<SEC-DOCUMENT>0001104659-22-061845.txt : 20220517
<SEC-HEADER>0001104659-22-061845.hdr.sgml : 20220517
<ACCEPTANCE-DATETIME>20220517123030
ACCESSION NUMBER:		0001104659-22-061845
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20220517
FILED AS OF DATE:		20220517
DATE AS OF CHANGE:		20220517

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Electra Battery Materials Corp
		CENTRAL INDEX KEY:			0001907184
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41356
		FILM NUMBER:		22933224

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 20059
		STREET 2:		BAY ADELAIDE P.O.
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 0A1
		BUSINESS PHONE:		416-900-3891

	MAIL ADDRESS:	
		STREET 1:		ELECTRA HEAD OFFICE
		STREET 2:		401 BAY STREET, 6TH FLOOR
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 2Y4
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2215782d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Report
of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934</B></FONT></P>

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

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  <TR>
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">For the month of</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 60%"><FONT STYLE="font-size: 10pt"><B>May</B></FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%"><FONT STYLE="font-size: 10pt"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD><FONT STYLE="font-size: 10pt">Commission File Number</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>001-41356</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 100%; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><FONT STYLE="font-size: 24pt"><B>Electra Battery Materials Corporation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Translation of registrant&rsquo;s name into English)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>133 Richmond Street West, Suite 602</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Toronto, Ontario, Canada</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>M5H 2L3</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(416) 900-3891</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: right; width: 40%">&nbsp; Form 20-F</TD>
<TD STYLE="width: 10%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></FONT></TD>
<TD STYLE="width: 13%">&nbsp; Form 40-F</TD>
<TD STYLE="width: 37%; font-size: 10pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K
in paper as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(1): <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K
in paper as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(7):&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit 99.2 to this Form 6-K of Electra Battery Materials Corporation (the &ldquo;Company&rdquo;)
is hereby incorporated by reference as an exhibit to the Registration Statement on Form F-10 (File No. 333-264982) of the Company, as
amended or supplemented.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DOCUMENTS INCLUDED AS PART OF THIS REPORT</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2215782d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.1</FONT></A></TD>
    <TD><A HREF="tm2215782d1_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Press Release dated May 17, 2022</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><A HREF="tm2215782d1_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.2</FONT></A></TD>
    <TD><A HREF="tm2215782d1_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Equity Distribution Agreement, dated May 17, 2022, between Electra Battery Materials Corporation and CIBC World Markets Inc.</FONT></A></TD></TR>
  </TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">&nbsp;</TD>
  <TD STYLE="text-align: center; border-bottom: Black 1pt solid; padding-left: 10pt; width: 50%"><FONT STYLE="font-size: 10pt"><I>Electra Battery Materials Corporation</I></FONT></TD></TR>

<TR STYLE="vertical-align: top">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="text-align: center; width: 50%"><FONT STYLE="font-size: 10pt">(Registrant)</FONT></TD></TR>
</TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 41%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 17, 2022</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT>&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Trent Mell</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: &nbsp;Trent Mell</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: &nbsp;&nbsp;&nbsp;Chief Executive Officer and Director</FONT></TD></TR>
  </TABLE>

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

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2215782d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="color: #09486D">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: left; width: 33%">&nbsp;</TD>
  <TD STYLE="text-align: center; width: 34%"><IMG SRC="tm2215782d1_ex99-1img001.jpg" ALT=""></TD>
  <TD STYLE="vertical-align: middle; text-align: right; width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT><B>NEWS RELEASE<BR>
</B></FONT><B>NASDAQ: ELBM<BR>
TSX.V: ELBM</B></P><FONT STYLE="color: #09486D">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="color: #09486D">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Electra Updates ATM Program</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TORONTO, ON &ndash; (May&nbsp;17, 2022) - <B>Electra
Battery Materials Corporation (NASDAQ:ELBM; TSX-V:ELBM) </B>(&ldquo;Electra&rdquo;) announces that it has updated its at-the-market equity
program (the &quot;ATM Program&quot;) to issue up to C$20,000,000 (or its equivalent in U.S. currency) of common shares (&ldquo;Common
Shares&rdquo;) in the United States and Canada from time to time, at Electra&rsquo;s discretion. The update is to permit sales of Common
Shares under the ATM Program into the United States following Electra&rsquo;s listing on the Nasdaq Capital Market (&quot;Nasdaq&quot;)
on April&nbsp;27, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of Common Shares, if any, under the ATM
Program in the United States and Canada will be completed in accordance with the terms of an amended and restated equity distribution
agreement (the &quot;Distribution Agreement&quot;) dated May&nbsp;17, 2022 among Electra, CIBC World Markets Inc. (the &ldquo;Canadian
Agent&rdquo;) and CIBC World Markets Corp. (the &ldquo;U.S. Agent&rdquo;, and together with the Canadian Agent, the &ldquo;Agents&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of Common Shares through the Agents, acting
as agents, will be made through &quot;at the market&quot; issuances on Nasdaq, the TSX Venture Exchange (&quot;TSX-V&quot;) or any other
trading markets for Common Shares in the United States and Canada at the market price prevailing at the time of each sale, and, as a
result, sale prices may vary. The U.S. Agent is not registered as a dealer in any Canadian jurisdiction and, accordingly, the U.S. Agent
will only sell Common Shares on marketplaces in the United States and is not permitted to and will not, directly or indirectly, advertise
or solicit offers to purchase any Common Shares in Canada. The Canadian Agent may only sell Common Shares on marketplaces in Canada.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The volume and timing of distributions under
the ATM Program, if any, will be determined in Electra's sole discretion. The ATM Program will be effective until the earlier of the
issuance and sale of all of the Common Shares issuable pursuant to the ATM Program and December&nbsp;26, 2022, unless terminated prior
to such date by Electra or the Agents. Electra intends to use the net proceeds from sales of Common Shares under the ATM Program, if
any, for growth initiatives relating to its battery materials complex, for Iron Creek exploration activities and for general corporate
purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The offering under the ATM Program is being made
pursuant to an amended and restated prospectus supplement dated May&nbsp;17, 2022 (the &quot;U.S. Prospectus Supplement&quot;) to Electra&rsquo;s
U.S. base prospectus (the &quot;U.S. Base Prospectus&quot;) included in its registration statement on Form&nbsp;F-10 (the &quot;Registration
Statement&quot;) filed with the United States Securities and Exchange Commission (the &quot;SEC&quot;) on May&nbsp;16, 2022, and pursuant
to an amended and restated prospectus supplement dated May&nbsp;17, 2022 (the &quot;Prospectus Supplement&quot;) to Electra's Canadian
short form base shelf prospectus dated November&nbsp;26, 2020, as amended pursuant to amendement no. 1 dated November&nbsp;30, 2021 (the
 &quot;Base Shelf Prospectus&quot; and together with the Prospectus Supplement, the U.S. Prospectus Supplement, the U.S. Base Prospectus
and the Registration Statement, the &quot;Offering Documents&quot;). Before you invest, you should read the Offering Documents and other
documents that Electra has filed for more complete information about Electra, the Distribution Agreement and the ATM Program. The U.S.
Prospectus Supplement, the U.S. Base Prospectus and the Registration Statement are available on EDGAR at the SEC's website at www.sec.gov,
and the Prospectus Supplement and the Base Shelf Prospectus are available on the SEDAR website maintained by the Canadian Securities
Administrators at www.sedar.com. Alternatively, the Canadian Agent will send copies of the Offering Documents to Canadian investors upon
request by contacting the Canadian Agent at 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 1-416-956-6378 or by email
at Mailbox.CanadianProspectus@cibc.com and the U.S. Agent will send copies of the Offering Documents to United States investors upon
request by contacting the U.S. Agent at 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 1-416-956-6378 or by email
at Mailbox.USProspectus@cibc.com.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Listing of Common Shares sold pursuant to the
ATM Program on Nasdaq and TSX-V will be subject to fulfilling all applicable listing requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer,
solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Electra&rsquo;s core strategy is to produce low
carbon, ethically sourced battery materials for the North American electric vehicle supply chain.   Electra is specifically focused
on creating the first integrated battery materials park in North America, providing refined cobalt, nickel and recycled battery materials
to North American battery precursor manufacturers. Electra also owns the advanced exploration-stage Iron Creek cobalt-copper project
in Idaho, USA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On behalf of Electra Battery Materials</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trent Mell<BR>
Chief Executive Officer</P>

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>info@ElectraBMC.com</U><BR>
+1.416.900.3891</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.</I></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Cautionary Note Regarding Forward-Looking Statements</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This press release may contain forward-looking
statements and forward-looking information (together, &ldquo;forward-looking statements&rdquo;) within the meaning of applicable securities
laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as &ldquo;plans&rdquo;, &ldquo;expects', &ldquo;estimates&rdquo;, &ldquo;intends&rdquo;,
 &ldquo;anticipates&rdquo;, &ldquo;believes&rdquo; or variations of such words, or statements that certain actions, events or results
 &ldquo;may&rdquo;, &ldquo;could&rdquo;, &ldquo;would&rdquo;, &ldquo;might&rdquo;, &ldquo;occur&rdquo; or &ldquo;be achieved&rdquo;. Forward-looking
statements involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially
from those implied by such forward-looking statements. Forward looking statements in this press release herein may include, but are not
limited to, information concerning the expected sale of Common Shares under the ATM Program, the price, volume and timing of the sale
and distribution of Common Shares under the ATM Program, the anticipated use of proceeds of any offering under the ATM Program and statements
regarding the anticipated benefits and impacts of the ATM Program. Forward-looking statements are based on Electra&rsquo;s current beliefs
and assumptions as to the outcome and timing of future events, including, but not limited to, that Electra makes sales of Common Shares
under the ATM Program, that the proceeds of any offering conducted under the ATM Program will be deployed as anticipated and the anticipated
benefits and impacts of the ATM Program being realized. Forward-looking statements involve risks, uncertainties and other factors that
could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements.
Factors that could cause actual results to differ materially from these forward-looking statements include, among other things: the ability
of Electra to successfully close a financing, including the completion of any sales under the ATM Program, the price, volume and timing
of sale of Common Shares under the ATM Program not being determinable at this time, the anticipated use of proceeds from any offering
made under the Offering Documents and any offerings to be conducted thereunder including the ATM Program, the benefits and impacts of
the ATM Program not being as anticipated, the risks and uncertainties relating to exploration and development, the ability of Electra
to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of commodities,
operating hazards and risks, competition and other risks and uncertainties and other such factors as are set forth in the Offering Documents,
as well as the other risks described under the headings &ldquo;Financial Risk Factors&rdquo; and &ldquo;Business Risks and Uncertainties&rdquo;
in Electra&rsquo;s MD&amp;A for the year ended December&nbsp;31, 2021 and under the heading &ldquo;Risk Factors&rdquo; in Electra&rsquo;s
Annual Information Form&nbsp;for the year ended December&nbsp;31, 2021. Although Electra believes that the information and assumptions
used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only
apply as of the date of this press release, and no assurance can be given that such events will occur in the disclosed times frames or
at all. Except where required by applicable law, Electra disclaims any intention or obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or otherwise.</I></P>

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

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

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2215782d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 99.2</B></P>

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

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Electra Battery Materials Corporation</B><BR>
Common Shares</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>AMENDED&nbsp;&amp; RESTATED<BR>
EQUITY DISTRIBUTION AGREEMENT</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">May&nbsp;17, 2022</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CIBC World Markets Inc.<BR>
161 Bay Street, 7<SUP>th</SUP> Floor&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">M5J 2S8</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">425 Lexington Avenue, 3rd Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10017</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Electra Battery Materials Corporation (formerly
First Cobalt Corp.), a company continued under the <I>Canada Business Corporations Act</I> (&ldquo;<B>Electra</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;),
confirms its agreement (this &ldquo;<B>Agreement</B>&rdquo;) with CIBC World Markets Inc. (the &ldquo;<B>Canadian Agent</B>&rdquo;) and
CIBC World Markets Corp. (the &ldquo;<B>U.S. Agent</B>&rdquo; and together with the Canadian Agent, the &ldquo;<B>Agents</B>&rdquo;) to
issue and sell common shares of the Company upon and subject to the terms and conditions contained herein. This Agreement amends and restates
in its entirety that certain equity distribution agreement, dated as of January&nbsp;13, 2022, between the Company and the Canadian Agent.
