercise of this Warrant unless it would result in a change of at least one one-hundredth of a Common Share; provided, however,
that any adjustments which except for the provisions of this section 4.3(b) would otherwise have been required to be made shall
be carried forward and taken into account in any subsequent adjustment.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>If at any time during the Exercise Period the Company shall take any action affecting the Common Shares, other than an action
or an event described in subsection 4.2 hereof, which in the opinion of the directors would or could have a material adverse effect
upon the rights of the Holder under this Warrant Certificate, the Exercise Price and/or the number of Warrant Shares purchasable
under this Warrant Certificate shall be adjusted in such manner and at such time as the directors may determine to be equitable
in the circumstances. Failure of the taking of action by the directors so as to provide for an adjustment prior to the effective
date of any action by the Company affecting the Common Shares shall be deemed to be conclusive evidence that the directors have
determined that it is equitable to make no adjustment in the circumstances.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>No adjustment in the Exercise Price or in the number or kind of securities purchasable on the exercise of this Warrant shall
be made in respect of any event described in section 4 hereof if the Holder is entitled to participate in such event on the same
terms mutatis mutandis as if the Holder had exercised this Warrant prior to or on the record date or effective date, as the case
may be, of such event.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>If the directors of the Company set a record date to determine holders of Common Shares for the purpose of entitling such holders
to receive any dividend or distribution or any subscription or purchase rights and shall thereafter and before the distribution
to such holders of any such dividend, distribution or subscription or purchase rights legally abandon its plan to pay or deliver
such dividend, distribution or subscription or purchase rights, no adjustment in the Exercise Price or the number of Warrant Shares
purchasable upon the exercise of this Warrant shall be required by reason of the setting of such record date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>In any case in which this Warrant shall require that an adjustment shall become effective immediately after a record date for
an event referred to in subsection 4.2 hereof, the Company may defer, until the occurrence of such event:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>issuing to the Holder, to the extent that this Warrant is exercised after such record date and before the occurrence of such
event, the additional Warrant Shares issuable upon such exercise by reason of the adjustment required by such event; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>delivering to the Holder any distribution declared with respect to such additional Warrant Shares after such record date and
before such event;</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">provided, however, that the Company shall deliver to
the Holder an appropriate instrument evidencing the right of the Holder, upon the occurrence of the event requiring the adjustment,
to an adjustment in the Exercise Price and the number of Warrant Shares purchasable upon the exercise of this Warrant and to such
distribution declared with respect to any such additional Warrant Shares issuable on this exercise of this Warrant.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD>If a dispute shall at any time arise with respect to any adjustment of the Exercise Price or the number of Warrant Shares purchasable
pursuant to this Warrant Certificate, such dispute shall be conclusively determined by the auditors of the Company or if they are
unable or unwilling to act by such other firm of independent accountants as may be selected by the directors.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.4</TD><TD><U>Taking of Actions</U>. As a condition precedent to the taking of any action which would require an adjustment pursuant to
subsection 4.2 hereof the Company shall take any action which may, in the opinion of counsel, be necessary in order that the Company
may validly and legally issue as fully paid and non-assessable shares all of the Warrant Shares which the Holder is entitled to
receive in accordance with the provisions of this Warrant Certificate.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.5</TD><TD><U>Notice</U>. At least 21 days prior to any record date or effective date, as the case may be, for any event which requires
or might require an adjustment in any of the rights of the Holder under this Warrant, including the Exercise Price and the number
of Warrant Shares which are purchasable under this Warrant, the Company shall deliver to the Holder a certificate of the Company
specifying the particulars of such event and, if determinable, the required adjustment and the calculation of such adjustment.
In case any adjustment for which a notice in this subsection 4.5 has been given is not then determinable, the Company shall promptly
after such adjustment is determinable deliver to the Holder a certificate providing the calculation of such adjustment. The Company
hereby covenants and agrees that the register of transfers and transfer books for the Common Shares will be open, and that the
Company will not take any action which might deprive the Holder of the opportunity of exercising the rights of subscription contained
in this Warrant Certificate, during such 21 day period.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD><U>Compliance with Securities Laws Restrictions; Legend on Warrant Shares</U></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD>This Warrant and the securities issuable on exercise have not been registered under the Securities Act of 1933, as amended
(the &quot;<U>Securities Act</U>&rdquo;), or applicable state securities laws, and no interest may be sold, distributed, assigned,
offered, pledged or otherwise transferred unless (i) there is an effective registration statement under the Securities Act and
applicable state securities laws covering any transaction involving the securities, (ii) the Company receives an opinion of legal
counsel for the holder of the securities satisfactory to the Company stating that the transaction is exempt from registration,
or (iii) the Company otherwise satisfies itself that the transaction is exempt from registration. Despite any thing else contained
in clause&nbsp;5(a), the Company will not require the Holder to provide a legal opinion for transfers of this Warrant or the securities
issuable on exercise of this Warrant if a transfer is made in full compliance with Rule 144 of the Securities Act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD>The Holder of this Warrant hereby represents, warrants, covenants and acknowledges that:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(1)</TD><TD>this Warrant and the Warrant Shares to be issued on exercise hereof are being acquired for its own account for investment purposes
only and not with a view to resale or distribution of the Warrant Shares in any manner that is in violation of the Securities Act
or any applicable state securities laws; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 35.45pt">(2)</TD><TD>it agrees not to attempt any transfer of this Warrant or the Warrant Shares to be issued on exercise hereof without first complying
with the substance of the legend set forth in clause 5(c), and that satisfaction of the requirements set forth in such legend may,
if the Company so requests, depend in part upon an opinion of counsel reasonably acceptable in form and substance to the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD>The following legend setting out or referring to the restrictions in clause&nbsp;5(a) will be placed on this Warrant, any replacement
and any certificate representing the Warrant Shares, and a stop transfer order will be placed on the books of the Company and with
any transfer agent until the securities may be legally sold or otherwise transferred.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">THIS WARRANT AND THE SECURITIES ISSUABLE ON EXERCISE
HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, AND NO INTEREST
MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED UNLESS (A) THERE IS AN EFFECTIVE REGISTRATION STATEMENT
UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION INVOLVING SAID SECURITIES, (B) THE COMPANY RECEIVES
AN OPINION OF LEGAL COUNSEL FOR THE HOLDER OF THE SECURITIES SATISFACTORY TO THE COMPANY STATING THAT SUCH TRANSACTION IS EXEMPT
FROM REGISTRATION OR (C) THE COMPANY OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER
OF THIS SECURITY MUST NOT TRADE THE SECURITY IN CANADA BEFORE ____ DECEMBER 2012.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in">[The following will only be placed on certificates representing
Warrant Shares:] THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE TORONTO <BR>
</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in"><BR>
STOCK EXCHANGE (&quot;TSX&quot;); HOWEVER,
THE SAID SECURITIES CANNOT BE TRADED THROUGH THE FACILITIES OF THE TSX SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY
ANY CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT 'GOOD DELIVERY' IN SETTLEMENT OF TRANSACTIONS ON THE TSX.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 35.45pt; text-indent: -35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">6.</TD><TD><U>Exchange of Warrant; Lost or Damaged Warrant Certificate</U>. This Warrant is exchangeable on its surrender by the Holder
at the office of the Company. On receipt by the Company of satisfactory evidence of the loss, theft, destruction or damage of this
Warrant and either (in the case of loss, theft or destruction) delivery of an indemnity agreement reasonably satisfactory in form
and substance to the Company or (in the case of damage) the surrender of this Warrant for cancellation, the Company will execute
and deliver to the Holder, without charge, a new Warrant of like denomination.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD><U>Notices of Record Date, etc</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 35.45pt">In the event of.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(a)</TD><TD>any taking by the Company of a record of the holders of Warrant Shares for the purpose of determining the holders who are entitled
to receive any dividend or other distribution, or any right to subscribe for, purchase or otherwise acquire any shares or stock
of any class or any other securities or property, or to receive any other right;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(b)</TD><TD>any Reorganization of the Company, or any reclassification or recapitalization of the capital stock of the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(c)</TD><TD>any voluntary or involuntary dissolution, liquidation or winding-up of the Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(d)</TD><TD>any proposed issue or grant by the Company to the holders of Warrant Shares of any shares or stock of any class or any other
securities, or any right or warrant to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other
securities; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">(e)</TD><TD>any other event as to which the Company is required to give notice to any holders of Warrant Shares,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 35.45pt">then the Company will mail to the Holder a notice specifying
(i) in relation to clause&nbsp;7(a), the date on which any record is to be taken, (ii) in relation to clause&nbsp;7(b) and clause&nbsp;7(c),
the date on which any Reorganization, reclassification, recapitalization, dissolution, liquidation or winding-up is to take place,
and the time, if any is to be fixed, as to which the holders of record of Warrant Shares or securities into which the Warrant Shares
are convertible will be entitled to exchange their shares for securities or other property deliverable on such Reorganization,
reclassification, recapitalization, dissolution, liquidation or winding-up, (iii) in relation to clause&nbsp;7(d), the amount and
character of any stock or other securities, or rights or warrants, proposed to be issued or granted, the date the proposed issue
or grant and the persons or class of persons to whom the proposed issue or grant is to be offered or made, and (iv) in relation
to clause&nbsp;7(e), in reasonable detail, the facts, including the proposed date, concerning any other event. Such notice shall
be delivered to the Holder at least ten (10) business days prior to the date specified in the notice.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">8. &#9;<U>Miscellaneous</U>.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">8.1</TD><TD><U>Holder as Owner</U>. The Company may deem and treat the holder of record of this Warrant as the absolute owner for all purposes
regardless of any notice to the contrary.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">8.2</TD><TD><U>No Shareholder Rights</U>. This Warrant does not entitle the Holder to any voting rights or any other rights as a shareholder
of the Company or to any other rights except the rights stated in this Warrant; and no dividend or interest will be payable or
will accrue in respect of this Warrant or the Warrant Shares, until this Warrant is exercised.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">8.3</TD><TD><U>Notices</U>. Unless otherwise provided, any notice under this Warrant will be given in writing and will be deemed effectively
given (a) upon personal delivery to the party to be notified, (b) on confirmation of receipt by fax by the party to be notified,
(c) one business day after deposit with a reputable overnight courier, prepaid for overnight delivery and addressed as set out
in (d), or (d) three days after deposit with the United States Post Office, postage prepaid, registered or certified with return
receipt requested and addressed to the party to be notified at the address indicated below, or at any such other address as such
party may designate by twenty days' advance written notice to the other party given in the foregoing manner.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 35.45pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 35.45pt">If to the Holder:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 35.45pt">To the address last furnished<BR>
in writing to the Company by<BR>
the Holder</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 35.45pt">If to the Company:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 35.45pt">Solitario Exploration &amp; Royalty Corp.<BR>
4251 Kipling Street, Suite 390, Wheat Ridge, Colorado 80033, United States of America<BR>
<B>Telephone: </B>+1 303 534 1030<BR>
<B>Fax: </B>+1 303 534 1809</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">8.4</TD><TD><U>Amendments and Waivers</U>. Any term of this Warrant may be amended and the observance of any term may be waived (either
generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and
the Holder, subject to any necessary approval of any stock exchange or quotation system on which the Warrant Shares are then listed
and posted (or quoted) for trading, as applicable. Any amendment or waiver effected in accordance with this Section 8.4 will be
binding on each future Holder and the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">8.5</TD><TD><U>Governing Law; Jurisdiction; Venue</U>. This Warrant will be governed by and construed under the laws of the State of Colorado
without regard to principles of conflict of laws. The parties irrevocably consent to the exclusive jurisdiction and venue of the
state and federal courts located in the City and County of Denver, Colorado, in connection with any action relating to this Warrant.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">8.6</TD><TD><U>Successors and Assigns</U>. The terms and conditions of this Warrant shall inure to the benefit of and be binding on the
respective successors and assigns of the parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">IN WITNESS WHEREOF, the Company has executed this Warrant as
of the date first written above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: right">Solitario Exploration &amp; Royalty Corp.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: right">By: /s/ Christopher E. Herald</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: right">Name: Christopher E. Herald</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: right">Title: CEO______________</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: right"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">Exhibit A - NOTICE OF CASH EXERCISE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">To: &#9;Solitario Exploration &amp; Royalty Corp.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 141.8pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The undersigned hereby irrevocably elects to purchase [________]
shares of $0.01 per share par value common stock of Solitario Exploration &amp; Royalty Corp. (the &quot;<U>Company</U>&quot;)
issuable on the exercise of the attached Warrant and requests that certificates for these shares be issued in the name of and delivered
to the address of the undersigned, at the address stated below and, if the number of shares set out in this notice are not all
the shares that may be purchased pursuant to the attached Warrant, that a new Warrant evidencing the right to purchase the balance
of the shares be registered in the name of, and delivered to, the undersigned at the address stated below. The undersigned agrees
with and represents to the Company that the shares of the common stock of the Company are acquired for the account of the undersigned
for investment purposes only and not with a view to resale or distribution in any manner that is in violation of the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) or any applicable state securities laws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>[Payment enclosed in the amount of $______.]</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>[Company Debt cancelled in the amount of $______.]</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Dated: ________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Name of Holder of Warrant:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&#9;(please print) &#9;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Address:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Signature:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 141.8pt">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 141.8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: center">Exhibit B - NOTICE OF NET ISSUANCE EXERCISE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">To: &#9;Solitario Exploration &amp; Royalty Corp.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">The undersigned hereby irrevocably elects to convert that amount
of the attached Warrant as specified below into the specified number of shares of $________ per share par value common stock of
Solitario Exploration &amp; Royalty Corp. (the &quot;Company&quot;) as is determined pursuant to Section 1.2 of the attached Warrant.
The undersigned requests that certificates for the net issuance shares be issued in the name of and delivered to the address of
the undersigned, at the address stated below. The undersigned agrees with and represents to the Company that the shares of the
common stock of the Company are acquired for the account of the undersigned for investment purposes only and not with a view to
resale or distribution any manner that is in violation of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;)
or any other applicable state securities laws.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Dated:________________</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Name of Holder of Warrant:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&#9;(please print)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Number of Shares to be Converted:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Address:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Signature:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>



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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exh993.htm
<TEXT>
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<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 35%; padding-bottom: 30pt; font-size: 18pt; text-align: right">Agreement</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">Execution Version</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 22pt">Security agreement</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Solitario Exploration &amp; Royalty Corp.</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">RMB Australia Holdings Limited</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">RMB Resources Inc.</P></TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">david.walton@freehills.com</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right"></P>

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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">Contents</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 12pt; border-bottom: Black 1pt solid">Table of contents</P>


<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="padding-right: 5.4pt; font-weight: bold">1</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Definitions and interpretations</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt">1.1</TD>
    <TD STYLE="width: 68%; padding-right: 5.4pt">Definitions</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">1.2</TD>
    <TD STYLE="padding-right: 5.4pt">Interpretation</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">1.3</TD>
    <TD STYLE="padding-right: 5.4pt">Inconsistency with Pledge Agreement</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">2</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Grant of security interest</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">3</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Authorization to file financing statements</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">4</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Other actions</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">4.1</TD>
    <TD STYLE="padding-right: 5.4pt">Promissory notes and tangible chattel paper</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">4.2</TD>
    <TD STYLE="padding-right: 5.4pt">Deposit accounts</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">4.3</TD>
    <TD STYLE="padding-right: 5.4pt">Investment property</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">4.4</TD>
    <TD STYLE="padding-right: 5.4pt">Collateral in the possession of a bailee</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">4.5</TD>
    <TD STYLE="padding-right: 5.4pt">Electronic chattel paper and transferable records</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">10</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">4.6</TD>
    <TD STYLE="padding-right: 5.4pt">Letter-of-credit rights</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">4.7</TD>
    <TD STYLE="padding-right: 5.4pt">Commercial tort claims</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">4.8</TD>
    <TD STYLE="padding-right: 5.4pt">Other Actions as to any and all Collateral</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">5</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Relation to other security documents</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">6</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Representations and warranties concerning Debtoris legal status</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">7</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Covenants concerning Debtoris legal status</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">8</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Representations and warranties concerning Collateral, etc.</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">9</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Covenants concerning Collateral, etc.</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">10</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Insurance</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">11</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Collateral protection expenses; preservation of Collateral</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">11.1</TD>
    <TD STYLE="padding-right: 5.4pt">Expenses incurred by Secured Party</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">11.2</TD>
    <TD STYLE="padding-right: 5.4pt">Secured Party's Obligations and duties</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">12</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Securities and deposits</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">13</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Notification to account debtors and other persons obligated on Collateral</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">14</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Power of attorney</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">14.1</TD>
    <TD STYLE="padding-right: 5.4pt">Appointment of powers and Secured Party</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">14.2</TD>
    <TD STYLE="padding-right: 5.4pt">Ratification by Debtor</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">14.3</TD>
    <TD STYLE="padding-right: 5.4pt">No duty on Secured Party</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: right">16</TD></TR>
</TABLE>


<P STYLE="margin: 0"></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="width: 6%; padding-right: 5.4pt; font-weight: bold">15</TD>
    <TD STYLE="width: 88%; padding-right: 5.4pt; font-weight: bold">Rights and remedies</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; font-weight: bold; text-align: right">16</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">16</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">Standards for exercising rights and remedies</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">17</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">No waiver by Secured Party, etc.</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">18</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">18</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">Suretyship waivers by Debtor</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">18</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">19</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">Marshalling</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">18</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">20</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">Proceeds of dispositions</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">21</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">Indemnity and expenses</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">22</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">Continuing security interest</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">19</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">23</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">Overdue amounts</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">20</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">24</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">Governing law, consent to jurisdiction</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">20</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">25</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">Waiver of jury trial</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">26</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">Notices</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">27</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">Miscellaneous</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">21</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 12pt; font-weight: bold">Exhibit A</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 12pt; font-weight: bold">Exhibit B</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-size: 12pt; font-weight: bold">Exhibit C</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">The agreement</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 12pt; border-bottom: Black 1pt solid">Security agreement</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 0.25in 42.55pt"><FONT STYLE="font-size: 11pt">Date </FONT><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&#9658;</FONT>
August 10, 2012</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: 28%; border-bottom: #262626 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">Between the parties</TD>
    <TD STYLE="width: 72%; border-bottom: #262626 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">Debtor</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Solitario Exploration &amp; Royalty Corp.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">a corporation existing under the laws of Colorado, United States
        of America of 4251 Kipling St, Suite 390, Wheat Ridge, Colorado 80033, United States of America</P>
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">(</FONT>Debtor<FONT STYLE="font-weight: normal">)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">Secured Party</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">RMB Australia Holdings Limited</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">ACN 003 201 214 of Level 13, 60 Castlereagh Street, Sydney,
        New South Wales 2000, Australia</P>
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">(</FONT>RMBAH<FONT STYLE="font-weight: normal">,
        a </FONT>Secured Party<FONT STYLE="font-weight: normal">, and</FONT> <FONT STYLE="font-weight: normal">collectively with </FONT>RMBR<FONT STYLE="font-weight: normal">,
        the </FONT>Secured Party<FONT STYLE="font-weight: normal">)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">Secured Party</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">RMB Resources Inc.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">77 Water Street, 8th Floor, New York, New York 10005, United
        States of America</P>
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">(</FONT>RMBR<FONT STYLE="font-weight: normal">,
        a </FONT>Secured Party<FONT STYLE="font-weight: normal">, and collectively with</FONT> RMBAH<FONT STYLE="font-weight: normal">,
        the</FONT> Secured Party<FONT STYLE="font-weight: normal">)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">Background</TD>
    <TD STYLE="padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="letter-spacing: -0.05pt">The Debtor has entered into a Facility Agreement (</FONT><B>Facility Agreement</B><I>)
        </I>with the Secured Party <FONT STYLE="letter-spacing: -0.1pt">pursuant to which the Secured Party has agreed to make loans to
        the Debtor in accordance with the </FONT>terms of the Facility Agreement.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>The parties have entered into the Facility Agreement for the purpose of partially funding pre-development work and exploration
        programs relating to the Mt Hamilton Gold Project located in White Pine County, Nevada (the <B>Project</B>) as well as for agreed
        general corporate purposes.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>It is a condition precedent to the Secured Party making any loans to the Debtor under the Facility Agreement that the Debtor
        execute and deliver to the Secured Party a security agreement in substantially the form hereof.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>The Debtor wishes to grant a security interest in favor of the Secured Party as herein provided.</P></TD></TR>
</TABLE>

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: #4D4D4D 1pt solid; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; width: 28%">The parties agree</TD>
    <TD STYLE="border-top: #4D4D4D 1pt solid; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; width: 72%">in consideration of the promises contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:</TD></TR>
</TABLE>


