<SEC-DOCUMENT>0000917225-13-000015.txt : 20130425
<SEC-HEADER>0000917225-13-000015.hdr.sgml : 20130425
<ACCEPTANCE-DATETIME>20130425160753
ACCESSION NUMBER:		0000917225-13-000015
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20130422
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130425
DATE AS OF CHANGE:		20130425

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:		13782945

	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
<SEQUENCE>1
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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</B><BR>
<B>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): April 22, 2013</P>

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

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

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

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    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17&nbsp;CFR 230.425)</FONT></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 Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17&nbsp;CFR 240.14a-12)</FONT></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 Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17&nbsp;CFR&nbsp;240.14d-2(b))</FONT></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 Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17&nbsp;CFR&nbsp;240.13e-4(c))</FONT></TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 13%; padding-left: 4.55pt"><FONT STYLE="font-size: 10pt"><B>ITEM 1.01</B></FONT></TD>
    <TD STYLE="width: 87%; padding-bottom: 12pt; padding-left: 4.45pt"><FONT STYLE="font-size: 10pt"><B>Entry into a Material Definitive Agreement</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9.05pt">On April 22, 2013 Solitario Exploration and
        Royalty         Corp.         (&ldquo;Solitario&rdquo;) entered into a side letter agreement, (the &ldquo;Letter
        Agreement&rdquo;) between         Solitario, Ely Gold         and Minerals Inc. (&ldquo;Ely&rdquo;) and DHI Minerals (U.S.),
        Ltd. (&ldquo;DHI&rdquo;). The         Letter Agreement modified certain terms and         conditions of a letter of intent dated 26
        August         2010 between         Solitario, Ely and DHI , as amended in
        the MH-LLC OA         Side Agreement           between Solitario Ely, DHI, RMB Australia Ltd and RMB         Resources dated
        August 21, 2012 (both         agreements collectively         the &ldquo;LOI,         as amended&rdquo;). Under the Letter
        Agreement, Solitario         agreed to subscribe for US$500,000         of shares of common stock of Ely at         a price
        of Cdn$0.10 as of                 April 22, 2013.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9.05pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9.05pt">Concurrent with the Letter Agreement, Solitario delivered
        a subscription agreement, (the &ldquo;Subscription Agreement&rdquo;) to Ely for the subscription of 5,131,150 shares of Ely common
        stock. The acceptance of the Subscription Agreement was subject to acceptance by Ely, approval by the Toronto Stock Venture Exchange
        (the &ldquo;TSX-V&rdquo;) and other regulatory approvals.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9.05pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9.05pt">Solitario agreed in the Letter Agreement to deliver a
        payment of $500,000 to Ely by wire transfer within five business days of Ely&rsquo;s notification to Solitario of acceptance of
        the Subscription Agreement by the TSX-V.</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 0 0 9.05pt">A copy of the Letter Agreement is filed herewith as Exhibit
        99.1. A copy of the Subscription Agreement is filed herewith as Exhibit 99.2. These exhibits are incorporated into this Item 1.01
        by reference.&nbsp; The foregoing description of this transaction by the Company and the documentation related thereto does not
        purport to be complete and is qualified in its entirety by reference to such Exhibits.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>ITEM 7.01</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Regulation FD Disclosure</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 3.65pt"><FONT STYLE="font-size: 10pt">On April 24, 2013, the Company issued a press release announcing that Solitario had subscribed for shares of Ely common stock.&nbsp;&nbsp;A copy of the press release is attached hereto as Exhibit 99.3, and such press release is intended to be furnished to, not filed with, the SEC pursuant to Regulation FD.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>ITEM 9.01 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>FINANCIAL STATEMENTS AND EXHIBITS</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><U>Exhibits</U></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><U>Exhibit Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Letter Agreement dated April 22, 2013 between Solitario, Ely and DHI.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Subscription Agreement dated April 22, 2013 between Solitario and Ely subscribing for 5,131,150 shares of Ely common stock.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">99.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 0pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Press release of Solitario Exploration &amp; Royalty Corp. dated April 24, 2013</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&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">April 24, 2013</P>

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    <TD STYLE="width: 7%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 92%; font-size: 12pt">&nbsp;</TD></TR>
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    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">Solitario Exploration &amp; Royalty Corp.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><U>/s/&nbsp;James R. Maronick</U></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">James R. Maronick, Chief Financial Officer</FONT></TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">&nbsp;</P>



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<TYPE>EX-99.1
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<FILENAME>exh991.htm
<DESCRIPTION>APRIL 22, 2013
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 99.1<FONT STYLE="font: 9pt Sans-Serif; color: Red"><B></B></FONT></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">April 22, 2013</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><BR>
Mr. Trey Wasser<BR>
Ely Gold and Minerals Inc.<BR>
480-789 West Pender Street<BR>
Vancouver, B.C., Canada<BR>
V6C 1H2</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Solitario Subscription for Ely common shares</TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">This letter (the &ldquo;Letter Agreement&rdquo;)
will confirm certain agreements between Solitario Exploration &amp; Royalty Corp. (&ldquo;Solitario&rdquo;) and Ely Gold and Minerals
Inc. (&ldquo;Ely&rdquo;). Pursuant to a the letter agreement dated 26 August 2010 between Solitario, Ely and DHI Minerals (U.S.),
Ltd. (&ldquo;DHI&rdquo;), as amended in the MH-LLC OA Side Agreement between Solitario Ely, DHI RMB Australia Ltd and RMB Resources
(the &ldquo;LOI as amended&rdquo;) the parties agreed that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><I>Solitario will:</I></P>

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<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 36pt"><I>(i)</I></TD><TD><I>On May 1, 2013, Solitario would 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.
</I></TD></TR></TABLE>

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<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 36pt"><I>(ii)</I></TD><TD><I>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,</I></TD></TR></TABLE>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt 40.5pt"><I>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.</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Solitario and Ely have now agreed to
the following modifications, subject to TSX-V approval of the attached subscription agreement:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Ely will exercise its option and reduce the amount of the Third Tranche Subscription Funds to US$500,000; and</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Solitario will execute a subscription agreement (the &ldquo;Subscription Agreement&rdquo;) as of the date of this Letter Agreement</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>The Subscription price will be set as of the date of this agreement to C$0.10</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Solitario will deliver a payment of US$500,000 to Ely by wire transfer within 5 business days of Ely&rsquo;s notification to
Solitario of acceptance of the Subscription Agreement by the TSX-V.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>All other terms of the LOI, as amended, will remain in place.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Each of the parties represents and warrants
to the other that it has the full corporate power and authority to execute and deliver this Letter Agreement and has taken all
corporate actions required in connection therewith, and that the consummation of this Letter Agreement will not result in or constitute
a default or an event that, with notice or lapse of time or both, would be a default, breach or violation of any contract, lease,
license, commitment, or any other agreement, instrument or arrangement to which it is a party, or by which it is bound.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">The parties hereby confirm and agree
that the Operating Agreement remains in good standing and in full force and effect.</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">Please confirm Ely and DHI US&rsquo;s
agreement with the foregoing by executing duplicate originals of this Letter Agreement in the space provided below and returning
one fully-executed original to me.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.25in">Yours very truly,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.25in"><B>Solitario Exploration &amp; Royalty Corp.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in 3.25in">By: <U>&nbsp;&nbsp;/s/Christopher E. Herald&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Christopher E. Herald<BR>
Title: President and Chief Executive Officer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Accepted and agreed to this 22<SUP>nd</SUP> day of April,
2013.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">DHI Minerals (U.S.) Ltd.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By: <U>/s/ Trey Wasser&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Trey Wasser<BR>
Title: Secretary/Treasurer</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Ely Gold and Minerals Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By: <U>/s/ Trey Wasser&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name: Trey Wasser<BR>
Title: President &amp; Chief Executive Officer</P>