Capitalized terms used herein have the meanings given to them in Section&nbsp;23 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of the representations in this
Agreement, all references to the Company shall be read to include, as the context permits or requires, the Material Subsidiaries.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Issuance and Sale of Shares</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company agrees that, from time to time during
the term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through the Agents, common
shares (the &ldquo;<B>Shares</B>&rdquo;) of the Company having an aggregate sales price of up to C$20,000,000 (or the equivalent in U.S.
currency) (the &ldquo;<B>Offering</B>&rdquo;). The Shares will be sold on the terms set forth herein at such times and in such amounts
as the Company and the Agents shall agree from time to time. The issuance and sale of the Shares through the Agents will be effected pursuant
to the Canadian Prospectus and the Registration Statement filed by the Company and declared effective by the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When determining the aggregate value of the Placement
Shares sold, the Company will use the daily exchange rate posted by the Bank of Canada on the date the applicable Placement Shares were
sold to determine the United States dollar equivalent of any Placement Shares which were sold for Canadian dollars.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Placements</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><U>Placement Notice</U>. Each time that the Company wishes to issue and sell Shares hereunder (each, a
 &ldquo;<B>Placement</B>&rdquo;), it will notify the Agents by e-mail notice (or other method mutually agreed to in writing by the parties)
(a &ldquo;<B>Placement Notice</B>&rdquo;), at least two (2)&nbsp;Trading Days prior to the date that the sale of Shares is requested to
commence, in the form set forth on Schedule&nbsp;1 hereto, containing the parameters within which it desires to sell the Shares, which
shall at a minimum include the number of Shares to be sold pursuant to this Agreement (&ldquo;<B>Placement Shares</B>&rdquo;), the time
period during which sales are requested to be made, any limitation on the number of Placement Shares that may be sold in any one Trading
Day, whether the Company desires the Placement Shares to be sold on a particular stock exchange, any minimum price below which sales may
not be made. The Placement Notice shall originate from any of the individuals (each an &ldquo;<B>Authorized Representative</B>&rdquo;)
from the Company set forth on Schedule&nbsp;2 hereto and shall be addressed to each of the respective individuals from the Agents set
forth on Schedule&nbsp;2 hereto, as such Schedule&nbsp;2 may be amended from time to time. The Placement Notice shall be effective upon
delivery to the Agents unless and until (i)&nbsp;the Agents decline to accept the terms contained therein for any reason, in their sole
discretion, in accordance with the notice requirements set forth in Section&nbsp;4, (ii)&nbsp;the entire amount of the Placement Shares
have been sold, (iii)&nbsp;the Company suspends or terminates the Placement Notice in accordance with the notice requirements set forth
in Sections 4 or 14, as applicable, (iv)&nbsp;the Company issues a subsequent Placement Notice with parameters superseding those on the
earlier Placement Notice, or (v)&nbsp;this Agreement has been terminated under the provisions of Section&nbsp;14.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Placement Fee</U>. The amount of compensation to be paid by the Company to an Agent with respect to
each Placement for which such Agent acted as sales Agent under this Agreement shall be equal to up to 3.0% of the gross proceeds from
such Placement (the &ldquo;<B>Placement Fee</B>&rdquo;), which amount shall be paid in the same currency as the gross proceeds from the
sale of the Placement Shares to which it pertains.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><U>No Obligation</U>. It is expressly acknowledged and agreed that neither the Company nor any Agent will
have any obligation whatsoever with respect to a Placement or any Placement Shares unless and until the Company delivers a Placement Notice
to the applicable Agent, which Placement Notice has not been declined, suspended or otherwise terminated in accordance with the terms
of this Agreement, and then only upon the terms specified therein and herein. It is also expressly acknowledged that the Agents will be
under no obligation to purchase Placement Shares on a principal basis. In the event of a conflict between the terms of this Agreement
and the terms of a Placement Notice, the terms of the Placement Notice will prevail.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><U>Limitations on Placements</U>. Under no circumstances shall the Company deliver a Placement Notice
if, after giving effect to the issuance of the Placement Shares requested to be issued under such Placement Notice, the aggregate sales
proceeds raised from the Placement Shares sold pursuant to this Agreement would exceed C$20,000,000 (or the equivalent in U.S. currency).
Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares if, after giving effect to the sale
of such Placement Shares, the aggregate gross sales proceeds of Placement Shares sold pursuant to this Agreement would exceed the amount
authorized from time to time to be issued and sold under this Agreement by the Company&rsquo;s board of directors and notified to the
Agents in writing. Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares pursuant to this
Agreement at a price lower than the minimum price authorized from time to time in the applicable Placement Notice.</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>3.</B></TD><TD STYLE="text-align: justify"><B>Sale of Placement Shares by the Agents</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the terms and conditions of this Agreement,
upon the Company&rsquo;s issuance of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined,
suspended, or otherwise terminated in accordance with the terms of this Agreement, the applicable Agent will use its commercially reasonable
efforts consistent with its normal trading and sales practices to sell on behalf of the Company and as agent, such Placement Shares up
to the amount specified during the time period specified, and otherwise in accordance with the terms of such Placement Notice. The applicable
Agent covenants and the Company acknowledges that it will conduct the sale of Placement Shares in compliance with applicable laws, rules&nbsp;and
regulations including, without limitation, all applicable Canadian Securities Laws, U.S. Securities Laws, United States state securities
laws and the applicable rules&nbsp;of the TSXV and Nasdaq, and that such compliance may include a delay in commencement of sales efforts
after receipt of a Placement Notice. The applicable Agent will provide written confirmation to the Company no later than the opening of
the Trading Day immediately following the Trading Day on which the Agent has made sales of Placement Shares hereunder setting forth (i)&nbsp;the
number of Placement Shares sold on such day (showing the number of Placement Shares sold on the TSXV, on any other &ldquo;marketplace&rdquo;
(as such term is defined in NI 21-101) in Canada (a &ldquo;<B>Canadian Marketplace</B>&rdquo;), on Nasdaq, on any other &ldquo;marketplace&rdquo;
(as such term is defined in NI 21-101) in the United States (a &ldquo;<B>U.S. Marketplace</B>&rdquo;) and pursuant to any other sales
method used by the Agents), (ii)&nbsp;the price of the Placement Shares sold (showing the price of the Placement Shares sold on the TSXV,
a Canadian Marketplace, Nasdaq, a U.S. Marketplace and pursuant to any other sales method used by the Agents), (iii)&nbsp;the gross proceeds
of the Placement, (iv)&nbsp;the Placement Fee payable by the Company to the Agents with respect to such sales (including the currency
payable in respect thereof), and (v)&nbsp;the Net Proceeds payable to the Company. Subject to the terms and conditions of the Placement
Notice, the Agents may sell Placement Shares by any method permitted by law that constitutes an &ldquo;at-the-market distribution&rdquo;
under NI 44-102, including, without limitation, sales made directly on Nasdaq and the TSXV, or on any Canadian Marketplace or U.S. Marketplace.
During the term of this Agreement, and notwithstanding anything to the contrary herein, the Agents severally and not jointly agree that
in no event will they or any of their affiliates engage in any market making, bidding, stabilization or other trading activity with regard
to the Shares if such activity would be prohibited under Regulation M or other anti-manipulation rules&nbsp;under the Canadian Securities
Laws or U.S. Securities Laws. The U.S. Agent covenants and agrees with the Company that (i)&nbsp;it shall not, directly or indirectly,
advertise or solicit offers to purchase or sell Placement Shares in Canada, and (ii)&nbsp;it shall not sell Placement Shares on the TSXV
or on any Canadian Marketplace. For the avoidance of doubt, the U.S. Agent is not acting as an underwriter of the Placement Shares in
the Qualifying Jurisdictions and no action on the part of the U.S. Agent in its capacity as an Agent of the offering of the Placement
Shares in the United States is intended to create any impression or support any conclusion that it is acting as an underwriter of the
Placement Shares in the Qualifying Jurisdictions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding anything to the contrary set forth
in this Agreement or a Placement Notice, the Company acknowledges and agrees that (i)&nbsp;there can be no assurance that the Agents will
be successful in selling any Placement Shares or as to the price at which any Placement Shares are sold, if at all, and (ii)&nbsp;the
Agents will incur no liability or obligation to the Company or any other person or entity if they do not sell Placement Shares for any
reason other than a failure by the Agents to use their commercially reasonable efforts consistent with their normal trading and sales
practices to sell, on behalf of the Company and as agent, such Placement Shares as provided under this Section&nbsp;3.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Suspension of Sales</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Company or the applicable Agent may, upon notice to the other party in writing, by telephone (confirmed
promptly by e-mail) or by e-mail notice (or other method mutually agreed to in writing by the parties), suspend any sale of Placement
Shares for which it has received a Placement Notice or in the case of the Agents only, decline to accept the terms of a Placement Notice;
provided, however, that such suspension shall not affect or impair any party&rsquo;s obligations with respect to any Placement Shares
sold hereunder prior to the receipt of such notice. The Company and the Agents, severally and not jointly, agree that no such notice shall
be effective against any other party unless it is made to one of the individuals named on Schedule&nbsp;2 hereto, as such Schedule may
be amended from time to time.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Notwithstanding any other provision of this Agreement, during any period in which the Company is in possession
of material non-public information, the Company and the Agents (provided they have been given prior written notice of such by the Company,
which notice the Agents agree to treat confidentially) agree that no sale of Placement Shares will take place. The Company and the Agents,
severally and not jointly, agree that no such notice shall be effective against any other party unless it is made to one of the individuals
named on Schedule&nbsp;2 hereto, as such Schedule may be amended from time to time.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Settlement</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><U>Settlement of Placement Shares</U>. Unless otherwise specified in the applicable Placement Notice,
settlement for sales of Placement Shares will occur on the second (2<SUP>nd</SUP>) Trading Day on the applicable stock exchange on which
the Placement Shares were sold or, if the Placement Shares are not sold on a stock exchange, on the second (2<SUP>nd</SUP>) Trading Day
(or, in either case, such earlier day as is agreed by the parties to be industry practice for regular-way trading) following the date
on which such sales are made (each, a &ldquo;<B>Settlement Date</B>&rdquo;). The amount of proceeds to be delivered to the Company on
a Settlement Date against the receipt of the Placement Shares sold (&ldquo;<B>Net Proceeds</B>&rdquo;) will be equal to the aggregate
sales price at which such Placement Shares were sold, after deduction of the Placement Fee as set forth in Section&nbsp;2 hereof.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Delivery of Shares</U>. On each Settlement Date, the Company will, or will cause its transfer agent
to, electronically transfer the Placement Shares being sold by crediting the applicable Agent&rsquo;s account or its designee&rsquo;s
account (provided that the applicable Agent shall have given the Company written notice of such designee at least one Trading Day prior
to the Settlement Date) at CDS Clearing and Depository Services Inc. through its CDSX system for Placement Shares sold in Canada and at
The Depository Trust Company through its Deposit Withdrawal at Custodian System for Placement Shares sold in the United States or by such
other means of delivery as may be mutually agreed upon by the parties hereto and, upon receipt of such Placement Shares, which in all
cases shall be freely tradeable and transferable shares in good deliverable form, the applicable Agent will, on each Settlement Date,
deliver the related Net Proceeds in same day funds to an account designated by the Company prior to the Settlement Date. If the Company
defaults on its obligation to deliver Placement Shares on a Settlement Date, the Company agrees that in addition to and in no way limiting
the rights and obligations set forth in Section&nbsp;12 hereto, it will (i)&nbsp;hold the Agents harmless against any loss, claim, damage,
or expense (including reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Company
and (ii)&nbsp;pay to the Agents any commission, discount, or other compensation to which it would otherwise have been entitled absent
such default, provided that the Company shall not be obligated to pay to any Agent any amount specified in (ii)&nbsp;above on any Placement
Shares that are not timely delivered due to (i)&nbsp;a suspension or material limitation in trading in securities generally on the TSXV
or Nasdaq; (ii)&nbsp;a material disruption in securities settlement or clearance services in Canada or the United States.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>6.</B></TD><TD STYLE="text-align: justify"><B>Registration Statement and Prospectus</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has prepared and filed with the Qualifying
Authorities in the Qualifying Jurisdictions the Canadian Preliminary Base Prospectus and has prepared and filed with the Qualifying Authorities
in the Qualifying Jurisdictions the Canadian Base Prospectus in respect of an aggregate of up to C$70 million in common shares, warrants,
subscription receipts and units of the Company (collectively, the &ldquo;<B>Shelf Securities</B>&rdquo;), in each case in accordance with
Canadian Securities Laws. The Ontario Securities Commission (the &ldquo;<B>Reviewing Authority</B>&rdquo;) is the principal regulator
of the Company under the passport system procedures provided for under Multilateral Instrument 11-102 &ndash; <I>Passport System and National
Policy 11-202 &ndash; Process for Prospectus Reviews in Multiple Jurisdictions</I> in respect of the Shelf Securities and the Offering.