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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">Operative part</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1</TD><TD>Definitions and interpretations</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.1</TD><TD>Definitions</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>All capitalized terms used herein without definitions shall have the meaning given to them in the Facility Agreement.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>All terms defined in the Uniform Commercial Code of Colorado (Colorado Revised Statutes 4-9-101 et seq., the <B>Code</B>) and
used herein shall have the same meanings in this Agreement as specified in the Code. However, if a term is defined in Article 9
of the Code differently than in another Article of the Code, the term shall have the meaning specified in Article 9.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>The term <B>Default</B>, as used herein, has the meaning ascribed to the term &lsquo;Event of Default&rsquo; in the Facility
Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>The term <B>Obligations</B>, as used herein, means all of the indebtedness, obligations and liabilities of the Debtor to the
Secured Party, individually or collectively, whether direct or indirect, joint or several, absolute or contingent, due or to become
due, now existing or hereafter arising under or in respect of the Facility Agreement, or any other instruments or agreements executed
and delivered pursuant thereto or in connection therewith, or this Agreement, and shall specifically include (1) the Secured Moneys;
and (2) all future advances made by the Secured Party pursuant to the Transaction Documents for taxes, levies, insurance and repairs
to or maintenance of the Collateral.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>The term <B>Person</B>, as used herein, means (1) an individual; and (2) a partnership, corporation (including a business trust),
joint stock company, limited liability corporation or company, limited liability partnership, trust, unincorporated association,
joint venture or other entity formed under the laws of any particular state for the purpose of conducting business, or any trustee,
receiver, custodian or similar official and/or a government or any political subdivision or agency thereof.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD>The term <B>Transaction<I> </I>Document</B>, as used herein, means (1) this Agreement; (2) the Facility Agreement; (3) the
Promissory Note; (4) each Transaction Document as defined in the Facility Agreement; (5) any document which the Debtor and the
Secured Party agree, now or in the future, is a Transaction Document for the purposes of this Agreement; and (6) any other agreement,
instrument, or other document entered into, given or executed under any of the foregoing, in each case as amended, restated or
otherwise modified from time to time.<B> </B></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.2</TD><TD>Interpretation</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular and to the singular
include the plural, the part includes the whole, the term &lsquo;including&rsquo; is not limiting, and the term &lsquo;or&rsquo;
has, except where otherwise indicated, the inclusive meaning represented by the phrase &lsquo;and/or.&rsquo; The words &lsquo;hereof,&rsquo;
&lsquo;herein,&rsquo; &lsquo;hereby,&rsquo; &lsquo;hereunder,&rsquo; and other similar terms in this Agreement refer to this Agreement
as a whole and not exclusively to any particular provision of this Agreement. Article, Section, subsection, exhibit, and schedule
references are to this Agreement unless otherwise specified. All of the exhibits or schedules attached to this Agreement shall
be deemed incorporated herein by reference. Any reference to any of the following documents includes any and all alterations, amendments,
restatements, extensions, modifications, renewals, or supplements thereto or thereof, as applicable: this Agreement, the Facility
Agreement, or any of the other Transaction Documents.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against the Secured Party or
the Debtor, whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by both of the
parties and their respective counsel and shall be construed and interpreted according to the ordinary meaning of the words used
so as to fairly accomplish the purposes and intentions of the parties hereto.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>In the event of any direct conflict between the express terms and provisions of this Agreement and of the Facility Agreement,
the terms and provisions of the Facility Agreement shall control.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>Without limiting section 1.2(c) or the terms of this Agreement, the parties acknowledge that the ability of the Debtor to Encumber the Collateral
and Dispose of the Collateral, and the events upon which the Secured Party may enforce this Agreement and foreclose with respect
to the Collateral, are governed by the express terms of the Facility Agreement and nothing in this Agreement restricts the Debtor&rsquo;s
ability to do anything expressly permitted by the terms of the Facility Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.3</TD><TD>Inconsistency with Pledge Agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">In the event of any inconsistency between a provision
of this Agreement and a provision of the Pledge Agreement (as it relates to the &lsquo;Collateral&rsquo;, as that expression is
defined in the Pledge Agreement), the provision of the Pledge Agreement prevails to the extent of the inconsistency.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">2</TD><TD>Grant of security interest</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>To secure the payment and performance in full of all of the Obligations, the Debtor hereby grants to the Secured Party a
                                                             security interest in and so pledges and assigns to the Secured Party the following properties, assets and rights of the
                                                             Debtor, wherever located, whether now owned or hereafter acquired or arising, any and all additions and accessions thereto
                                                             and all substitutions and replacements therefore, and all proceeds and products thereof (all of the same being hereinafter
                                                             called the <B>Collateral</B>): all personal and fixture property of any kind or nature including without limitation all goods
                                                             (including inventory, equipment and any accessions thereto), instruments (including promissory notes), documents, accounts,
                                                             deposit accounts, chattel paper (whether tangible or electronic), letter-of-credit rights (whether or not the letter of
                                                             credit is evidenced by a writing), commercial tort claims (whether pending now or arising in the future), securities and all
                                                             other investment property, supporting obligations, any other contract rights or rights to the payment of money, insurance
                                                             claims and proceeds, all general intangibles (including all payment intangibles), and all as-extracted collateral. The
                                                             Secured Party acknowledges that the attachment of its security interest in any future or additional commercial tort claim as
                                                             original collateral is subject to the Debtor's compliance with Section 4.7 . The Collateral includes those items specifically identified on Exhibit A attached hereto and by this reference
incorporated herein; <I>provided, however,</I> that the identification of specific Collateral on Exhibit A shall not be construed
to exclude any property, right or interest not specifically identified on Exhibit A, including those hereafter acquired, from inclusion
in the Collateral encumbered hereby. The Collateral excludes all property which is Excluded Property, for so long as that property
qualifies as Excluded Property in accordance with sections 2(b) and 2(c) hereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Subject to section 2(c) , in this Agreement, the expression &lsquo;Excluded Property&rsquo; means the following:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>Framework Agreement for the Exploration and Potential Development of Mining Properties dated March 23, 2007 by and among Minera
Bongara S.A., Minera Solitario Peru S.A.C. and Solitario Resources Corp., S.A., and any joint venture agreement or similar arrangement
entered into under that agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>Framework Agreement for the Exploration and Potential Development of Mining Properties dated April 4, 2008 by and among Minera
Chambara S.A.C., Minera Solitario Peru S.A.C., Solitario Resources Corp., S.A. and Votorantim-Metais Cajamarquilla S.A., and any
joint venture agreement or similar arrangement entered into under that agreement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>Alliance Agreement dated 18 January, 2005 by and among Newmont Overseas Exploration Limited and Solitario Resources Corporation,
and any other related agreements entered into under, and for the purpose of giving effect to, that agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">(c)</TD><TD>If:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>an item of Excluded Property consists of rights under any agreement or other property interest which cannot be encumbered by
this Agreement as a result of the requirement of any consent of a party to that agreement or owner of such property interest other
than the Debtor and the consent of the relevant parties to that agreement or owner(s) of such property interests to those rights
or property interests being encumbered by this Agreement is obtained or ceases to be required, then the relevant rights are taken
to cease to be Excluded Property and are taken to be part of the Collateral with immediate effect from the time the relevant consent
is given; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>any rights under any agreement or other property interest are included in the definition of Excluded Property but do not require
the consent of a party to that agreement or owner of such property interest in order to be encumbered by this Agreement, then the
relevant rights are taken to cease to be Excluded Property and are taken to be part of the Collateral with immediate effect (as
applicable).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.5pt">(d)</TD><TD>When section 2(c) applies and property becomes part of the Collateral in accordance with that section, the Debtor will make,
sign and execute all documents and perform all acts and do all things reasonably required by the Secured Party to perfect its security
with respect to that property.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">3</TD><TD>Authorization to file financing statements</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Debtor hereby irrevocably authorizes <FONT STYLE="letter-spacing: -0.05pt">the
Secured Party at any time and from time to time to file in any filing office in any Uniform Commercial Code jurisdiction any initial
financing statements and amendments thereto that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>indicate the Collateral:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="letter-spacing: -0.1pt">(1)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.1pt">as all assets of the Debtor or words of similar effect, regardless of whether any particular
asset comprised in the Collateral falls within the scope of Article 9 of the Code or the Uniform Commercial Code of any other such
jurisdiction; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD><FONT STYLE="letter-spacing: -0.1pt">as being of an equal or lesser scope or with greater detail; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>provide any other information required by Part 5 of Article 9 of the Code, or the Uniform Commercial Code of any other such
jurisdiction, for the sufficiency or filing office acceptance of any financing statement or amendment, including:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="letter-spacing: -0.1pt">(1)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.1pt">whether the Debtor is an organization, the type of organization and any organizational
identification number issued to the Debtor; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="letter-spacing: -0.05pt">(2)</FONT></TD><TD><FONT STYLE="letter-spacing: -0.1pt">in the case of a financing statement filed as a fixture filing or indicating Collateral
as as-extracted collateral, a sufficient description of real property to which the Collateral relates. The Debtor agrees to furnish
any such information to the Secured Party promptly upon the Secured Party's request. The Debtor also ratifies its authorization
for the Secured Party to have filed in any Uniform Commercial Code jurisdiction any like initial financing statements or amendments
thereto if filed prior to the date hereof.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4</TD><TD>Other actions</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">To further the attachment, perfection and first priority
(such priority subject only to any Permitted Encumbrance created voluntarily by the Debtor or arising involuntarily by operation
of law which in either case by its terms or by operation of law ranks in priority senior to this Agreement) of, and the ability
of the Secured Party to enforce, the Secured Party's security interest in the Collateral, and <FONT STYLE="letter-spacing: -0.05pt">without
limitation on the Debtor's other obligations in this Agreement, the Debtor agrees, in each case at the Debtor's expense, to take
the following actions with respect to the following </FONT>Collateral.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="letter-spacing: -0.15pt">4.1</FONT></TD><TD>Promissory notes and tangible chattel paper</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">If the Debtor shall at any time hold or acquire any
promissory notes or tangible chattel paper, the Debtor shall forthwith <FONT STYLE="letter-spacing: -0.1pt">endorse, assign and
deliver the originals of the same to the Secured Party, accompanied by such instruments of transfer or assignment duly executed
in blank as the Secured Party may from time </FONT>to time specify.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4.2</TD><TD>Deposit accounts</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>For each deposit account that the Debtor at any time opens or maintains, following the occurrence of a Default and while it
is continuing, the Debtor shall, at the Secured Party's request and option, pursuant to an agreement in form and substance satisfactory
to the Secured Party, either:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="letter-spacing: -0.1pt">(1)</FONT></TD><TD>use commercially reasonable efforts to cause the depositary bank to comply at any time with instructions from the Secured Party
to such depositary bank directing the disposition of funds from time to time credited to such deposit account, without further
consent of the Debtor; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="letter-spacing: -0.1pt">(2)</FONT></TD><TD>arrange for the Secured Party to become the customer of the depositary bank with respect to the deposit account, with the Debtor
being permitted, only with <FONT STYLE="letter-spacing: -0.1pt">the consent of the Secured Party, to exercise rights to withdraw
funds from such deposit account. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="letter-spacing: -0.1pt">(b)</FONT></TD><TD>The provisions of this Section 4.2 shall not apply to:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>any deposit account for which the Debtor, the depositary bank and the Secured Party have entered into a cash collateral agreement
specially negotiated among the Debtor, the depositary bank and the Secured Party for the specific purpose set forth therein;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>a deposit account for which the Secured Party is the depositary bank and is in automatic control; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>deposit accounts specially and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to
or for the benefit of the Debtor's salaried employees.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4.3</TD><TD>Investment property</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Subject to the terms and conditions of Section 4.3(d) hereof, if the Debtor shall at any time hold or acquire any certificated securities, the Debtor shall forthwith
endorse, assign and deliver the same to the Secured Party, accompanied by such instruments of transfer or assignment duly executed
in blank as the Secured Party may from time to time specify.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>If any securities now or hereafter acquired by the Debtor are uncertificated and are issued to the Debtor or its nominee directly
by the issuer thereof, the Debtor shall immediately notify the Secured Party thereof and, at the Secured Party's request and option,
pursuant to an agreement in form and substance satisfactory to the Secured Party but subject to the terms and conditions of Section
4.3(d) hereof, either:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>cause the issuer to agree to comply with instructions from the Secured Party as to such securities, without further consent
of the Debtor or such nominee; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>arrange for the Secured Party to become the registered owner of the securities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>If any securities, whether certificated or uncertificated, or other investment property now or hereafter acquired by the Debtor
are held by the Debtor or its nominee through a securities intermediary or commodity intermediary, the Debtor shall immediately
notify the Secured Party thereof and, at the Secured Party's request and option, pursuant to an agreement in form and substance
satisfactory to the Secured Party, either:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>cause such securities intermediary or (as the case may be) commodity intermediary to agree to comply with entitlement orders
or other instructions from the Secured Party to such securities intermediary as to such securities or other investment property,
or (as the case may be) to apply any value distributed on account of any commodity contract as directed by the Secured Party to
such commodity intermediary, in each case without further consent of the Debtor or such nominee; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>in the case of financial assets or other investment property held through a securities intermediary, arrange for the Secured
Party to become the entitlement holder with respect to such investment property, with the Debtor being permitted, only with the
consent of the Secured Party, to exercise rights to withdraw or otherwise deal with such investment property. The provisions of
this paragraph shall not apply to any financial assets credited to a securities account for which the Secured Party is the securities
intermediary.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>The foregoing notwithstanding, nothing in this Agreement shall impair, prohibit, limit or restrict Debtor&rsquo;s right to
freely Dispose of or Encumber Marketable Securities or other Collateral if such Disposal is a Permitted Disposal or if such Encumbrance
is a Permitted Encumbrance, nor obligate the Debtor to certificate any of its Ownership Interest in MHLLC.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4.4</TD><TD>Collateral in the possession of a bailee</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"><FONT STYLE="letter-spacing: -0.05pt">If any Collateral
is at any time in the possession of a bailee, the Debtor shall promptly notify the Secured Party thereof and, at the </FONT><FONT STYLE="letter-spacing: -0.1pt">Secured
Party's request and option, shall promptly obtain an acknowledgement from the bailee, in form and substance satisfactory to the
Secured Party, that the bailee holds such Collateral for the benefit of the Secured Party, and that such bailee agrees to comply,
without further consent of the Debtor, with instructions from the Secured Party as to such Collateral.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4.5</TD><TD>Electronic chattel paper and transferable records</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>If the Debtor at any time holds or acquires an interest in any electronic chattel paper or any &lsquo;transferable record&rsquo;
(as that term is defined in Section 201 of the federal Electronic Signatures in Global and National Commerce Act, or in Section
16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction) the Debtor shall promptly notify the Secured
Party thereof and, at the request and option of the Secured Party, shall take such action as the Secured Party may reasonably request
to vest in the Secured Party control, under Section 9-105 of the Code, of such electronic chattel paper or control under Section
201 of the Federal Electronic Signatures in Global and National Commerce Act or, as the case maybe, Section 16 of the Uniform Electronic
Transactions Act, as so in effect in such jurisdiction, of such transferable record.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The Secured Party agrees with the Debtor that the Secured Party will arrange, pursuant to procedures satisfactory to the Secured
Party and so long as such procedures will not result in the Secured Party's loss of control, for the Debtor to make alterations
to the electronic chattel paper or transferable record permitted under Section 9-105 of the Code or, as the case may be, Section
201 of the Federal Electronic Signatures in Global and National Commerce Act or Section 16 of the Uniform Electronic Transactions
Act for a party in control to make without loss of control, unless a Default has occurred and is continuing or would occur after
taking into account any action by the Debtor with respect to such electronic chattel paper or transferable record.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4.6</TD><TD>Letter-of-credit rights</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"><FONT STYLE="letter-spacing: -0.1pt">If the Debtor
is at any time a beneficiary under a letter </FONT><FONT STYLE="letter-spacing: -0.05pt">of credit, the Debtor shall promptly notify
the Secured Party thereof and, at the request and option of the Secured Party, the Debtor shall, pursuant to an agreement in form
and substance satisfactory to the Secured Party, either:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>arrange for the issuer and any confirmer or other nominated person of such letter of credit to consent to an assignment to
the Secured Party of the proceeds of the letter of credit; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>arrange for the Secured Party to become the transferee beneficiary of the letter of credit,</TD></TR></TABLE>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 42.55pt; text-indent: 0in">with the Secured Party agreeing,
in each case, that the proceeds of the letter of credit are to be applied as provided in the Facility Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4.7</TD><TD>Commercial tort claims</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">If the Debtor shall at any time hold or acquire a <FONT STYLE="letter-spacing: -0.1pt">commercial
tort claim, the Debtor shall immediately notify the Secured Party in a writing signed by the Debtor of the particulars thereof
and grant to the Secured Party in such writing a security </FONT><FONT STYLE="letter-spacing: -0.05pt">interest therein and in
the proceeds thereof, all upon the terms of this Agreement, with such </FONT>writing to be in form and substance satisfactory to
the Secured Party.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4.8</TD><TD>Other actions as to any and all Collateral</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Debtor further agrees, at the <FONT STYLE="letter-spacing: -0.05pt">request
and option of the Secured Party, to take any and all other actions the Secured Party may determine to be necessary or useful for
the attachment, perfection and first priority (such priority </FONT>subject only to any Permitted Encumbrance created voluntarily
by the Debtor or arising involuntarily by operation of law which in either case by its terms or by operation of law ranks in priority
senior to this Agreement<FONT STYLE="letter-spacing: -0.05pt">) of, and the ability of the Secured Party to enforce, the Secured
Party's security interest in any and all of the Collateral, including without limitation:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>executing, delivering and, where appropriate, filing financing statements and amendments relating thereto under the Code, to
the extent, if any, that the Debtor's signature thereon is required therefore;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>causing the Secured Party's name to be noted as secured party on any certificate of title for a titled good if such notation
is a condition to attachment, perfection or priority of, or ability of the Secured Party to enforce, the Secured Party's security
interest in such Collateral;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>complying with any provision of any statute, regulation or treaty of the United States as to any Collateral if compliance with
such provision is a condition to attachment, perfection or priority of, or ability of the Secured Party to enforce, the Secured
Party's security interest in such Collateral;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>obtaining governmental and other third party waivers, consents and approvals in form and substance satisfactory to Secured
Party, including, without limitation, any consent of any licensor, lessor or other person obligated on Collateral;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>obtaining waivers from mortgagees and landlords in form and substance satisfactory to the Secured Party; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD>taking all actions under any earlier versions of the Code or under any other law, as reasonably determined by the Secured Party
to be applicable in the Code or the Uniform Commercial Code of any other jurisdiction, including any foreign jurisdiction.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">5</TD><TD>Relation to other security documents</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The provisions of this Agreement supplement <FONT STYLE="letter-spacing: -0.05pt">the
provisions of any real estate mortgage granted by the Debtor to the Secured Party which secures the payment or performance of any
of the Obligations. Nothing contained in </FONT><FONT STYLE="letter-spacing: -0.1pt">any such real estate mortgage shall derogate
from any of the rights or remedies of </FONT>the Secured Party hereunder. In addition to the provisions of this Agreement being
so read and <FONT STYLE="letter-spacing: -0.1pt">construed with any such mortgage, the provisions of this Agreement shall be read
</FONT><FONT STYLE="letter-spacing: -0.05pt">and construed with the other Security Documents referred to below in the manner so
indicated.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6</TD><TD>Representations and warranties concerning Debtor&rsquo;s legal status</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Debtor has <FONT STYLE="letter-spacing: -0.05pt">previously
or concurrently herewith delivered to the Secured Party a certificate signed by the Debtor and entitled &ldquo;Perfection Certificate&rdquo;
(the <B>Perfection Certificate</B>). The Debtor represents </FONT>and warrants to the Secured Party as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>the Debtor's exact legal name is that indicated on the Perfection Certificate and on the signature page hereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>the Debtor is an organization of the type, and is organized in the jurisdiction set forth in, the Perfection Certificate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>the Perfection Certificate accurately sets forth the Debtor's organizational identification number or accurately states that
the Debtor has none;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>the Perfection Certificate accurately sets forth the Debtor's place of business or, if more than one, its chief executive office,
as well as the Debtor's mailing address, if different;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>all other information set forth on the Perfection Certificate pertaining to the Debtor is accurate and complete; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD>that there has been no change in any information provided in the Perfection Certificate since the date on which it was executed
by the Debtor.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">7</TD><TD>Covenants concerning Debtor&rsquo;s legal status</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Debtor covenants with the Secured <FONT STYLE="letter-spacing: -0.1pt">Party
as follows:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>the Debtor will not, without the prior written consent of Secured Party (not to be unreasonably withheld), change its name,
its place of business or, if more than one, chief executive office, or its mailing address or organizational identification number
if it has one;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>if the Debtor does not have an organizational identification number and later obtains one, the Debtor shall forthwith notify
the Secured Party of such organizational identification number; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>the Debtor will not, without the prior written consent of Secured Party change its type of organization, jurisdiction of organization
or other legal structure.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">8</TD><TD>Representations and warranties concerning Collateral, etc</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Debtor further <FONT STYLE="letter-spacing: -0.05pt">represents
and warrants to the Secured Party as follows:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>the Debtor is the owner of or has other rights in or power to transfer the Collateral, free from any right or claim of any
person or any adverse lien, security interest or other encumbrance, except for the security interest created by this Agreement
and Permitted Encumbrances;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>none of the account debtors or other persons obligated on any of the Collateral is a governmental authority covered by the
Federal Assignment of Claims Act or like federal, state or local statute or rule in respect of such Collateral;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>the Debtor holds no commercial tort claim except as indicated on the Perfection Certificate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>the Debtor has at all times operated its business in compliance with all applicable provisions of the Federal Fair Labor Standards
Act, as amended, and with all applicable provisions of federal, state and local statutes and ordinances dealing with the control,
shipment, storage or disposal of hazardous materials or substances;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>all other information set forth on the Perfection Certificate pertaining to the Collateral is accurate and complete; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD>that there has been no change in any information provided in the Perfection Certificate since the date on which it was executed
by the Debtor.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9</TD><TD>Covenants concerning Collateral, etc</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Debtor further covenants with the Secured <FONT STYLE="letter-spacing: -0.05pt">Party
as follows:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>the Collateral, to the extent not delivered to the Secured Party pursuant to Section 4 , will be kept at those locations listed on the Perfection Certificate and the Debtor will not remove the
Collateral from such locations, without providing at least 30 days prior written notice to the Secured Party;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>except for the security interest herein granted and Permitted Encumbrances, if any, the Debtor shall be the owner of or have
other rights in the Collateral free from any right or claim of any other person, lien, security interest or other encumbrance,
and the Debtor shall defend the same against all claims and demands of all persons at any time claiming the same or any interests
therein adverse to the Secured Party;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>the Debtor shall not pledge, mortgage or create, or suffer to exist any right of any person in or claim by any person to the
Collateral, or any security interest, lien or encumbrance in the Collateral in favor of any person, other than the Secured Party,
except for Permitted Encumbrances;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>the Debtor will keep the Collateral in good order and repair and will not use the same in violation of law or any policy of
insurance thereon;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>as provided in the Facility Agreement, the Debtor will permit the Secured Party, or its designee, to inspect the Collateral
at any reasonable time, wherever located;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD>the Debtor will pay promptly when due all taxes, assessments, governmental charges and levies upon the Collateral or incurred
in connection with the use or operation of such Collateral or incurred in connection with this Agreement, except where the tax,
assessment, governmental charge or levy has not been paid because (and for so long as) clause 9.13 of the Facility Agreement applies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(g)</TD><TD>the Debtor will continue to operate its business in compliance with all applicable provisions of the Federal Fair Labor Standards
Act, as amended, and with all applicable provisions of federal, state and local statutes and ordinances dealing with the control,
shipment, storage or disposal of hazardous materials or substances; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(h)</TD><TD>the Debtor will not Dispose, or offer to Dispose, of the Collateral or any interest therein except for a Disposal (which is
not a Disposal of a Project Asset) of Collateral which is a Permitted Disposal.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">10</TD><TD>Insurance</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Debtor will obtain and maintain with financially
sound and reputable <FONT STYLE="letter-spacing: -0.1pt">insurers insurance of such types, in such amounts, and on such terms,
as shall be required by the </FONT>Facility Agreement.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">11</TD><TD>Collateral protection expenses; preservation of Collateral</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">11.1</TD><TD>Expenses incurred by Secured Party</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">In the Secured Party's discretion, if the <FONT STYLE="letter-spacing: -0.1pt">Debtor
fails to do so, the Secured Party may discharge taxes and other encumbrances at any time levied or placed on any of the Collateral,
maintain any of the Collateral, make repairs thereto, </FONT><FONT STYLE="letter-spacing: -0.05pt">pay any necessary filing fees
or insurance premiums and incur any expense in protecting, preserving or enforcing the Secured Party&rsquo;s rights and remedies
under or in respect of any of the Obligations or any of the Collateral. The Debtor agrees to reimburse the Secured Party on demand
for all expenditures so made, including attorneys&rsquo; fees and disbursements. The Secured Party shall have no obligation to
the Debtor to make any such expenditures, nor shall the making thereof be </FONT>construed as the waiver or cure of any Default.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">11.2</TD><TD>Secured Party's Obligations and duties</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Anything herein to the contrary <FONT STYLE="letter-spacing: -0.05pt">notwithstanding,
the Debtor shall remain obligated and liable under each contract or agreement comprising the Collateral to be observed or performed
by the Debtor thereunder. The Secured Party shall not have any obligation or liability under any such contract or agreement by
reason of or arising out of this Agreement or the receipt by the Secured Party of any payment relating to any of the Collateral,
nor shall the Secured Party be obligated in any manner to perform any of the obligations of the Debtor under or pursuant to any
such contract or agreement, to make </FONT><FONT STYLE="letter-spacing: -0.1pt">inquiry as to the nature or sufficiency of any
payment received by the Secured Party in respect of the Collateral or as to the sufficiency of any performance by any party under
any such contract or </FONT><FONT STYLE="letter-spacing: -0.05pt">agreement, to present or file any claim, to take any action to
enforce any performance or to collect the payment of any amounts which may have been assigned to the Secured Party or to </FONT>which
the Secured Party may be entitled at any time or times. The Secured Party's sole duty <FONT STYLE="letter-spacing: -0.05pt">with
respect to the custody, safe keeping and physical preservation of the Collateral in its </FONT><FONT STYLE="letter-spacing: -0.1pt">possession,
under Section 9-207 of the Code or otherwise, shall be to deal with such Collateral in </FONT><FONT STYLE="letter-spacing: -0.05pt">the
same manner as the Secured Party deals with similar property for its own account.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">12</TD><TD>Securities and deposits</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Secured Party may at any time following and during
the <FONT STYLE="letter-spacing: -0.05pt">continuance of a Default, at its option, transfer to itself or any nominee any securities
</FONT><FONT STYLE="letter-spacing: -0.1pt">constituting Collateral, receive any income thereon and hold such income as additional
Collateral </FONT><FONT STYLE="letter-spacing: -0.05pt">or apply it to the Obligations. Whether or not any Obligations are due,
the Secured Party may, following and during the continuance of a Default, demand, sue for, collect, or make any </FONT><FONT STYLE="letter-spacing: -0.1pt">settlement
or compromise which it deems desirable with respect to the Collateral. Regardless of the adequacy of Collateral or any other security
for the Obligations, any deposits or other sums at </FONT><FONT STYLE="letter-spacing: -0.05pt">any time credited by or due from
the Secured Party to the Debtor may at any time be applied to </FONT>or set off against any of the Obligations then due and owing.</P>