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



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

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exh992.htm
<DESCRIPTION>ELY GOLD MINERALS INC.
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ELY GOLD &amp; MINERALS INC.</B></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SOLITARIO EXPLORATION AND ROYALTY CORP.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(APRIL 22, 2013) </B></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><U>INSTRUCTIONS
TO SUBSCRIBER</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Instructions for
All Subscribers</I></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: justify"><U>All Subscribers</U> must complete all of the information required in the boxes of the attached
Subscription Agreement on pages 1, 2 and 3, and sign where indicated with an &ldquo;<B>X</B>&rdquo; on page 1.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><B><I>Additional
Instructions for Canadian Subscribers</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: justify"><U>If you are resident in Canada</U> and are an &ldquo;accredited investor&rdquo; (as that term
is defined in Schedule &ldquo;B-1&rdquo;), you must complete and sign the &ldquo;<B>Accredited Investor Certificate</B>&rdquo;
attached as <B>Schedule &ldquo;B-1&rdquo;</B> to the Subscription Agreement. The purpose of the certificate is to determine whether
you meet the standards for participation in a private placement under one of the so-called &ldquo;accredited investor&rdquo; exemptions
from prospectus requirements set out under National Instrument 45-106.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: justify"><U>If you are resident in Canada</U> and are <U>not</U> an &ldquo;accredited investor&rdquo; (as
that term is defined in Schedule &ldquo;A&rdquo;), then you must complete and sign the &ldquo;<B>Non-accredited Investor Certificate</B>&rdquo;
attached as <B>Schedule &ldquo;B-2&rdquo;</B> to the Subscription Agreement. The purpose of the certificate is to determine whether
you meet the standards for participation in a private placement under one of the other exemptions from prospectus requirements
set out under National Instrument 45-106.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><B><I>Additional
Instructions for United States Subscribers</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: justify"><U>If you are a U.S. Purchaser</U>, as that term is defined on page 5 of the Subscription Agreement,
then you must complete and sign the &ldquo;<B>U.S. Accredited Investor Certificate</B>&rdquo; which is attached as <B>Schedule
&ldquo;C&rdquo;</B> to the Subscription Agreement. The purpose of the certificate is to determine whether you meet the standards
for participation in a private placement as a &ldquo;U.S. Accredited Investor&rdquo; under U.S. Securities Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0in"><B><I>Additional
Instructions for Corporate and Other Non-individual Subscribers</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: justify">If you are a corporation, trust, partnership or other non-individual entity and will hold more
than 5% of the Corporation&rsquo;s shares after completion of the Offering (assuming exercise of any warrants acquired by the Subscriber
pursuant to the Offering), please complete and sign the &ldquo;<B>Form&nbsp;4C &ndash; Corporate Placee Registration Form</B>&rdquo;
which is attached as <B>Schedule&nbsp;&ldquo;A&rdquo;</B> to the Subscription Agreement unless you have previously filed such a
form with the TSX Venture Exchange (in which case you are requested to so indicate by making a notation to that effect on the face
page of your Subscription Agreement).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.45pt"></TD><TD STYLE="text-align: justify">Wire transfer information for subscription funds is set forth in <B>Schedule &ldquo;D&rdquo;</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: left; text-indent: -1.5in">&#9;Company Contact
Information:&#9;Ely Gold &amp; Minerals Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 184.3pt; text-align: left">480 - 789 West Pender Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 184.3pt; text-align: left">Vancouver, British Columbia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 184.3pt; text-align: left"><FONT STYLE="color: black">Canada,
</FONT>V6C 1H2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 184.3pt; text-align: left">Attention:&#9;C.F. &ldquo;Trey&rdquo;
Wasser III, President</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 184.3pt; text-align: justify">Telephone:&#9;1 (604) 488-1104</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 184.3pt; text-align: justify">Facsimile: &#9;1 (604) 488-1105</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 184.3pt; text-align: justify">Email:&#9;info@elygoldandminerals.com</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 170.1pt; text-align: left; text-indent: -170.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -36.55pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: left; text-indent: -36.55pt"><B><U>PLEASE
MAKE SURE YOUR SUBSCRIPTION PACKAGE INCLUDES:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -36.55pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"></TD><TD STYLE="text-align: justify">One (1) signed copy of this Subscription Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"></TD><TD STYLE="text-align: justify">If applicable, one (1) signed copy of the Accredited Investor Certificate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"></TD><TD STYLE="text-align: justify">If applicable, one (1) signed copy of the Non-accredited Investor Certificate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"></TD><TD STYLE="text-align: justify">If applicable, one (1) signed copy of the U.S. Accredited Investor Certificate;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"></TD><TD STYLE="text-align: justify">If applicable, one (1) signed copy of a Form&nbsp;4C &ndash; Corporate Placee Registration Form;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="color: black">A wire transfer or bank draft payable to &ldquo;<B>Ely Gold &amp; Minerals
Inc.</B>&rdquo;</FONT>.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Wire transfer information for subscription
funds</B> <B>is set forth in Schedule D</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 70.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.55pt"><B><U>PLEASE DELIVER
YOUR SUBSCRIPTION PACKAGE BY COURIER TO THE FOLLOWING ADDRESS OR, IF FUNDS ARE WIRED, BY FAX OR EMAIL, TO:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -36.55pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: left; text-indent: 33.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 170.1pt; text-align: left; text-indent: -28.35pt">Ely Gold &amp;
Minerals Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left">680 - 789 West Pender Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: left">Vancouver, British Columbia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 141.75pt; text-align: left"><FONT STYLE="color: black">Canada,
</FONT>V6C 1H2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 141.75pt; text-align: left">Attention:&#9;C.F. &ldquo;Trey&rdquo;
Wasser III, President</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 141.75pt; text-align: justify">Facsimile: &#9;1 (604) 488-1105</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in 141.75pt; text-align: justify">Email:&#9;info@elygoldandminerals.com</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: center"><B>SUBSCRIPTION FOR SHARES</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>TO:</B></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt"><B>ELY GOLD &amp; MINERALS INC.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left">(the &ldquo;<B>Corporation</B>&rdquo;)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -0.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">The undersigned (the
&ldquo;<B>Subscriber</B>&rdquo;) hereby irrevocably subscribes for and agrees to purchase 5,131,150 common shares (each a &ldquo;<B>Share</B>&rdquo;)
in the capital of the Corporation at the price of C$0.10 per Share, for aggregate consideration of US$500,000, on the terms and
conditions set out in sections 1 to 21 below and in the applicable Schedules hereto.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">DATED as of April
22, 2013.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 11pt"><B>SOLITARIO EXPLORATION AND ROYALTY CORP.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 11pt">(Name of Subscriber - please print)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 11pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">James R. Maronick,</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">Chief Financial Officer</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">4251 Kipling St. Suite 390</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Wheat Ridge, CO 80033</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 11pt">(Official capacity or title &ndash; please print)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">Subscriber&rsquo;s Address</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 11pt"><B>X</B></FONT>
    /s/ James R. Maronick</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">303-534-1030</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 11pt">Signature of Subscriber / Authorized Signatory</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(Telephone Number)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">James
    R. Maronick</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">303-534-1809</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 11pt">(Please print name of individual whose signature appears above if different than the name of the Subscriber printed above)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">(Facsimile Number)</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">cherald@aol.com</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(Email Address)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 11pt"><B>Register the Shares as set forth below:</B></FONT></TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt"><B>Deliver the Certificates as set forth below:</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">Solitario Exploration &amp;
        Royalty Corp.</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 11pt">Solitario Exploration &amp; Royalty Corp.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 11pt">(Name)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(Name)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">4251 Kipling St., Suite 390</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Wheat Ridge, CO 80033</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 11pt">(Account Reference, if applicable)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">(Address)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">4251 Kipling St., Suite 390</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">Wheat Ridge, CO 80033</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 11pt">(Address)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><U>Present Ownership of Securities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Subscriber either <B><I>[check appropriate
box and fill in spaces with required information]</I></B>:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 37.05pt">[_]</TD><TD STYLE="text-align: justify">owns directly or indirectly, or exercises control or direction over, <U>no</U> Common Shares or
securities convertible into Common Shares; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 37.05pt">[X]</TD><TD STYLE="text-align: justify">owns directly or indirectly, or exercises control or direction over, 3,333,333 Common Shares and
owns no convertible securities (warrants, options, convertible debt) entitling the Subscriber to acquire an additional no additional
Common Shares.</TD></TR></TABLE>