The Reviewing Authority has issued a receipt evidencing that a receipt has been issued on behalf of itself and the other Qualifying Authorities
for the Canadian Preliminary Base Prospectus and the Reviewing Authority has issued a receipt evidencing that a receipt has been issued
on behalf of itself and the other Qualifying Authorities for the Canadian Base Prospectus (the &ldquo;<B>Receipt</B>&rdquo;). The term
 &ldquo;<B>Canadian Base Prospectus</B>&rdquo; means the Canadian final short form base shelf prospectus dated November&nbsp;26, 2020,
as amended pursuant to amendment no. 1 to the final short form base shelf prospectus dated November&nbsp;30, 2021, relating to the Shelf
Securities, at the time the Reviewing Authority issued the Receipt with respect thereto in accordance with Canadian Securities Laws, including
NI 44-101 and NI 44-102, and includes all documents incorporated therein by reference and the documents otherwise deemed to be a part
thereof or included therein pursuant to Canadian Securities Laws, including but not limited to, all Designated News Releases. As used
herein, a &ldquo;<B>Designated News Release</B>&rdquo; means a news release disseminated by the Company in respect of previously undisclosed
information that, in the Company&rsquo;s determination, constitutes a &ldquo;material fact&rdquo; (as such term is defined in Canadian
Securities Laws) and identified by the Company as a &ldquo;designated news release&rdquo; in writing on the face page&nbsp;of the version
of such news release that is filed by the Company on SEDAR. As used herein, &ldquo;<B>Canadian Prospectus Supplement</B>&rdquo; means
the most recent prospectus supplement to the Canadian Base Prospectus relating to the Placement Shares, filed by the Company with the
Qualifying Authorities in accordance with Canadian Securities Laws. The Canadian Prospectus Supplement shall provide that any and all
Designated News Releases shall be deemed to be incorporated by reference in the Canadian Base Prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has also prepared and filed with the
SEC, pursuant to the Canada/U.S. Multi-Jurisdictional Disclosure System adopted by the SEC, a registration statement on Form&nbsp;F-10
(File No.&nbsp;333-264982) covering the registration of the Shelf Securities under the Securities Act and the rules&nbsp;and regulations
(the &ldquo;<B>Rules&nbsp;and Regulations</B>&rdquo;) of the SEC thereunder, and such amendments to such registration statement as may
have been permitted or required to the date of this Agreement. Such registration statement, including the Canadian Base Prospectus (with
such deletions therefrom and additions thereto as are permitted or required by Form&nbsp;F-10 and the Rules&nbsp;and Regulations and including
exhibits to such registration statement), has become effective in such form pursuant to Rule&nbsp;467(a)&nbsp;under the Securities Act.
Such registration statement on Form&nbsp;F-10, at any given time, including amendments and supplements thereto to such time, the exhibits
and any schedules thereto at such time and the documents incorporated by reference therein at such time, is herein called the &ldquo;<B>Registration
Statement</B>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Canadian Base Prospectus, with such deletions
therefrom and additions thereto as are permitted or required by Form&nbsp;F-10 and the Rules&nbsp;and Regulations in the form in which
it appeared in the Registration Statement on the date it became effective under the Securities Act is herein called the &ldquo;<B>U.S.
Base Prospectus</B>.&rdquo; &ldquo;<B>U.S. Prospectus Supplement</B>&rdquo; means the most recent Canadian Prospectus Supplement, with
such deletions therefrom and additions thereto as are permitted or required by Form&nbsp;F-10 and the Securities Act, relating to the
offering of the Placement Shares, to be filed by the Company with the SEC pursuant to General Instruction II.L of Form&nbsp;F-10; &ldquo;<B>U.S.
Prospectus</B>&rdquo; means the U.S. Prospectus Supplement (and any additional U.S. prospectus supplement prepared in accordance with
the provisions of this Agreement and filed with the SEC in accordance with General Instruction II.L of Form&nbsp;F-10) together with the
U.S. Base Prospectus; and <B>&ldquo;Issuer Free Writing Prospectus</B>&rdquo; means any &ldquo;issuer free writing prospectus&rdquo; as
defined in Rule&nbsp;433 relating to the Placement Shares that (i)&nbsp;is required to be filed with the SEC by the Company or (ii)&nbsp;is
exempt from filing pursuant to Rule&nbsp;433(d)(5)(i), in each case in the form filed or required to be filed with the SEC or, if not
required to be filed, in the form retained in the Company&rsquo;s records pursuant to Rule&nbsp;433(g).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of this Agreement, all references
to the Registration Statement, the Base Prospectuses, the Prospectus Supplements or the Prospectuses or any amendment or supplement thereto
shall be deemed to refer to and include the documents incorporated by reference therein, and any reference herein to the terms &ldquo;amend,&rdquo;
 &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with respect to the Registration Statement, the Base Prospectuses, the Prospectus
Supplements or the Prospectuses shall be deemed to refer to and include the filing or furnishing of any document with or to the SEC or
the Qualifying Authorities, as applicable, on or after the effective date of the Registration Statement or the date of the Base Prospectuses,
the Prospectus Supplements or the Prospectuses, as the case may be, and deemed to be incorporated by reference therein. For purposes of
this Agreement, all references to the Canadian Base Prospectus, the Canadian Prospectus Supplement and the Canadian Prospectus or any
amendment or supplement thereto shall be deemed to include any copy filed with any Qualifying Jurisdiction on SEDAR and all references
to the Registration Statement, the U.S. Base Prospectus, the U.S. Prospectus Supplement and the U.S. Prospectus or any amendment or supplement
thereto shall be deemed to include any copy filed with the SEC on EDGAR.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Agents shall offer the Placement Shares for
sale to the public directly and through other investment dealers and brokers in the United States and Canada only as permitted by applicable
law and upon the terms and conditions set forth in the Prospectuses, this Agreement and applicable Placement Notices. The Agents agree
that they will not, directly or indirectly, distribute the Registration Statement or the Prospectuses or publish any prospectus, circular,
advertisement or other offering material in any jurisdiction other than the Canadian Qualifying Jurisdictions and such states of the United
States in which the Shares are duly qualified or exempt under U.S. Securities Laws and applicable U.S. state securities laws, in such
manner as to require registration of the Placement Shares or the filing of a prospectus or any similar document with respect to the Placement
Shares by the Company therein or subject the Company to ongoing periodic reporting obligations in such jurisdiction pursuant to the securities
laws of such jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has also prepared and filed with the
SEC an appointment of agent for service of process upon the Company on Form&nbsp;F-X in conjunction with the filing of the Registration
Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All references in this Agreement to financial
statements and schedules and other information which is &ldquo;contained,&rdquo; &ldquo;included&rdquo; or &ldquo;stated&rdquo; in the
Registration Statement, the U.S. Base Prospectus, the U.S. Prospectus (or other references of like import) shall be deemed to mean and
include all such financial statements and schedules and other information which is incorporated by reference in or otherwise deemed by
the Rules&nbsp;and Regulations to be a part of or included in the Registration Statement, the U.S. Base Prospectus or the U.S. Prospectus,
as the case may be; and all references in this Agreement to amendments or supplements to the Registration Statement, the U.S. Base Prospectus
or the U.S. Prospectus shall be deemed to mean and include the filing of any document under the Exchange Act, and which is deemed to be
incorporated therein by reference or otherwise deemed by the Rules&nbsp;and Regulations to be a part of or included in the Registration
Statement, the U.S. Base Prospectus or the U.S. Prospectus, as the case may be. All references in this Agreement to financial statements
and other information which is &ldquo;described,&rdquo; &ldquo;contained,&rdquo; &ldquo;included&rdquo; or &ldquo;stated&rdquo; in the
Canadian Base Prospectus or the Canadian Prospectus (or other references of like import) shall be deemed to mean and include all such
financial statements and other information which is incorporated by reference in or otherwise deemed by Canadian Securities Laws to be
a part of or included in the Canadian Prospectus.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>7.</B></TD><TD STYLE="text-align: justify"><B>Representations and Warranties of the Company</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company represents and warrants to, and agrees
with, the Agents that as of the date of this Agreement and as of each Applicable Time (as defined below), unless such representation,
warranty or agreement specifies a specific date, that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><U>Due Authorization</U>. The Company has the necessary corporate power and authority to execute and deliver
the Prospectus and, if applicable, will have the necessary corporate power and authority to execute and deliver any amendment to the Prospectus
prior to the filing thereof, and all necessary corporate action has been taken by the Company to authorize the execution and delivery
by it of the Prospectus and the filing thereof, as the case may be, in each of the Qualifying Jurisdictions under Canadian Securities
Laws.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Canadian Prospectus</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The Company is qualified in accordance with the provisions of NI 44-101 and NI 44-102 to file a short
form base shelf prospectus in each of the Qualifying Jurisdictions and there are no reports or information that in accordance with the
requirements of Canadian Securities Laws must be made publicly available in connection with the Offering as at the date hereof that have
not been made publicly available as required.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The delivery to the Agents of the Canadian Base Prospectus, the Canadian Prospectus Supplement or the
Prospectus shall constitute the representation and warranty of the Company to the Agents that, at the respective dates of initial delivery
thereof, the information and statements contained therein, and of any documents incorporated therein by reference (except for the Agents&rsquo;
Information):</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify">are true and correct in all material respects;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify">constitute full, true and plain disclosure of all material facts relating to: (i)&nbsp;the Company and
its Material Subsidiaries on a consolidated basis; and (ii)&nbsp;the Placement Shares as required by Canadian Securities Laws;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(C)</TD><TD STYLE="text-align: justify">contain no misrepresentations; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(D)</TD><TD STYLE="text-align: justify">do not omit a material fact which is necessary to make the information and statements contained therein
not misleading in light of the circumstances in which they were made.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><U>Registration Statement</U>. At the time of filing the Registration Statement, the Company met, and
as of the date hereof the Company meets, the general eligibility requirements for use of Form&nbsp;F-10 under the Securities Act. Any
amendment or supplement to the Registration Statement or the Prospectuses required by this Agreement will be so prepared and filed by
the Company and, as applicable, the Company will use commercially reasonable efforts to cause it to become effective as soon as reasonably
practicable. No stop order suspending the effectiveness of the Registration Statement has been issued, and no proceeding for that purpose
has been instituted or, to the knowledge of the Company, threatened by the SEC. No order preventing or suspending the use of the Base
Prospectuses, the Prospectus Supplements, the Prospectuses or any Issuer Free Writing Prospectus has been issued by the SEC or any Qualifying
Authority. The U.S. Prospectus, at the time first filed in accordance with General Instruction II.L. of Form&nbsp;F-10, conformed in all
material respects and, as amended or supplemented, if applicable, will conform in all material respects to the Canadian Prospectus, except
for such deletions therefrom and additions thereto as are permitted or required by Form&nbsp;F-10 and the Rules&nbsp;and Regulations.