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<TD STYLE="width: 0"></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">13</TD><TD>Notification to account debtors and other persons obligated on Collateral</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"><FONT STYLE="letter-spacing: -0.05pt">If a Default
shall have occurred and be continuing, the Debtor shall, at the request and option of the </FONT><FONT STYLE="letter-spacing: -0.1pt">Secured
Party, notify account debtors and other persons obligated on any of the Collateral of the security interest of the Secured Party
in any account, chattel paper, general intangible, instrument or other Collateral and that payment thereof is to be made directly
to the Secured Party or to any </FONT><FONT STYLE="letter-spacing: -0.05pt">financial institution designated by the Secured Party
as the Secured Party's agent therefor, and the Secured Party may itself, if a Default shall have occurred and be continuing, without
notice to or demand upon the Debtor, so notify account debtors and other persons obligated on Collateral. After the making of such
a request or the giving of any such notification, the Debtor shall hold any proceeds of collection of accounts, chattel paper,
general intangibles, instruments </FONT><FONT STYLE="letter-spacing: -0.15pt">and other Collateral received by the Debtor as trustee
for the Secured Party without commingling </FONT><FONT STYLE="letter-spacing: -0.05pt">the same with other funds of the Debtor
and shall turn the same over to the Secured Party in the </FONT><FONT STYLE="letter-spacing: -0.1pt">identical form received, together
with any necessary endorsements or assignments. The Secured </FONT><FONT STYLE="letter-spacing: -0.05pt">Party shall apply the
proceeds of collection of accounts, chattel paper, general intangibles, </FONT><FONT STYLE="letter-spacing: -0.1pt">instruments
and other Collateral received by the Secured Party to the Obligations, such proceeds </FONT><FONT STYLE="letter-spacing: -0.05pt">to
be immediately credited after final payment in cash or other immediately available funds of </FONT>the items giving rise to them.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">14</TD><TD>Power of attorney</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">14.1</TD><TD>Appointment of powers and Secured Party</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Debtor hereby irrevocably <FONT STYLE="letter-spacing: -0.05pt">constitutes
and appoints the Secured Party and any officer or agent thereof, with full power of substitution, as its true and lawful attorneys-in-fact
with full irrevocable power and authority in </FONT><FONT STYLE="letter-spacing: -0.1pt">the place and stead of the Debtor or in
the Secured Party's own name, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action
and to execute any and all </FONT><FONT STYLE="letter-spacing: -0.05pt">documents and instruments that may be necessary or useful
to accomplish the purposes of this Agreement and, without limiting the generality of the foregoing, hereby gives said attorneys
the power and right, on behalf of the Debtor, without notice to or assent by the Debtor, to do the </FONT>following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>upon the occurrence and during the continuance of a Default, generally to sell, transfer, pledge, make any agreement with respect
to or otherwise dispose of or deal with any of the Collateral in such manner as is consistent with the Code and as fully and completely
as though the Secured Party were the absolute owner thereof for all purposes, and to do, at the Debtor's expense, at any time,
or from time to time, all acts and things which the Secured Party deems necessary or useful to protect, preserve or realize upon
the Collateral and the Secured Party's security interest therein, in order to effect the intent of this Agreement, all at least
as fully and effectively as the Debtor might do, including, without limitation;</TD></TR></TABLE>

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<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the filing and prosecuting of registration and transfer applications with the appropriate federal, state, local or other agencies
or authorities with respect to trademarks, copyrights and patentable inventions <FONT STYLE="letter-spacing: -0.1pt">and processes;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD><FONT STYLE="letter-spacing: -0.1pt">upon written notice to the Debtor, the exercise of voting rights with respect to </FONT>voting
securities, which rights may be exercised, if the Secured Party so elects, with a view to causing the liquidation of assets of
the issuer of any such securities; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>the execution, <FONT STYLE="letter-spacing: -0.1pt">delivery and recording, in connection with any sale or other disposition
of any Collateral, of the </FONT>endorsements, assignments or other instruments of conveyance or transfer with respect to such
Collateral; and</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>to the extent that the Debtor's authorization given in Section 3 is not sufficient, to file such financing statements with respect hereto, with or without the Debtor's signature,
or a photocopy of this Agreement in substitution for a financing statement, as the Secured Party may deem appropriate and to execute
in the Debtor's name such financing statements and amendments thereto and continuation statements which may require the Debtor's
signature.</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">14.2</TD><TD>Ratification by Debtor</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">To the extent permitted by law, the Debtor hereby <FONT STYLE="letter-spacing: -0.1pt">ratifies
all that said attorneys shall lawfully do or cause to be done by virtue hereof. This power </FONT>of attorney is a power coupled
with an interest and is irrevocable.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">14.3</TD><TD>No duty on Secured Party</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The powers conferred on the Secured Party <FONT STYLE="letter-spacing: -0.1pt">hereunder
are solely to protect its interests in the Collateral and shall not impose any duty upon it </FONT><FONT STYLE="letter-spacing: -0.05pt">to
exercise any such powers. The Secured Party shall be accountable only for the amounts that it actually receives as a result of
the exercise of such powers, and neither it nor any of its officers, directors, employees or agents shall be responsible to the
Debtor for any act or failure to act, except for the Secured Party's own gross negligence or willful misconduct.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">15</TD><TD>Rights and remedies</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>If a Default shall have occurred and be continuing, the Secured Party, without any other notice to or demand upon the Debtor,
shall have in any jurisdiction in which enforcement hereof is sought, in addition to all other rights and remedies, the rights
and <FONT STYLE="letter-spacing: -0.1pt">remedies of a secured party under the Code and any additional rights and remedies which
may be </FONT>provided to a secured party in any jurisdiction in which Collateral is located, including, without limitation, the
right to take possession of the Collateral, and for that purpose the Secured Party may, so far as the Debtor can give authority
therefor, enter upon any premises on which the Collateral may be situated and remove the same therefrom. The Secured Party may
in its discretion require the Debtor to assemble all or any part of the Collateral at such location or locations (within the jurisdictions)
of the Debtor's principal office(s) or at such other locations as the Secured Party may reasonably designate. Unless the Collateral
is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, the Secured Party
shall give to the Debtor at least 10 Business Days prior written notice of the time and place of any public sale of Collateral
or of the time after which any private sale or any other intended disposition is to be made. The Debtor hereby acknowledges that
10 Business Days prior written notice of such sale or sales shall be reasonable notice. In addition, the Debtor waives any and
all rights that it may have to a judicial hearing in advance of the enforcement of any of the Secured Party's rights and remedies
hereunder, including, without limitation, its right <FONT STYLE="letter-spacing: -0.1pt">following a Default to take immediate
possession of the Collateral and to exercise its rights and </FONT>remedies with respect thereto.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Debtor hereby acknowledges that the sale by Secured Party of any Collateral constituting securities pursuant to the terms hereof
shall be in compliance with the Securities Act of 1933 as now in effect or as hereafter amended, or any similar statute hereafter
adopted with similar purpose or effect (<B>Securities Act</B>), as well as applicable &lsquo;Blue Sky&rsquo; or other state securities
laws, may require strict limitations as to the manner in which Secured Party or any subsequent transferee of such Collateral may
dispose thereof. Debtor acknowledges and agrees that in order to protect Secured Party&rsquo;s interest it may be necessary to
sell such Collateral at a price less than the maximum price attainable if a sale were delayed or were made in another manner, such
as a public offering under the Securities Act. Debtor has no objection to sale in such a manner and agrees that Secured Party shall
have no obligation to obtain the maximum possible price for such Collateral. Without limiting the generality of the foregoing,
Debtor agrees that, upon the occurrence and during the continuation of a Default, Secured Party may, subject to applicable law,
from time to time attempt to sell all or any part of such Collateral by a private placement, restricting the bidders and prospective
purchasers to those who will represent and agree that they are purchasing for investment only and not for distribution. In so doing,
Secured Party may solicit offers to buy such Collateral or any part thereof for cash, from a limited number of investors reasonably
believed by Secured Party to be institutional investors or other accredited investors who might be interested in purchasing such
Collateral. If Secured Party shall solicit such offers, then the acceptance by Secured Party of one of the offers shall be deemed
to be a commercially reasonable method of disposition of such Collateral.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">16</TD><TD>Standards for exercising rights and remedies</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">To the extent that applicable law <FONT STYLE="letter-spacing: -0.1pt">imposes
duties on the Secured Party to exercise remedies in a commercially reasonable manner, </FONT><FONT STYLE="letter-spacing: -0.05pt">the
Debtor acknowledges and agrees that it is not&nbsp;commercially unreasonable for the Secured Party:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>to fail to incur expenses reasonably deemed significant by the Secured Party to prepare Collateral for disposition or otherwise
to fail to complete raw material or work in process into finished goods or other finished products for disposition;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other
law, to fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or
disposed of;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>to fail to exercise collection remedies against account debtors or other persons obligated on Collateral or to fail to remove
liens or encumbrances on or any adverse claims against Collateral;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>to exercise collection remedies against account debtors and other persons obligated on Collateral directly or through the use
of collection agencies and other collection specialists;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>subject to the applicable requirements of the Securities Act, to advertise dispositions of Collateral through publications
or media of general circulation, whether or not the Collateral is of a specialized nature;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD>to contact other persons, whether or not in the same business as the Debtor, for expressions of interest in acquiring all or
any portion of the Collateral;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(g)</TD><TD>to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the collateral is of
a specialized nature;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(h)</TD><TD>subject to the applicable requirements of the Securities Act, to dispose of Collateral by utilizing internet sites that provide
for the auction of assets of the types included in the Collateral or that have the reasonable capability of doing so, or that match
buyers and sellers of assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(i)</TD><TD>to dispose of assets in wholesale rather than retail markets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(j)</TD><TD>to disclaim disposition warranties;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(k)</TD><TD>to purchase insurance or credit enhancements to insure the Secured Party against risks of loss, collection or disposition of
Collateral or to provide to the Secured Party a guaranteed return from the collection or disposition of Collateral;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(l)</TD><TD>to the extent deemed appropriate by the Secured Party, to obtain the services of other brokers, investment bankers, consultants
and other professionals to assist the Secured Party in the collection or disposition of any of the Collateral; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(m)</TD><TD>do any other thing which is permitted by the terms of the Facility Agreement.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 42.55pt; text-indent: 0in"></P>