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

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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 -->3<!-- 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 Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Subscriber either <B><I>[check appropriate
box]</I></B>:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36.7pt">[_]</TD><TD STYLE="text-align: justify">is an &ldquo;Insider&rdquo; of the Corporation as defined in the British Columbia <I>Securities
Act</I>, namely: &ldquo;Insider&rdquo; means:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(a)</TD><TD STYLE="text-align: justify">a director or senior officer of the Corporation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(b)</TD><TD STYLE="text-align: justify">a director or senior officer of a person that is itself an insider or subsidiary of the Corporation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(c)</TD><TD STYLE="text-align: justify">a person that has</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.25pt"></TD><TD STYLE="width: 37.05pt">(i)</TD><TD STYLE="text-align: justify">direct or indirect beneficial ownership of;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.25pt"></TD><TD STYLE="width: 37.05pt">(ii)</TD><TD STYLE="text-align: justify">control or direction over; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.25pt"></TD><TD STYLE="width: 37.05pt">(iii)</TD><TD STYLE="text-align: justify">a combination of direct or indirect beneficial ownership of and of control or direction over securities
of the Corporation carrying more than 10% of the voting rights attached to all the Corporation&rsquo;s outstanding voting securities,
excluding, for the purpose of the calculation of the percentage held, any securities held by the person as underwriter in the course
of a distribution, or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(d)</TD><TD STYLE="text-align: justify">the Corporation itself, if it has purchased, redeemed or otherwise acquired any securities of its
own issue, for so long as it continues to hold those securities; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">[X]&#9;is not an Insider of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B><U>Member of &ldquo;Pro Group&rdquo;</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Subscriber either <B><I>[check appropriate
box]</I></B>:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">[X]</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.15pt">is <U>not</U> a member of the Pro Group
(defined below).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">[_]</TD><TD STYLE="text-align: justify">is a Member of the &ldquo;Pro Group&rdquo; as defined in the Rules of the TSX-V, namely: &ldquo;Pro
Group&rdquo; means:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.1pt"></TD><TD STYLE="width: 18.9pt">1.</TD><TD STYLE="text-align: justify">Subject to subparagraphs (2), (3) and (4), &ldquo;Pro Group&rdquo; shall include, either individually
or as a group:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(a)</TD><TD STYLE="text-align: justify">a member of the TSX-V (i.e. a brokerage firm);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(b)</TD><TD STYLE="text-align: justify">employees of the member;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(c)</TD><TD STYLE="text-align: justify">partners, officers and directors of the member;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(d)</TD><TD STYLE="text-align: justify">affiliates of the member; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35.25pt">(e)</TD><TD STYLE="text-align: justify">associates of any parties referred to in subparagraphs (1) through (4).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.1pt"></TD><TD STYLE="width: 18.9pt">2.</TD><TD STYLE="text-align: justify">The TSX-V may, in its discretion, include a person or party in the Pro Group for the purposes of
a particular calculation where the TSX-V determines that the person is not acting at arm&rsquo;s length of the member;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.1pt"></TD><TD STYLE="width: 18.9pt">3.</TD><TD STYLE="text-align: justify">The TSX-V may, in its discretion, exclude a person from the Pro Group for the purposes of a particular
calculation where the TSX-V determines that the person is acting at arm&rsquo;s length of the member;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.1pt"></TD><TD STYLE="width: 17.1pt">4.</TD><TD STYLE="text-align: justify">The member may deem a person who would otherwise be included in the Pro Group pursuant to subparagraph
(1) to be excluded from the Pro Group where the member determines that:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.2pt"></TD><TD STYLE="width: 37.05pt">(a)</TD><TD STYLE="text-align: justify">the person is an affiliate or associate of the member acting at arm&rsquo;s length of the member;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.2pt"></TD><TD STYLE="width: 37.05pt">(b)</TD><TD STYLE="text-align: justify">the associate or affiliate has a separate corporate and reporting structure;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.2pt"></TD><TD STYLE="width: 37.05pt">(c)</TD><TD STYLE="text-align: justify">there are sufficient controls on information flowing between the member and the associate or affiliate;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.2pt"></TD><TD STYLE="width: 37.05pt">(d)</TD><TD STYLE="text-align: justify">the member maintains a list of such excluded persons.</TD></TR></TABLE>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: justify">This subscription is accepted by the
Corporation as of the ______ day of ________________________.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 4%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 7.45pt; text-align: left"><B>&nbsp;</B></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 7.45pt; text-align: left"><B>ELY GOLD &amp; MINERALS
INC.</B><BR>
<BR>
<BR>
Per: &#9;&#9;&#9;<BR>
&#9;Authorized Signatory</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">The Shares will be
subject to a hold period of four months from the Closing Date under applicable Securities Laws of the Selling Jurisdictions in
Canada, and the certificates evidencing the Shares will bear a legend to that effect. Consequently, the Shares may only be resold
during such period in accordance with appropriate statutory exemptions from the prospectus requirements of the applicable Securities
Laws of the Selling Jurisdictions in Canada or if appropriate consents or discretionary orders have been obtained. The certificates
evidencing the Shares will also bear any legends required by applicable laws of the jurisdiction of residence of the Subscriber.
Subscribers are advised to consult their own legal advisors in these regards.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>efined Terms</U></B>. In addition to
the terms defined throughout this Agreement, the following capitalized terms used in <B><U>Defined Terms.</U></B> In addition
to the terms defined throughout this Agreement, the following capitalized terms used in this Agreement have the following meanings:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;business day&rdquo;</B> means
any day except Saturday, Sunday or a statutory holiday in Vancouver, British Columbia;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;Closing&rdquo;</B> means the
completion of the transaction of purchase and sale of Shares as contemplated by this Subscription Agreement;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;Closing Date&rdquo;</B> means<B>
</B>the fifth business day after the Corporation receives notice of final acceptance of its filing in respect of the Offering from
the TSX-V, or such other date as the Corporation may determine in consultation with its professional advisors;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Closing Time&rdquo; </B>means
10:00 a.m. (Vancouver time) on the Closing Date;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Directed Selling Efforts</B>&rdquo;
has the meaning ascribed to such term in Rule 903 of Regulation S of the U.S. Securities Act;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>Foreign Corporation</B>&rdquo;
has the meaning ascribed to such term in Regulation S of the U.S. Securities Act;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>General Advertising</B>&rdquo;
has the meaning ascribed to such term in Rule 502 (c) under Regulation D of the U.S. Securities Act;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>General Solicitation</B>&rdquo;
has the meaning ascribed to such term in Rule 502 (c) under Regulation D of the U.S. Securities Act;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;NI 45-106&rdquo;</B> means
National Instrument 45-106 &ndash; &ldquo;Prospectus and Registration Exemptions&rdquo; of the Canadian Securities Administrators,
implemented by the securities regulators of the NI 45-106 Jurisdictions;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>NI 45-106 Jurisdiction&rdquo;
</B>means any one of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward
Island, Newfoundland and Labrador, the Yukon, the Northwest Territories or Nunavut;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&quot;<B>Regulation D</B>&quot; means
Regulation D under the U.S. Securities Act;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&quot;<B>Regulation S</B>&quot; means
Regulation S under the U.S. Securities Act;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;Securities Laws&rdquo;</B>
means the securities laws, regulations and rules, the blanket orders and rulings, and policies and written interpretations of,
and multilateral or national instruments adopted by, the Securities Regulators of all of the Selling Jurisdictions or, as the context
may require, any one or more of the Selling Jurisdictions;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: -0.15pt; text-align: justify"><B>&ldquo;Securities
Regulators&rdquo; </B>means the securities commissions or other securities regulatory authorities of all of the Selling Jurisdictions
or the relevant Selling Jurisdiction as the context so requires;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;Selling Jurisdictions&rdquo;</B>
means each of the NI 45-106 Jurisdictions and such other jurisdictions as may be determined by the Corporation and in which the
Corporation may lawfully sell securities; and &ldquo;<B>Selling Jurisdiction</B>&rdquo; means, in the case of any subscriber, the
jurisdiction in which such Subscriber is resident;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;Subscription Agreement&rdquo;
</B>means this subscription agreement and the Schedules attached hereto;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>&ldquo;TSX-V&rdquo;</B> means the
TSX Venture Exchange;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.6pt; text-align: justify"><B>&ldquo;United States&rdquo;</B>
means the United States of America, its territories and possessions, any State of the United States and the District of Columbia;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.6pt; text-align: justify">&ldquo;<B>U.S. Accredited Investor</B>&rdquo;
means an &ldquo;accredited investor&rdquo; as that term is defined in Rule 501(a) of Regulation D under the U.S. Securities Act;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.6pt; text-align: justify"><B>&ldquo;U.S. Person&rdquo;</B>
means U.S. person as define under Regulation S and includes but is not limited to (i) any natural person resident in the United
States; (ii) any partnership or corporation organized or incorporated under the laws of the United States; (iii) any partnership
or corporation organized outside the United States by a U.S. person principally for the purpose of investing in securities not
registered under the U.S. Securities Act, unless it is organized or incorporated, and owned, by accredited investors who are not
natural persons, estates or trusts; (iv) any estate or trust of which any executor or administrator or trustee is a U.S. person;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.6pt; text-align: justify"><B>&ldquo;U.S. Purchaser&rdquo;</B>
means (a) any U.S. Person, (b) any person purchasing securities on behalf or for the benefit of any U.S. Person or any person in
the United States, (c) any person that receives or received an offer of the securities while in the United States, (d) any person
that is in the United States at the time the Subscriber&rsquo;s buy order was made or this subscription agreement was executed
or delivered;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.6pt; text-align: justify"><B>&ldquo;U.S. Purchaser&rdquo;</B>
means any Subscriber (or each beneficial purchaser for whom the Subscriber is acting) subscribing for Shares in the United States;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<B>U.S. Securities Act</B>&rdquo;
means the <I>United States Securities Act of 1933</I>, as amended.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">All references herein to monetary amounts
are to lawful money of Canada, unless otherwise specified. The exchange rate for U.S. funds into Canadian funds will be US$1.00:CDN$1.02623
for the purposes of the Offering.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">2.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Delivery and Payment</U></B>. The Subscriber will deliver to the Corporation as soon
as possible after execution of this Agreement, and in any event not later than 12:00 noon (Vancouver time) on the day immediately
preceding the Closing Date, the following:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">a completed and duly executed copy of this Subscription Agreement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">if the Subscriber is a corporation, trust, partnership or other non-individual
entity and will hold more than 5% of the Corporation&rsquo;s shares after completion of the Offering, a completed and duly executed
copy of Form&nbsp;4C &ndash; Corporate Placee Registration Form which is attached hereto as <B>Schedule&nbsp;&ldquo;A&rdquo;</B>;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">if the Subscriber is resident in a NI 45-106 Jurisdiction (i.e. British
Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and
Labrador, the Yukon, the Northwest Territories or Nunavut), or is otherwise subject to the Securities Laws of one of those jurisdictions
and:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><U>is</U> an accredited investor, a completed and duly executed copy of the &quot;NI 45-106 Accredited
Investor Certificate&quot; which is attached hereto as <B>Schedule&nbsp;&ldquo;B-1&rdquo;</B>; or</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -120pt">&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 8%">(ii)</TD>
    <TD STYLE="width: 78%">&#9;<U>is
not</U> an accredited investor, a completed and duly executed copy of the &quot;NI 45-106 Non-accredited Investor Certificate&quot;
which is attached hereto as <B>Schedule&nbsp;&ldquo;B-2&rdquo;</B>;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-align: justify; text-indent: -120pt">(i</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">if the Subscriber is a U.S. Purchaser, a completed and duly executed
copy of the U.S. Accredited Investor Certificate which is attached to the Subscription Agreement as <B>Schedule &ldquo;C&rdquo;</B>;
and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">all other documents as may be required by the Corporation upon receipt
of this Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">3.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Closing</U></B>.<B> </B> The Closing will be held at the offices of the Corporation's
solicitors, Holmes &amp; King, 1300 &ndash; 1111 West Georgia Street, Vancouver, British Columbia, Canada, V6E 4M3 at the Closing
Time on the Closing Date. </FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On or before the Closing Date, the Subscriber
shall deliver to the Corporation a certified cheque or bank draft payable to the Corporation or the Corporation&rsquo;s legal counsel
(&ldquo;Holmes &amp; King, In Trust&rdquo;), or a wire transfer the Corporation&rsquo;s bank account in accordance with <B>Schedule
&ldquo;D&rdquo;</B> attached hereto, in payment of the subscription price for all Shares subscribed for under the Offering.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Delivery of Shares to a Canadian registrant
against payment of the subscription price by such registrant on behalf of the Subscriber may be arranged by contacting the Corporation&rsquo;s
legal counsel, Holmes &amp; King, Barristers &amp; Solicitors (Terrence E. King) at: teking@mhklaw.com / Telephone: (604) 681-1310
/ Facsimile: 604-681-1307.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Subject to acceptance of the Subscriber&rsquo;s
subscription in whole or in part, and subject to clearing of cheques and similar forms of payment instruments, definitive certificates
representing the Subscriber&rsquo;s Shares issued and registered in accordance with this Subscription Agreement will be delivered
in accordance with this Subscription Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">4.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Subscriber&rsquo;s Acknowledgements</U></B>. The Subscriber acknowledges and agrees
(on its own behalf and, if applicable, on behalf of each beneficial purchaser for whom the Subscriber is contracting hereunder)
with the Corporation (which acknowledgements and agreements shall survive the Closing) that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">no agency, governmental authority, regulatory body, stock exchange
or other entity has made any finding or determination as to the merit for investment of, nor have any such agencies or governmental
authorities, regulatory bodies, stock exchanges or other entities made any recommendation or endorsement with respect to, the Shares;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the sale and delivery of the Shares is conditional upon such sale
being exempt from the prospectus filing or registration requirements and the requirement to deliver an offering memorandum in connection
with the distribution of the Shares under the Securities Laws<B> </B>or upon the issuance of such orders, consents or approvals
as may be required to permit such sale without the requirement of filing a prospectus;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Shares are subject to resale restrictions under the Securities
Laws and the Subscriber (and, if applicable, others for whom it is contracting hereunder) will comply with all relevant Securities
Laws concerning any resale of the Shares and will consult with its legal advisors with respect to complying with all restrictions
applying to such resale;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">none of the Shares have been or will be registered under the U.S.
Securities Act or the securities laws of any state and may not be offered or sold, directly or indirectly, in the United States
to, or for the account or benefit of, a U.S. person unless registered under the U.S. Securities Act and the securities laws of
all applicable states or unless an exemption from such registration requirements is available, and the Corporation has no obligation
or present intention of filing a registration statement under the U.S. Securities Act in respect of any of the Shares;</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in">&nbsp;</TD>
<TD STYLE="width: 0.25in">&nbsp;</TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Subscriber (and, if applicable, others for whom it is contracting
hereunder) may not offer, sell or transfer the Shares within the United States or to, or for the account or benefit of, a U.S.