The Company has delivered to the Agents one complete copy of each of the Canadian Base Prospectus and the Registration Statement and a
copy of each consent of experts filed as a part thereof, and conformed copies of the Canadian Base Prospectus, the Registration Statement
(without exhibits) and the Prospectuses, as amended or supplemented, at such places as the Agents have reasonably requested. At the time
of filing the Registration Statement, the Company was not and, as of the date of this Agreement, is not, an Ineligible Issuer (as defined
in Rule&nbsp;405 under the Securities Act), without taking account of any determination by the SEC pursuant to Rule&nbsp;405 under the
Securities Act that it is not necessary that the Company be considered an Ineligible Issuer.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><U>No Misstatement or Omission</U>. Each part of the Registration Statement, when such part became or
becomes effective, at any deemed effective date pursuant to Form&nbsp;F-10 and the Rules&nbsp;and Regulations on the date of filing thereof
with the SEC and at each Applicable Time and Settlement Date, and the U.S. Prospectus, on the date of filing thereof with the SEC and
at each Applicable Time and Settlement Date, conformed, or will conform, in all material respects with the requirements of the Rules&nbsp;and
Regulations; each part of the Registration Statement, when such part became or becomes effective, did not or will not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading; and the U.S. Prospectus, on the date of filing thereof with the SEC, and the U.S. Prospectus and the applicable Issuer
Free Writing Prospectus(es), if any, issued at or prior to such Applicable Time, taken together (collectively, and with respect to any
Placement Shares, together with the applicable sale price of such Placement Shares, the &ldquo;<B>Disclosure Package</B>&rdquo;) and at
each Applicable Time and Settlement Date, did not or will not include an untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; except that
the foregoing shall not apply to statements or omissions in any such document made in reliance on information furnished in writing to
the Company by or on behalf of the Agents expressly stating that such information is intended for use in the Registration Statement, the
U.S. Prospectus, or any amendment or supplement thereto, it being understood and agreed that the only information furnished by any Agent
consists of the information described as such in Section&nbsp;12 hereof.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><U>No Orders</U>. No Qualifying Authority, the SEC or similar regulatory authority or the TSXV or Nasdaq
has issued any order which is currently outstanding preventing or suspending trading in any securities of the Company, no such proceeding
is, to the knowledge of the Company, after reasonable inquiry of the senior officers of the Company, pending, contemplated or threatened
and the Company is not in material default of any requirement of Canadian or U.S. Securities Laws.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><U>Reporting Issuer, SEC Registrant and TSXV Status</U>. The Company is a &ldquo;reporting issuer&rdquo;
in the Filing Jurisdictions. The Shares are registered with the SEC under Section&nbsp;12(b)&nbsp;of the Exchange Act. The Company is
in compliance in all material respects with the by-laws, rules&nbsp;and regulations of the TSXV.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><U>Eligible Issuer</U>. The Company is an Eligible Issuer.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><U>Incorporated Documents</U>. The Documents Incorporated by Reference in the Offering Documents, when
they were filed with the Canadian Securities Commissions, conformed in all material respects to the requirements of the Canadian Securities
Laws; and any further Documents Incorporated by Reference in the Offering Documents prior to the completion of the distribution of the
Placement Shares, when such documents are so filed, will conform in all material respects to the applicable requirements of Canadian Securities
Laws and will not contain a misrepresentation or an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><U>No Marketing Materials</U>. The Company has not provided any marketing materials to any potential Purchasers.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify"><U>No Conflicts</U>. Neither the execution of this Agreement, nor the distribution of the Placement Shares
by the Company, nor the consummation of any of the transactions contemplated herein, nor the compliance by the Company or any subsidiary
with the terms and provisions hereof will conflict with, or will result in a breach of, any of the terms and provisions of, or has constituted
or will constitute a default under, or has resulted in or will result in the creation or imposition of any lien, charge or encumbrance
upon any property or assets of the Company or any subsidiary pursuant to the terms of any agreements, contracts, arrangements or understandings
(written or oral) to which the Company or any subsidiary may be bound or to which any of the property or assets of the Company or any
subsidiary is subject, except such conflicts, breaches or defaults as may have been waived; nor will such action result (x)&nbsp;in any
violation of the provisions of the organizational or governing documents of the Company or any subsidiary, or (y)&nbsp;in any violation
of the provisions of any statute or any order, rule&nbsp;or regulation applicable to the Company or any subsidiary or of any Governmental
Authority having jurisdiction over the Company or any subsidiary.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify"><U>No Debt Instruments</U>. Other than the Convertible Notes, the Company is not a party to or otherwise
bound by any Debt Instrument or any agreement, contract or commitment to create, assume or issue any Debt Instrument.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify"><U>Organization</U>. The Company is duly organized, validly existing as a corporation and in good standing
under the laws of its jurisdiction of incorporation. The Company is duly licensed or qualified as a foreign corporation for transaction
of business and in good standing under the laws of each other jurisdiction in which its ownership or lease of property or the conduct
of its businesses requires such license or qualification, and has all corporate power and authority necessary to own or hold its properties
and to conduct its businesses as described in the Offering Documents. Each of the Material Subsidiaries (A)&nbsp;has been duly organized
and is validly existing under the laws of the jurisdiction of its organization and is up-to-date in respect of all material corporate
filings; and (B)&nbsp;has all requisite corporate power and capacity to carry on its business as now conducted and to own or lease and
operate its properties and assets. The Material Subsidiaries are the only subsidiaries of the Company which are material to the Company
and the Company is the direct or indirect legal, registered and beneficial owner of the issued and outstanding shares of each of the Material
Subsidiaries as set out in the Offering Documents, free and clear of all material Encumbrances, except as disclosed in the Offering Documents;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify"><U>Minute Books</U>. All existing minute books of the Company and the Material Subsidiaries, including
all existing records of all meetings and actions of the board of directors (collectively, the &ldquo;<B>Corporate Records</B>&rdquo;)
have been made available to the Agents and their counsel, and all such Corporate Records are complete in all material respects. There
are no material transactions, agreements or other actions of the Company that are required to be recorded in the Corporate Records that
are not properly approved and/or recorded in the Corporate Records. All required filings have been made with the appropriate Governmental
Authorities in a timely fashion under the <I>Canada Business Corporations Act</I>.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify"><U>No Violation or Default</U>. The Company and each Material Subsidiary are not (i)&nbsp;in violation
of its articles or similar organizational documents in any material respect; (ii)&nbsp;in violation or default in any material respect,
and no event has occurred that, with notice or lapse of time or both, would constitute such a violation or default, in the due performance
or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement
or instrument to which the Company or each Material Subsidiary is a party or by which the Company or each Material Subsidiary is bound
or to which any of the property or assets of the Company or each Material Subsidiary is subject; or (iii)&nbsp;in violation in any material
respect of any Applicable Law. To the Company&rsquo;s knowledge, no other party under any material agreements, contracts, arrangements
or understandings (written or oral) to which it is a party is in violation or default in any respect thereunder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify"><U>Enforceability of Agreements</U>. All Material Agreements are legal, valid and binding obligations
of the Company or its subsidiaries enforceable in accordance with their respective terms, except to the extent that (i)&nbsp;enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors rights generally and by general
equitable principles, and (ii)&nbsp;the indemnification provisions of certain agreements may be limited by Applicable Law or public policy
considerations in respect thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify"><U>Authorization; Enforceability</U>. The Company has full corporate power and authority to enter into
this Agreement and perform the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the
Company and constitutes a legal, valid and binding agreement of the Company enforceable in accordance with its terms, the extent that
(i)&nbsp;enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors rights
generally and by general equitable principles, and (ii)&nbsp;the indemnification provisions of certain agreements may be limited by Applicable
Law or public policy considerations in respect thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify"><U>No Material Adverse Effect</U>. Subsequent to December&nbsp;31, 2021, there has not been any Material
Adverse Effect and there has been no event or occurrence that would reasonably be expected to result in a Material Adverse Effect except
as disclosed in the Offering Documents.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify"><U>Filings</U>. The Company has filed all documents or information required to be filed by it under Canadian
Securities Laws and U.S. Securities Laws and the rules, regulations and policies of the TSXV and Nasdaq, except where the failure to file
such document or information would not result in a Material Adverse Effect; and the Company has not filed any confidential material change
report that at the date hereof remains confidential.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify"><U>Financial Information</U>. The audited financial statements of the Company as at December&nbsp;31,
2021 and December&nbsp;31, 2020, together with the related notes and schedules (the &ldquo;<B>Financial Statements</B>&rdquo;), present
fairly, in all material respects, the consolidated financial position of the Company as of the dates indicated and the consolidated statements
of operations and comprehensive income and statements of changes in shareholders&rsquo; equity of the Company for the periods specified.