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<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 42.55pt; text-indent: 0in">The Debtor acknowledges
that the purpose of this Section 16 is to provide non-exhaustive indications of what actions or omissions by the Secured Party
would fulfill the Secured Party's duties under the Code or the laws of Colorado, or the law of any other relevant jurisdiction,
in the Secured Party's exercise of remedies against the Collateral and that other actions or omissions by the Secured Party shall
not be deemed to fail to fulfill such duties solely on account of not being indicated in this Section 16. Without limitation upon
the foregoing, nothing contained in this Section 16 shall be construed to grant any rights to the Debtor or to impose any duties
on the Secured Party that would not have been granted or imposed by this Agreement or by applicable law in the absence of this
Section 16.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">17</TD><TD>No waiver by Secured Party, etc</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Secured Party shall not be deemed to have waived
any of its rights or remedies in respect of the Obligations or the Collateral unless such waiver shall be in writing and signed
by the Secured Party. No delay or omission on the part of the Secured Party in exercising any right or remedy shall operate as
a waiver of such right or remedy or any other right or remedy. A waiver on any one occasion shall not be construed as a bar to
or waiver of any right or remedy on any future occasion. All rights and remedies of the Secured Party with respect to the Obligations
or the Collateral, whether evidenced hereby or by any other instrument or papers, shall be cumulative and may be exercised singularly,
alternatively, successively or concurrently at such time or at such times as the Secured Party deems expedient.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">18</TD><TD>Suretyship waivers by Debtor</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Debtor waives demand, notice, protest, notice
of <FONT STYLE="letter-spacing: -0.05pt">acceptance of this Agreement, notice of loans made, credit extended, Collateral received
or delivered or other action taken in reliance hereon and all other demands and notices of any </FONT>description. With respect
to both the Obligations and the Collateral, the Debtor assents to any <FONT STYLE="letter-spacing: -0.05pt">extension or postponement
of the time of payment or any other indulgence, to any substitution, </FONT><FONT STYLE="letter-spacing: -0.1pt">exchange or release
of or failure to perfect any security interest in any Collateral, to the addition </FONT><FONT STYLE="letter-spacing: -0.05pt">or
release of any party or person primarily or secondarily liable, to the acceptance of partial payment thereon and the settlement,
compromising or adjusting of any thereof, all in such </FONT>manner and at such time or times as the Secured Party may deem advisable.
The Secured Party <FONT STYLE="letter-spacing: -0.05pt">shall have no duty as to the collection or protection of the Collateral
or any income therefrom, </FONT><FONT STYLE="letter-spacing: -0.1pt">the preservation of rights against prior parties, or the
preservation of any rights pertaining thereto </FONT>beyond the safe custody thereof as set forth in Section 11.2. The Debtor
further waives any and all other suretyship defenses.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">19</TD><TD>Marshalling</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Secured Party shall not be required to marshal
any present or future <FONT STYLE="letter-spacing: -0.05pt">collateral security (including but not limited to the Collateral) for,
or other assurances of payment of, the Obligations or any of them or to resort to such collateral security or other </FONT><FONT STYLE="letter-spacing: -0.1pt">assurances
of payment in any particular order, and all of its rights and remedies hereunder and in </FONT><FONT STYLE="letter-spacing: -0.05pt">respect
of such collateral security and other assurances of payment shall be cumulative and in </FONT>addition to all other rights and
remedies, however existing or arising. To the extent that it <FONT STYLE="letter-spacing: -0.1pt">lawfully may, the Debtor hereby
agrees that it will not invoke any law relating to the marshalling of collateral which might cause delay in or impede the enforcement
of the Secured Party's rights </FONT><FONT STYLE="letter-spacing: -0.05pt">and remedies under this Agreement or under any other
instrument creating or evidencing any of the Obligations or under which any of the Obligations is <BR>
</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"><FONT STYLE="letter-spacing: -0.05pt"><BR>
outstanding or by which any of
the </FONT><FONT STYLE="letter-spacing: -0.1pt">Obligations is secured or payment thereof is otherwise assured, and, to the extent
that it lawfully may, the Debtor hereby irrevocably waives the benefits of all such laws.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">20</TD><TD>Proceeds of dispositions</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Debtor shall pay to the Secured Party on demand
any and all expenses, including reasonable attorneys' fees and disbursements, incurred or paid by the Secured Party in protecting,
preserving or enforcing the Secured Party's rights and remedies under or in respect of any of the Obligations or any of the Collateral.
After deducting all of said expenses, the residue of any proceeds of collection or sale or other disposition of the Collateral
shall, to the extent actually received in cash, be applied to the payment of the Obligations in such order or preference as the
Secured Party may determine, proper allowance and provision being made for any Obligations not then due. Upon the final payment
and satisfaction in full of all of the Obligations and after making any payments required by Sections 9-608(a)(1)(C) or 9-615(a)(3)
of the Code, any excess shall be returned to the Debtor. In the absence of final payment and satisfaction in full of all of the
Obligations, the Debtor shall remain liable for any deficiency.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">21</TD><TD>Indemnity and expenses</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The Debtor agrees:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>to indemnify and hold harmless Secured Party and each of its directors, officers, employees, agents and affiliates from and
against any and all claims, damages, demands, losses, obligations, judgments and liabilities (including, without limitation, attorneys&rsquo;
fees and expenses) in any way arising out of or in connection with this Agreement or the Obligations, except to the extent the
same shall arise as a result of the negligence or wilful misconduct of the party seeking to be indemnified; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>to pay and reimburse Secured Party upon demand for all reasonable costs and expenses (including, without limitation, attorneys&rsquo;
fees and expenses) that Secured Party may incur in connection with:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.45pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the custody, use or preservation of, or the sale of, collection from or other realization upon, any of the Collateral, including
the reasonable expenses of re-taking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the
Collateral;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.45pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the exercise or enforcement of any rights or remedies granted hereunder, under the Facility Agreement, or under any of the
other Transaction Documents or otherwise available to it (whether at law, in equity or otherwise); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.45pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>the failure by Debtor to perform or observe any of the provisions hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The provisions of this Section 21shall survive the
execution and delivery of this Agreement, the repayment of any of the Obligations, the termination of the commitments of Secured
Party under the Facility Agreement, and the termination of this Agreement or any other credit document.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">22</TD><TD>Continuing security interest</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>This Agreement shall create a continuing security interest in the Collateral and shall:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>remain in full force and effect until the indefeasible payment in full of the Obligations, including the cash collateralization,
expiration, or cancellation of all Obligations, if any, consisting of letters of credit, and the full and final termination of
any commitment to extend any financial accommodation under the Facility Agreement and the other Transaction Documents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>be binding upon the Debtor and its successors and assigns; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>inure to the benefit of the Secured Party and its successors, transferees, and assigns.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Subject to Section 22(c) , at the written request of the Debtor, the Secured Party must discharge and terminate the security interest
created under this Agreement if the Obligations have been indefeasibly paid in full and no Obligations are owing, whether actually,
contingently or prospectively.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>The Secured Party is not obliged to discharge and terminate the security interest created under this Agreement under Section
22(b) if the Secured Party is of the opinion (acting in good faith) that it is reasonably foreseeable that any Obligations
could be owing in the future.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>If the Secured Party is obliged to discharge and terminate the security interest created under this Agreement in accordance
with Section 22(b) and 22(c) then:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the Secured Party must, at the Debtor&rsquo;s expense, execute and deliver to the Debtor such documents as the Debtor shall
reasonably request to evidence such discharge and termination; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>such documents shall be prepared by the Debtor and shall be in form and substance reasonably satisfactory to the Secured Party.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>Despite this Section 22 and any discharge or termination of the security interest created under this Agreement, nothing in this Agreement
or any discharge or termination affects any indemnity or other obligation under this Agreement or under any other Transaction Document
that is expressed to survive termination.</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">23</TD><TD>Overdue amounts</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Until paid, all amounts due and payable by the Debtor
hereunder <FONT STYLE="letter-spacing: -0.1pt">shall be a debt secured by the Collateral and shall bear, whether before or after
judgment, interest </FONT>at the rate of interest set forth in the Facility Agreement.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">24</TD><TD>Governing law, consent to jurisdiction</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"><FONT STYLE="text-transform: uppercase">This agreement
shall be governed by, and construed in accordance with the laws of the State of COLORADO without reference to conflicts of law
principles<FONT STYLE="letter-spacing: -0.05pt">. The Debtor agrees that any action or claim arising out of, or any dispute in
connection with, this Agreement, any rights, remedies, obligations, or duties </FONT><FONT STYLE="letter-spacing: -0.1pt">hereunder,
or the performance or enforcement hereof or thereof, may be brought in the courts of </FONT><FONT STYLE="letter-spacing: -0.05pt">the
State of COLORADO or any federal court sitting therein and consents to the non-exclusive jurisdiction of such court and to service
of process in any such suit being made upon the Debtor </FONT><FONT STYLE="letter-spacing: -0.1pt">by mail at the address specified
for notices in the Facility Agreement. The Debtor hereby waives any objection that it may now or hereafter have to the venue of
any such suit or any such court or </FONT>that such suit is brought in an inconvenient court.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">25</TD><TD>Waiver of jury trial</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"><FONT STYLE="text-transform: uppercase">The Debtor
waives its rights to a jury trial with respect to any action or claim arising out of any dispute in connection with this agreement,
Any rights, remedies, obligations, or duties hereunder, or the performance or enforcement hereof or thereof. <FONT STYLE="letter-spacing: -0.05pt">Except
as prohibited by law, the Debtor waives any right which it may have to claim or recover in any litigation referred to in the preceding
sentence any special, exemplary, punitive or consequential damages or any damages other than, or in addition to, actual damages.
The Debtor:</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>certifies that neither the Secured Party nor any representative, agent or attorney of the Secured Party has represented, expressly
or otherwise, that the Secured Party would not, in the event of litigation, seek to enforce the foregoing waivers or other waivers
contained in this Agreement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt"><FONT STYLE="letter-spacing: -0.1pt">(b)</FONT></TD><TD>acknowledges that, in entering into the Facility Agreement and the other Transaction Documents to which the Secured Party is
a party, the Secured Party is relying upon, among other things, the waivers and certifications contained in this Section 25.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">26</TD><TD>Notices</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Except as otherwise expressly provided herein, any
notice, order, instruction, request or other communication required or permitted to be given under this Agreement shall be in writing
and deemed to have been properly given when delivered in person, or when sent by facsimile transmission or other electronic means,
or upon receipt of notice sent by overnight mail or certified or registered United States mail, return receipt requested, postage
prepaid, addressed to the party at the address set forth below. Any party may change its address for notices in the manner set
forth above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&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: 53%; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">Solitario Exploration &amp; Royalty Corp.<BR>
4251 Kipling St, Suite 390, Wheat Ridge, Colorado 80033, United States of America<BR>
Attn: James R. Maronick<BR>
Fax: +1 303<B> </B>534 1809<BR>
E-mail: jmaronick@slrxpl.com</TD>
    <TD STYLE="width: 47%; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: -15.15pt; padding-bottom: 5.65pt; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 6.8pt 0 0">RMB Australia Holdings Limited<BR>
        Level 13<BR>
        60 Castlereagh Street<BR>
        Sydney New South Wales 2000<BR>
        Australia<BR>
        Attn: Gregory Gay</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 6.8pt 0 0">Fax: +61 2 9256 6291</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">E-mail: greg.gay@rmb.com.au</P></TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 6.8pt 0 0">RMB Resources Inc.<BR>
        77 Water Street<BR>
        8th Floor<BR>
        New York, New York 10005<BR>
        United States of America<BR>
        Attn: Alvaro Belevan</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 6.8pt 0 0">Fax: +1 646 436 7811</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">E-mail: alvaro.belevan@rmbresources.com</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">27</TD><TD>Miscellaneous</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The headings of each Section of this Agreement are
for convenience only and shall not define or limit the provisions thereof. This Agreement and all rights and obligations <BR>
</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"><BR>
hereunder
shall be binding upon the Debtor and its respective successors and assigns, and shall inure to the benefit of the Secured Party
and its successors and assigns. If any term of this Agreement shall be held to be invalid, illegal or unenforceable, the validity
of all other terms hereof shall in no way be affected thereby, and this Agreement shall be construed and be enforceable as if such
invalid, illegal or unenforceable term had not been included herein. This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original and all of which together shall constitute one and the same Agreement dated as of the
first date shown above. The Debtor acknowledges receipt of a copy of this Agreement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>IN WITNESS WHEREOF, </B>intending to be legally bound, the
Debtor has caused this Agreement to be duly executed as of the date first above written.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&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="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">Debtor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Signed for</P>
        <P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">Solitario Exploration &amp; Royalty Corp.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">by its authorized signatories</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 9pt"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: windowtext 1pt solid; font-size: 9pt">/s/ Christopher E. Herald</TD>
    <TD STYLE="width: 45%; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">Christopher E. Herald, CEO</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">/s/ James R. Maronick</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">James R. Maronick, CFO</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">&nbsp;</P>

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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right"></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 24pt 42.55pt">Accepted</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="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">Secured Party</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Signed for</P>
        <P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">RMB Australia Holdings Limited</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">by its attorney</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 9pt"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: windowtext 1pt solid; font-size: 9pt">/s/ Christopher Kamper</TD>
    <TD STYLE="width: 45%; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">Attorney</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">print name</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">Christopher Kamper</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">in the presence of</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">Debbie L. Deaguero</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">Witness</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">print name</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">Debbie L Deaguero</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&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="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">Secured Party</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Signed for</P>
        <P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">RMB Resources Inc.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">by its authorized signatory</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 9pt"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: windowtext 1pt solid; font-size: 9pt">/s/ Alvaro Belevan</TD>
    <TD STYLE="width: 45%; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">Authorized Signatory</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">print name</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">Alvaro Belevan</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">title</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">Managing Director</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 12pt; border-bottom: Black 1pt solid">Certificates of acknowledgement</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 42.55pt">State of Colorado&#9;&#9;)<BR>
&#9;&#9;)&#9;ss.<BR>
City and County of [Denver&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]&#9;)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Before me, the undersigned, a Notary Public, on this
10<SUP>th</SUP> Day of August 2012, personally appeared Christopher E. Herald and James R. Maronick to me known personally, and
who, being by me duly sworn, deposes and say that they are the Chief Executive Officer and Chief Financial Officer, respectively,
of Solitario Exploration &amp; Royalty Corp., and that said instrument was signed and sealed on behalf of said corporation by authority
of its Members and that said instrument is the free act and deed of said corporation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">My commission expires: 06/04/2018&#9;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"><U>(SEAL)&#9;Debbie L. Deaguero&#9; </U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">Exhibit A</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 12pt; text-align: right; border-bottom: Black 1pt solid">TO SECURITY
AGREEMENT<BR>
BETWEEN<BR>
SOLITARIO EXPLORATION &amp; ROYALTY CORP.,<BR>
RMB AUSTRALIA HOLDINGS LIMITED AND<BR>
RMB RESOURCES INC.</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt 42.55pt">The Collateral</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">All of the Debtor&rsquo;s personal and fixture property
of any kind or nature whether now owned or hereafter acquired or arising, whether located at or upon the real property identified
on Exhibit B to the Security Agreement to which this Exhibit A is attached (the <B>Agreement</B>) or at any other location, including
without limitation all goods (including inventory, equipment and any accessions thereto), instruments (including promissory notes),
documents, accounts, deposit accounts, chattel paper (whether tangible or electronic), letter-of-credit rights (whether or not
the letter of credit is evidenced by a writing), commercial tort claims (whether pending now or arising in the future), securities
and all other investment property, supporting obligations, any other contract rights or rights to the payment of money, insurance
claims and proceeds, all general intangibles (including all payment intangibles), and all as-extracted collateral; together with
any and all additions and accessions thereto and all substitutions and replacements therefore, and all proceeds and products thereof
but specifically excluding the Excluded Property. Reference to specific Collateral in this Exhibit&nbsp;A shall not be construed
to exclude any property, right or interest to which the Secured Party is entitled to a security interest pursuant to the Agreement,
and the Collateral excludes the Excluded Property but includes the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">A.</TD><TD>All Debtor&rsquo;s inventory, including without limitation all work-in-progress, materials and supplies inventories, all product
inventories, and all gold- and silver- containing ore, concentrates or other products in whatever form and of whatever content
or purity (including without limitation, ore, concentrate, dore and bullion), and wherever located, and including all products
and proceeds thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">B.</TD><TD>All Debtor&rsquo;s as-extracted collateral, including without limitation all gold and silver, and all other minerals mined
and produced by Debtor from any property now or in the future owned by the Debtor, in whatever form and of whatever content or
purity (including without limitation, ore, concentrate, dore and bullion), including all proceeds and products thereof but excluding
the Excluded Property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">C.</TD><TD>All Debtor&rsquo;s property, plant, machinery, and equipment, and all trade fixtures, tools, appliances, computers, computer
software, office equipment, furniture, and motor vehicles, including without limitation the physical plant machinery identified
on Exhibit B to this Agreement, Debtor&rsquo;s equipment and assets identified on Exhibit&nbsp;C to this Agreement, including all
additions and accessions thereto and all substitutions therefore, and all products and proceeds thereof;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">D.</TD><TD>All Debtor&rsquo;s structures, pipelines, buildings, improvements, and all other fixtures located on any real property owned
by the Debtor, including all additions and accessions thereto and all substitutions therefore, and all products and proceeds thereof
but excluding the Excluded Property;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD></TR></TABLE>

<!-- Field: Page; Sequence: 25 -->
    <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 -->25<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">E.</TD><TD>All Debtor&rsquo;s instruments (including promissory notes, bills of exchange, stocks, bonds and debentures), chattel paper
(whether tangible or electronic), documents, letters of credit (whether or not evidenced by a writing), letter of credit rights
and supporting obligations, and all proceeds thereof, including without limitation all of the issued and outstanding shares of
Debtor now or in the future held by the Debtor;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">F.</TD><TD>All Debtor&rsquo;s accounts, deposit accounts, contract rights, commercial tort claims (whether now in existence or arising
in the future), technical data and information (whether economic, geological, geophysical, metallurgical or other data and information)
and other general intangibles, including without limitation:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">Proceeds Account:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">Account Holder: Solitario Exploration &amp; Royalty
Corp.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">Account Number: ********7337</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">Bank: Key Bank National Association</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">&#9;, &#9;____</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">ABA Routing Number &#9;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">G.</TD><TD>All Debtor&rsquo;s contract rights or rights to the payment of money, insurance claims and proceeds, including without limitation
all insurance policies in which Debtor is named as an insured party.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<!-- Field: Page; Sequence: 26 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">Exhibit B</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 12pt; text-align: right; border-bottom: Black 1pt solid">TO SECURITY
AGREEMENT<BR>
BETWEEN<BR>
SOLITARIO EXPLORATION &amp; ROYALTY CORP.,<BR>
RMB AUSTRALIA HOLDINGS LIMITED AND<BR>
RMB RESOURCES INC.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">NIL</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"></P>

<!-- Field: Page; Sequence: 27 -->
    <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 -->27<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>&nbsp;</B></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">Exhibit C</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 12pt; text-align: right; border-bottom: Black 1pt solid">TO SECURITY
AGREEMENT<BR>
BETWEEN<BR>
SOLITARIO EXPLORATION &amp; ROYALTY CORP.,<BR>
RMB AUSTRALIA HOLDINGS LIMITED AND<BR>
RMB RESOURCES INC.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 36%; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; font-weight: bold">DESCRIPTION</TD>
    <TD NOWRAP STYLE="width: 14%; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; font-weight: bold">DATE</TD>
    <TD NOWRAP STYLE="width: 14%; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; font-weight: bold">ENDING BALANCE</TD>
    <TD NOWRAP STYLE="width: 11%; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; font-weight: bold">ADDITIONS</TD>
    <TD NOWRAP STYLE="width: 12%; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; font-weight: bold">DELETIONS</TD>
    <TD NOWRAP STYLE="width: 13%; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; font-weight: bold">ENDING BALANCE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">12/31/11</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">06/30/12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; font-weight: bold; text-decoration: underline">OFFICE EQUIPMENT 1241</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">71,209.98</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">TOSHIBA LAPTOP HOUSTON</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">03/13/12</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">1,059.66</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">DELL INSPIRON LAPTOP HOUSTON</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">03/31/06</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">-1,946.59</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">HP PHOTOSMART PRINTER</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">03/13/08</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">-123.31</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">QUICKBOOKS UPGRADE</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">10/13/09</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">-889.10</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 28 -->
    <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 -->28<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; width: 36%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; width: 14%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right; width: 14%">71,209.98</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right; width: 11%">1,059.66</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right; width: 12%">-2,959.00</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right; width: 13%">69,310.64</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; font-weight: bold; text-decoration: underline">OFFICE FURNITURE 1242</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; font-weight: bold; text-decoration: underline">LEASEHOLD IMPROVEMENT 1244</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">0.00</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">0.00</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">0.00</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">0.00</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">0.00</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; font-weight: bold; text-decoration: underline">NON-DEPRECIABLE ASSETS 1245</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">29,569.43</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">29,569.43</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; font-weight: bold">TOTAL ALL ASSETS</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">100,779.41</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">1,059.66</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">-2,959.00</TD>
    <TD NOWRAP STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; text-align: right">98,880.07</TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exh994.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: right; font-size: 18pt">Agreement</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">Execution Version</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 22pt">Pledge agreement</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Solitario Exploration &amp; Royalty Corp.</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">RMB Australia Holdings Limited</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">RMB Resources Inc.</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P></TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">david.walton@freehills.com</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">Contents</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 12pt; border-bottom: Black 1pt solid">Table of contents</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">The agreement</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">2</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Operative part</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">4</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">1</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Definitions and interpretations</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">4</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt">1.1</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt">Definitions</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">4</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt">1.2</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt">Interpretations</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">6</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt">1.3</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt">Inconsistency with Security Agreement</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; text-align: right">7</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">2</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Pledge</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">7</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">3</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Delivery of Collateral</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">7</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">4</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Voting rights and dividends</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">8</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">5</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Representations, warranties and covenants of Pledgor</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">8</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">6</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Further assurances</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">9</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">7</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Covenants of Pledgor</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">10</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">8</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Secured Party as Pledgoris Attorney-in-Fact</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">10</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">9</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Remedies upon Default</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">10</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">10</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Application of proceeds</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">12</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">11</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Indemnity and expenses</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">12</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">12</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Duties of Secured Party</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">13</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">13</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Choice of law and venue, waiver of jury trial</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">13</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">14</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Amendments, etc.</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">13</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">15</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Notices</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">14</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">16</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Continuing security interest</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">14</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">17</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Security interest absolute</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">15</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">18</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Headings</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">15</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">19</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Severability</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">15</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">20</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Counterparts</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">15</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">21</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Waiver of Marshalling</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">16</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Schedule 1</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">17</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Ownership interest</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">17</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Signing page</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">18</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Attachment 1</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: top; padding-right: 5.4pt; font-weight: bold">Endorsement Certificate - Solitario Exploration &amp; Royalty Corp.</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; font-weight: bold; text-align: right">20</TD></TR>
<TR>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 66%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"></P>



<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">The agreement</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 12pt; border-bottom: Black 1pt solid">Pledge agreement</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 0.25in 42.55pt">Date <FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&#9658;
</FONT><FONT STYLE="font-size: 10pt">August 10, 2012</FONT></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: 28%; border-bottom: #262626 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 11pt">Between the parties</TD>
    <TD STYLE="width: 72%; border-bottom: #262626 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 11pt">Pledgor</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">Solitario Exploration &amp; Royalty Corp.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">a corporation existing under the laws of Colorado, United States
        of America of 4251 Kipling St, Suite 390, Wheat Ridge, Colorado 80033, United States of America</P>
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">(</FONT>Pledgor<FONT STYLE="font-weight: normal">)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 11pt">Secured Party</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">RMB Australia Holdings Limited</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">ACN 003 201 214 of Level 13, 60 Castlereagh Street, Sydney,
        New South Wales 2000, Australia</P>
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">(</FONT>RMBAH<FONT STYLE="font-weight: normal">,
        or collectively with </FONT>RMBR<FONT STYLE="font-weight: normal">, the</FONT> Secured Party<FONT STYLE="font-weight: normal">)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 11pt">Secured Party</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">RMB Resources Inc.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">77 Water Street, 8th Floor, New York, New York 10005, United
        States of America</P>
        <P STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><FONT STYLE="font-weight: normal">(</FONT>RMBR<FONT STYLE="font-weight: normal">,</FONT>
        <FONT STYLE="font-weight: normal">or collectively with </FONT>RMBAH<FONT STYLE="font-weight: normal">, the</FONT> Secured Party<FONT STYLE="font-weight: normal">)</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 11pt">Background</TD>
    <TD STYLE="padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT><FONT STYLE="letter-spacing: -0.05pt">The Pledgor has entered into a Facility Agreement dated even date herewith (</FONT><B>Facility
        Agreement</B>) with the Secured Party, <FONT STYLE="letter-spacing: -0.1pt">pursuant to which the Secured Party has agreed to make
        loans to the Pledgor in accordance with the </FONT>terms of the Facility Agreement.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>The Pledgor beneficially owns the &lsquo;Ownership Interest&rsquo; (as hereinafter defined) in MHLLC (as hereinafter defined).</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>To induce Secured Party to make the loans extended to Pledgor pursuant to the Facility Agreement, the Pledgor desires to
        pledge, grant, transfer and assign to the Secured Party a security interest in the &lsquo;Collateral&rsquo; (as hereinafter defined)
        to secure the &lsquo;Obligations&rsquo; (as hereinafter defined), as provided herein.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: #4D4D4D 1pt solid; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 11pt">The parties hereby agree</TD>
    <TD STYLE="border-top: #4D4D4D 1pt solid; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">as set out in the Operative part of this agreement, in consideration of, among other things, the mutual promises, covenants, representations and warranties contained in this agreement.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"></P>