Person, unless the Shares are registered under the U.S. Securities Act and the securities laws of all applicable states or an exemption
from such registration requirement is available;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the purchase of the Shares has not been made through or as a result
of any general solicitation or general advertising or any seminar or meeting whose attendees have been invited by general solicitation
or general advertising and the distribution of the Shares have not been accompanied by any advertisement, including, without limitation,
in printed public media, radio, television or telecommunications, including electronic display or as part of a general solicitation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">no prospectus or offering memorandum within the meaning of the Securities
Laws has been delivered to or summarized for or seen by the Subscriber (and, if applicable, others for whom it is contracting hereunder)
in connection with the Offering and the Subscriber (and, if applicable, others for whom it is contracting hereunder) is not aware
of any prospectus or offering memorandum having been prepared by the Corporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">in purchasing the Shares, the Subscriber (and, if applicable, others
for whom it is contracting hereunder) has relied solely upon publicly available information relating to the Corporation and this
Subscription Agreement, and not upon any verbal or written representation as to any fact or otherwise made by or on behalf of the
Corporation or any employee, agent or affiliate thereof or any other person associated therewith;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Shares are being offered for sale on a &ldquo;private placement&rdquo;
basis;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Subscriber (or, if applicable, others for whom it is contracting
hereunder) is solely responsible for obtaining such tax and legal advice as it considers appropriate in connection with the execution,
delivery and performance by it of this Subscription Agreement and the transactions contemplated hereunder (including the resale
and transfer restrictions referred to in the Section below entitled &ldquo;Representations, Warranties and Covenants&rdquo;); </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">in accepting this Subscription Agreement, the Corporation is relying
upon the representations and warranties and acknowledgements of the Subscriber set out herein including, without limitation, in
connection with determining the eligibility of the Subscriber or (if applicable) the eligibility of others on whose behalf the
Subscriber is contracting hereunder to purchase Shares under the Securities Laws; and the Subscriber will notify the Corporation
immediately of any change in any representation, warranty, covenant or other information relating to the Subscriber or the beneficial
purchaser contained in this Subscription Agreement which takes place prior to Closing;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Shares are subject to the terms, conditions and provisions of
this Subscription Agreement (including the schedules hereto), and the constating documents of the Corporation;</FONT></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" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the certificates evidencing the Shares will bear a legend regarding
restrictions on transfer as required pursuant to applicable Securities Laws, including applicable federal and state securities
laws of the United States, and requirements of the TSX-V;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Corporation has advised the Subscriber that the Corporation is
relying on an exemption from the requirements to provide the Subscriber with a prospectus and to sell securities through a person
or company registered to sell securities under the Securities Laws or other applicable securities legislation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">because the Subscriber is not purchasing the Shares under a prospectus,
the Subscriber will not have the civil protections, rights and remedies that would otherwise be available to the Subscriber under
the Securities Laws in the Selling Jurisdictions in Canada, including statutory rights of rescission or damages;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(p)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">no person has made to the Subscriber any written or oral representations:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">that any person will resell or repurchase the Shares;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">that any person will refund the purchase price of the Shares other
than pursuant to the provisions this agreement; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">as to the future price or value of any of the Shares; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%"></TD>
    <TD STYLE="width: 7%">(r)</TD>
    <TD STYLE="width: 86%">for
the purposes of BC Instrument 72-503 &ldquo;Distribution of Securities outside British Columbia:</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in"><B>&#9;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">no securities commission or similar regulatory authority has reviewed or passed on the merits of
the Shares;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">(ii)&#9;there
is no government or other insurance covering the Shares;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">(iii)&#9;there
are risks associated with the purchase of the Shares;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">there are restrictions on the Subscriber&rsquo;s (or beneficial purchaser&rsquo;s, if applicable)
ability to resell the Shares and it is the responsibility of the Subscriber to find out what those restrictions are and to comply
with them before selling the Shares; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">the Corporation has advised the Subscriber that the Corporation is relying on an exemption from
the requirements to provide the Subscriber with a prospectus and to sell securities through a person registered to sell securities
under the <I>Securities Act </I>(British Columbia) (the &ldquo;Act&rdquo;) and, as a consequence of acquiring the Shares pursuant
to an exemption, certain protections, rights and remedies provided by the Act, including statutory rights of rescission or damages,
will not be available to the Subscriber;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -1in"><B>&#9;</B>(s)<B>&#9;</B>the
Subscriber has granted or hereby does grant:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.25pt"></TD><TD STYLE="width: 37.05pt">(i)</TD><TD STYLE="text-align: justify">to the Company and each of its directors and senior officers, the right to disclose Personal Information
relating to the Subscriber to the TSX-V (as defined in TSX-V Appendix 6A) pursuant to a Form 4B filed with the TSX-V; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 108.3pt; text-align: justify; text-indent: -37.05pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 108.3pt; text-align: justify; text-indent: -37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 71.25pt"></TD><TD STYLE="width: 37.05pt">(ii)</TD><TD STYLE="text-align: justify">to the TSX-V, the right to collect use and disclose Personal Information relating to the Subscriber
for the purposes described in TSX-V Appendix 6A or as otherwise identified by the TSX-V, from time to time;</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 108.3pt; text-align: justify; text-indent: -37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.2pt"></TD><TD STYLE="width: 37.05pt">(t)</TD><TD STYLE="text-align: justify">if the Subscriber is resident in Ontario, the Subscriber has been notified by the Issuer:</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 71.25pt; text-align: justify; text-indent: -37.05pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 108.3pt; text-align: justify; text-indent: -74.1pt">&#9;(i)&#9;that
the Issuer will be required to file a Form 45-106F1 &ndash; &ldquo;Report of Exempt Distribution&rdquo; (the &ldquo;Form&rdquo;)
with the Ontario Securities Commission in respect of the sale of Shares to the Subscriber;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 108.3pt; text-align: justify; text-indent: -74.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 108.3pt; text-align: justify; text-indent: -74.1pt">&#9;(ii)&#9;that
the Form will include the name and address of the Subscriber as well as a description of the Shares purchased;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 108.3pt; text-align: justify; text-indent: -74.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 108.3pt; text-align: justify; text-indent: -74.1pt">&#9;(iii)&#9;that
the information to be included in the Form is collected by the Ontario Securities Commission (the &ldquo;OSC&rdquo;) under authority
granted to it in securities legislation, for the purposes of administration and enforcement of the securities legislation of Ontario;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 108.3pt; text-align: justify; text-indent: -74.1pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 108.3pt; text-align: justify; text-indent: -74.1pt">&#9;(iv)&#9;of
the following information about the public official in Ontario who can answer questions about the OSC&rsquo;s indirect collection
of the information to be included in the Form:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 108.3pt; text-align: justify; text-indent: -74.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.2pt"></TD><TD STYLE="width: 74.1pt"></TD><TD STYLE="text-align: justify">Ontario Securities Commission</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.2pt"></TD><TD STYLE="width: 74.1pt"></TD><TD STYLE="text-align: justify">Suite 1903, Box 5520 Queen Street West</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.2pt"></TD><TD STYLE="width: 74.1pt"></TD><TD STYLE="text-align: justify">Toronto, Ontario</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.2pt"></TD><TD STYLE="width: 74.1pt"></TD><TD STYLE="text-align: justify">M5H 3S8</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.2pt"></TD><TD STYLE="width: 74.1pt"></TD><TD STYLE="text-align: justify">Telephone: (416) 593-3682</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.2pt"></TD><TD STYLE="width: 74.1pt"></TD><TD STYLE="text-align: justify">Facsimile: (416) 593-8252</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.2pt"></TD><TD STYLE="width: 74.1pt"></TD><TD STYLE="text-align: justify">Public Official contact regarding indirect collection of information:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.2pt"></TD><TD STYLE="width: 74.1pt"></TD><TD STYLE="text-align: justify">Administrative Assistant to the Director of Corporate Finance</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.2pt"></TD><TD STYLE="width: 74.1pt"></TD><TD STYLE="text-align: justify">Telephone: (416) 593-8086</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 108.3pt; text-align: justify; text-indent: -74.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"></TD><TD STYLE="text-align: justify">and the Subscriber has authorized the indirect collection by the OSC of the information to be included
in the Form</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -1in">&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 8%">(u)</TD>
    <TD STYLE="width: 85%">with
respect to the United Kingdom, this document does not constitute a prospectus for the purpose of the prospectus rules issued by
the United Kingdom Financial Services Authority (&quot;<B>FSA</B>&quot;) pursuant to section 84 of the Financial Services and Markets
Act 2000 (as amended) (&quot;<B>FSMA</B>&quot;) and has not been approved by or filed with the FSA; and the Shares may not be offered
or sold and will not be offered or sold to the public in the United Kingdom (within the meaning of section 102B of the FSMA) save
in circumstances where it is lawful to do so without an approved prospectus (within the meaning of section 85 of FSMA) being made
available to the public before the offer is made; and no person may communicate or cause to be communicated any invitation or inducement
to engage in investment activity (within the meaning of section 21 of FSMA) received by it in connection with the issue or sale
of any Shares except in circumstances in which section 21(1) of FSMA does not apply: and this document is directed only at (i)
persons outside the United Kingdom; or (ii) persons who are &quot;qualified investors&quot; (within the meaning of Article 2(1)(e)
of the Prospectus Directive 2003/71/EC) (a) who have professional experience in matters relating to investments who fall within
the definition of &quot;investment professionals&quot; in article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotions) order 2005 (as amended) (the &quot;<B>FPO</B>&quot;); and/or (b) who are high net worth bodies corporate, unincorporated
associations and partnerships and trustees of high value trusts as described in article 49 of the FPO or persons who fall within
another exemption to the FPO; and any investment or investment activity to which this document relates is only available to and
will only be engaged in with such persons and any person who does not fall within (i) and (ii) above should not rely on or act
upon this document.</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -1in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -1in">&#9;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">5.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Conditions of Closing</U></B>. The Subscriber acknowledges and agrees that, as the sale
of the Shares will not be qualified by a prospectus, such sale is subject to the condition that it (or, if applicable, any others
for whom it is contracting hereunder) sign and return to the Corporation all relevant documentation required by the Securities
Laws; and the Subscriber acknowledges and agrees that the Corporation may be required to provide the Securities Regulators with
a list setting forth the identities of the beneficial purchasers of the Shares, and that notwithstanding that the Subscriber may
be purchasing Shares as agent on behalf of an undisclosed principal, the Subscriber agrees to provide, on request, particulars
as to the identity of such undisclosed principal as may be required by the Corporation in order to comply with the foregoing. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">6.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Acceptance of Offer to Purchase</U></B>.<B> </B>The acceptance by the Corporation of
the Subscriber&rsquo;s irrevocable offer to purchase the Shares shall constitute an agreement by the Corporation with the Subscriber
that the Subscriber shall have, in respect of such Shares, the benefits of the representations, warranties and covenants of the
Corporation made by the Corporation; and in the event that the purchase of the Shares pursuant to the provisions of this Subscription
Agreement does not occur, the Subscription Agreement will be returned to the Subscriber, together with any payment that has been
made in respect of the Shares without interest thereon, and the obligations of the parties hereto shall thereupon terminate.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">7.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Representations, Warranties and Covenants of Subscriber</U></B>.<B> </B>The Subscriber
hereby represents and warrants to, and covenants with (on its own behalf and, if applicable, on behalf of those for whom the Subscriber
is contracting hereunder) the Corporation (and acknowledges that the Corporation is relying on them), which representations, warranties
and covenants shall survive the Closing, that as at the execution date of this Subscription Agreement and the Closing Date:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 34.2pt"><FONT STYLE="font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Subscriber and any beneficial purchaser for whom it is acting
are resident in the province or jurisdiction set out on the first or second page of this Subscription Agreement above as the &ldquo;Subscriber&rsquo;s
Address&rdquo; or the &ldquo;Beneficial Purchaser&rsquo;s Address&rdquo;, as the case may be;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.05pt"></TD><TD STYLE="width: 34.2pt"><FONT STYLE="font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">either: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Subscriber is purchasing the Shares as principal for its own
account and not for the benefit of any other person, and not with a view to the resale or distribution of all or any of the Shares;
or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">if the Subscriber is acting as agent or trustee for one or more beneficial
purchasers whose identity is disclosed or undisclosed or identified by account number only, each beneficial purchaser is purchasing
as principal for its own account and not for the benefit of any other person, and not with a view to the resale or distribution
of all or any of the Shares, and each beneficial purchaser complies with such of subparagraphs (c), (f) or (g) below as are applicable
to it by virtue of its place of residence; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Subscriber is deemed to be purchasing as principal pursuant to
applicable Securities Laws;</FONT></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" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.2pt"></TD><TD STYLE="width: 37.05pt"><FONT STYLE="font-size: 11pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">if the address of the Subscriber provided in this Subscription Agreement
is in a jurisdiction inside Canada, the offering and sale of the Shares to the Subscriber or beneficial purchaser is exempt from
the registration and prospectus requirements of applicable Securities Laws because the Subscriber is an &ldquo;accredited investor&rdquo;,
as that term is defined in NI 45-106 and <B>Schedule &ldquo;B-1&rdquo;</B>, or because the Subscriber falls within one or more
of the categories set forth in <B>Schedule &ldquo;B-2&rdquo;</B> attached hereto, and the Subscriber has so indicated by checking
the box opposite each category on <B>Schedule &ldquo;B-1&rdquo;</B> or <B>Schedule &ldquo;B-2&rdquo; </B>which so describes it,
and the Subscriber acknowledges that by signing this Subscription Agreement it is certifying that the statements made by checking
the appropriate accredited investor categories are true;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">if the address of the Subscriber provided in this Subscription Agreement
is in a jurisdiction outside of British Columbia, the Subscriber certifies that the Subscriber (or beneficial purchaser, if applicable)
is not resident in British Columbia; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">unless the Subscriber has completed and delivered the U.S. Accredited
Investor Certificate attached as <B>Schedule &ldquo;D&rdquo;</B> hereto (in which case the Subscriber makes the representations,
warranties and covenants therein, which are hereby incorporated by reference), the Subscriber acknowledges and agrees that the
offer to purchase the Shares was not made to the Subscriber when the Subscriber was in the United States or when the Subscriber
was a U.S. Person and at the time the Subscriber&rsquo;s subscription for Shares was executed and delivered to the Corporation,
the Subscriber was outside the United States and was not a U.S. Person, and that:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Subscriber is not and will not be purchasing the Shares, directly
or indirectly, for the account or benefit of a U.S. Person or any person in the United States and the Subscriber does not have