Such Financial Statements conform in all material respects with International Financial Reporting Standards as issued by the International
Accounting Standards Board (&ldquo;<B>IFRS</B>&rdquo;), applied on a consistent basis during the periods involved. The Company does not
have any liabilities or material obligations, whether contingent or otherwise, of the type required to be reflected on a balance sheet
prepared in accordance with IFRS, except for liabilities or obligations: (i)&nbsp;that occurred in the ordinary course of business, (ii)&nbsp;reflected
in or reserved against in the Financial Statements, or (iii)&nbsp;reflected in the Offering Documents.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify"><U>Independent Accountants</U>. KPMG LLP, who has delivered their report with respect to the Financial
Statements (as defined above and which term as used in this Agreement includes the related notes thereto), included or incorporated by
reference, or to be included or incorporated by reference in the Offering Documents, are independent public, certified public or chartered
public accountants with respect to the Company as required by applicable Canadian Securities Laws and are independent public accountants
within the meaning of the Securities Act and the Rules&nbsp;and Regulations. There has not been any &ldquo;reportable event&rdquo; (as
that term is defined in NI 51-102) with KPMG LLP or any other prior auditor of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(u)</TD><TD STYLE="text-align: justify"><U>Disclosure Controls</U>. The Company maintains systems of internal accounting controls applicable under
IFRS in applicable periods, or sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&rsquo;s
general or specific authorizations; (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in
conformity with IFRS and to maintain asset accountability; (iii)&nbsp;access to assets is permitted only in accordance with management&rsquo;s
general or specific authorization; and (iv)&nbsp;the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. The Company&rsquo;s internal control over financial reporting
is effective and the Company is not aware of any material weaknesses in its internal control over financial reporting.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify"><U>Capitalization</U>. The issued and outstanding Shares have been validly issued, are fully paid and
non-assessable and are not subject to any pre-emptive rights, rights of first refusal or similar rights. The Company has an authorized,
issued and outstanding capitalization as set forth in or included or incorporated by reference in the Offering Documents as of the dates
referred to therein (other than the grant of additional options under the Company&rsquo;s equity compensation plans, or changes in the
number of outstanding Shares due to the issuance of shares upon the exercise or conversion of securities exercisable for, or convertible
into, Shares outstanding on the date hereof) and such authorized capital conforms in all material respects to the description thereof
set forth in, or included or incorporated by reference in the Offering Documents. The description of the securities of the Company in
the Offering Documents is complete and accurate in all material respects. Except as disclosed in or contemplated by or included or incorporated
by reference in the Offering Documents, the Company has not issued any options to purchase, or any rights or warrants to subscribe for,
or any securities or obligations convertible into, or exchangeable for, or any contracts or commitments to issue or sell, any Shares or
other securities. Except as disclosed in or contemplated by or included or incorporated by reference in the Offering Documents, no person
has any agreement or option or right or privilege (whether by law, preemptive or contractual) issued or capable of becoming an agreement
for: (i)&nbsp;the purchase, subscription or issuance of any unissued shares, securities or warrants of the Company; or (ii)&nbsp;the repurchase
by or on behalf of the Company of any issued and outstanding securities of the Company.</TD></TR></TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --> -</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(w)</TD><TD STYLE="text-align: justify"><U>Share Capital of the Company</U>. The authorized capital of the Company consists of an unlimited number
of Shares of which, as of the date hereof, 32,334,222 Shares were outstanding as fully paid and non-assessable shares in the capital of
the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify"><U>Voting or Control Agreements</U>. No agreement is in force or effect which in any manner affects the
voting or control of any of the securities of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(y)</TD><TD STYLE="text-align: justify"><U>Restrictions on Business</U>. Neither the Company nor any Material Subsidiary are a party to or bound
or affected by any commitment, agreement or document containing any covenant which expressly limits the freedom of the Company or any
Material Subsidiary to compete in any line of business, transfer or move any of its assets or operations which materially and adversely
affects, or could reasonably be expected to materially and adversely affect, the business practices, operations or condition of the Company
and any Material Subsidiary.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(z)</TD><TD STYLE="text-align: justify"><U>No Applicable Registration or Other Similar Rights</U>. There are no persons with registration or other
similar rights to have any equity or debt securities registered or qualified for sale under the Offering Documents or included in the
Offering contemplated by this Agreement who have not waived such rights in writing (including electronically) prior to the execution of
this Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(aa)</TD><TD STYLE="text-align: justify"><U>No Consents Required</U>. Except as shall have been made or obtained on or before each Settlement Date,
no consent, approval, authorization, registration or qualification of any court, governmental agency or body, regulatory authority or
contractual party is required for the distribution of the Placement Shares or the consummation of the transactions contemplated herein.</TD></TR></TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --> -</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(bb)</TD><TD STYLE="text-align: justify"><U>Forward-Looking Information</U>. No forward-looking information within the meaning of Section&nbsp;1(1)&nbsp;of
the <I>Securities Act</I> (Ontario) contained or incorporated by reference in the Offering Documents has been made or reaffirmed without
a reasonable basis or has been disclosed other than in good faith, and any such statements have been updated by the Company as required
pursuant to NI 51-102.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(cc)</TD><TD STYLE="text-align: justify"><U>Transfer Agent</U>. TSX Trust Company has been duly appointed as registrar and transfer agent for the
Shares. American Stock Transfer&nbsp;&amp; Trust Company LLC has been duly appointed as U.S. co-transfer agent for the Shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(dd)</TD><TD STYLE="text-align: justify"><U>No Litigation</U>. Except as disclosed in or incorporated by reference in the Offering Documents and
there are no legal, governmental or regulatory actions, suits or proceedings pending, nor, to the Company&rsquo;s knowledge, any legal,
governmental or regulatory audits or investigations, to which the Company or any Material Subsidiary is a party or to which any property
of the Company or any Material Subsidiary is subject that, individually or in the aggregate, if determined adversely to the Company or
any Material Subsidiary, could reasonably be expected to have a Material Adverse Effect or materially and adversely affect the ability
of the Company to perform its obligations under this Agreement; except as disclosed in or incorporated by reference in the Offering Documents,
to the Company&rsquo;s knowledge, no such actions, suits or proceedings are threatened or contemplated by any Governmental Authority or
threatened by others.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ee)</TD><TD STYLE="text-align: justify"><U>Material Agreements</U>. None of the Company, any Material Subsidiary or, to the Company&rsquo;s knowledge,
any other party is in material default in the observance or performance of any material term or material obligation to be performed by
any of them under any Material Agreement and, no event has occurred which with notice or lapse of time or both would constitute such a
default.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ff)</TD><TD STYLE="text-align: justify"><U>Proposed Acquisition</U>. Except as disclosed in or incorporated by reference in the Offering Documents
there are no material agreements, contracts, arrangements or understandings (written or oral) with any persons relating to the acquisition
or proposed acquisition by the Company of any material interest in any business (or part of a business) or corporation, nor are there
any other specific contracts or agreements (written or oral) in respect of any such matters in contemplation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(gg)</TD><TD STYLE="text-align: justify"><U>Intellectual Property Rights</U>. Except as disclosed in or incorporated by reference in the Offering
Documents, the Company owns, possesses, licenses or has other rights to use all foreign and domestic patents, patent applications, trade
and service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology,&nbsp;Internet
domain names, know-how and other intellectual property (collectively, the &ldquo;<B>Intellectual Property</B>&rdquo;), necessary for the
conduct of their respective businesses as now conducted.</TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(hh)</TD><TD STYLE="text-align: justify"><U>No Material Defaults</U>. The Company has not defaulted on any installment on indebtedness for borrowed
money or on any rental on one or more long-term leases.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><U>Title to Real and Personal Property</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Except as disclosed in Registration Statement, the Prospectuses, the Disclosure Package or the documents
filed by or on behalf of the Company with the Canadian Securities Commissions in compliance, or intended compliance, with Canadian Securities
Laws, and as set forth in the Refinery Opinion and the Iron Creek Opinion, the Company is the beneficial owner (or co-owner where so described
in the Offering Documents) of, or has the right to acquire the interests in, the material properties, business and assets referred to
in the Offering Documents, free of all Encumbrances whatsoever (other than those Encumbrances disclosed in the Registration Statement,
the Prospectuses, the Disclosure Package or in the documents filed by or on behalf of the Company with the Canadian Securities Commissions,
and in the Refinery Opinion and the Iron Creek Opinion and those liens in favour of the holders of the Convertible Notes as security for
the indebtedness under such notes).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">Any and all agreements pursuant to which the Company holds or will hold any such interest in its material
property, business or assets are in good standing in all material respects according to their terms, and the properties are in good standing
under the applicable statutes and regulations of the jurisdictions in which they are situated.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(jj)</TD><TD STYLE="text-align: justify"><U>Properties</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The Refinery is the only property or asset currently material to the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The Company holds either mining leases, mining claims, mineral claims, surface leases or exploration permits
or exploitation permits recognized in the jurisdiction in which the Properties are located (or valid agreements to acquire such property
interests from third parties, which agreements are in good standing) in respect of the ore bodies and minerals located in the Properties
as described in the Offering Documents under valid, subsisting and enforceable title documents or other recognized and enforceable agreements
or instruments, sufficient to permit the Company to explore and commercially extract the minerals relating thereto.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">All mining leases, mineral claims and surface leases relating to the Properties in which the Company has
an interest or right are valid and in good standing in accordance with all Applicable Laws.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">The Company has all necessary surface rights, access rights and other necessary rights and interest relating
to the Properties granting the right and ability, as applicable, to explore, access and commercially exploit and refine (except as disclosed
in the Canadian Base Prospectus or U.S. Base Prospectus in the case of refining) minerals in the manner currently conducted or anticipated
to be conducted in the near term, subject to the Company&rsquo;s ability to maintain the Permits (as defined below), with only such exceptions
as do not materially interfere with the use made by the Company of the rights or interests in the Properties.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">Except as disclosed in the Offering Documents, all assessments or other work required to be performed
or license fees required to be paid in relation to the material mineral claims of the Company in order to maintain their respective interests
therein, if any, have been performed or paid to date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">Except as disclosed in the Offering Documents, the Company has acquired, or will acquire, all of the material
approvals (including environmental approvals), permits, licenses or rights required by the Company to carry out its planned operations
at the Refinery.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">Except as disclosed in the Offering Documents, the Company does not have any responsibility or obligation
to pay any commission, royalty, license, fee or similar payment to any person with respect to the property rights thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify">There are no expropriations or similar proceedings or any material challenges to title or ownership, actual
or threatened, of which the Company has received notice against any Properties.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify">The Company has filed or will file all work reports or other documents required in connection with the