<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">Operative part</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1</TD><TD>Definitions and interpretations</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.1</TD><TD>Definitions</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The meanings of the terms used in this document are
set out below.</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: 25%; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Term</TD>
    <TD STYLE="width: 75%; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Meaning</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Bankruptcy Code</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">United States Bankruptcy Code (11 U.S.C. Section 101 et seq.), as in effect from time to time, and any successor statute thereto.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Business Day</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">a day on which banks are open for general banking business in both Sydney, Australia and Denver, Colorado, excluding Saturdays, Sundays and public holidays.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Code</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">the Uniform Commercial Code as in effect in the State of Colorado from time to time.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Collateral</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">the Ownership Interest, the Future Rights and the Proceeds, collectively, and all books and records relating thereto.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Default</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">has the meaning ascribed to the term &lsquo;Event of Default&rsquo; in the Facility Agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">DHIUS</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">DHI Minerals (U.S.) Ltd, a corporation existing under the laws of Nevada, United States of America.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Facility Agreement</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">has the meaning ascribed thereto in the Background to this Agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Future Rights</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">all dividends, cash, options, warrants, rights, instruments, and other property or proceeds from time to time received, receivable, or otherwise distributed in respect of or in exchange for any or all of the Ownership Interest.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Holder <FONT STYLE="font-weight: normal">and</FONT> Holders</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">has the meaning ascribed thereto in Section 3(c)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Lien</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">any lien, mortgage, pledge, assignment (including any assignment of rights to receive payments of money), security interest, charge, or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof, or any agreement to give any security interest).</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: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 25%">MHLLC</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; width: 75%">the Person identified in Schedule 1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">MHLLC Operating Agreement</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">the agreement entitled the Limited Liability Company Operating Agreement of Mt. Hamilton, LLC, dated December 22, 2010, between the Pledgor and DHIUS.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Obligations</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">all liabilities, obligations, or undertakings owing by the Pledgor to a Secured Party of any kind or description arising out of or outstanding under, advanced or issued pursuant to, or evidenced by the Facility Agreement, this Agreement, or the other Transaction Documents, irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, voluntary or involuntary, whether now existing or hereafter arising, and including all interest (including interest that accrues after the filing of a case under the Bankruptcy Code) and any and all costs, fees (including attorneys fees), and expenses which the Pledgor is required to pay pursuant to any of the foregoing, by law, or otherwise.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Ownership Interest</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">the membership interest in MHLLC currently owned by the Pledgor, as described in Schedule 1, all future membership interests in MHLLC owned by the Pledgor, and all other rights and obligations of Pledgor with regard to such membership interest arising under the MHLLC Operating Agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Person</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>an individual; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>a partnership, corporation (including a business trust), joint stock company, limited liability corporation or company,
        limited liability partnership, trust, unincorporated association, joint venture or other entity formed under the laws of any particular
        state for the purpose of conducting business, or any trustee, receiver, custodian or similar official and/or a government or any
        political subdivision or agency thereof.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Pledgor</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">has the meaning ascribed thereto in the Background to this Agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Proceeds</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">all proceeds (including proceeds of proceeds) of the Ownership
        Interest and Future Rights including all:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>rights, benefits, distributions, premiums, profits, dividends, interest, cash, instruments, documents of title, accounts,
        contract rights, inventory, equipment, general intangibles, payment intangibles, deposit accounts, chattel paper, and other property
        from time to time received, receivable, or otherwise distributed in respect of or in exchange for, or as a replacement of or a
        substitution for, any of the Ownership Interest, Future Rights or proceeds thereof (including any cash, or other securities or
        instruments issued after any recapitalization, readjustment, reclassification, merger or consolidation with respect to MHLLC and
        any security entitlements, as defined in Section 8-102(a)(17) of the Code, with respect thereto);</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>&lsquo;proceeds&rsquo; as such term is defined in Section 9-102(a)(64) of the Code;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>proceeds of any insurance, indemnity, warranty, or guaranty (including guaranties of delivery) payable from time to time
        with respect to any of the Ownership Interest, Future Rights or proceeds thereof;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>payments (in any form whatsoever) made or due and payable to Pledgor from time to time in connection with any requisition,
        confiscation, condemnation, seizure or forfeiture of all or any part of the Ownership Interest, Future Rights or proceeds thereof;
        and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">5</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>other amounts from time to time paid or payable under or in connection with any of the Ownership Interest, Future Rights
        or proceeds thereof.</P></TD></TR>
</TABLE>

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

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 25%">Registered Organisation</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; width: 75%">has the meaning ascribed thereto in Section&nbsp;9-102(a)(73) of the Code.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Secured Party</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">has the meaning ascribed thereto in the Background to this Agreement, together with its successors or assigns.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Securities Act</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">has the meaning ascribed thereto in Section 9(a)(3)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Transaction Document</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0in">each of:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>this Agreement;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Facility Agreement;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>each Transaction Document as defined in the Facility Agreement; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any document which the Pledgor and the Secured Party agree, now or in the future, is a Transaction Document for the purposes
        of this Agreement,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt; text-indent: 0in">and any other agreement, instrument, or other
        document entered into, given or executed under any of the above, in each case as amended, restated or otherwise modified from time
        to time.</P></TD></TR>
</TABLE>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.2</TD><TD>Interpretations</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular and to the singular
include the plural, the part includes the whole, the term &lsquo;including&rsquo; is not limiting, and the term &lsquo;or&rsquo;
has, except where otherwise indicated, the inclusive meaning represented by the phrase &lsquo;and/or.&rsquo; The words &lsquo;hereof,&rsquo;
&lsquo;herein,&rsquo; &lsquo;hereby,&rsquo; &lsquo;hereunder,&rsquo; and other similar terms in this Agreement refer to this Agreement
as a whole and not exclusively to any particular provision of this Agreement. Article, Section, subsection, exhibit, and schedule
references are to this Agreement unless otherwise specified. All of the exhibits or schedules attached to this Agreement shall
be deemed incorporated herein by reference. Any reference to any of the following documents includes any and all alterations, amendments,
restatements, extensions, modifications, renewals, or supplements thereto or thereof, as applicable: this Agreement, the Facility
Agreement, or any of the other Transaction Documents.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>All capitalized terms used herein without definitions shall have the meaning given to them in the Facility Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against Secured Party or Pledgor,
whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by both of the parties and
their respective counsel and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly
accomplish the purposes and intentions of the parties hereto.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>In the event of any direct conflict between the express terms and provisions of this Agreement and of the Facility Agreement,
the terms and provisions of the Facility Agreement shall control.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>Without limiting section 1.2(d) or the terms of this Agreement, the parties acknowledge that the ability of the Pledgor to Encumber the Collateral
and Dispose of the Collateral, and the events upon which the Secured Party may enforce this Agreement and foreclose with respect
to the Collateral, are governed by the terms of the Facility Agreement and nothing in this Agreement restricts the Pledgor&rsquo;s
ability to do anything expressly permitted by the terms of the Facility Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.3</TD><TD>Inconsistency with Security Agreement</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">In the event of any inconsistency between a provision
of this Agreement and a provision of the Security Agreement as it relates to the Collateral, the provision of this Agreement prevails
to the extent of the inconsistency.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">2</TD><TD>Pledge</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">As security for the prompt payment and performance
of the Obligations in full by Pledgor when due, whether at stated maturity, by acceleration or otherwise (including amounts that
would become due but for the operation of the provisions of the Bankruptcy Code), Pledgor hereby pledges, grants, transfers, and
assigns to Secured Party a security interest in all of Pledgor&rsquo;s right, title, and interest in and to the Collateral.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">3</TD><TD>Delivery of Collateral</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>All certificates or instruments representing or evidencing the Collateral shall be promptly delivered by Pledgor to Secured
Party or Secured Party&rsquo;s designee pursuant hereto at a location designated by Secured Party and shall be held by or on behalf
of Secured Party pursuant hereto, and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed
endorsement certificates in the form attached hereto as Attachment 1 or other instrument of transfer or assignment in blank, in
form and substance satisfactory to Secured Party.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Upon the occurrence and during the continuance of a Default, Secured Party shall have the right, at any time in its discretion
and without notice to Pledgor, subject to the provisions of Section 9 of this Agreement, to transfer to or to record on the books
of MHLLC (or of any other Person maintaining records with respect to the Collateral) in the name of the Secured Party or any of
its nominees any or all of the Collateral.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>If, at any time and from time to time, any Collateral (including any certificate or instrument representing or evidencing any
Collateral) is in the possession of a person or entity other than Secured Party or Pledgor (<B>Holder</B>), then Pledgor shall
immediately, at Secured Party&rsquo;s option, either cause such Collateral to be delivered into Secured Party&rsquo;s possession,
or cause such Holder to enter into a control agreement, in form and substance satisfactory to Secured Party, and take all other
steps deemed necessary by Secured Party to perfect the security interest of Secured Party in such Collateral, all pursuant to Sections
9-106 and 9-313 of the Code or other applicable law governing the perfection of Secured Party&rsquo;s security interest in the
Collateral in the possession of such Holder.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>Any and all Collateral (including dividends, interest, and other cash distributions) at any time received or held by Pledgor
shall be so received or held in trust for Secured Party, shall be segregated from other funds and property of Pledgor and shall
be forthwith delivered to Secured Party in the same form as so received or held, with any necessary endorsements; provided that
cash dividends or distributions received by Pledgor may be retained by Pledgor in accordance with Section 4 and used in the ordinary
course of Pledgor&rsquo;s business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>If at any time, and from time to time, any Collateral consists of an uncertificated security or a security in book entry form,
then Pledgor shall immediately cause such Collateral to be recorded or entered, as the case may be, in the name of Secured Party,
or otherwise cause Secured Party&rsquo;s security interest thereon to be perfected in accordance with the provisions of this Agreement
and applicable law.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4</TD><TD>Voting rights and dividends</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>So long as no Default shall have occurred and be continuing, Pledgor shall be entitled to exercise any and all voting and other
consensual rights pertaining to the Collateral or any part thereof for any purpose not inconsistent with the terms of the Transaction
Documents and shall be entitled to receive and retain any cash dividends or distributions paid or distributed in respect of the
Collateral.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Upon the occurrence and during the continuance of a Default, all rights of Pledgor to exercise the voting and other consensual
rights or receive and retain cash dividends or distributions that it would otherwise be entitled to exercise or receive and retain,
as applicable pursuant to Section 4(a), shall cease, and all such rights shall thereupon become vested in Secured Party, who shall
thereupon have the sole right to exercise such voting or other consensual rights and to receive and retain such cash dividends
and distributions. Pledgor shall execute and deliver (or cause to be executed and delivered) to Secured Party all such proxies
and other instruments as Secured Party may request for the purpose of enabling Secured Party to exercise the voting and other rights
which it is entitled to exercise and to receive the dividends and distributions that it is entitled to receive and retain pursuant
to the preceding sentence.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">5</TD><TD>Representations, warranties and covenants of Pledgor</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Pledgor represents, warrants, and covenants as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Pledgor has taken all steps it deems necessary or appropriate to be informed on a continuing basis of changes or potential
changes affecting the Collateral (including rights of conversion and exchange, rights to subscribe, payment of dividends, reorganizations
or recapitalization, tender offers and voting and registration rights), and Pledgor agrees that Secured Party shall have no responsibility
or liability for informing Pledgor of any such changes or potential changes or for taking any action or omitting to take any action
with respect thereto.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Pledgor is a corporation organized and in good standing under the laws of the State of Colorado.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>All information herein or hereafter supplied to Secured Party by or on behalf of Pledgor in writing with respect to the Collateral
is, or in the case of information hereafter supplied will be, accurate and complete in all material respects.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>Pledgor is and will be the sole legal and beneficial owner of the Collateral (including the Ownership Interest and all other
Collateral acquired by Pledgor after the date hereof) free and clear of any adverse claim, Lien, or other right, title, or interest
of any party, other than the Liens in favour of Secured Party and any Permitted Encumbrance.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>This Agreement, and the pledge to Secured Party of the Ownership Interest representing Collateral (or the control agreements
referred to in Section&nbsp;3 of this Agreement), creates a valid, perfected, and first priority security interest (subject only
to the cross lien granted by Pledgor in favour of DHIUS under section 3.5 of the MHLLC Operating Agreement and any other Permitted
Encumbrance created voluntarily by the Pledgor or arising involuntarily by operation of law which, in either case by, its terms
or by operation of law, ranks in priority senior to this Agreement) in one hundred percent (100%) of the Ownership Interest in
favour of Secured Party securing payment of the Obligations, and all actions necessary to achieve such perfection have been duly
taken.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD>Schedule&nbsp;1 to this Agreement is true and correct and complete in all material respects. Without limiting the generality
of the foregoing:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.45pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>except to the extent that the Ownership Interest is held in the name of Secured Party or its nominee pursuant to the provisions
of this Agreement, the Ownership Interest is held in the name of Pledgor; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.45pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>the Ownership Interest constitutes the percentage of the issued and outstanding membership interests of MHLLC as at the date
of this Agreement as set forth in Schedule&nbsp;1 to this Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(g)</TD><TD>There are no presently existing Future Rights or Proceeds owned by Pledgor.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(h)</TD><TD>The Ownership Interest has been duly authorized and validly issued.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(i)</TD><TD>Neither the pledge of the Collateral pursuant to this Agreement nor the extensions of credit represented by the Obligations
violates Regulation T, U or X of the Board of Governors of the Federal Reserve System.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6</TD><TD>Further assurances</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Pledgor agrees that from time to time, at the expense of Pledgor, Pledgor will promptly execute and deliver all further instruments
and documents, and take all further action that may be necessary or reasonably desirable, or that Secured Party may request, in
order to perfect and protect any security interest granted or purported to be granted hereby or to enable Secured Party to exercise
and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting the generality of the foregoing,
Pledgor will:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.45pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>at the request of Secured Party, mark conspicuously each of its records pertaining to the Collateral with a legend, in form
and substance reasonably satisfactory to Secured Party, indicating that such Collateral is subject to the security interest granted
hereby;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.45pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>execute and deliver such instruments or notices, as may be necessary or reasonably desirable, or as Secured Party may request,
in order to perfect and preserve the first priority (subject only to any Permitted Encumbrance created voluntarily by the Pledgor
or arising involuntarily by operation of law which in either case by its terms or by operation of law ranks in priority senior
to this Agreement) security interests granted or purported to be granted hereby;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.45pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>allow inspection of the Collateral by Secured Party or persons designated by Secured Party; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.45pt"></TD><TD STYLE="width: 42.55pt">(4)</TD><TD>appear in and defend any action or proceeding that may affect Pledgor&rsquo;s title to or Secured Party&rsquo;s security interest
in the Collateral.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Pledgor hereby authorizes Secured Party to file one or more financing or continuation statements, and amendments thereto, relative
to all or any part of the Collateral, consistent with the provisions of this Agreement. A carbon, photographic, or other reproduction
of this Agreement or any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement
where permitted by law.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>Pledgor will furnish to Secured Party, upon the request of Secured Party such statements and schedules further identifying
and describing the Collateral and such other reports in connection with the Collateral as Secured Party may request.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">7</TD><TD>Covenants of Pledgor</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Pledgor shall:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>perform each and every covenant in the Transaction Documents applicable to Pledgor;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>neither change its jurisdiction of organization nor cease to be a Registered Organization, qualified to transact business in
all relevant jurisdictions and in good standing in each state or jurisdiction where the nature of Pledgor&rsquo;s business or character
of its properties or assets requires such qualification and good standing; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>upon receipt by Pledgor of any material notice, report, or other communication from MHLLC or any Holder relating to all or
any part of the Collateral, deliver such notice, report or other communication to Secured Party as soon as possible, but in no
event later than 5 Business Days following the receipt thereof by Pledgor.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">8</TD><TD>Secured Party as Pledgor&rsquo;s Attorney-in-Fact</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Upon the occurrence of a Default and while it is continuing, Pledgor hereby irrevocably appoints Secured Party as Pledgor&rsquo;s
attorney-in-fact, with full authority in the place and stead of Pledgor and in the name of Pledgor, Secured Party or otherwise,
from time to time at Secured Party&rsquo;s discretion, to take any action and to execute any instrument that Secured Party may
reasonably deem necessary or advisable to accomplish the purposes of this Agreement, including:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.45pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>upon the occurrence and during the continuance of a Default, to receive, endorse, and collect all instruments made payable
to Pledgor representing any dividend, interest payment or other distribution in respect of the Collateral or any part thereof to
the extent permitted hereunder and to give full discharge for the same and to execute and file governmental notifications and reporting
forms;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.45pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>to enter into any control agreements Secured Party deems necessary pursuant to Section&nbsp;3 of this Agreement; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.45pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>to arrange for the transfer of the Collateral to the name of Secured Party or to the name of Secured Party&rsquo;s nominee.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>In addition to the designation of Secured Party as Pledgor&rsquo;s attorney-in-fact in subsection&nbsp;(a), upon the occurrence
of a Default and while it is continuing, Pledgor hereby irrevocably appoints Secured Party as Pledgor&rsquo;s agent and attorney-in-fact
to make, execute and deliver any and all documents and writings which may be necessary or appropriate for approval of, or be required
by, any regulatory authority located in any city, county, state or country where Pledgor or MHLLC engage in business, in order
to transfer or to more effectively transfer any of the Ownership Interest or otherwise enforce Secured Party&rsquo;s rights as
provided in this Agreement.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">9</TD><TD>Remedies upon Default</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Upon the occurrence and during the continuance of a Default:</TD></TR></TABLE>