any agreement or understanding (either written or oral) with any U.S. Person or a person in the United States respecting:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">A.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the transfer or assignment of any rights or interests in any of the
Shares;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">B.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the division of profits, losses, fees, commissions, or any financial
stake in connection with this Agreement; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">C.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the voting of the Shares;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the current structure of this transaction and all transactions and
activities contemplated hereunder is not a scheme to avoid the registration requirements of the U.S. Securities Act and applicable
state securities laws; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Subscriber has no intention to distribute either directly or
indirectly any of the Shares in the United States or to U.S.&nbsp;Persons, except in compliance with the U.S. Securities Act;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">if the Subscriber is resident outside of Canada and the United States,
the Subscriber:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">is knowledgeable of, or has been independently advised as to, the
applicable Securities Laws of the securities regulatory authorities (the &ldquo;<B>Authorities</B>&rdquo;) having application in
the jurisdiction in which the Subscriber is resident (the &ldquo;<B>International Jurisdiction</B>&rdquo;) which would apply to
the acquisition of the Subscriber&rsquo;s Shares; </FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Subscriber is purchasing the Subscriber&rsquo;s Shares pursuant
to exemptions from prospectus or equivalent requirements under applicable Securities Laws or, if such is not applicable, the Subscriber
is permitted to purchase the Shares under the applicable Securities Laws of the Authorities in the International Jurisdiction without
the need to rely on any exemptions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the applicable Securities Laws of the Authorities in the International
Jurisdiction do not require the Corporation to make any filings or seek any approvals of any kind whatsoever from any Authority
of any kind whatsoever in the International Jurisdiction in connection with the issue and sale or resale of the Subscriber&rsquo;s
Shares; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the purchase of the Subscriber&rsquo;s Shares by the Subscriber does
not trigger:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(A)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">any obligation to prepare and file a prospectus or similar document,
or any other report with respect to such purchase in the International Jurisdiction; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(B)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">any continuous disclosure reporting obligation of the Corporation
in the International Jurisdiction; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Subscriber will, if requested by the Corporation, deliver to
the Corporation a certificate or opinion of local counsel from the International Jurisdiction which will confirm the matters referred
to in subparagraphs (i), (ii), (iii) and (iv) above to the satisfaction of the Corporation, acting reasonably;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">neither the Subscriber nor any party on whose behalf it is acting
has been created or is being used primarily to permit the purchase of the Shares without a prospectus in reliance on an exemption
from the prospectus requirements of applicable securities legislation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">if the Subscriber is an individual, the Subscriber has attained the
age of majority and is legally competent to execute this Subscription Agreement and to take all actions required pursuant hereto
and if the Subscriber is not an individual, this Subscription Agreement has been authorized, executed and delivered by, and constitutes
a legal, valid and binding agreement of the undersigned and if the Subscriber is a corporation, it has been duly incorporated and
validly exists under the laws of its jurisdiction of incorporation or continuance and that this Subscription Agreement has been
duly authorized by all necessary corporate action and constitutes a legal and binding agreement of the corporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Subscriber is capable of assessing and evaluating the risks and
merits of this investment as a result of the Subscriber&rsquo;s financial, investment or business experience or as a result of
advice received from a registered person other than the Corporation or an affiliate thereof, and the Subscriber or, where it is
not purchasing as principal, each beneficial purchaser is able to bear the economic loss of its investment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">this subscription has been duly and validly authorized, executed
and delivered by and constitutes a legal, valid, binding and enforceable obligation of the Subscriber;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the delivery of this subscription, the acceptance of it by the Corporation
and the issuance of the Shares to the Subscriber complies with all applicable laws of the Subscriber&rsquo;s jurisdiction of residence
or domicile and all other applicable laws and will not cause the Corporation to become subject to or comply with any disclosure,
prospectus or reporting requirements under any such applicable laws;</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Subscriber is not a &ldquo;control person&rdquo; of the Corporation
as defined in the applicable Securities Laws, will not become a &ldquo;control person&rdquo; by virtue of this purchase of any
of the Securities, and does not intend to act in concert with any other person to form a control group of the Corporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Subscriber (or, if applicable, others for whom it is contracting
hereunder) has been advised to consult its own legal and tax advisors with respect to applicable resale restrictions and tax considerations,
and it (or, if applicable, others for whom it is contracting hereunder) is solely responsible for compliance with applicable resale
restrictions and applicable tax legislation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Subscriber has no knowledge of a &ldquo;material fact&rdquo;
or &ldquo;material change&rdquo; (as those terms are defined in the applicable Securities Laws) in the affairs of the Corporation
that has not been generally disclosed to the public, save knowledge of this particular transaction;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the entering into of this Agreement and the transactions contemplated
hereby will not result in the violation of any of the terms and provisions of any law applicable to, or the constating documents
of, the Subscriber or of any agreement, written or oral, to which the Subscriber may be a party or by which it is or may be bound
or the termination of any such agreement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(p)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Subscriber will execute and deliver within the approved time
periods, all documentation as may be required by applicable Securities Laws, the rules and policies of the TSX-V and any other
applicable law to permit the purchase of the Shares on terms herein set forth; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(q)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">if required by applicable Securities Laws, the rules and policies
of the TSX-V and any other applicable law the Subscriber will execute, deliver, file and otherwise assist the Corporation in filing
such reports, undertakings and other documents with respect to the issuance of the Shares as may be required; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify">the funds representing the Subscription Price which will be advanced by the Subscriber hereunder
will not represent proceeds of crime for the purposes of the <I>Proceeds of Crime (Money Laundering) and Terrorist Financing</I>
<I>Act</I> (Canada) (the &ldquo;<B>PCMLA</B>&rdquo;) and the Subscriber acknowledges that the Corporation may in the future be
required by law to disclose the Subscriber&rsquo;s name and other information relating to this Subscription Agreement and the Subscriber&rsquo;s
subscription hereunder, on a confidential basis, pursuant to the PCMLA; and to the best of its knowledge (i) none of the subscription
funds to be provided by it (A) have been or will be derived from or related to any activity that is deemed criminal under the law
of Canada, the United States of America, or any other jurisdiction, or (B) are being tendered on behalf of a person or entity who
has not been identified to it, and (ii) it shall promptly notify the Corporation if it discovers that any of such representations
ceases to be true, and to provide the Corporation with appropriate information in connection therewith.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">8.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Representations and Warranties of the Corporation</U></B>. The Corporation hereby represents
and warrants to, and covenants with, the Subscriber as follows upon execution and delivery of this Subscription Agreement by the
Corporation, and acknowledges that the Subscriber is relying on such representations and warranties in connection with the transactions
contemplated herein:</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Corporation and its subsidiaries, if any, are valid and subsisting
corporations duly incorporated and in good standing under the laws of the jurisdiction in which they are incorporated, continued
or amalgamated;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Corporation and its subsidiaries, if any, are duly registered
and licensed to carry on business in the jurisdictions in which they carry on business or own property where required under the
laws of that jurisdiction;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the execution of this Subscription Agreement and the issue and sale
of the Shares by the Corporation does not and will not conflict with, and does not and will not result in a breach of, any of the
terms of the Corporation&rsquo;s incorporating documents or any agreement or instrument to which the Corporation is a party;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">this Subscription Agreement has been or will be by the Closing, duly
authorized by all necessary corporate action on the part of the Corporation, duly executed and delivered by the Corporation, it
constitutes a legal, valid and binding agreement of the Corporation enforceable against the Corporation, and the Corporation has
full corporate power and authority to undertake the offering;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Corporation is a &ldquo;reporting issuer&rdquo; within the meaning
of the <I>Securities Act </I>(British Columbia) and the <I>Securities Act</I> (Alberta), and is not in material default of any
of the requirements of the <I>Securities Act</I> (British Columbia) or the <I>Securities Act</I> (Alberta);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">there are no judgments against the Corporation or any of its subsidiaries,
if any, which are unsatisfied, nor are there any consent decrees or injunctions to which the Corporation or any of its subsidiaries
is subject;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the common shares of the Corporation are listed for trading on the
TSX-V;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">no order ceasing or suspending trading in securities of the Corporation
nor prohibiting the sale of such securities has been issued to and is outstanding against the Corporation or its directors, officers
or promoters or against any other companies that have common directors, officers or promoters and, to the best of the Corporation&rsquo;s
knowledge, no investigations or proceedings for such purposes are pending or threatened;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Corporation will within the required time, file with the TSX-V
or any other applicable securities agency, any documents, reports and information, in the required form, required to be filed by
applicable securities laws in connection with this offering, together with any applicable filing fees and other materials;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Shares will, upon issue and delivery, be validly issued as fully
paid and non-assessable.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">9.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Covenants of the Corporation.</U></B> The Corporation covenants and agrees with the
Subscriber as follows:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Corporation will use reasonable commercial efforts to promptly
comply with all filing and other requirements under all applicable Securities Laws; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">on the Closing Date, the Corporation will have taken all necessary
steps to duly and validly issue the Shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt"></FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">10.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Acknowledgements</U></B>. The Subscriber acknowledges and agrees that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the foregoing representations and warranties are made by the Subscriber with the intention that
they may be relied upon by the Corporation in determining its eligibility or (if applicable) the eligibility of others on whose
behalf it is contracting hereunder to purchase the Shares under applicable securities legislation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">by accepting delivery of the Shares on the Closing Date, the Subscriber shall be representing and
warranting that the foregoing representations and warranties are true and correct as at the Closing Date with the same force and
effect as if they had been made by the Subscriber at the time of Closing and that they shall survive the purchase by the Subscriber
of the Shares and still continue in full force and effect notwithstanding any subsequent disposition by the Subscriber of the Shares;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the Corporation shall be entitled to rely on the representations and warranties of the Subscriber
contained in this paragraph.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">11.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Nature of Subscription</U></B>. This subscription is irrevocable.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">12.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Delivery of Securities</U></B>. The Subscriber hereby authorizes and directs the Corporation
to deliver certificates representing the Shares to be issued to such Subscriber pursuant to this Subscription Agreement to the
residential or business address indicated in this subscription.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">13.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Costs</U></B>. All costs and expenses incurred by the Subscriber (including any fees
and disbursements of any lawyer retained by the Subscriber) relating to the sale of the Shares to the Subscriber shall be borne
by the Subscriber.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">14.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Execution of Subscription Agreement</U></B>. The Corporation shall be entitled to rely
on delivery by facsimile machine of an executed copy of this Subscription Agreement, and acceptance by the Corporation of such
facsimile copy shall be equally effective to create a valid and binding agreement between the Subscriber and the Corporation in
accordance with the terms hereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">15.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Governing Law</U></B>. This Subscription Agreement and all matters relating hereto and
to the Offering shall be governed by and construed solely in accordance with the laws of the Province of British Columbia and the
laws of Canada applicable therein, without reference to conflicts of laws; and the parties irrevocably attorn to the exclusive
jurisdiction of the Courts of British Columbia, Vancouver Registry.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">16.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Survival of Representations and Warranties</U></B>. The covenants, representations and
warranties contained herein shall survive the closing of the transactions contemplated hereby.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">17.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Assignment</U></B>. The terms and provisions of this Subscription Agreement shall be
binding upon and enure to the benefit of the Subscriber and the Corporation, and their respective heirs, executors, administrators,
successors and assigns; provided however, that: </FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">this Subscription Agreement may not be assigned by the Subscriber without the written consent of
the Corporation, in its sole discretion, other than the assignment by a Subscriber who is acting as nominee or agent to the beneficial
owner; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the benefits and the obligations of this Subscription Agreement, insofar as they apply to the Subscriber,
shall pass with any assignment or transfer of the Shares.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt"></FONT></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: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">18.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Entire Agreement and Headings</U></B>. Except as otherwise stated herein, this Subscription
Agreement (including the schedules hereto) constitutes the entire agreement between the Subscriber and the Corporation relating
to the subject matter hereof and:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">there are no representations, warranties, covenants, understandings or other agreements relating
to the subject matter hereof except as stated or referred to herein;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">this Subscription Agreement may be amended or modified in any respect by written instrument only;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the headings contained herein are for convenience only and shall not affect the meanings or interpretation
hereof.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">19.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Notices</U></B>. Either party to this Agreement will give all notices or other written
communications to the other party concerning this Agreement by hand or by registered mail addressed to such other Party&rsquo;s
address which is noted on the cover page of this Agreement, or such other address of which notice is hereafter properly given.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">20.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Effective Date</U></B>. Provided that it has been accepted by the Corporation, the Subscription
Agreement is intended to and shall take effect on the date first set forth above, notwithstanding its actual date of execution
or delivery by any of the parties.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt">21.</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;
</FONT><FONT STYLE="font-size: 11pt"><B><U>Time of Essence</U></B>. Time shall be of the essence of this Subscription Agreement.</FONT></P>