Properties with the relevant Governmental Authority.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(kk)</TD><TD STYLE="text-align: justify"><U>Aboriginal Claims</U>. There are no material claims or actions with respect to aboriginal or native
rights against or affecting the Company or, to the best of the knowledge of the Company, pending or threatened, including with respect
to the Properties. Other than as set forth in the Offering Documents, the Company is not aware of any material land entitlement claims
or aboriginal land claims having been asserted or any legal actions relating to aboriginal or community issues having been instituted
with respect to the such properties, and no material dispute in respect of such properties with any local or aboriginal or native group
exists or, to the knowledge of the Company, is threatened or imminent with respect thereto or activities thereon.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ll)</TD><TD STYLE="text-align: justify"><U>Exploration and Exploitation Activities</U>. All mineral exploration and exploitation activities by
the Company or the Material Subsidiaries on the properties of the Company have been conducted in all material respects in accordance with
good mining and engineering practices and all applicable workers&rsquo; compensation and health and safety and workplace laws, regulations
and policies have been duly complied with.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(mm)</TD><TD STYLE="text-align: justify"><U>Environmental Laws</U>. Except as set forth in the Offering Documents:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the Company and the Material Subsidiaries are in compliance in all material respects with all applicable
federal, provincial, municipal and local laws, statutes, ordinances, bylaws and regulations and orders, directives and decisions rendered
by any ministry, department or administrative or regulatory agency (the &ldquo;<B>Environmental Laws</B>&rdquo;) applicable to the Company
or any Material Subsidiary and relating to the protection of the environment, occupational health and safety or the processing, use, treatment,
storage, disposal, discharge, transport or handling of any pollutants, contaminants, chemicals or industrial, toxic or hazardous wastes
or substance;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the Company and the Material Subsidiaries have obtained all material licenses, permits, approvals, consents,
certificates, registrations and other authorizations under all applicable Environmental Laws (the &ldquo;<B>Environmental Permits</B>&rdquo;)
necessary as at the date hereof for the operation of the business currently carried on by the Company and the Material Subsidiaries and
each Environmental Permit is valid, subsisting and in good standing and the Company and the Material Subsidiaries are not in material
default or breach of any Environmental Permit, and no proceeding is pending or, to the knowledge of the Company, threatened, to revoke
or limit any Environmental Permit;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">neither the Company nor any Material Subsidiary have received any notice of, or been prosecuted for an
offence alleging, non-compliance with any Environmental Law that would have a Material Adverse Effect, and neither the Company nor any
Material Subsidiary (including, if applicable, any predecessor companies) has not settled any allegation of non-compliance that would
have a Material Adverse Effect short of prosecution. There are no orders or directions relating to environmental matters requiring any
material work, repairs, construction or capital expenditures to be made with respect to any of the assets of the Company and the Material
Subsidiaries, nor to the knowledge of the Company, have any such orders or directions been threatened;</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --> -</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">neither the Company nor any Material Subsidiary have received any notice wherein it is alleged or stated
that the Company or any Material Subsidiary is potentially responsible for a U.S. or Canadian federal, provincial, state, municipal or
local clean-up site or corrective action under any Environmental Laws other than in the ordinary course of business;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">neither the Company nor any Material Subsidiary have received any request for information in connection
with any U.S. or Canadian federal, provincial, state, municipal or local inquiries as to disposal sites and, to the best of the knowledge
of the Company, there are no environmental audits, evaluations, assessments, studies or tests being conducted by any federal, municipal
or local except for ongoing audits, evaluations, assessments, studies or tests being conducted in the ordinary course; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">the Company and the Material Subsidiaries are in compliance in all material respects with all applicable
workers compensation and health and safety and workplace laws, regulations and policies.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(nn)</TD><TD STYLE="text-align: justify"><U>Permits</U>. Except as disclosed in the Offering Documents:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the Company and the Material Subsidiaries have obtained or identified all the material permits, certificates,
and approvals (collectively, the &ldquo;<B>Permits</B>&rdquo;) which are required for its current operations on the material properties,
which Permits include all necessary permits to operate and commercially exploit minerals from the Iron Creek Property;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the required Permits have either been received, applied for, or the processes to obtain such Permits have
been or will in due course be initiated by the Company or the Material Subsidiaries; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Schedule&nbsp;3 sets out the material permits required to operate the Refinery, each of which the Company
has obtained or intends to apply for in accordance with the schedule incorporated by reference in the Offering Documents.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(oo)</TD><TD STYLE="text-align: justify">NI 43-101 Technical Report.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The Company made available to the respective authors thereof prior to the issuance of the Iron Creek Technical
Report filed by the Company on SEDAR, for the purpose of preparing the Iron Creek Technical Report, all material information requested,
and no such information contained any material misrepresentation as at the relevant time the relevant information was made available;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The Iron Creek Technical Report complies in all material respects with the requirements of NI 43-101 as
at the date of the Iron Creek Technical Report;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">The Company is in compliance, in all material respects, with the provisions of NI 43-101; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">Except as noted in the Offering Documents, all scientific and technical information (within the meaning
of NI 43-101) disclosed in the Offering Documents: (i)&nbsp;is based upon information prepared, reviewed and/ or verified by or under
the supervision of a &ldquo;qualified person&rdquo; (as such term is defined in NI 43-101), (ii)&nbsp;has been prepared and disclosed
in accordance with Canadian industry standards set forth in NI 43-101, and (iii)&nbsp;was true, complete and accurate in all material
respects at the time of filing.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(pp)</TD><TD STYLE="text-align: justify"><U>Insurance</U>. The Company maintains insurance covering its properties, operations, personnel and businesses
that the Company reasonably deems adequate; such insurance insures against such losses and risks to an extent which is adequate in accordance
with customary industry practice to protect such persons and the business of the Company; all such insurance is fully in force on the
date hereof and will be fully in force as of the Applicable Time. The Company has no reason to believe that such persons will not be able
to renew such existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may
be necessary to continue their businesses at a cost that would not be reasonably expected to have a Material Adverse Effect on the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(qq)</TD><TD STYLE="text-align: justify"><U>Employment Matters</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The Company is in compliance in all material respects with all laws respecting employment and employment
practices, terms and conditions of employment, pay equity and wages.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">There has not been and there is not currently any labour disruption or conflict which would reasonably
be expected to have a Material Adverse Effect on the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Each material plan for retirement, bonus, stock purchase, profit sharing, stock options, deferred compensation,
severance or termination pay, insurance, medical, hospital, dental, vision care, drug, sick leave, disability, salary continuation, legal
benefits, unemployment benefits, vacation, incentive or otherwise contributed to or required to be contributed to, by the Company for
the benefit of any current or former director, officer, employee or consultant of the Company (the &ldquo;<B>Employee Plans</B>&rdquo;)
has been maintained in material compliance with its terms and with the requirements prescribed by any and all statutes, orders, rules&nbsp;and
regulations that are applicable to such Employee Plan.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">All material accruals for unpaid vacation pay, premiums for unemployment insurance, health premiums, federal
or provincial pension plan premiums, accrued wages, salaries and commissions and Employee Plan payments have been reflected in the books
and records of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">To the knowledge of the Company, no officer, director, employee or security holder of the Company has
any cause of action or other claim whatsoever against, or owes any amount to, the Company in connection with its business except for claims
in the ordinary and normal course of the business such as for accrued vacation pay or other amounts or matters which would not be material
to the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(rr)</TD><TD STYLE="text-align: justify"><U>Related Party Transactions</U>. Except as disclosed in the Offering Documents:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the Company does not owe any monies to or has any present loans to, or borrowed any monies from or is
otherwise indebted to, any officer, director, employee, shareholder or any person not dealing at &ldquo;arm&rsquo;s length&rdquo; (as
such term is defined in the Tax Act) with any of them except for usual employee reimbursements and compensation paid in the ordinary and
normal course of its business;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">except for usual employee or consulting arrangements made in the ordinary and normal course of business,
the Company is not a party to any contract, agreement or understanding with any officer, director, employee, shareholder or any other
person not dealing at arm&rsquo;s length with it; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">none of the directors, officers or employees of the Company, any known holder of more than ten percent
(10%) of any class of shares of the Company, or any known associate or affiliate of any of the foregoing persons has had any material
interest, direct or indirect, in any material transaction with the Company, or any proposed material transaction which, as the case may
be, materially affected, is material to or will materially affect the Company or its business.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ss)</TD><TD STYLE="text-align: justify"><U>Taxes</U>. The Company and the Material Subsidiaries have filed all federal, state, provincial, local
and foreign tax returns which have been required to be filed, which such tax returns are correct and complete in all material respects,
and paid all taxes shown thereon through the date hereof, to the extent that such taxes have become due and are not being contested in
good faith. Except as otherwise disclosed in the Offering Documents, no tax deficiency has been determined adversely to the Company. The
Company has no knowledge of any federal, state, provincial or other governmental tax deficiency, penalty or assessment which has been
asserted or threatened in writing against it.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(tt)</TD><TD STYLE="text-align: justify"><U>Investment Company Act</U>. The Company is not nor, after giving effect to the offering and sale of
the Placement Shares and the application of the proceeds thereof as described in the Offering Documents, as applicable, will be required
to register as an &ldquo;investment company&rdquo; or an entity &ldquo;controlled&rdquo; by an &ldquo;investment company&rdquo;, as such
terms are defined in the U.S. Investment Company Act of 1940, as amended (the &ldquo;<B>Investment Company Act</B>&rdquo;).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(uu)</TD><TD STYLE="text-align: justify"><U>Fees</U>. Except as provided herein, there is no person, firm or corporation which has been engaged
by the Company to act for the Company and which is entitled to any brokerage or finder&rsquo;s fee in connection with the Placement Shares,
and in the event any such person, firm or corporation establishes a claim for any fee from the Agents, the Company covenants to indemnify
and hold harmless the Agents with respect thereto and with respect to all costs reasonably incurred in the defence thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vv)</TD><TD STYLE="text-align: justify"><U>No Improper Practices</U>. (i)&nbsp;Neither the Company, any of its subsidiaries nor, to the Company&rsquo;s
knowledge, any of the directors or officers of the Company or any of its subsidiaries has, in the past five years, made any unlawful contributions
to any candidate for any political office (or failed fully to disclose any contribution in violation of Applicable Law) or made any contribution
or other payment to any official of, or candidate for, any federal, state, provincial, municipal, or foreign office or other person charged
with similar public or quasi- public duty in violation of any Applicable Law; (ii)&nbsp;no relationship, direct or indirect, exists between
or among the Company or any affiliate, on the one hand, and the directors, officers or shareholders of the Company, on the other hand,
that is required by Canadian Securities Laws to be described in the Offering Documents that is not so described; and (iii)&nbsp;the Company