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<TD STYLE="width: 42.55pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>Secured Party may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise
available to it, all the rights and remedies of a secured party on default under the Code (irrespective of whether the Code applies
to the affected items of Collateral), and Secured Party may also without notice (except as specified below) sell the Collateral
or any part thereof in one or more parcels at public or private sale, at any exchange, broker&rsquo;s board or at any of Secured
Party&rsquo;s offices or elsewhere, for cash, on credit or for future delivery, at such time or times and at such price or prices
and upon such other terms as Secured Party may deem commercially reasonable, irrespective of the impact of any such sales on the
market price of the Collateral. To the maximum extent permitted by applicable law, Secured Party may be the purchaser of any or
all of the Collateral at any such sale and shall be entitled, for the purpose of bidding and making settlement or payment of the
purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply all or any part of the Obligations
as a credit on account of the purchase price of any Collateral payable at such sale. Each purchaser at any such sale shall hold
the property sold absolutely free from any claim or right on the part of Pledgor, and Pledgor hereby waives (to the extent permitted
by law) all rights of redemption, stay, or appraisal that it now has or may at any time in the future have under any rule of law
or statute now existing or hereafter enacted. Pledgor agrees that, to the extent notice of sale shall be required by law, at least
10 calendar days notice to Pledgor of the time and place of any public sale or the time after which a private sale is to be made
shall constitute reasonable notification. Secured Party shall not be obligated to make any sale of Collateral regardless of notice
of sale having been given. Secured Party may adjourn any public or private sale from time to time by announcement at the time and
place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. To
the maximum extent permitted by law, Pledgor hereby waives any claims against Secured Party arising because the price at which
any Collateral may have been sold at such a private sale was less than the price that might have been obtained at a public sale,
even if Secured Party accepts the first offer received and does not offer such Collateral to more than one offeree.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>Pledgor hereby agrees that any sale or other disposition of the Collateral conducted in conformity with reasonable commercial
practices of banks, insurance companies, or other financial institutions in the city and state where Secured Party is located in
disposing of property similar to the Collateral shall be deemed to be commercially reasonable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>Pledgor hereby acknowledges that the sale by Secured Party of any Collateral pursuant to the terms hereof in compliance with
the Securities Act of 1933 as now in effect or as hereafter amended, or any similar statute hereafter adopted with similar purpose
or effect (<B>Securities Act</B>), as well as applicable &lsquo;Blue Sky&rsquo; or other state securities laws, may require strict
limitations as to the manner in which Secured Party or any subsequent transferee of the Collateral may dispose thereof. Pledgor
acknowledges and agrees that in order to protect Secured Party&rsquo;s interest it may be necessary to sell the Collateral at a
price less than the maximum price attainable if a sale were delayed or were made in another manner, such as a public offering under
the Securities Act. Pledgor has no objection to sale in such a manner and agrees that Secured Party shall have no obligation to
obtain the maximum possible price for the Collateral. Without limiting the generality of the foregoing, Pledgor agrees that, upon
the occurrence and during the continuation of a Default, Secured Party may, subject to applicable law, from time to time attempt
to sell all or any part of the Collateral by a private placement, restricting the bidders and prospective purchasers to those who
will represent and agree that they are purchasing for investment only and not for distribution. In so doing, Secured Party may
solicit offers to buy the Collateral or any part thereof for cash, from a limited number of investors reasonably believed by Secured
Party to be institutional investors or other accredited investors who might be interested in purchasing the Collateral. If Secured
Party shall solicit such offers, then the acceptance by Secured Party of one of the offers shall be deemed to be a commercially
reasonable method of disposition of the Collateral.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>PLEDGOR EXPRESSLY WAIVES TO THE MAXIMUM EXTENT PERMITTED BY LAW:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.45pt"></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 38.45pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>any constitutional or other right to a judicial hearing prior to the time Secured Party disposes of all or any part of the
Collateral as provided in this Section;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.45pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>all rights of redemption, stay, or appraisal that it now has or may at any time in the future have under any rule of law or
statute now existing or hereafter enacted; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.45pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>except as set forth in subsection (a) of this Section 9, any requirement of notice, demand, or advertisement for sale.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">10</TD><TD>Application of proceeds</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Upon the occurrence and during the continuance of a
Default, any cash held by the Secured Party as Collateral and all cash Proceeds received by the Secured Party in respect of any
sale of, collection from, or other realization upon all or any part of the Collateral pursuant to the exercise by the Secured Party
of its remedies as a secured creditor as provided in Section&nbsp;9 shall be applied from time to time by the Secured Party as
provided in the Security Agreement between the Pledgor and the Secured Party dated on or about the date of this Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">11</TD><TD>Indemnity and expenses</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>The Pledgor agrees:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>to indemnify and hold harmless Secured Party and each of its directors, officers, employees, agents and affiliates from and
against any and all claims, damages, demands, losses, obligations, judgments and liabilities (including, without limitation, attorneys&rsquo;
fees and expenses) in any way arising out of or in connection with this Agreement or the Obligations, except to the extent the
same shall arise as a result of the negligence or wilful misconduct of the party seeking to be indemnified; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>to pay and reimburse Secured Party upon demand for all reasonable costs and expenses (including, without limitation, attorneys&rsquo;
fees and expenses) that Secured Party may incur in connection with:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(A)</TD><TD>the custody, use or preservation of, or the sale of, collection from or other realization upon, any of the Collateral, including
the reasonable expenses of re-taking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the
Collateral;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(B)</TD><TD>the exercise or enforcement of any rights or remedies granted hereunder, under the Facility Agreement, or under any of the
other Transaction Documents or otherwise available to it (whether at law, in equity or otherwise); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(C)</TD><TD>the failure by Pledgor to perform or observe any of the provisions hereof.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>The provisions of this Section 11 shall survive the execution and delivery of this Agreement, the repayment of any of the Obligations, the termination
of the commitments of Secured Party under the Facility Agreement, and the termination of this Agreement or any other credit document.</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">12</TD><TD>Duties of Secured Party</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The powers conferred on Secured Party hereunder are
solely to protect its interests in the Collateral and shall not impose on it any duty to exercise such powers. Except as provided
in this Agreement and Section 9-207 of the Code, Secured Party shall have no duty with respect to the Collateral or any responsibility
for taking any necessary steps to preserve rights against any Persons with respect to any Collateral.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">13</TD><TD>Choice of law and venue, waiver of jury trial</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>THE VALIDITY OF THIS AGREEMENT, ITS CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT, AND THE RIGHTS OF THE PARTIES HERETO SHALL
BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF COLORADO (WITHOUT REFERENCE TO THE
CHOICE OF LAW PRINCIPLES THEREOF). The Pledgor and the Secured Party agree that any action or claim arising out of, or any dispute
in connection with, this Agreement, any rights, remedies, obligations, or duties hereunder, or the performance or enforcement hereof
or thereof, may be brought in the courts of the State of Colorado or any federal court sitting therein and consent to the non-exclusive
jurisdiction of such court and to service of process in any such suit being made upon the Pledgor by mail at the address specified
for notices in the Facility Agreement. The Pledgor hereby waives any objection that it may now or hereafter have to the venue of
any such suit or any such court or that such suit is brought in an inconvenient court.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>PLEDGOR AND SECURED PARTY HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF
DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. The Pledgor and the Secured Party represent that each has reviewed this
waiver and each knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. In the event
of litigation, a copy of this Agreement may be filed as a written consent to a trial by the court.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">14</TD><TD>Amendments, etc</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">No amendment or waiver of any provision of this Agreement
nor consent to any departure by Pledgor herefrom shall in any event be effective unless the same shall be in writing and signed
by Secured Party, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose
for which given. No failure on the part of Secured Party to exercise, and no delay in exercising any right under this Agreement,
any other credit document, or otherwise with respect to any of the Obligations, shall operate as a waiver thereof; nor shall any
single or partial exercise of any right under this Agreement, any other credit document, or otherwise with respect to any of the
Obligations preclude any other or further exercise thereof or the exercise of any other right. The remedies provided for in this
Agreement or otherwise with respect to any of the Obligations are cumulative and not exclusive of any remedies provided by law.</P>

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<TD STYLE="width: 0"></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">15</TD><TD>Notices</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Except as otherwise expressly provided herein, any
notice, order, instruction, request or other communication required or permitted to be given under this Agreement shall be in writing
and deemed to have been properly given when delivered in person, or when sent by facsimile transmission or other electronic means,
or upon receipt of notice sent by overnight mail or certified or registered United States mail, return receipt requested, postage
prepaid, addressed to the party at the address set forth below. Any party may change its address for notices in the manner set
forth above.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">Solitario Exploration &amp; Royalty Corp.<BR>
4251 Kipling St, Suite 390, Wheat Ridge, Colorado 80033, United States of America<BR>
Attn: James R Maronick<BR>
Fax: +1 303<B> </B>534 1809<BR>
E-mail: jmaronick@slrxpl.com</TD>
    <TD STYLE="width: 47%; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: -15.15pt; padding-bottom: 5.65pt; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 6.8pt 0 0">RMB Australia Holdings Limited<BR>
        Level 13<BR>
        60 Castlereagh Street<BR>
        Sydney New South Wales 2000<BR>
        Australia<BR>
        Attn: Gregory Gay</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 6.8pt 0 0">Fax: +61 2 9256 6291</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">E-mail: greg.gay@rmb.com.au</P></TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 6.8pt 0 0">RMB Resources Inc.<BR>
        77 Water Street<BR>
        8th Floor<BR>
        New York, New York 10005<BR>
        United States of America<BR>
        Attn: Alvaro Belevan</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 6.8pt 0 0">Fax: +1 646 436 7811</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">E-mail: alvaro.belevan@rmbresources.com</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">16</TD><TD>Continuing security interest</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>This Agreement shall create a continuing security interest in the Collateral and shall:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>remain in full force and effect until the indefeasible payment in full of the Obligations, including the cash collateralization,
expiration, or cancellation of all Obligations, if any, consisting of letters of credit, and the full and final termination of
any commitment to extend any financial accommodations under the Facility Agreement and the other Transaction Documents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>be binding upon Pledgor and its successors and assigns; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>inure to the benefit of Secured Party and its successors, transferees, and assigns.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Subject to Section 16(c), at the written request of the Pledgor, the Secured Party shall discharge and terminate the security
interest created under this Agreement if the Obligations have been indefeasibly paid in full and no Obligations are owing, whether
actually, contingently or prospectively.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>The Secured Party is not obliged to discharge and terminate the security interest created under this Agreement under Section
16 (b) if the Secured Party is of the opinion (acting in good faith) that it is reasonably foreseeable that
any Obligations could be owing in the future.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>If the Secured Party is obliged to discharge and terminate the security interest created under this Agreement in accordance
with Sections 16 (b) and 16(c) then:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>the Secured Party shall, at the Pledgor&rsquo;s expense, execute and deliver to the Pledgor such documents as the Pledgor shall
reasonably request to evidence such discharge and termination; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>such documents shall be prepared by the Pledgor and shall be in form and substance reasonably satisfactory to the Secured Party.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>Despite this Section 16 and any discharge or termination of the security interest created under this Agreement, nothing in this Agreement
or any discharge or termination affects any indemnity or other obligation under this Agreement or under any other Transaction Document
that is expressed to survive termination.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">17</TD><TD>Security interest absolute</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">To the maximum extent permitted by law, all rights
of Secured Party, all security interests hereunder, and all obligations of Pledgor hereunder, shall be absolute and unconditional
irrespective of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>any lack of validity or enforceability of any of the Obligations or any other agreement or instrument relating thereto, including
any of the Transaction Documents;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>any change in the time, manner, or place of payment of, or in any other term of, all or any of the Obligations, or any other
amendment or waiver of or any consent to any departure from any of the Transaction Documents, or any other agreement or instrument
relating thereto;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>any exchange, release, or non-perfection of any other collateral, or any release or amendment or waiver of or consent to departure
from any guaranty for all or any of the Obligations; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>any other circumstances that might otherwise constitute a defense available to, or a discharge of, Pledgor.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">18</TD><TD>Headings</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Section and subsection headings in this Agreement are
included herein for convenience of reference only and shall not constitute a part of this Agreement or be given any substantive
effect.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">19</TD><TD>Severability</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">In case any provision in or obligation under this Agreement
shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions
or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">20</TD><TD>Counterparts</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original and all of which together shall constitute one and the same Agreement dated as of the
date first shown above.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">21</TD><TD>Waiver of Marshalling</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Each of Pledgor and Secured Party acknowledges and agrees that in exercising any rights under or with respect to the Collateral
Secured Party:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>is under no obligation to marshal any Collateral;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>may, in its absolute discretion, realize upon the Collateral in any order and in any manner it so elects; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>may, in its absolute discretion, apply the proceeds of any or all of the Collateral to the Obligations in any order and in
any manner it so elects.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Pledgor and Secured Party waive any right to require the marshalling of any of the Collateral.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

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

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">Schedule 1</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 12pt; border-bottom: Black 1pt solid">Ownership Interest</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-weight: bold; text-align: center">Full Name<BR STYLE="mso-special-character: line-break"> <BR STYLE="mso-special-character: line-break"></TD>
    <TD STYLE="width: 15%; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-weight: bold; text-align: center">Jurisdiction of<BR> Organization</TD>
    <TD STYLE="width: 15%; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-weight: bold; text-align: center">Type of<BR> Interest</TD>
    <TD STYLE="width: 15%; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-weight: bold; text-align: center">Number of<BR> Shares/Units<BR> (if applicable)</TD>
    <TD STYLE="width: 15%; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-weight: bold; text-align: center">Certificate<BR> Number(s)<BR> (if any)</TD>
    <TD STYLE="width: 16%; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-weight: bold; text-align: center">Percentage of<BR> Outstanding<BR> Interests in MHLLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">Mt. Hamilton, LLC</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; text-align: center">Colorado</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">Membership Interest</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; text-align: center">N/A</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; text-align: center">N/A</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; text-align: center">80%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">Signing page</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 24pt; border-bottom: Black 1pt solid">Executed as an agreement
as of the date first above written</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 11pt; font-weight: bold">Pledgor</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Signed for</P>
        <P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">Solitario Exploration &amp; Royalty Corp.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">by its authorized signatories</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid">/s/ Christopher E. Herald</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Christopher E. Herald, CEO</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid">/s/ James R. Maronick</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">James R. Maronick, CFO</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="border-bottom: windowtext 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; font-weight: bold">Secured Party</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Signed for</P>
        <P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">RMB Australia Holdings Limited</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">by its attorney</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: windowtext 1pt solid">/s/ Christopher Kamper</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Attorney</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">print name</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Christopher Kamper</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>in the presence of</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Debbie L. Deaguero</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Witness</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">print name</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Debbie L. Deaguero</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; font-weight: bold">Secured Party</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Signed for</P>
        <P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">RMB Resources Inc.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">by its authorized signatory</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: windowtext 1pt solid">/s/ Alvaro Belevan</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Authorized Signatory</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">print name</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Alvaro Belevan</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">title</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Managing Director</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">Attachment 1</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 12pt; border-bottom: Black 1pt solid">Endorsement Certificate
&ndash; Solitario Exploration &amp; Royalty Corp.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">FOR VALUE RECEIVED, the undersigned does hereby sell,
assign and transfer unto RMB AUSTRALIA HOLDINGS LIMITED, the whole of its ownership interest in MT. HAMILTON, LLC (<B>Issuer</B>)
standing in the undersigned&rsquo;s name on the books of the Issuer, and does hereby irrevocably constitute and appoint RMB AUSTRALIA
HOLDINGS LIMITED, as the undersigned&rsquo;s attorney-in-fact to transfer the said ownership interest on the books of the Issuer
with full power of substitution in the premises.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Date:&#9;<U>&#9;</U> , 2012.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Signed for</P>
        <P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">Solitario Exploration &amp; Royalty Corp.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">by its authorized signatories</P></TD></TR>
<TR>
    <TD STYLE="width: 9%; vertical-align: top"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt">
&#9658;</FONT></TD>
    <TD STYLE="width: 38%; font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold">Christopher E. Herald, CEO</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-weight: bold">James R. Maronick, CFO</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exh995.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: right; font-size: 18pt">Agreement</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">Execution Version</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 22pt">MHLLC OA Side Agreement</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Solitario Exploration &amp; Royalty Corp.</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">DHI Minerals (U.S.) Ltd</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">RMB Australia Holdings Limited</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">RMB Resources Inc.</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">Ely Gold &amp; Minerals Inc.</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt">&nbsp;</P></TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"></P>



<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">Contents</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 12pt; border-bottom: Black 1pt solid">Table of contents</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="padding-right: 5.4pt; font-weight: bold">1</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Definitions and interpretation</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; border: windowtext 1pt solid; padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: windowtext; border-left-width: 1pt; padding-right: 5.4pt">1.1</TD>
    <TD STYLE="width: 81%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: windowtext; border-left-width: 1pt; padding-right: 5.4pt">Definitions</TD>
    <TD STYLE="width: 5%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left-color: windowtext; border-left-width: 1pt; padding-right: 5.4pt">4</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">1.2</TD>
    <TD STYLE="padding-right: 5.4pt">Interpretation</TD>
    <TD STYLE="padding-right: 5.4pt">7</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">1.3</TD>
    <TD STYLE="padding-right: 5.4pt">Inclusive expressions</TD>
    <TD STYLE="padding-right: 5.4pt">8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">1.4</TD>
    <TD STYLE="padding-right: 5.4pt">Business Day</TD>
    <TD STYLE="padding-right: 5.4pt">8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">2</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Acknowledgement and consent</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">8</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">3</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">RMB Parties right to remedy</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">4</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">DHI Minerals right to remedy</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">9</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">5</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Assignment</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">5.1</TD>
    <TD STYLE="padding-right: 5.4pt">Assignment by Solitario</TD>
    <TD STYLE="padding-right: 5.4pt">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">5.2</TD>
    <TD STYLE="padding-right: 5.4pt">Assignment by DHI Parties or RMB Parties</TD>
    <TD STYLE="padding-right: 5.4pt">11</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">6</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">General</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">6.1</TD>
    <TD STYLE="padding-right: 5.4pt">Term</TD>
    <TD STYLE="padding-right: 5.4pt">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">6.2</TD>
    <TD STYLE="padding-right: 5.4pt">Notices</TD>
    <TD STYLE="padding-right: 5.4pt">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">6.3</TD>
    <TD STYLE="padding-right: 5.4pt">Governing law and jurisdiction</TD>
    <TD STYLE="padding-right: 5.4pt">12</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">6.4</TD>
    <TD STYLE="padding-right: 5.4pt">Waiver of jury trial</TD>
    <TD STYLE="padding-right: 5.4pt">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">6.5</TD>
    <TD STYLE="padding-right: 5.4pt">Prohibition and enforceability</TD>
    <TD STYLE="padding-right: 5.4pt">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">6.6</TD>
    <TD STYLE="padding-right: 5.4pt">Amendments, waivers, variation etc.</TD>
    <TD STYLE="padding-right: 5.4pt">13</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">6.7</TD>
    <TD STYLE="padding-right: 5.4pt">Counterparts</TD>
    <TD STYLE="padding-right: 5.4pt">14</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Schedula 1</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">15</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Notice details</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Schedule 2</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">DHI Obligations</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">17</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; font-weight: bold">Signing page</TD>
    <TD STYLE="padding-right: 5.4pt; font-weight: bold">21</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"></P>



<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 12pt; border-bottom: Black 1pt solid">MHLLC OA Side Agreement</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 0.25in 42.55pt">Date <FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&#9658;</FONT>
August 10, 2012</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: 28%; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 11pt">Between the parties</TD>
    <TD STYLE="width: 72%; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">Solitario</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Solitario Exploration &amp; Royalty Corp.</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">of 4251 Kipling Street, Suite 390, Wheat Ridge, Colorado 80033,
        United States of America</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">DHI Minerals</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>DHI Minerals (U.S.) Ltd</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">of 455 Northwest Hwy, Suite 2301 Irving, TX 75039</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">Financier</TD>
    <TD STYLE="border-top: windowtext 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>RMB Australia Holdings Limited</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">ACN 003 201 214 of Level 13, 60 Castlereagh Street, Sydney,
        New South Wales 2000, Australia</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">Agent</TD>
    <TD STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>RMB Resources Inc.</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">of 77 Water Street, 8th Floor, New York, New York 10005, United
        States of America</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">Ely</TD>
    <TD STYLE="padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"><B>Ely Gold &amp; Minerals Inc.</B></P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">of 789 West Pender Street, Suite 680, Vancouver, B.C. V6C 1H2,
        Canada</P></TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</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: 28%; border-top: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 11pt">Recitals</TD>
    <TD STYLE="width: 72%; border-top: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Ely, through a wholly owned subsidiary, owns 100% of DHI Minerals.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Solitario and the DHI Parties are parties to one or more of the DHI Documents.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Solitario and the RMB Parties are parties to the Finance Documents.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>The MHLLC Operating Agreement contains restrictions on the ability of Solitario to, <I>inter alia</I>, create an Encumbrance
        over any part of its Interest.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-align: justify; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">5</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>The parties have agreed to enter into this agreement to set out the terms on which the DHI Parties will consent to the creation
        of an Encumbrance on Solitario&rsquo;s Interest to permit Solitario to borrow the Funds from the Financier, and to regulate their
        relationship in relation to the Loan and the DHI Documents.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: #4D4D4D 1pt solid; border-bottom: #4D4D4D 1pt solid; padding-top: 11.35pt; padding-right: 5.65pt; padding-bottom: 5.65pt; font-size: 11pt">The parties agree as follows:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"></P>