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

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

<P STYLE="font: bold 9pt Sans-Serif; margin: 0; text-align: center; color: Red"><B></B></P>

<P STYLE="font: bold 18pt Century Gothic,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM 4C</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">CORPORATE PLACEE REGISTRATION FORM</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 12pt; text-align: justify">This Form will remain on file with
the Exchange and must be completed if required under section 4(b) of Part II of Form 4B. The corporation, trust, portfolio manager
or other entity (the &ldquo;Placee&rdquo;) need only file it on one time basis, and it will be referenced for all subsequent Private
Placements in which it participates. If any of the information provided in this Form changes, the Placee must notify the Exchange
prior to participating in further placements with Exchange listed Issuers. If as a result of the Private Placement, the Placee
becomes an Insider of the Issuer, Insiders of the Placee are reminded that they must file a Personal Information Form (2A) or,
if applicable, Declarations, with the Exchange.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>Placee Information:</TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37.8pt"></TD><TD></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">(a)</TD>
    <TD STYLE="width: 86%">Name: Solitario Exploration &amp; Royalty Corp.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>(b)</TD>
    <TD>Complete Address: 4251 Kipling St., Suite 390, Wheat Ridge, CO 80033 USA</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>(c)</TD>
    <TD>Jurisdiction of Incorporation or Creation: USA</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD><TD>Is the Placee purchasing securities as a portfolio manager: (Yes/No)? No<U>&#9;</U></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Is the Placee purchasing securities as a portfolio manager: (Yes/No)? No</TD></TR>                                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>(b)</TD><TD>Is the Placee carrying on business as a portfolio manager outside of Canada (Yes/No)? No</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>If the answer to 2(b) above was &ldquo;Yes&rdquo;, the undersigned certifies that:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">it is purchasing securities of an Issuer on behalf of managed accounts for which it is making the
investment decision to purchase the securities and has full discretion to purchase or sell securities for such accounts without
requiring the client&rsquo;s express consent to a transaction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">it carries on the business of managing the investment portfolios of clients through discretionary
authority granted by those clients (a &ldquo;portfolio manager&rdquo; business) in ____________________ [jurisdiction], and it
is permitted by law to carry on a portfolio manager business in that jurisdiction;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">it was not created solely or primarily for the purpose of purchasing securities of the Issuer;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the total asset value of the investment portfolios it manages on behalf of clients is not less
than $20,000,000; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">it has no reasonable grounds to believe, that any of the directors, senior officers and other insiders
of the Issuer, and the persons that carry on investor relations activities for the Issuer has a beneficial interest in any of the
managed accounts for which it is purchasing.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD>If the answer to 2(a). above was &ldquo;No&rdquo;, please provide the names and addresses of Control Persons of the Placee:
No Control Person(s)<BR>
<BR>
</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in"><B>Name *</B></TD>
    <TD STYLE="width: 24%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in"><B>City</B></TD>
    <TD STYLE="width: 23%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in"><B>Province or State</B></TD>
    <TD STYLE="width: 21%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in"><B>Country</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-bottom: 6pt; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0 0.5in; text-align: justify; text-indent: 0in">*&#9;If the Control
Person is not an individual, provide the name of the individual that makes the investment decisions on behalf of the Control Person.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">5.&#9;Acknowledgement - Personal Information
and Securities Laws</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">&ldquo;Personal Information&rdquo; means any information about an identifiable individual, and
includes information contained in sections 1, 2 and 4, as applicable, of this Form.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">The undersigned hereby acknowledges
and agrees that it has obtained the express written consent of each individual to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the disclosure of Personal Information by the undersigned to the Exchange (as defined in Appendix
6B) pursuant to this Form; and</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the collection, use and disclosure of Personal Information by the Exchange for the purposes described
in Appendix 6B or as otherwise identified by the Exchange, from time to time.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The undersigned acknowledges that it is bound by the provisions of applicable Securities Law, including
provisions concerning the filing of insider reports and reports of acquisitions.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0in">Dated and certified (if applicable), acknowledged
and agreed, at 4251 Kipling St., Suite 390, Wheat Ridge, CO, 80033 on April 22, 2013</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.25in 0 6pt; text-align: justify">&#9;Solitario Exploration &amp;
Royalty Corp.<U>&#9;</U><BR>
&#9;(Name of Purchaser - please print)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&#9;<U>/s/ James R. Maronick</U><BR>
&#9;(Authorized Signature)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&#9;Chief Financial Officer<U>&#9;</U><BR>
&#9;(Official Capacity - please print)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">&#9;James R. Maronick<U>&#9;</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.5in; text-align: justify"><FONT STYLE="color: black">(Please
print name of individual whose signature appears above</FONT>)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THIS IS NOT A PUBLIC DOCUMENT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE&nbsp;&ldquo;B-1&rdquo;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>To be completed by Accredited Investors
Resident in NI 45-106 Jurisdictions</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Subscriber is resident in Canada,
is purchasing securities of Ely Gold &amp; Minerals Inc. (the &ldquo;<B>Corporation</B>&rdquo;) as principal and meets one or more
of the following definitions of &ldquo;accredited investor&rdquo; set out in National Instrument 45-106 &ndash; Prospectus and
Registration Exemptions (&ldquo;<B>NI 45-106</B>&rdquo;) (<B><U>Please check one or more boxes, as applicable, and sign in the
space provided below</U></B>):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(a)&#9;a Canadian financial institution, or an authorized foreign
bank named in Schedule&nbsp;III of the <I>Bank Act</I> (Canada);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(b)&#9;the Business Development Bank of Canada incorporated under
the <I>Business Development Bank of Canada Act</I> (Canada);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(c)&#9;a subsidiary of any person referred to in paragraphs (a) or
(b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned
by directors of that subsidiary;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(d)&#9;a person registered under the securities legislation of a
jurisdiction of Canada as an adviser or dealer, other than a person registered solely as a limited market dealer registered under
one or both of the <I>Securities Act</I> (Ontario) or the <I>Securities Act</I> (Newfoundland and Labrador);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(e)&#9;an individual registered or formerly registered under the
securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(f)&#9;the government of Canada or a jurisdiction of Canada, or any
crown corporation, agency or wholly-owned entity of the government of Canada or a jurisdiction of Canada;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(g)&#9;a municipality, public board or commission in Canada and a
metropolitan community, school board, the Comite de gestion de la taxe scolaire de I&rsquo;ile de Montreal or an intermunicipal
management board in Quebec;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(h)&#9;any national, federal, state, provincial, territorial or municipal
government of or in any foreign jurisdiction, or any agency of that government;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(i)&#9;a pension fund that is regulated by either the Office of the
Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction of Canada;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(j)&#9;an individual who, either alone or with a spouse, beneficially
owns financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1,000,000;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(k)&#9;an individual whose net income before taxes exceeded $200,000
in each of the two most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300,000
in each of the two most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the
current calendar year;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(l)&#9;an individual who, either alone or with a spouse, has net
assets of at least $5,000,000;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(m)*&#9;a person, other than an individual or investment fund, that
has net assets of at least $5,000,000 as shown on its most recently prepared financial statements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(n)&#9;an investment fund that distributes or has distributed its
securities only to:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1.5in; text-align: justify; text-indent: -1.5in">&#9;(i)&#9;a
person that is or was an accredited investor at the time of the distribution;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1.5in; text-align: justify; text-indent: -1.5in">&#9;(ii)&#9;a
person that acquires or acquired securities in the circumstances referred to in sections 2.10 of NI 45-106 [<I>Minimum amount investment</I>],
or 2.19 of NI 45-106 [<I>Additional investment in investment funds</I>]; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1.5in; text-align: justify; text-indent: -1.5in">&#9;(iii)&#9;a
person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 of NI 45-106 [<I>Investment fund
reinvestment</I>]</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(o)&#9;an investment fund that distributes or has distributed securities
under a prospectus in a jurisdiction of Canada for which the regulator or, in Quebec, the securities regulatory authority, has
issued a receipt;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(p)&#9;a trust company or trust corporation registered or authorized
to carry on business under the <I>Trust and Loan Companies Act</I> (Canada) or under comparable legislation in a jurisdiction of
Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation,
as the case may be;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(q)**&#9;a person acting on behalf of a fully managed account managed
by that person if that person:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1.5in; text-align: justify; text-indent: -1.5in">&#9;(i)&#9;is
registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction
of Canada or a foreign jurisdiction; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1.5in; text-align: justify; text-indent: -1.5in">&#9;(ii)&#9;in
Ontario, is purchasing a security that is not a security of an investment fund;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(r)&#9;a registered charity under the <I>Income Tax Act</I> (Canada)
that, in regard to the trade, has obtained advice from an eligibility advisor or other advisor registered under the securities
legislation of the jurisdiction of the registered charity to give advice on the securities being traded;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(s)&#9;an entity organized in a foreign jurisdiction that is analogous
to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) in form and function;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(t)&#9;a person in respect of which all of the owners of interests,
direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited
investors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(u)&#9;an investment fund that is advised by a person registered
as an adviser or a person that is exempt from registration as an adviser; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(v)&#9;a person that is recognized or designated by the securities
regulatory authority or, except in Ontario and Quebec, the regulator as an accredited investor.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>**</B></TD><TD STYLE="text-align: justify"><B>The exemption otherwise available for a distribution of securities to a person described in
paragraph (m) is not available if that person was created, or is used, solely to purchase or hold securities as an accredited investor
described in paragraph (m).</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in"><B>**&#9;A person described
in paragraph (q) is deemed to be purchasing as principal.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in">Words and phrases used
herein and not defined herein have the meanings assigned to them in NI 45-106. NI 45-106 may be viewed in its entirety on the website
of the British Columbia Securities Commission, at www.bcsc.bc.ca.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Dated ________________________________,
________.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt"><B>X</B><U>&#9;</U></FONT><BR>
<FONT STYLE="font-size: 11pt">Signature of individual (if Purchaser <B>is</B> an individual)</FONT><BR>
<BR>
<FONT STYLE="font-size: 11pt"><B>X</B><U>&#9;</U></FONT><BR>
<FONT STYLE="font-size: 11pt">Authorized signatory (if Purchaser is <B>not</B> an individual)</FONT><BR>
<BR>
</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><BR>
<FONT STYLE="font-size: 11pt"><U>&#9;</U></FONT><BR>
<FONT STYLE="font-size: 11pt">Name of Purchaser (<B>please print</B>)</FONT><BR>
<BR>
<FONT STYLE="font-size: 11pt"><U>&#9;</U></FONT><BR>
<FONT STYLE="font-size: 11pt">Name and Capacity of authorized signatory (<B>please print</B>)</FONT><BR>
<BR>
</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE&nbsp;&ldquo;B-2&rdquo;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>To be completed by Non-accredited
Investors Resident in NI 45-106 Jurisdictions</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Subscriber is resident in Canada,
is purchasing securities of Ely Gold &amp; Minerals Inc. (the &ldquo;<B>Corporation</B>&rdquo;) as principal and falls within one
or more of the following categories set out in National Instrument 45-106 &ndash; Prospectus and Registration Exemptions (&ldquo;<B>NI
45-106</B>&rdquo;) (<B><U>Please check one or more, as applicable, and sign in the space provided below</U></B>):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">B.1.</TD><TD STYLE="text-align: justify">The Subscriber is resident in an NI 45-106 Jurisdiction <B>other than Ontario </B>and is:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(a)&#9;a director, executive officer or control person of the Corporation,
or of an affiliate of the Corporation; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(b)&#9;a spouse, parent, grandparent, brother, sister, child or grandchild
of a director, executive officer or control person of the Corporation, or of an affiliate of the Corporation; or </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(c)&#9;a parent, grandparent, brother, sister, child or grandchild
of the spouse of a director, executive officer or control person of the Corporation, or of an affiliate of the Corporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(d)&#9;a close personal friend of a director, executive officer or
control person of the Corporation, or of an affiliate of the Corporation, and, if the Subscriber is resident in Saskatchewan, the
Subscriber has signed a risk acknowledgement in the form required by subsection 2.6(1) of NI 45-106 [to be provided by the Corporation];</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(e)&#9;a close business associate of a director, executive officer
or control person of the Corporation, or of an affiliate of the Corporation, and, if the Subscriber is resident in Saskatchewan,
the Subscriber has signed a risk acknowledgement in the form required by subsection 2.6(1) of NI 45-106 [to be provided by the
Corporation];</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(f)&#9;a founder of the Corporation or a spouse, parent, grandparent,
brother, sister, child, grandchild, close personal friend or close business associate of a founder of the Corporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.9pt"><FONT STYLE="font: 12pt Wingdings">q</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 11pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">a parent, grandparent, brother, sister, child or grandchild of a
spouse of a founder of the Corporation, and, if the Subscriber or the beneficial purchaser, as applicable, is resident in Saskatchewan,
the Subscriber has signed a risk acknowledgement in the form required by subsection 2.6(1) of NI 45-106 [to be provided by the
Corporation]; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(h)&#9;a person of which a majority of the voting securities are
beneficially owned by, or a majority of the directors are, persons described in paragraphs (a) to (g), and, if the Subscriber is
resident in Saskatchewan, the Subscriber has signed a risk acknowledgement in the form required by subsection 2.6(1) of NI 45-106
[to be provided by the Corporation]; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">(i)&#9;a trust or estate of which all of the beneficiaries or a majority
of the trustees or executors are persons described in paragraphs (a) to (g), and, if the Subscriber is resident in Saskatchewan,
the Subscriber has signed a risk acknowledgement in the form required by subsection 2.6(1) of NI 45-106 [to be provided by the
Corporation].</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">B.2&#9;The Subscriber is resident in an
<B>Ontario</B> and is:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">a founder of the Corporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">an affiliate of a founder of the Corporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 11pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">a spouse, parent, brother, sister, grandparent, grandchild or child
of an executive officer, director or founder of the Corporation; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 11pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">a person that is a control person of the Corporation.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">B.3&#9;The Subscriber is resident in any