has not offered, or caused any placement agent to offer, Shares or to make any payment of funds to any person with the intent to influence
unlawfully (A)&nbsp;a customer or supplier of the Company to alter the customer&rsquo;s or supplier&rsquo;s level or type of business
with the Company, or (B)&nbsp;a trade journalist or publication to write or publish favorable information about the Company or any of
their respective products or services.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ww)</TD><TD STYLE="text-align: justify"><U>Compliance with Sarbanes-Oxley Act</U>. The Company is in compliance in all material respects with
all applicable provisions of the Sarbanes-Oxley Act of 2002, as amended (the &ldquo;Sarbanes-Oxley Act&rdquo;, which term, as used herein,
includes the rules&nbsp;and regulations of the SEC thereunder).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(xx)</TD><TD STYLE="text-align: justify"><U>Operations</U>. The operations of the Company are and have been conducted at all times in compliance
with applicable financial record keeping and reporting requirements of the <I>Proceeds of Crime (Money Laundering) and Terrorist Financing
Act</I> (Canada), the <I>Corruption of Foreign Public Officials Act</I> (Canada) and applicable rules&nbsp;and regulations thereunder,
and any related or similar applicable rules, regulations or guidelines, issued, administered or enforced by any Governmental Authority
(collectively, the &ldquo;<B>Money Laundering Laws</B>&rdquo;); and no action, suit or proceeding by or before any court or Governmental
Authority involving the Company with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(yy)</TD><TD STYLE="text-align: justify"><U>Due Diligence Matters</U>. All documents and information delivered and provided by or on behalf of
the Company to the Agents as a part of their due diligence in connection with the Offering were complete and accurate in all material
respects.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(zz)</TD><TD STYLE="text-align: justify"><U>TSXV and Nasdaq Listings</U>. The Shares are accepted for trading on each of the TSXV and Nasdaq under
the symbol &ldquo;<B>ELBM</B>&rdquo; and the Company has taken no action designed to delist the Shares from the TSXV or Nasdaq, nor has
the Company received any notification that the Canadian Securities Commissions, the SEC, the TSXV or Nasdaq is contemplating terminating
such registration or listing. Except as disclosed in the Offering Documents, the Company has complied in all material respects with the
applicable requirements of the TSXV and Nasdaq for maintenance of inclusion of the Shares thereon. The Placement Shares will be listed
and posted for trading on the TSXV and Nasdaq upon the Company complying with the conditions imposed by the TSXV and Nasdaq.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(aaa)</TD><TD STYLE="text-align: justify"><U>Issuance of Placement Shares</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The Company has full corporate power and authority to issue the Placement Shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">When issued, and upon receipt of payment for the Placement Shares, the Placement Shares will have been
duly and validly created, allotted and issued as fully paid and non-assessable.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(bbb)</TD><TD STYLE="text-align: justify"><U>No Stabilization</U>. The Company has not taken, directly or indirectly, and will not take any action
designed to or that would constitute or that might reasonably be expected to cause or result in, under Canadian Securities Laws, the Exchange
Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement
Shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ccc)</TD><TD STYLE="text-align: justify"><U>Purchases by the Agents</U>. The Company acknowledges and agrees that the Agents have informed the
Company that the Agents may, but are not required to, to the extent permitted under Canadian Securities Laws, U.S. Securities Laws and
this Agreement, purchase and sell Shares for the Agents&rsquo; own accounts and for the accounts of their clients at the same time as
sales of Placement Shares occur pursuant to this Agreement.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --> -</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ddd)</TD><TD STYLE="text-align: justify"><U>No Misstatement or Omission in an Issuer Free Writing Prospectus</U>. Each Issuer Free Writing Prospectus
does not and, as of the Applicable Time, will not contain an untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that
the Company makes no representation or warranty with respect to any statement contained in any Issuer Free Writing Prospectus in reliance
upon and in conformity with written information furnished to the Company by and through the Agents for use therein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(eee)</TD><TD STYLE="text-align: justify"><U>Conformity of Issuer Free Writing Prospectus</U>. Each Issuer Free Writing Prospectus conformed or
will conform in all material respects with the requirements of the Securities Act on the date of first use, and the Company has complied
or will comply with any filing requirements applicable to such Issuer Free Writing Prospectus pursuant to the Securities Act. Each Issuer
Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the public offer and sale of the Placement
Shares, did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained
in the Registration Statement or the Prospectuses, including any document incorporated by reference therein that has not been superseded
or modified. The Company has not made any offer relating to the Shares that would constitute an Issuer Free Writing Prospectus without
the prior written consent of the Agents. The Company has retained in accordance with the Securities Act all Issuer Free Writing Prospectuses
that were not required to be filed pursuant to the Securities Act.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Covenants of the Company.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company covenants and agrees with the Agents
that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><U>Prospectus and Registration Statement Amendments</U>. After the date of this Agreement and during any
period in which the U.S. Prospectus or the Canadian Prospectus relating to the Placement Shares is required to be delivered by the Agents
under Canadian Securities Laws or the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172
or Rule&nbsp;173(a)&nbsp;under the Securities Act), (i)&nbsp;the Company will notify the Agents promptly of the time when any subsequent
amendment to the Canadian Base Prospectus or the Registration Statement has been filed with any Qualifying Authority or the SEC and has
become effective or where a receipt has been issued therefor, as applicable, or any subsequent supplement to the U.S. Prospectus or the
Canadian Prospectus has been filed (each, an &ldquo;<B>Amendment Date</B>&rdquo;) and of any request by the SEC or any Qualifying Authority
for any amendment or supplement to the Registration Statement or the Prospectuses or for additional information; (ii)&nbsp;the Company
will file promptly all other material required to be filed by it with the SEC pursuant to Rule&nbsp;433(d)&nbsp;and with the Qualifying
Authorities; (iii)&nbsp;the Company will submit a copy of any amendment or supplement to the Registration Statement or the Prospectuses
(other than a copy of any documents incorporated by reference into the Registration Statement or the Prospectuses) to the Agents a reasonable
period of time before the filing thereof and will afford the Agents and the Agents&rsquo; counsel a reasonable opportunity to comment
on any such proposed filing and to perform any due diligence investigations as may reasonably be required prior to such proposed filing;
and (iv)&nbsp;the Company will furnish to the Agents at the time of filing thereof a copy of any document that upon filing is deemed to
be incorporated by reference in the Registration Statement or the Prospectuses (provided that the Company shall not be required to deliver
documents or information incorporated by reference into the Registration Statement or the Prospectuses if such documents are accessible
from SEDAR or EDGAR) and the Company will cause (A)&nbsp;each amendment or supplement to the U.S. Prospectus to be filed with the SEC
as required pursuant to General Instruction II.L of Form&nbsp;F-10 of the Rules&nbsp;and Regulations or, in the case of any document to
be incorporated therein by reference, to be filed with the SEC as required pursuant to the Exchange Act, within the time period prescribed
and (B)&nbsp;each amendment or supplement to the Canadian Prospectus to be filed with the Qualifying Authorities as required pursuant
to Shelf Procedures or, in the case of any document to be incorporated therein by reference, to be filed with the Qualifying Authorities
as required pursuant to the Canadian Securities Laws, within the time period prescribed.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Notice of Stop Orders</U>. The Company will advise the Agents, promptly after it receives notice thereof,
of the issuance by the SEC or the Qualifying Authorities of any stop order or of any order preventing or suspending the use of the Prospectuses
or other prospectus in respect of the Shares, of any notice of objection of the SEC to the use of the form of the Registration Statement
or any post-effective amendment thereto, of the suspension of the qualification of the Shares for offering or sale in the United States
or the Qualifying Jurisdictions, of the initiation or threatening of any proceeding for any such purpose, or of any request by the SEC
or the Qualifying Authorities for the amending or supplementing of the Registration Statement or the Prospectuses or for additional information
relating to the Shares. If there is a Placement Notice that has been issued by the Company that has not been suspended or terminated in
accordance with Section&nbsp;4 or Section&nbsp;14 of this Agreement, the Company will use its commercially reasonable efforts to prevent
the issuance of any stop order or any order preventing or suspending the use of the Prospectuses or other prospectus in respect of the
Shares, a notice of objection of the SEC to the form of the Registration Statement or any post-effective amendment thereto, the suspension
of any qualification for offering or sale in the United States or the Qualifying Jurisdictions, and, in the event of the issuance of any
such stop order or any such order preventing or suspending the use of any prospectus relating to the Shares or suspending any such qualification,
the Company will use its commercially reasonable efforts to obtain the lifting or withdrawal of such order as soon as possible. If there
is no such outstanding Placement Notice, then, if, in the Company&rsquo;s determination and at the Company&rsquo;s sole discretion, it
is necessary to prevent the issuance of any stop order or have a stop order lifted, the Company will use its commercially reasonable efforts
to prevent the issuance of any stop order or any order preventing or suspending the use of the Prospectuses or other prospectus in respect
of the Shares, a notice of objection of the SEC to the form of the Registration Statement or any post-effective amendment thereto, the
suspension of any qualification for offering or sale in the United States or the Qualifying Jurisdictions, and, in the event of the issuance
of any such stop order or any such order preventing or suspending the use of any prospectus relating to the Shares or suspending any such
qualification, the Company will use its commercially reasonable efforts to obtain the lifting or withdrawal of such order as soon as possible.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><U>Delivery of Prospectus; Subsequent Changes</U>. Within the time during which a prospectus relating
to the Shares is required to be delivered by the Agents under the Securities Act (including in circumstances where such requirement may
be satisfied pursuant to Rule&nbsp;172 or Rule&nbsp;173(a)&nbsp;under the Securities Act) or Canadian Securities Laws, the Company will
comply in all material respects with all requirements imposed upon it by the Securities Act, by the Rules&nbsp;and Regulations and by
the Canadian Securities Laws, as appropriate and as from time to time in force, and will file or furnish on or before their respective
due dates all reports required to be filed or furnished by it with the SEC pursuant to Sections 13(a), 13(c), or 15(d)&nbsp;of the Exchange
Act, if applicable, or any other provision of or under the Exchange Act or with the Qualifying Authorities pursuant to Canadian Securities
Laws, as appropriate. If during such period any event occurs as a result of which the Prospectuses as then amended or supplemented would
include an untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in the light of
the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration Statement
or the Prospectuses to comply with the Securities Act or Canadian Securities Laws, the Company will immediately notify the Agents to suspend
the offering of Placement Shares during such period and, if, in the Company&rsquo;s determination and at the Company&rsquo;s sole discretion,
it is necessary to file an amendment or supplement to the Registration Statement or the Prospectuses to comply with the Securities Act
or Canadian Securities Laws, the Company will promptly prepare and, after complying with Section&nbsp;8(a)(iii), file with the Qualifying
Authorities and the SEC such amendment or supplement as may be necessary to correct such statement or omission or to make the Registration
Statement or the Prospectuses comply with such requirements, and the Company will furnish to the Agents such number of copies of such
amendment or supplement as the Agents may reasonably request.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><U>Delivery of Registration Statement and Prospectuses</U>. If requested by the Agents, the Company will
furnish to the Agents and their counsel (at the expense of the Company) copies of the Registration Statement, the Prospectuses (including
all documents incorporated by reference therein), in both the English and French languages, as applicable, and all amendments and supplements
to the Registration Statement or the Prospectuses that are filed with the SEC or Qualifying Authorities during the period in which a prospectus
relating to the Shares is required to be delivered under the Securities Act (including all documents filed with the SEC during such period
that are deemed to be incorporated by reference therein) or, the Qualifying Authorities (including all documents filed with the Qualifying
Authorities during such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable
and in such quantities as the Agents may from time to time reasonably request; provided, however, the Company shall not be required to