<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1</TD><TD>Definitions and interpretation</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.1</TD><TD>Definitions</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">The meanings of the terms used in this agreement are
set out below.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Term</TD>
    <TD STYLE="width: 72%; border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Meaning</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Administrative Agent</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">an administrator, liquidator, provisional liquidator, receiver, receiver and manager, official manager, trustee or similar official.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Attorney</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">an attorney appointed under a Finance Document.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Augusta</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">Augusta Resource Corporation.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Augusta Agreement</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the Share Purchase Agreement dated November 15, 2007 between Augusta and Ely, as amended.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Business Day</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">a day on which banks are open for business in Sydney, Australia, New York, New York, Vancouver, British Columbia and Denver, Colorado, excluding a Saturday, Sunday or public holiday.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Closing Date</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">has the meaning given to it in clause 4(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Contribution Agreement</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; text-indent: 0in; font-size: 9pt">the agreement entitled &lsquo;Limited Liability Company Contribution Agreement&rsquo; dated 22 December 2010 between DHI Minerals, Solitario and MHLLC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Default</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">the occurrence or non occurrence of:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any breach of, or default under, the DHI Documents by, or in relation to, Solitario, including a breach of the DHI Obligations;
        or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any other event or circumstance,</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">which entitles, or which with the giving of notice, the expiration
        of time or the satisfaction or non satisfaction of any condition would:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>entitle a DHI Party to terminate, rescind or accept repudiation of, or suspend the performance of any of its obligations
        under, the DHI Documents; or</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">4</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>result in a reduction of Solitario&rsquo;s Interest or the delivery or deemed delivery of an Opt-out Notice.</P></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%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">DHI Documents</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; width: 72%">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">each of:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the MHLLC Operating Agreement;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Contribution Agreement; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Letter of Intent.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">DHI Notice</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">has the meaning given to it in clause 4(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">DHI Obligations</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">all Obligations outstanding under the DHI Documents (summarized in Schedule 2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">DHI Parties</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>DHI Minerals; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>Ely.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Encumbrance</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">has the meaning given to it in the MHLLC Operating Agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Facility Agreement</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the document entitled &lsquo;Facility Agreement&rsquo; dated on or about the date of this agreement between Solitario, the Financier and the Agent.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Finance Documents</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">each of:</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Facility Agreement;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Security Agreement; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Pledge Agreement.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Finance Obligations</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">all Obligations outstanding under the Finance Documents.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Funds</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">up to $5,000,000 to be loaned by the Financier to Solitario by way of the Loan.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Government Agency</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">any government or any governmental, semi governmental, administrative, fiscal or judicial body, department, commission, authority, tribunal, agency or entity.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Interest</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">has the meaning given to it in the MHLLC Operating Agreement.</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%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">Letter of Intent</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; width: 72%">the letter agreement dated 26 August 2010 between Solitario, Ely and DHI Minerals.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Lien</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement to give any of the foregoing) and any option, trust, Uniform Commercial Code financing statement or other preferential arrangement having the practical effect of any of the foregoing.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Loan</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the loan to be made by the Financier to Solitario as provided for in the Facility Agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Loan Amount</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">$5,000,000.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Maximum Amount</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Loan Amount;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>all accrued interest owing on the Loan Amount; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>all indemnity payments owing to the RMB Parties under clause 13.1 of the Facility Agreement and all taxes, costs and expenses
        payable to the RMB parties under clauses 14.2 and 14.3 of the Facility Agreement.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">MHLLC</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">Mt. Hamilton LLC<B> </B>of 4251 Kipling Street, Suite 390, Wheat Ridge, Colorado 80033, United States of America.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">MHLLC Operating Agreement</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the agreement entitled &lsquo;Limited Liability Company Operating Agreement of Mt. Hamilton LLC&rsquo; dated 22 December 2010 between Solitario and DHI Minerals.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Obligations</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">all financial obligations of every nature owed by Solitario from time to time, whether for principal, interest, fees, expenses, indemnification or otherwise.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Opt-out Notice</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">has the meaning given to that term in the MHLLC Operating Agreement.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Pledge Agreement</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the document entitled &lsquo;Pledge Agreement&rsquo; dated on or about the date of this agreement between Solitario, the Financier and the Agent.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Power</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">any right, power, authority, discretion or remedy conferred on an RMB Party by any Finance Document or any applicable law.</TD></TR>
</TABLE>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold; width: 28%">RMB Debt</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; width: 72%">has the meaning given to it in clause 4(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">RMB Parties</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt">
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">1</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Financier;</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">2</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the Agent; and</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 14.2pt; text-indent: -14.2pt"><FONT STYLE="font-size: 8pt">3</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>any Attorney or Administrative Agent appointed under a Finance Document.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">RMB Rights</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; text-indent: 0in; font-size: 9pt">has the meaning given to it in clause 4(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Security Agreement</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; text-indent: 0in; font-size: 9pt">the document entitled &lsquo;Security Agreement&rsquo; dated on or about the date of this agreement between Solitario, the Financier and the Agent.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Solitario Default</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; text-indent: 0in; font-size: 9pt">has the meaning given to the term &lsquo;Default&rsquo; in the Finance Documents.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Solitario Notice</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; text-indent: 0in; font-size: 9pt">has the meaning given to it in clause 4(b)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Solitario&rsquo;s Interest</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; text-indent: 0in; font-size: 9pt">the Interest of 80% in MHLLC currently held by Solitario and all future Interests in MHLLC owned by Solitario.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt; font-weight: bold">Uniform Commercial Code</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-top: 14.2pt; padding-right: 14.2pt; padding-bottom: 5.65pt; font-size: 9pt">the Uniform Commercial Code of Colorado (Colorado Revised Statutes 4-9-101 et seq.).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.2</TD><TD>Interpretation</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">In this agreement headings and bold type are for convenience
only and do not affect the interpretation of this agreement and, unless the context requires otherwise:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>words indicating the singular include the plural and vice versa;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>words indicating a gender include any gender;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>other parts of speech and grammatical forms of a word or phrase defined in this agreement have a corresponding meaning;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>an expression suggesting or referring to a natural person or an entity includes any company, partnership, joint venture, association,
corporation or other body corporate and any Government Agency;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>a reference to any thing (including any right) includes a part of that thing but nothing in this clause&nbsp;1.2(e) implies that performance of part of an obligation constitutes performance of the obligation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD>a reference to a clause, party, annexure, exhibit or schedule is a reference to a clause&nbsp;of, and a party, annexure, exhibit
and schedule to, this agreement and a reference to this agreement includes any annexure, exhibit and schedule;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(g)</TD><TD>a reference to a statute, regulation, proclamation, ordinance or by-law includes all statutes, regulations, proclamations,
ordinances or by-laws amending, consolidating or replacing it, whether passed by the same or another Government Agency with legal
power to do so, and a reference to a statute includes all regulations, proclamations, ordinances and by-laws issued under that
statute;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(h)</TD><TD>a reference to a document includes all amendments or supplements to, or replacements or novations of, that document in existence
at the date of this agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(i)</TD><TD>a reference to liquidation includes official management, appointment of an administrator, compromise, arrangement, merger,
amalgamation, reconstruction, winding up, dissolution, deregistration, assignment for the benefit of creditors, scheme, composition
or arrangement with creditors, insolvency, bankruptcy, or a similar procedure or, where applicable, changes in the constitution
of any partnership or person, or death;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(j)</TD><TD>a reference to a party to any document includes that party&rsquo;s successors and permitted assigns;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(k)</TD><TD>a reference to an asset includes all property of any nature, including a business, and all rights, revenues and benefits;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(l)</TD><TD>a reference to a document includes any agreement in writing, or any certificate, notice, deed, instrument or other document
of any kind;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(m)</TD><TD>no provision of this agreement may be construed adversely to a party solely on the ground that the party was responsible for
the preparation of this agreement or that provision;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(n)</TD><TD>a reference to a body, other than a party to this agreement (including an institute, association or authority), whether statutory
or not:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>which ceases to exist; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>whose powers or functions are transferred to another body,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.1pt">is a reference to the body which replaces it or which
substantially succeeds to its powers or functions; and</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(o)</TD><TD>references to time are to New York time, unless otherwise stated.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.3</TD><TD STYLE="text-align: justify">Inclusive expressions</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt; text-align: justify">Specifying anything in this agreement
after the words &lsquo;include&rsquo; or &lsquo;for example&rsquo; or similar expressions does not limit what else is included
unless there is express wording to the contrary.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">1.4</TD><TD STYLE="text-align: justify">Business Day</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt; text-align: justify">Except as otherwise provided under
this agreement, where the day on or by which any thing is to be done is not a Business Day, that thing must be done on or by the
succeeding Business Day.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">2</TD><TD>Acknowledgement and consent</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD STYLE="text-align: justify">Subject to compliance with and fulfillment of the terms and conditions in its favor set out herein,
DHI Minerals hereby consents to the creation of one or more Encumbrances on Solitario&rsquo;s Interest in favour of the RMB Parties
for the purpose of securing Finance Obligations incurred in connection with the Loan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD STYLE="text-align: justify">The RMB Parties acknowledge that the security interest granted by Solitario to DHI Minerals under
section 3.5 of the MHLLC Operating Agreement ranks in priority senior to any Encumbrance created by Solitario in favour of the
RMB Parties.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD STYLE="text-align: justify">The RMB Parties acknowledge that if the RMB Parties acquire Solitario&rsquo;s Interest pursuant
to realization on any Encumbrance, the RMB Parties will thereafter have the rights and obligations of Solitario under the MHLLC
Operating Agreement as successor to Solitario and, accordingly, any subsequent Transfer (as that term is defined in the MHLLC Operating
Agreement) by the RMB Parties of Solitario&rsquo;s Interest will be subject to the rights of DHI Minerals in section 8.4 of the
MHLLC Operating Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD STYLE="text-align: justify">The RMB Parties and Solitario acknowledge that no amendment will be made and no action will be
taken which has the effect of increasing the principal amount secured by any Encumbrance to an amount more than the Maximum Amount
without the prior written consent of the DHI Parties.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD STYLE="text-align: justify">The RMB Parties and Solitario agree with the DHI Parties that they will not buy, take an assignment,
transfer or novation of, or otherwise acquire or participate in the acquisition of, any debt now or hereafter owed by any of the
DHI Parties to Augusta, or any rights held by Augusta in respect of any DHI Party, under or in connection with the Augusta Agreement.
The RMB Parties agree with the DHI Parties that they will not directly or indirectly interfere with any contractual relationship
between MHLLC and any DHI Party, or between Augusta and any DHI Party, or with the management or operations of MHLLC.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD STYLE="text-align: justify">Solitario and the DHI Parties agree that the Letter of Intent is hereby amended by deleting from
clause 1 thereof the text set out in Part 1 of Schedule 2 to this agreement and substituting in its place and stead the text set
out in Part 2 of Schedule 2 to this agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(g)</TD><TD STYLE="text-align: justify">The RMB Parties and Solitario acknowledge and agree with the DHI Parties that nothing in this agreement,
and no act by or on behalf of any DHI Party in connection with the preparation of this agreement, will be construed as an approval
by any DHI Party of any provision of any Finance Document, and that the RMB Parties will not rely on any Solitario Default to attempt,
directly or indirectly, to influence the management, assets or operations of MHLLC.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(h)</TD><TD STYLE="text-align: justify">The DHI Parties and Solitario acknowledge and agree with the RMB Parties that nothing in this agreement
will prevent the RMB Parties from enforcing any Encumbrance in the event of a Solitario Default.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">3</TD><TD>RMB Parties&rsquo; right to remedy</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.5pt">The DHI parties acknowledge that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD STYLE="text-align: justify">any RMB Party may, but is not obliged to, take steps on behalf of Solitario to remedy, or procure
the remedy, of any Default or to prevent the occurrence of any Default; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD STYLE="text-align: justify">the DHI Parties agree that any remedy of a Default effected by an RMB Party on behalf of Solitario
will be effective as a remedy of the Default by Solitario.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">4</TD><TD>DHI Minerals&rsquo; right to remedy</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD STYLE="text-align: justify">DHI Minerals may, but is not obliged to, take steps on behalf of Solitario to remedy, or procure
the remedy of, any Solitario Default or to prevent the occurrence of any Solitario Default, or, in the alternative, in the event
of a Solitario Default, to acquire the RMB Debt and related security as hereinafter provided.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD STYLE="text-align: justify">Where under the terms of the Finance Documents an RMB Party is required to give a notice to Solitario
in respect of a Solitario Default (a <B>Solitario Notice</B>), the relevant RMB Party must, within 2 Business Days after delivery
of the Solitario Notice, give DHI Minerals a notice which describes the relevant Solitario Default, identifies the relevant cure
period applicable to the Solitario Default and includes a payout statement which states the Finance Obligations on the last day
of such cure period (or the date of the notice if there is no cure period) and the per diem interest accrual thereafter, as required
to give DHI Minerals the ability to calculate the total amount owing by Solitario to the RMB Parties (at any time, the <B>RMB Debt</B>)
for the purposes of this provision, and contains an offer from the RMB Parties to sell, transfer and assign the RMB Debt, the Finance
Documents and all related security interests, and all of the RMB Parties&rsquo; rights and entitlements under the Finance Documents
(collectively the <B>RMB Rights</B>) to DHI Minerals for an amount equal to the RMB Debt (a <B>DHI Notice</B>).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD STYLE="text-align: justify">Where DHI Minerals has received a DHI Notice, it shall have 14 Business Days after the expiration
of the cure period applicable to the relevant Solitario Default (as identified in the DHI Notice) to either:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">(i)</TD><TD STYLE="text-align: justify">remedy, or procure the remedy of, the Solitario Default on behalf of Solitario; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">(ii)</TD><TD STYLE="text-align: justify">deliver to the RMB Parties a notice advising the RMB Parties that DHI Minerals will purchase the
RMB Rights for an amount equal to the RMB Debt on a date (the <B>Closing Date</B>) not later than 90 days next following the date
of DHI Minerals&rsquo; notice to the RMB Parties, in which event the RMB Parties will sell, transfer and assign the RMB Rights
to DHI Minerals on the Closing Date for an amount equal to the RMB Debt on the Closing Date (and the RMB Parties will advise DHI
Minerals of the final amount of the RMB Debt no less than 5 Business Days before the Closing Date, that amount to be based on the
amount of the RMB Debt as initially advised, but taking into account any interest rate fluctuations and any additional costs, expenses
and indemnity amounts arising from the date of the initial advice up to the Closing Date); and in that regard, upon payment of
such amount, the RMB Parties will make, sign and do all documents, acts, matters and things necessary in order to transfer and
assign to DHI Minerals all of the RMB Rights and any other rights they may then hold under any agreement between any of the RMB
Parties and Solitario in relation to payment of the RMB Debt or performance of Solitario&rsquo;s Obligations to the RMB Parties.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD STYLE="text-align: justify">If DHI Minerals remedies, or procures the remedy of, a Solitario Default on behalf of Solitario
in accordance with clause 4(c) (i), then the parties agree that that remedy will be effective as a remedy of the Solitario Default as between
the RMB Parties and Solitario.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD STYLE="text-align: justify">Without limiting clause 4(c) or clause 4(d) , if Solitario fails to pay the Third Tranche Subscription Funds, the Fourth Tranche Subscription Funds or
the Fifth Tranche Subscription Funds (as those terms are defined in Part 2 of Schedule 2 to this Agreement) within the times permitted
by the Letter of Intent (as amended hereby), then:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">(i)</TD><TD STYLE="text-align: justify">within two days of the relevant due date, the RMB Parties will deliver to the DHI Parties a payout
statement which states the total Finance Obligations on the relevant due date and the per diem interest accrual thereafter, as
required to give DHI Minerals the ability to calculate the RMB Debt for the purposes of this provision, and offering to sell, transfer
and assign the RMB Rights to DHI Minerals and/or Ely for an amount equal to the RMB Debt; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD></TR></TABLE>

<!-- Field: Page; Sequence: 10 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">(ii)</TD><TD STYLE="text-align: justify">within 14 Business Days after such default by Solitario (and notwithstanding the fact that the
RMB Parties may not have issued a DHI Notice or any payout statement), Ely or DHI Minerals may deliver to the RMB Parties a notice
advising the RMB Parties that DHI Minerals will purchase the RMB Rights for an amount equal to the RMB Debt on a Closing Date not
later than 90 days next following the date of DHI Minerals&rsquo; notice to the RMB Parties, in which event the RMB Parties will
sell, transfer and assign the RMB Rights and any other rights they may then hold under any agreement between any of the RMB Parties
and Solitario in relation to payment of the RMB Debt or performance of Solitario obligations to the RMB Parties, to DHI Minerals
on the Closing Date for an amount equal to the RMB Debt on the Closing Date (and the RMB Parties will advise DHI Minerals of the
final amount of the RMB Debt no less than 5 Business Days before the Closing Date, that amount to be based on the amount of the
RMB Debt as initially advised, but taking into account any interest rate fluctuations and any additional costs, expenses and indemnity
amounts arising from the date of the initial advice up to the Closing Date); and in that regard, upon payment of such amount, the
RMB Parties will make, sign and do all documents, acts, matters and things necessary in order to transfer and assign to DHI Minerals
all of the RMB Rights and any other rights it may then hold under any agreement between any of the RMB Parties and Solitario in
relation to payment of the RMB Debt or performance of Solitario obligations to the RMB Parties.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">5</TD><TD>Assignment</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">5.1</TD><TD>Assignment by Solitario</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt; text-align: justify">Solitario must not deal with,
sell, assign, transfer, novate or otherwise dispose of, or create or allow to exist any Lien over, any of its rights or obligations
under this agreement or the DHI Documents, other than as permitted under the DHI Documents, Finance Documents or any other agreement
between Solitario and the RMB Parties.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">5.2</TD><TD>Assignment by DHI Parties or RMB Parties</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD STYLE="text-align: justify">Each of the DHI Parties may deal with, sell, assign, transfer, novate or otherwise dispose of,
or create or allow to exist any Lien over, any of its rights or obligations under this agreement providing that it first procures
that the proposed purchaser, assignee, transferee or other counterparty to the proposed dealing enter into an agreement with the
RMB Parties (on such terms as the RMB Parties may reasonably require) under which such transferee agrees to be bound by the terms
of this agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD STYLE="text-align: justify">Each of the RMB Parties may deal with, sell, assign, transfer, novate or otherwise dispose of,
or create or allow to exist any Lien over, any of its rights or obligations under this agreement providing that it first procures
that the proposed purchaser, assignee, transferee or other counterparty to the proposed dealing enter into an agreement with the
relevant DHI Parties (on such terms as the relevant DHI Parties may reasonably require) under which such transferee agrees to be
bound by the terms of this agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

<!-- Field: Page; Sequence: 11 -->
    <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 -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 14pt Arial, Helvetica, Sans-Serif; margin-top: 30pt; margin-bottom: 12pt; border-bottom: Black 1pt solid"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6</TD><TD>General</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6.1</TD><TD>Term</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">This agreement and the obligations of the parties under
this agreement continue in full force and effect until the date that Solitario&rsquo;s Finance Obligations are paid in full.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6.2</TD><TD>Notices</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD STYLE="text-align: justify">Any notice or other communication including any request, demand, consent or approval, to or by
a party to this agreement must be in legible writing and in English addressed to the party in accordance with its details set out
in Schedule 1 , or as specified to the sender by any party by notice.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>If the sender is a company, any such notice or other communication must be signed by an authorized officer of the sender.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>Any such notice or other communication is regarded as being given by the sender and received by the addressee:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>if by delivery in person, when delivered to the addressee;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>if by post, on delivery to the addressee; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(3)</TD><TD>if by facsimile transmission, when received by the addressee in legible form,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 85.05pt">but if the delivery or receipt is on a day which is
not a Business Day or is after 4.00pm (addressee&rsquo;s time) it is regarded as received at 9.00am on the following Business Day.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>Any such notice or other communication can be relied upon by the addressee and the addressee is not liable to any other person
for any consequences of that reliance if the addressee believes it to be genuine, correct and authorized by the sender.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>A facsimile transmission is regarded as legible unless the addressee telephones the sender within 2 hours after the transmission
is received or regarded as received under clause 6.2(c) and informs the sender that it is not legible.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6.3</TD><TD>Governing law and jurisdiction</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>This agreement shall be governed by, and shall be construed and enforced in accordance with, the laws of the State of Colorado.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Each of Solitario, each RMB Party and each DHI Party hereby irrevocably and unconditionally submits, for itself and its property,
to the nonexclusive jurisdiction of the District Court of the State of Colorado sitting in the City and County of Denver and of
the United States District Court of the State of Colorado, and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this agreement, or for recognition or enforcement of any judgment relating to this agreement, and
Solitario, each RMB Party and each DHI Party hereby irrevocably and unconditionally agree that all claims in respect of any such
action or proceeding may be heard and determined in such Colorado state court or, to the extent permitted by law, in such federal
court. Solitario, each RMB Party and each DHI Party agree that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this agreement
shall affect any right that any party may otherwise have to bring any action or proceeding relating to this agreement, any Finance
Document or any DHI Document in the courts of any jurisdiction.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>Each of Solitario, each RMB Party and each DHI Party hereby irrevocably and unconditionally waives, to the fullest extent it
may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action
or proceeding arising out of or relating to this agreement in any court referred to in paragraph (b) of this clause 6.3. Each of Solitario, each RMB Party and each DHI Party hereby irrevocably waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
court.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>Each of Solitario, each RMB Party and each DHI Party irrevocably consents to service of process in the manner provided for
notices in clause 6.2 . Nothing in this agreement will affect the right of any party to this agreement to serve process in any other
manner permitted by law.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6.4</TD><TD>Waiver of jury trial</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">EACH OF SOLITARIO, EACH RMB PARTY AND EACH DHI PARTY
WAIVES ITS RIGHTS TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT,
ANY RIGHTS, REMEDIES, OBLIGATIONS, OR DUTIES HEREUNDER, OR THE PERFORMANCE OR ENFORCEMENT HEREOF OR THEREOF. EXCEPT AS PROHIBITED
BY LAW, EACH OF SOLITARIO, EACH RMB PARTY AND EACH DHI PARTY WAIVES ANY RIGHT WHICH IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION
REFERRED TO IN THE PRECEDING SENTENCE ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN
ADDITION TO, ACTUAL DAMAGES. EACH OF SOLITARIO, EACH RMB PARTY AND EACH DHI PARTY:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>certifies that no other party nor any representative, agent or attorney of another party has represented, expressly or otherwise,
that such party would not, in the event of litigation, seek to enforce the foregoing waivers or other waivers contained in this
agreement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>acknowledges that, in entering into the Finance Documents, the RMB Parties are relying upon, among other things, the waivers
and certifications contained in this clause 6.4.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6.5</TD><TD>Prohibition and enforceability</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Any provision of, or the application of any provision of, this agreement or any Power which is prohibited in any jurisdiction
is, in that jurisdiction, ineffective only to the extent of that prohibition.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>Any provision of, or the application of any provision of, this agreement which is void, illegal or unenforceable in any jurisdiction
does not affect the validity, legality or enforceability of that provision in any other jurisdiction or of the remaining provisions
in that or any other jurisdiction.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6.6</TD><TD>Amendments, waivers, variation etc</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>Waiver of any right arising from a breach of this agreement or of any Power arising upon a default under this agreement must
be in writing and signed by the party granting the waiver.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>A failure or delay in exercise, or partial exercise of:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(1)</TD><TD>a right arising from a breach of this agreement; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.1pt"></TD><TD STYLE="width: 42.55pt">(2)</TD><TD>a Power created or arising upon default under this agreement, does not result in a waiver
of that right or Power.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 85.05pt; text-indent: 0in"></P>