NI 45-106 Jurisdiction and:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the aggregate acquisition cost of the securities to the Subscriber
is not less than Cdn.$150,000; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><FONT STYLE="font: 12pt Wingdings">q</FONT><FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">if the Subscriber is a corporation, syndicate, partnership or other
form of unincorporated organization, the aggregate acquisition cost of the securities to the Subscriber is not less than Cdn.$150,000
and the Subscriber pre-existed the offering of the securities and has a bona fide purpose other than only an investment in the
securities or, if created to permit such investment, the individual share of the aggregate acquisition cost for each participant
is not less than Cdn.$150,000.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dated ________________________________, ________.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><U>&#9;</U><BR>
        Residential Address/Telephone/Email</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><U>&#9;</U></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><U>&#9;</U></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><U>&#9;</U></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><U>&#9;</U></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><U>&#9;</U></P></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 11pt"><B>X</B><U>&#9;</U></FONT><BR>
<FONT STYLE="font-size: 11pt">Signature of individual (if Purchaser <B>is</B> an individual)</FONT><BR>
<BR>
<FONT STYLE="font-size: 11pt"><B>X</B><U>&#9;</U></FONT><BR>
<FONT STYLE="font-size: 11pt">Authorized signatory (if Purchaser is <B>not</B> an individual)</FONT><BR>
<BR>
<FONT STYLE="font-size: 11pt"><U>&#9;</U></FONT><BR>
<FONT STYLE="font-size: 11pt">Name of Purchaser (<B>please print</B>)</FONT><BR>
<BR>
<FONT STYLE="font-size: 11pt"><U>&#9;</U></FONT><BR>
<FONT STYLE="font-size: 11pt">Name and Capacity of authorized signatory (<B>please print</B>)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>U.S. ACCREDITED INVESTOR CERTIFICATE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Subscriber understands and agrees
that the Shares (also referred to as the &ldquo;Securities&rdquo;) of Ely Gold &amp; Minerals Inc. have not been and will not be
registered under the United States <I>Securities Act of 1933</I>, as amended (the &ldquo;1933 Act&rdquo;), or applicable state
securities laws, and the Shares are being offered and sold on behalf of the Corporation to the Subscriber in reliance upon Rule
506 of Regulation D under the 1933 Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The undersigned represents, warrants
and covenants (which representations, warranties and covenants shall survive the Closing) to the Corporation (and acknowledges
that the Corporation is relying thereon)<B> </B>that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">it is purchasing the Shares either for its own account for investment
purposes only or for the account of a beneficial purchaser for which it is exercising sole investment discretion and that is purchasing
the Shares for its own account for investment purposes only and, in any case, not with a view to resale or distribution and, in
particular, it has no intention to distribute either directly or indirectly any of the Shares in the United States; provided, however,
that the Subscriber may sell or otherwise dispose of any of the Shares pursuant to registration thereof pursuant to the 1933 Act
and any applicable state securities laws or under an exemption from such registration requirements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">it, and each beneficial purchaser for whom it is acting, if any,
satisfies one or more of the categories of &ldquo;accredited investor&rdquo; indicated below (<B>the Subscriber must initial the
appropriate line(s)</B>):</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -1.5in"><U>&#9;</U>
Category 1.&#9;A bank, as defined in Section 3(a)(2) of the 1933 Act, whether acting in its individual or fiduciary capacity; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -1.5in"><U>&#9;</U>
Category 2.&#9;A savings and loan association or other institution as defined in Section 3(a)(5)(A) of the 1933 Act, whether acting
in its individual or fiduciary capacity; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -1.5in"><U>&#9;</U>
Category 3.&#9;A broker or dealer registered pursuant to Section 15 of the United States <I>Securities Exchange Act of 1934</I>;
or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -1.5in"><U>&#9;</U>
Category 4.&#9;An insurance company as defined in Section 2(13) of the 1933 Act; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -1.5in"><U>&#9;</U>
Category 5.&#9;An investment company registered under the United States <I>Investment Company Act of 1940</I>; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -1.5in"><U>&#9;</U>
Category 6.&#9;A business development company as defined in Section 2(a)(48) of the United States <I>Investment Company Act of
1940</I>; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -1.5in"><U>&#9;</U>
Category 7.&#9;A small business investment company licensed by the U.S. Small Business Administration under Section 301 (c) or
(d) of the United States <I>Small Business Investment Act of 1958</I>; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -1.5in"><U>&#9;</U>
Category 8.&#9;A plan established and maintained by a state, its political subdivisions or any agency or instrumentality of a state
or its political subdivisions, for the benefit of its employees, with total assets in excess of U.S. $5,000,000; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -1.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -1.5in"><U>&#9;</U>
Category 9.&#9;An employee benefit plan within the meaning of the United States <I>Employee Retirement Income Security Act of 1974
</I>in which the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank,
savings and loan association, insurance company or registered investment adviser, or an employee benefit plan with total assets
in excess of U.S. $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons who are accredited investors;
or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -1.5in"><U>&#9;</U>
Category 10.&#9;A private business development company as defined in Section 202(a)(22) of the United States <I>Investment Advisers
Act of 1940</I>; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -1.5in"><U>X&#9;</U>
Category 11.&#9;An organization described in Section 501(c)(3) of the United States <I>Internal Revenue Code</I>, a corporation,
a Massachusetts or similar business trust, or a partnership, not formed for the specific purpose of acquiring the securities offered,
with total assets in excess of U.S. $5,000,000; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -1.5in"><U>&#9;</U>
Category 12.&#9;Any director or executive officer of the Corporation; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -1.5in"><U>&#9;</U>
Category 13.&#9;A natural person whose individual net worth, or joint net worth with that person&rsquo;s spouse, at the date hereof
exceeds U.S.$1,000,000; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -1.5in"><U>&#9;</U>
Category 14.&#9;A natural person who had an individual income in excess of U.S.$200,000 in each of the two most recent years or
joint income with that person&rsquo;s spouse in excess of U.S.$300,000 in each of those years and has a reasonable expectation
of reaching the same income level in the current year; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -1.5in"><U>&#9;</U>
Category 15.&#9;A trust, with total assets in excess of U.S.$5,000,000, not formed for the specific purpose of acquiring the securities
offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the 1933 Act; or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: justify; text-indent: -1.5in"><U>&#9;</U>
Category 16.&#9;Any entity in which all of the equity owners meet the requirements of at least one of the above categories;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">it understands that if it decides to offer, sell or otherwise transfer
the Securities, it will not offer, sell or otherwise transfer any of such securities directly or indirectly, unless:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the transfer is to the Corporation;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the transfer is made outside the United States in a transaction meeting
the requirements of Rule 904 of Regulation S under the 1933 Act and in compliance with applicable local laws and regulations;</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the transfer is made in compliance with the exemption from the registration
requirements under the 1933 Act provided by Rule 144 thereunder, if available, and in accordance with applicable state securities
laws; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the Securities are transferred in a transaction that does not require
registration under the 1933&nbsp;Act or any applicable state laws and regulations governing the offer and sale of securities;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify">and it has prior to such sale furnished
to the Corporation an opinion of counsel of recognized standing or other evidence of exemption, in either case reasonably satisfactory
to the Corporation;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">it understands that upon the issuance thereof, and until such time
as the same is no longer required under the applicable requirements of the 1933 Act or applicable U.S. state laws and regulations,
the certificates representing the Securities, and all securities issued in exchange therefor or in substitution thereof, will bear
a legend in substantially the following form:</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 40.3pt 12pt 1.5in; text-align: justify">&ldquo;THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;1933 ACT&rdquo;).
THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES
IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE 1933 ACT, (C) IN COMPLIANCE WITH THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
UNDER THE 1933 ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS, OR (D)
IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE STATE LAWS, AND THE HOLDER HAS, PRIOR
TO SUCH SALE, FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY
TO THE COMPANY. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE &ldquo;GOOD DELIVERY&rdquo; IN SETTLEMENT OF TRANSACTIONS ON STOCK
EXCHANGES IN CANADA. AT ANY TIME THE COMPANY IS A &ldquo;FOREIGN ISSUER&rdquo; AS DEFINED IN RULE 902 UNDER THE 1933 ACT, A NEW
CERTIFICATE, BEARING NO LEGEND, THE DELIVERY OF WHICH WILL CONSTITUTE &ldquo;GOOD DELIVERY&rdquo; MAY BE OBTAINED FROM THE COMPANY&rsquo;S
TRANSFER AGENT UPON DELIVERY OF THIS CERTIFICATE AND A DULY EXECUTED DECLARATION, IN FORM SATISFACTORY TO THE COMPANY AND THE COMPANY&rsquo;S
TRANSFER AGENT TO THE EFFECT THAT THE SALE OF THE SECURITIES IS BEING MADE IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE
1933 ACT AT A TIME WHEN THE COMPANY IS A &ldquo;FOREIGN ISSUER&rdquo; AS DEFINED IN RULE 902 UNDER THE 1933 ACT.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">provided, that if any of the Shares
are being sold under clause (B) above, at a time when the Corporation is a &ldquo;foreign issuer&rdquo; as defined in Rule 902
under the 1933 Act, the legend set forth above may be removed by providing a declaration to the Corporation and its transfer agent
in the form attached hereto as Appendix&nbsp;A or as the Corporation may from time to time prescribe, to the effect that the sale
of such securities is being made in compliance with Rule 904 of Regulation S under the 1933 Act;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">provided further, that if any of the
Shares are being sold pursuant to Rule 144 of the 1933 Act, the legend may be removed by delivery to the Corporation&rsquo;s transfer
agent of an opinion satisfactory to the Corporation to the effect that the legend is no longer required under applicable requirements
of the 1933 Act or state securities laws;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">it consents to the Corporation making a notation on its records or
giving instruction to the registrar and transfer agent of the Corporation in order to implement the restrictions on transfer set
forth and described herein;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">it understands and acknowledges that the Corporation has no obligation
or present intention of filing with the United States Securities and Exchange Commission or with any state securities administrator
any registration statement in respect of resales of the Securities in the United States;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the office or other address of the Subscriber at which the Subscriber
received and accepted the offer to purchase the Shares is the address listed as the &ldquo;Subscriber&rsquo;s Address&rdquo; on
the signature page of the Subscription Agreement;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">it acknowledges that it has not purchased the Securities as a result
of any form of general solicitation or general advertising (as such terms are used in Regulation D under the 1933 Act), including,
but not limited to, any advertisements, articles, notices or other communications published in any newspaper, magazine or similar
media or broadcast over radio or television, or any seminar or meeting whose attendees have been invited by general solicitation
or general advertising;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">it understands and agrees that there may be material tax consequences
to the Subscriber of an acquisition, disposition or exercise of any of the Securities; the Corporation gives no opinion and makes
no representation with respect to the tax consequences to the Subscriber under United States, state, local or foreign tax law of
the undersigned&rsquo;s acquisition or disposition of such Securities;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">it understands and acknowledges that the Corporation is not obligated
to remain a &ldquo;foreign issuer&rdquo; (as such is defined in Rule 405 promulgated under the 1933 Act);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 11pt">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">it understands and agrees that the financial statements of the Corporation
have been prepared in accordance with Canadian generally accepted accounting principles, which differ in some respects from United
States generally accepted accounting principles, and thus may not be comparable to financial statements of United States companies;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The capitalized terms not defined in this <B>Schedule
&ldquo;C&rdquo;</B> shall have the meanings ascribed to them in the Subscription Agreement.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Subscriber undertakes to notify the Corporation
immediately of any change in any representation, warranty or other information relating to the Subscriber set forth herein which
takes place prior to the Closing.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 11pt">If a Corporation, Partnership or Other Entity:</FONT><BR>
<BR>
<FONT STYLE="font-size: 11pt"><U>Solitario Exploration &amp; Royalty Corp.&#9;</U></FONT><BR>
<FONT STYLE="font-size: 11pt">Name of Entity</FONT><BR>
<BR>
<FONT STYLE="font-size: 11pt"><U> /s/James R. Maronick&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT><BR>
<FONT STYLE="font-size: 11pt">Signature of Person Signing</FONT><BR>
<BR>
<FONT STYLE="font-size: 11pt"><U>James R. Maronick, CFO&#9;</U></FONT><BR>
<FONT STYLE="font-size: 11pt">Print Name and Title of Person Signing</FONT></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 11pt">If an Individual:</FONT><BR>
<BR>
<FONT STYLE="font-size: 11pt"><U>&#9;</U></FONT><BR>
<FONT STYLE="font-size: 11pt">Signature</FONT><BR>
<BR>
<FONT STYLE="font-size: 11pt"><U>&#9;</U></FONT><BR>
<FONT STYLE="font-size: 11pt">Print or Type Name</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Appendix A to<BR>
<BR>
Schedule &ldquo;C&rdquo; - U.S. Accredited Investor Certificate<BR>
<BR>
FORM OF DECLARATION FOR REMOVAL OF LEGEND</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">TO:</TD><TD STYLE="text-align: justify">Registrar and transfer agent for the common shares of Ely Gold and Minerals, Inc. (the &ldquo;Corporation&rdquo;):</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The undersigned (A) acknowledges that
the sale of the securities of the Corporation to which this declaration relates is being made in reliance on Rule 904 of Regulation
S under the United States <I>Securities Act of 1933</I>, as amended (the &ldquo;U.S.&nbsp;Securities Act&rdquo;), and (B) certifies
that: (1) the undersigned is not an &ldquo;affiliate&rdquo; of the Corporation (as that term is defined in Rule 405 under the U.S.
Securities Act); (2) the offer of such securities was not made to a person in the United States and either (a) at the time the
buy order was originated, the buyer was outside the United States or the seller and any person acting on its behalf reasonably
believe that the buyer was outside the United States, or (b)&nbsp;the transaction was executed on or through the facilities of
the TSX Venture Exchange and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged
with a buyer in the United States; (3)&nbsp;neither the seller nor any affiliate of the seller nor any person acting on their behalf
has engaged or will engage in any directed selling efforts in the United States in connection with the offer and sale of such securities;
(4)&nbsp;the sale is bona fide and not for the purpose of &ldquo;washing off&rdquo; the resale restrictions imposed because the
securities are &ldquo;restricted securities&rdquo; (as that term is defined in Rule&nbsp;144(a)(3) under the U.S. Securities Act);
(5)&nbsp;the seller does not intend to replace such securities with fungible unrestricted securities; and (6)&nbsp;the contemplated
sale is not a transaction, or part of a series of transactions, which, although in technical compliance with Regulation S, is part
of a plan or scheme to evade the registration provisions of the U.S. Securities Act. Terms used herein have the meanings given
to them by Regulation S under the U.S. Securities Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Dated April 22, 2013.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 11pt"><B>X</B><U>&#9;</U></FONT><BR>
    <FONT STYLE="font-size: 11pt">Signature of individual (if Shareholder <B>is</B> an individual)</FONT><BR>
    <BR>
    <FONT STYLE="font-size: 11pt"><B>X</B><U>&#9;/s/ James R. Maronick</U></FONT><BR>
    <FONT STYLE="font-size: 11pt">Authorized signatory (if Shareholder is <B>not</B> an individual)</FONT><BR>
    <BR>
    <FONT STYLE="font-size: 11pt"><U>Solitario Exploration &amp; Royalty Corp.&#9;</U></FONT><BR>
    <FONT STYLE="font-size: 11pt">Name of Shareholder (<B>please print</B>)</FONT><BR>
    <BR>
    <FONT STYLE="font-size: 11pt"><U>James R. Maronick&#9;</U></FONT><BR>
    <FONT STYLE="font-size: 11pt">Name of authorized signatory (<B>please print</B>)</FONT><BR>
    <BR>
    <FONT STYLE="font-size: 11pt"><U>Chief Financial Officer&#9;</U></FONT><BR>
    <FONT STYLE="font-size: 11pt">Official capacity of authorized signatory</FONT><BR>
    <FONT STYLE="font-size: 11pt">(<B>please print</B>)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

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

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

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

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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>PLEASE VENSURE THAT ALL WIRE TRANSFER INSTRUCTIONS <U>CLEARLY IDENTIFY THE SUBSCRIBER;</U></B></TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>PLEASE FAX A COPY OF ALL WIRE TRANSFER INSTRUCTIONS TO 1 (604) 488-1105 OR EMAIL THEM TO info@elygoldandminerals.com.</B></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Garamond; margin: 0 0 2pt 0.25in; letter-spacing: -0.25pt">BENEFICIARY: &#9;Ely Gold &amp; Minerals</P>

<P STYLE="font: 12pt Garamond; margin: 0 0 2pt 0.25in; letter-spacing: -0.25pt">&#9; &#9;Suite 480 &ndash; 789 West Pender St&#9;</P>

<P STYLE="font: 12pt Garamond; margin: 0 0 2pt 0.25in; letter-spacing: -0.25pt">&#9; &#9;Vancouver, BC</P>

<P STYLE="font: 12pt Garamond; margin: 0 0 2pt 0.25in; letter-spacing: -0.25pt">&#9;V6C-1H2&#9;</P>

<P STYLE="font: 12pt Garamond; margin: 0 0 2pt 0.25in; letter-spacing: -0.25pt">&nbsp;</P>

<P STYLE="font: 12pt Garamond; margin: 0 0 2pt 0.25in; letter-spacing: -0.25pt">BENEFICIARY BANK: &#9;BANK OF MONTREAL</P>

<P STYLE="font: 12pt Garamond; margin: 0 0 2pt 0.25in; letter-spacing: -0.25pt">&#9; &#9;595 BURRARD STREET&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&#9; &#9;VANCOUVER, B. C., CANADA&#9;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-align: justify; text-indent: -2.75in">TRANSIT AND
ACCOUNT NO.:&#9;0004 &ndash; 4685-776</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2.5in; text-align: justify; text-indent: -2.25in">SWIFT BIC
ADDRESS:<FONT STYLE="font-size: 10pt">&#9;</FONT>BOFMCAM2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 17.85pt; text-align: justify">TO SEND FUNDS FROM A U.S. BANK,
IT MAY BE EASIER TO SEND THROUGH OUR U.S.SUBSIDIARY &ndash;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 179.75pt; text-align: justify; text-indent: -161.9pt">INTERMEDIARY
BANK:&#9;WACHOVIA BANK, NA</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 179.75pt; text-align: justify; text-indent: -161.9pt">SWIFT CODE:&#9;PNBPUS3NNYC</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: left; text-indent: 33.75pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: justify"><B>&nbsp;</B></P>



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<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exh993.htm
<DESCRIPTION>APRIL 23, 2013
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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right; text-indent: 0.5in">Exhibit 99.3</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.75in; text-align: right; text-indent: 0.75in"><B>April 23, 2013</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.75in; text-align: center; text-indent: 0.75in"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SOLITARIO ANNOUNCES PRIVATE PLACEMENT WITH
ELY GOLD<BR>
WITH REDUCED EARN-IN PAYMENT </B></P>

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Denver, Colorado: </B>Solitario Exploration
&amp; Royalty Corp. (&ldquo;Solitario;&rdquo; NYSE MKT: <B>XPL;</B> TSX: <B>SLR</B>) announces that it has subscribed for 5,131,150
shares of Ely Gold &amp; Minerals (&ldquo;Ely Gold;&rdquo; TSX.V: <B>ELY</B>) at a price of CDN$0.10 per share, for total placement
funding of US$500,000 (the &quot;Offering&quot;). The Offering is subject to TSX Venture Exchange acceptance. All securities issued
pursuant to the Offering will be subject to a four-month hold period from the closing date. With this placement, Solitario now
owns 8,464,483 shares of Ely, or approximately 12.68% of Ely&rsquo;s issued and outstanding common shares.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Pursuant to a letter of intent dated August
26, 2010 between Solitario and Ely Gold (the &ldquo;LOI&rdquo;), as part of its earn-in to the Mt. Hamilton LLC joint venture (&ldquo;MH-LLC&rdquo;),
Solitario was required to subscribe for up to $750,000 of Ely Gold stock by May 1, 2013. Ely reduced Solitario&rsquo;s required
subscription payment due on May 1, 2013 from US$750,000 to US$500,000. Ely is required to use the proceeds from the Offering to
pay Augusta Resource Corporation (&ldquo;Augusta&rdquo;) $750,000 due on June 1, 2013 and has agreed to pay the remaining $250,000
of this required payment directly to Augusta. This private placement fulfills Solitario&rsquo;s 2013 funding requirement as mandated
by the LOI.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Subsequent to the offering, the Management Committee
of MH LLC authorized a distribution of $250,000 from partnership funds. These funds will be distributed according to ownership
in MHLLC resulting in a $50,000 distribution to Ely Gold and a $200,000 distribution to Solitario. The Mt Hamilton Gold project
is held by Mt Hamilton LLC (&ldquo;MH LLC&rdquo;), that is 80% owned by Solitario and 20% owned by Ely Gold.</P>

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

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

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

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

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

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

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

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        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Christopher E. Herald</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">President &amp; CEO</P></TD>
    <TD STYLE="width: 40%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">(303) 534-1030</P></TD></TR>
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