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<P STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 6pt 85.05pt; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>A party is not entitled to rely on a delay in the exercise or non-exercise of a right or Power arising from a breach of this
agreement or on a default under this agreement as constituting a wavier of that right or Power.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(d)</TD><TD>A party may not rely on any conduct of another party as a defence to exercise of a right or Power by that other party.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(e)</TD><TD>This clause&nbsp;may not itself be waived except in writing.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(f)</TD><TD>A variation of any term of this agreement must be in writing and signed by the parties.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 42.55pt">6.7</TD><TD>Counterparts</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(a)</TD><TD>This agreement may be executed in any number of counterparts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(b)</TD><TD>All counterparts together will be taken to constitute one instrument.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: normal 10pt Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 42.55pt">(c)</TD><TD>A party may execute this agreement by signing any counterpart.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

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

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">Schedule 1</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 12pt; border-bottom: Black 1pt solid">Notice details</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-bottom: 5.65pt; font-size: 10pt; font-weight: bold"><B>Solitario</B></TD>
    <TD STYLE="width: 72%; padding-bottom: 5.65pt; font-weight: bold">Solitario Exploration &amp; Royalty Corp.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Address</TD>
    <TD STYLE="padding-bottom: 5.65pt">4251 Kipling Street, Suite 390, Wheat Ridge, Colorado 80033, United States of America</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Attention</TD>
    <TD STYLE="padding-bottom: 5.65pt">James R. Maronick</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Phone</TD>
    <TD STYLE="padding-bottom: 5.65pt">+1 303 534 1030</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Fax</TD>
    <TD STYLE="padding-bottom: 5.65pt">+1 303 534 1809</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-bottom: 5.65pt">Email</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-bottom: 5.65pt">jmaronick@slrxpl.com</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-bottom: 5.65pt; font-size: 10pt; font-weight: bold"><B>DHI Minerals</B></TD>
    <TD STYLE="width: 72%; padding-bottom: 5.65pt; font-weight: bold">DHI Minerals (U.S.) Ltd</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Address</TD>
    <TD STYLE="padding-bottom: 5.65pt">455 Northwest Hwy. Suite 2301&nbsp; Irving, TX 75039</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Attention</TD>
    <TD STYLE="padding-bottom: 5.65pt">Trey Wasser</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Phone</TD>
    <TD STYLE="padding-bottom: 5.65pt">+1 972 803 3087</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Fax</TD>
    <TD STYLE="padding-bottom: 5.65pt">+1 972 803 3904</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-bottom: 5.65pt">Email</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-bottom: 5.65pt">trey@elygoldandminerals.com</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-bottom: 5.65pt; font-size: 10pt; font-weight: bold">Ely</TD>
    <TD STYLE="width: 72%; padding-bottom: 5.65pt; font-weight: bold">Ely Gold &amp; Minerals Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Address</TD>
    <TD STYLE="padding-bottom: 5.65pt">789 West Pender Street, Suite 680, Vancouver, B.C. V6C 1H2, Canada</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Attention</TD>
    <TD STYLE="padding-bottom: 5.65pt">C.F. (Trey) Wasser III</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Phone</TD>
    <TD STYLE="padding-bottom: 5.65pt">+1 604 488 1104</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Fax</TD>
    <TD STYLE="padding-bottom: 5.65pt">+1 604 488 1105</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-bottom: 5.65pt">Email</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-bottom: 5.65pt">mrmrre@gmail.com</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"></P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-bottom: 5.65pt; font-size: 10pt; font-weight: bold"><B>Financier</B></TD>
    <TD STYLE="width: 72%; padding-bottom: 5.65pt; font-weight: bold">RMB Australia Holdings Limited</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Address</TD>
    <TD STYLE="padding-bottom: 5.65pt">Level 13, 60 Castlereagh Street, Sydney, New South Wales 2000, Australia</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Attention</TD>
    <TD STYLE="padding-bottom: 5.65pt">Gregory Gay</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Phone</TD>
    <TD STYLE="padding-bottom: 5.65pt">+61 2 9253 6200</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Fax</TD>
    <TD STYLE="padding-bottom: 5.65pt">+61 2 9256 6291</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-bottom: 5.65pt">Email</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-bottom: 5.65pt">greg.gay@rmb.com.au</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-bottom: 5.65pt; font-size: 10pt; font-weight: bold">Agent</TD>
    <TD STYLE="width: 72%; padding-bottom: 5.65pt; font-weight: bold">RMB Resources Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Address</TD>
    <TD STYLE="padding-bottom: 5.65pt">77 Water Street, 8th Floor, New York, New York 10005, United States of America</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Attention</TD>
    <TD STYLE="padding-bottom: 5.65pt">Alvaro Belevan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Phone</TD>
    <TD STYLE="padding-bottom: 5.65pt">+1 646 722 4151</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 5.65pt">Fax</TD>
    <TD STYLE="padding-bottom: 5.65pt">+1 646 436 7811</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-bottom: 5.65pt">Email</TD>
    <TD STYLE="border-bottom: #4D4D4D 1pt solid; padding-bottom: 5.65pt">alvaro.belevan@rmbresources.com</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">Schedule 2</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 12pt; border-bottom: Black 1pt solid">DHI Obligations</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Due Date</TD>
    <TD NOWRAP STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">2012</TD>
    <TD NOWRAP STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;2012 SERC</TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">2013</TD>
    <TD NOWRAP STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;2013 SERC&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">2014</TD>
    <TD NOWRAP STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;2014 SERC&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">2015</TD>
    <TD NOWRAP STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Prior to</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Per Section 3.2(c)(v) of MHLLC Operating Agreement and the Letter of Intent</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp; common&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp; common&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp; common&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">commercial</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">June 30, 2012 through December 2014 (3)(4)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;stock</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;stock</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;stock</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">production</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: black">
    <TD NOWRAP COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: white; font-weight: bold">2012</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">DHI Minerals</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21/08/2012</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;$150,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">DHI Minerals (1)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21/08/2012</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">25,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">CMC Adv Royalty payment (3)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19/11/2012</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;$300,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Total 2012</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;$450,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: black">
    <TD NOWRAP COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: white; font-weight: bold">2013</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">DHI Minerals</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21/02/2013</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$250,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">DHI Minerals (2)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21/02/2013</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">50,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">DHI Minerals</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21/08/2013</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$250,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">DHI Minerals (2)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21/08/2013</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">50,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Subscription to Ely Gold Shares for Augusta property payments</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">01/05/2013</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$750,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">CMC Adv Royalty payment (3)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19/11/2013</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">$300,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>

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

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<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: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; width: 31%">Total 2013</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; width: 8%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; width: 7%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; width: 7%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; width: 8%">$1,550,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; width: 7%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; width: 8%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; width: 7%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; width: 8%">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; width: 9%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: black">
    <TD NOWRAP COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: white; font-weight: bold">2014</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">DHI Minerals</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21/02/2014</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$250,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">50,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">DHI Minerals (2)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21/02/2014</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">DHI Minerals</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21/08/2014</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$250,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">DHI Minerals (2)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21/08/2014</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">CMC Adv Royalty payment (3)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19/11/2014</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$300,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Subscription to Ely Gold Shares for Augusta property payments</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">01/05/2014</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$750,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Total 2014</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">$1,550,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: black">
    <TD NOWRAP COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: white; font-weight: bold">2015</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Subscription to Ely Gold Shares for Augusta property payments</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">01/05/2015</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$1,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Total 2015</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">$1,000,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: black">
    <TD NOWRAP COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: white; font-weight: bold">Prior to commercial production</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">CMC Royalty buy-down, prior to commercial production (4)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">100,000</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$5,000,000</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">All bonding obligations to place the Properties into Commercial Production (5)</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">$xxx</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="background-color: black; padding-right: 5.4pt; padding-left: 5.4pt; color: white; font-weight: bold">Cash totals by year</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">$450,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">$1,550,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">$1,550,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">$5,000,000+</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Non cash payments of SERC common stock</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">25,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">100,000</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: black">
    <TD NOWRAP COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; color: white; font-weight: bold">Notes</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(1) Stock payment of 25,000 shares of XPL is shown as non-cash</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(2) Stock payment of 50,000 shares of XPL is shown as non-cash</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(3) CMC adv royalty is paid until production, which may occur after December 31, 2014, at which time minimum payment of $300,000 is due, with royalties due in excess of the minimum reduced by accumulated prior advance minimum payments.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(4) Payments to buy down CMC royalty payment, due on or before commercial production, which may occur after December 31, 2014</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="10" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(5) Solitario shall fund any and all bonding obligations to place the Properties into Commercial Production</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt 42.55pt"><U>Part 1</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt; text-align: right; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt; text-align: right"><FONT STYLE="font-size: 14pt"><B>SCHEDULE
2(f)</B></FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt; text-align: right; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Part 1</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&ldquo;On or before June 1, 2013, Solitario will execute
and deliver a subscription agreement pursuant to which it will subscribe for US$750,000 of Ely&rsquo;s Shares (the &ldquo;Third
Tranche&rdquo;) at a price equal to the 20 day weighted moving average price on the TSX-V (the &ldquo;WMAP&rdquo;). On or before
June 1, 2014, Solitario will execute and deliver a subscription agreement pursuant to which it will subscribe for US$750,000 of
Ely&rsquo;s Shares (the &ldquo;Fourth Tranche&rdquo;) at the WMAP. On or before June 1, 2015, Solitario will execute and deliver
a subscription agreement pursuant to which it will subscribe for US$1,000,000 of Ely&rsquo;s Shares (the &ldquo;Fifth Tranche&rdquo;)
(the Third Tranche, the Fourth Tranche and the Fifth Tranche collectively, the &ldquo;Additional Tranches&rdquo;) at the WMAP.
Ely shall utilize the proceeds of the Additional Tranches to make all required payments to Augusta which are due on or after June
1, 2013.&rdquo;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"></P>



<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt 42.55pt"><U>Part 2</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Solitario will:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(i)</TD><TD>on May 1, 2013, execute and deliver to Ely a subscription agreement (in the same form as the subscription agreement delivered
for the Units, subject to such changes as are recommended by legal counsel to comply with changes to applicable laws) dated May
1, 2013 pursuant to which it will subscribe as an &ldquo;accredited investor&rdquo; for Ely Shares (the &ldquo;<B>Third Tranche
Shares</B>&rdquo;) having an aggregate subscription amount of US$750,000 (the &ldquo;<B>Third Tranche Subscription Funds</B>&rdquo;)
at a price per Ely Share equal to the greater of (A) the weighted moving average price of Ely&rsquo;s Shares on the TSX-V (the
&ldquo;<B>WMAP</B>&rdquo;) over the 20 trading days immediately preceding May 1, 2013; and (B) the Discounted Market Price (as
that term is defined in the policies of the TSX-V) of Ely&rsquo;s Shares on the last trading day immediately preceding May 1, 2013;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(ii)</TD><TD>on or before the sixth Business Day after May 1, 2013, pay the Third Tranche Subscription Funds to Ely by way of wire transfer
or in the form of a bank draft drawn on a Canadian Chartered Bank,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">and Ely will thereupon issue a news release announcing
the subscription, make the requisite filing with the TSX-V and issue the Third Tranche Shares to and in the name of Solitario forthwith
following receipt of the requisite acceptance notice from the TSX-V. Ely shall have the right, but not the obligation, to reduce
the aggregate subscription amount of the Third Tranche, provided that Ely has given Solitario at least ten days&rsquo; advance
written notice of its election to reduce the aggregate subscription amount of the Third Tranche and that Ely has sufficient funds
to make, together with the proceeds of the Third Tranche, and does make the required payment to Augusta due on June 1, 2013. In
no event shall Solitario be entitled to subscribe for the Third Tranche prior to May 1, 2013.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Solitario will:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(i)</TD><TD>on or before May 1, 2014, execute and deliver to Ely a subscription agreement (in the same form as the subscription agreement
delivered for the Units, subject to such changes as are recommended by legal counsel to comply with changes to applicable laws)
dated the date that it is delivered to Ely pursuant to which it will subscribe as an &ldquo;accredited investor&rdquo; for Ely
Shares (the &ldquo;<B>Fourth Tranche Shares</B>&rdquo;) having an aggregate subscription amount of US$750,000 (the &ldquo;<B>Fourth
Tranche Subscription Funds</B>&rdquo;) at a price per Ely Share equal to the greater of (A) the WMAP over the 20 trading days immediately
preceding the date of the subscription agreement; and (B) the Discounted Market Price (as that term is defined in the policies
of the TSX-V) of Ely&rsquo;s Shares on the last trading day immediately preceding the date of the Fourth Tranche subscription agreement;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(ii)</TD><TD>on or before the sixth Business Day after the date of the Fourth Tranche subscription agreement, pay the Fourth Tranche<B>
</B>Subscription Funds to Ely by way of wire transfer or in the form of a bank draft drawn on a Canadian Chartered Bank,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">and Ely will thereupon issue a news release announcing
the subscription, make the requisite filing with the TSX-V and issue the Fourth Tranche Shares to and in the name of Solitario
forthwith following receipt of the requisite acceptance notice from the TSX-V. Ely shall have the right, but not the obligation,
to reduce the aggregate subscription amount of the Fourth Tranche, provided that Ely has given Solitario written notice of its
election to reduce the aggregate subscription amount of the Fourth Tranche within three Business Days after the date of the Fourth
Tranche subscription agreement and that Ely has sufficient funds to make, together with the proceeds of the Fourth Tranche, and
does make the required payment to Augusta currently due on June 1, 2014. In no event shall Solitario be entitled to subscribe for
the Fourth Tranche prior to May 1, 2013.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Solitario will:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(i)</TD><TD>on or before May 1, 2015, execute and deliver to Ely a subscription agreement (in the same form as the subscription agreement
delivered for the Units, subject to such changes as are recommended by legal counsel to comply with changes to applicable laws)
dated the date that it is delivered to Ely pursuant to which it will subscribe as an &ldquo;accredited investor&rdquo; for Ely
Shares (the &ldquo;<B>Fifth Tranche Shares</B>&rdquo;) having an aggregate subscription amount of US$1,000,000 (the &ldquo;<B>Fifth
Tranche Subscription Funds</B>&rdquo;) at a price per Ely Share equal to the greater of (A) the WMAP over the 20 trading days immediately
preceding the date of the subscription agreement; and (B) the Discounted Market Price (as that term is defined in the policies
of the TSX-V) of Ely&rsquo;s Shares on the last trading day immediately preceding the date of the subscription agreement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 42.55pt">(ii)</TD><TD>on or before the sixth Business Day after the date of the subscription agreement, pay the Fifth Tranche<B> </B>Subscription
Funds to Ely by way of wire transfer or in the form of a bank draft drawn on a Canadian Chartered Bank,</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">and Ely will thereupon issue a news release announcing
the subscription, make the requisite filing with the TSX-V and issue the Fifth Tranche Shares to and in the name of Solitario forthwith
following receipt of the requisite acceptance notice from the TSX-V. Ely shall have the right, but not the obligation, to reduce
the aggregate subscription amount of the Fifth Tranche, provided that Ely has given Solitario written notice of its election to
reduce the aggregate subscription amount of the Fifth Tranche within three Business Days after the date of the Fifth Tranche subscription
agreement and that Ely has sufficient funds to make, together with the proceeds of the Fifth Tranche, and does make the required
payment to Augusta currently due on June 1, 2015. In no event shall Solitario be entitled to subscribe for the Fifth Tranche prior
to May 1, 2013.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Solitario will cooperate in providing all information
and documentation reasonably required by Ely in connection with its filings with the TSX-V and other required regulatory filings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">Ely shall utilize the proceeds of the Third Tranche,
the Fourth Tranche and the Fifth Tranche (collectively, the &ldquo;Additional Tranches&rdquo;) only to make required payments to
Augusta which are currently due on June 1, 2013, June 1, 2014 and June 1, 2015, and will make such payments within three Business
Days after the days on which the Third Tranche Subscription Funds, the Fourth Tranche Subscription Funds and the Fifth Tranche
Subscription Funds for such Ely Shares are received from Solitario.&rdquo;</P>



<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<!-- Field: Page; Sequence: 21 -->
    <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 -->20<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0 0 30pt; text-align: right">Signing page</P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 30pt 0 24pt; border-bottom: Black 1pt solid">Executed as an agreement</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</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="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; font-weight: bold">Solitario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Signed by</P>
        <P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">Solitario Exploration &amp; Royalty Corp.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">by</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 9pt"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: windowtext 1pt solid; font-size: 9pt">/s/ Christopher E. Herald</TD>
    <TD STYLE="width: 45%; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">Authorized Signatory</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">print name</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">Christopher E. Herald, CEO</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</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="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; font-weight: bold">DHI Minerals</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Signed by</P>
        <P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">DHI Minerals (U.S.) Ltd</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">by</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 9pt"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: windowtext 1pt solid; font-size: 9pt">/s/ C. F. Wasser</TD>
    <TD STYLE="width: 45%; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">Authorized Signatory</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">print name</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">C. F. (Trey) Wasser, Secretary, Treasurer</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<!-- Field: Page; Sequence: 22 -->
    <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 -->21<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"></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="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; font-weight: bold">Ely</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Signed by</P>
        <P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">Ely Gold &amp; Minerals Inc.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">by</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 9pt"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: windowtext 1pt solid; font-size: 9pt">/s/ C. F. Wasser</TD>
    <TD STYLE="width: 45%; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">Authorized Signatory</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">print name</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">C. F. (Trey) Wasser, President &amp; CEO</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; font-weight: bold">Financier</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Signed for</P>
        <P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">RMB Australia Holdings Limited</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">by its attorney</P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 9pt"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; font-size: 9pt">/s/ Christopher Kamper</TD>
    <TD STYLE="vertical-align: top; font-size: 9pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 9pt">Attorney</TD>
    <TD STYLE="vertical-align: top; font-size: 9pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 8pt">print name</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; font-size: 9pt">Christopher Kamper</TD>
    <TD STYLE="vertical-align: top; font-size: 9pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 9pt">in the presence of</TD>
    <TD STYLE="vertical-align: top; font-size: 9pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 9pt"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; font-size: 9pt">/s/ Debbie L. Deaguero</TD>
    <TD STYLE="vertical-align: top; font-size: 9pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; font-size: 9pt">Witness</TD>
    <TD STYLE="vertical-align: top; font-size: 9pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 8pt">print name</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; font-size: 9pt">Debbie L. Deaguero</TD>
    <TD STYLE="vertical-align: top; font-size: 9pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="4" STYLE="border-bottom: windowtext 1pt solid; vertical-align: top; font-size: 9pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<!-- Field: Page; Sequence: 23 -->
    <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 -->22<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt"></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="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; font-weight: bold">Agent</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Signed for</P>
        <P STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; margin: 0">RMB Resources Inc.</P>
        <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">by its authorized signatory</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 9pt"><FONT STYLE="font-size: 8pt"><I>sign here</I></FONT><FONT STYLE="font-size: 7pt"> &#9658;</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: windowtext 1pt solid; font-size: 9pt">/s/ Alvaro Belevan</TD>
    <TD STYLE="width: 45%; font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt">Authorized Signatory</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">print name</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">Alvaro Belevan</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 8pt">title</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">Managing Director</TD>
    <TD STYLE="font-size: 9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt solid; font-size: 9pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt 42.55pt">&nbsp;</P>



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