furnish any documents to the Agents that are available on SEDAR or EDGAR.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><U>Company Information</U>. The Company will furnish to the Agents such information in its possession
as is reasonably requested by the Agents as necessary or appropriate to fulfil their obligations as agent pursuant to this Agreement,
the Securities Act and Canadian Securities Laws.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><U>Earnings Statement</U>. The Company will make generally available to its security holders as soon as
practicable, but in any event not later than 15 months after the end of the Company&rsquo;s current fiscal quarter, an earnings statement
covering a 12-month period that satisfies the provisions of Section&nbsp;11(a)&nbsp;of the Securities Act and Rule&nbsp;158 of the Rules&nbsp;and
Regulations.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><U>Material Non-Public Information</U>. The Company covenants that it will not issue a Placement Notice
to any Agent in accordance with Section&nbsp;2 hereof if the Company is in possession of material non-public information regarding the
Company and its subsidiaries, taken as a whole, or the Shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><U>Expenses</U>. The Company, whether or not the transactions contemplated hereunder are consummated or
this Agreement is terminated in accordance with Section&nbsp;14, will pay all expenses relating to the following matters: (i)&nbsp;the
preparation and filing of the Registration Statement and each amendment and supplement thereto, each of the Prospectuses and each amendment
and supplement thereto and each Issuer Free Writing Prospectus, (ii)&nbsp;the preparation, issuance and delivery of the Placement Shares,
(iii)&nbsp;all fees and disbursements of the Company&rsquo;s Canadian and U.S. counsel, accountants and other advisors, (iv)&nbsp;the
reasonable fees, disbursements and expenses of the Agents, Canadian and U.S. counsel to the Agents in connection with this Agreement,
the Registration Statement and the Prospectuses and ongoing services in connection with the transaction contemplated hereunder, (v)&nbsp;the
qualification of the Placement Shares under securities law, including filing fees in connection therewith, (vi)&nbsp;the printing and
delivery to the Agents of copies of the Prospectuses and any amendments or supplements thereto, and of this Agreement, (vii)&nbsp;the
fees and expenses incurred in connection with the listing or qualification of the Placement Shares for trading on the TSXV and Nasdaq,
and (viii)&nbsp;the filing fees and expenses related to the SEC, the Qualifying Authorities and the Financial Industry Regulatory Authority
(including reasonable fees and disbursements of counsel to the Agents incurred in connection therewith). All fees and expenses are to
be paid in the currency in which such fees and expenses were incurred.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><U>Use of Proceeds</U>. The Company will use the Net Proceeds as described in the Prospectuses.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify"><U>Change of Circumstances</U>. During the term of this Agreement, the Company will, at any time during
a fiscal quarter in which the Company intends to deliver a Placement Notice to the Agents to sell Placement Shares, advise the Agents
promptly after it has received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material
respect any representation, opinion, certificate, letter or other document provided to the Agents pursuant to this Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify"><U>Due Diligence Cooperation</U>. The Company will cooperate with any due diligence review conducted by
the Agents or their agents, including, without limitation, providing information and making available documents and senior corporate officers,
as the Agents or their counsel may reasonably request; provided, however, that the Company shall be required to make available senior
corporate officers only (i)&nbsp;by telephone or at the Company&rsquo;s principal offices and (ii)&nbsp;during the Company&rsquo;s ordinary
business hours. In connection with a Representation Date, the Company will, at the request of the Agents, make available senior corporate
officers, as the Agents or their counsel may reasonably request, KPMG LLP, for a bring-down due diligence session in connection with the
filing of any documents triggering a Representation Date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify"><U>Affirmation of Representations, Warranties, Covenants and Other Agreements</U>. Upon commencement of
the Offering of the Placement Shares under this Agreement (and upon the recommencement of the Offering of the Placement Shares under this
Agreement following any suspension of sales under Section&nbsp;4), and at each Applicable Time, each Settlement Date and each Amendment
Date, the Company shall be deemed to have affirmed each representation and warranty contained in this Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify"><U>Required Filings Relating to Placement of Placement Shares</U>. In each quarterly report, annual information
form or annual financial statements/annual report on Form&nbsp;40-F filed by the Company in respect of any period in which sales of Placement
Shares were made by the Agents under this Agreement, the Company shall set forth with regard to such period the number of Placement Shares
sold through the Agents under this Agreement, the Net Proceeds received by the Company and the compensation paid by the Company to the
Agents with respect to sales of Placement Shares pursuant to this Agreement. For so long as the Shares are listed on the TSXV, the Company
will provide the TSXV with all information it requires with respect to the Offering within the timelines prescribed by the TSXV.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify"><U>Representation Dates; Certificate</U>. During the term of this Agreement, each time the Company (i)&nbsp;files
the Prospectuses relating to the Placement Shares or amends or supplements the Registration Statement or the Prospectuses relating to
the Placement Shares by means of a post-effective amendment or supplement but not by means of incorporation of document(s)&nbsp;by reference
to the Registration Statement or the Prospectuses relating to the Placement Shares; (ii)&nbsp;files or amends an annual information form/annual
report on Form&nbsp;40-F; (iii)&nbsp;files or amends annual financial statements (if a different date than (ii)&nbsp;above); (iv)&nbsp;files
or amends interim financial statements; or (v)&nbsp;at any other time reasonably requested by the Agents (each date of filing of one or
more of the documents referred to in clauses (i)&nbsp;through (iv)&nbsp;and any time of request pursuant to (v)&nbsp;above shall be a
 &ldquo;<B>Representation Date</B>&rdquo;), the Company shall furnish the Agents with a certificate, in the form attached hereto as Exhibit&nbsp;A-1
within three (3)&nbsp;Trading Days of any Representation Date. The requirement to provide a certificate under this Section&nbsp;8(n)&nbsp;shall
be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the
earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a
Representation Date) and the next occurring Representation Date. Notwithstanding the foregoing, if the Company subsequently decides to
sell Placement Shares following a Representation Date when the Company relied on such waiver and did not provide the Agents with a certificate
under this Section&nbsp;8(n), then prior to or concurrent with the delivery by the Company to the Agents of a Placement Notice or the
Agents sell any Placement Shares, the Company shall provide the Agents with the certificate, in the form attached hereto as Exhibit&nbsp;A-1,
dated the date of the Placement Notice.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify"><U>Legal Opinions</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">(A)&nbsp;Upon execution of this Agreement and within three (3)&nbsp;Trading Days of each Representation
Date with respect to which the Company is obligated to deliver the certificate in the form attached hereto as Exhibit&nbsp;A-1 and for
which no waiver is applicable and (B)&nbsp;concurrently with the delivery of a certificate pursuant to the last sentence of Section&nbsp;8(n),
the Company will furnish or cause to be furnished to the Agents, the written opinions of (i)&nbsp;Cassels Brock&nbsp;&amp; Blackwell LLP,
Canadian counsel to the Company, such opinions to be substantially similar to the form attached hereto as Exhibit&nbsp;B-1, and (ii)&nbsp;Skadden,
Arps, Slate, Meagher&nbsp;&amp; Flom LLP, U.S. counsel to the Company, such opinions to be substantially similar to the form attached
hereto as Exhibit&nbsp;C-1, each dated the date that the opinion is required to be delivered, in form and substance satisfactory to the
Agents and their counsel, acting reasonably, and such other opinions as the Agents or counsel to the Agents may reasonably require in
connection with the issuance of the Placement Shares or the material properties;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">(A)&nbsp;on the first Representation Date and (B)&nbsp;on any subsequent Representation Date that relates
to the filing of audited annual financial statements, the Company will deliver to the Agents an opinion of counsel with respect to title
and mineral rights for the mineral properties referred to as the &ldquo;Refinery&rdquo; (the &ldquo;<B>Refinery Opinion</B>&rdquo;) and
the &ldquo;Iron Creek Project&rdquo; (the &ldquo;<B>Iron Creek Opinion</B>&rdquo;) in substantially the form agreed among the parties
(including an opinion as to good standing and ownership of share capital of the subsidiary(ies) that hold(s)&nbsp;title, directly or indirectly,
to the mineral rights for such mineral property);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">on any subsequent Representation Date that relates to the filing of audited annual financial statements,
the Company will deliver to the Agents an opinion of counsel with respect to title and mineral rights for any other mineral property that
the Company determines is material to the Company (including an opinion as to good standing and ownership of share capital of the subsidiary(ies)
that hold(s)&nbsp;title, directly or indirectly, to the mineral rights for such mineral property), in substantially the form agreed among
the parties. For great certainty, the Company shall not be required to deliver any other opinions with respect to any other mineral properties
of the Company,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">provided that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">in lieu of any of the foregoing opinions, counsel last furnishing such opinion to the Agents may furnish
the Agents with a letter to the effect that the Agents may rely on such last opinion to the same extent as though it was dated the date
of such letter authorizing reliance (except that statements in such last opinion shall be deemed to relate to the Prospectus as amended
and supplemented to the time of delivery of such letter authorizing reliance); and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">in lieu of rendering opinions relating to the securities laws of the Qualifying Jurisdictions (other than
British Columbia, Alberta and Ontario) (the &ldquo;<B>Local Counsel Opinions</B>&rdquo;), the Company may engage one or more legal counsel
in the Qualifying Jurisdictions (other than British Columbia, Alberta and Ontario) to provide the Local Counsel Opinions and provided
further that Local Counsel Opinions shall only be required (x)&nbsp;except in respect of the first Representation Date, for such other
Qualifying Jurisdictions as the Agents shall specifically request a Local Counsel Opinion for, acting reasonably; and (y)&nbsp;in respect
of Representation Dates that relate to the filing of audited annual financial statements.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">For greater certainty, the requirement
to provide opinions under this Section&nbsp;8(o)&nbsp;shall be waived for any Representation Date occurring at a time at which no Placement
Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder
(which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date. Notwithstanding
the foregoing, if the Company subsequently decides to sell Shares following a Representation Date when the Company relied on such waiver,
then prior to or concurrent with the delivery by the Company to the Agents of a Placement Notice, the Company shall provide the Agents
with the required opinions set forth under this Section&nbsp;8(o).</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify"><U>Comfort Letters</U>. Upon execution of this Agreement and (x)&nbsp;within three (3)&nbsp;Trading Days
of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as Exhibit&nbsp;A-1
for which no waiver is applicable and (y)&nbsp;concurrently with the delivery of a certificate pursuant to the last sentence of Section&nbsp;8(n),
the Company shall cause (i)&nbsp;KPMG LLP to furnish the Agents a letter (the &ldquo;<B>Comfort Letter</B>&rdquo;) addressed to the Agents
dated the date such Comfort Letter is delivered, in form and substance satisfactory to the Agents, acting reasonably, (A)&nbsp;relating
to the verification of certain of the financial information and statistical and accounting data relating to the Company and its subsidiaries,
as applicable, contained in the Registration Statement and the Prospectuses or incorporated by reference therein, which Comfort Letter
shall be based on a review having a cut-off date not more than two business days prior to the date of such letter, (B)&nbsp;stating that
such auditors are independent public accountants within the meaning of the Securities Act and Canadian Securities Laws and the rules&nbsp;and
regulations thereunder, and that in their opinion the portion of the audited financial statements of the Company incorporated by reference
in the Registration Statement and the Prospectuses and audited by such auditors comply as to form in all material respects with the applicable
accounting requirements of the Securities Act and Canadian Securities Laws and the related regulations adopted by the SEC and the Canadian
Securities Authorities (the first such letter in each case, the &ldquo;<B>Initial Comfort Letter</B>&rdquo;) and (C)&nbsp;if applicable,
updating the Initial Comfort Letter with any information which would have been included in the Initial Comfort Letter had it been given
on such date and modified as necessary to relate to the Registration Statement and the Prospectuses, as amended and supplemented to the
date of such letter. For greater certainty, the requirement to provide Comfort Letter under this Section&nbsp;8(p)&nbsp;shall be waived
for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier
to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation
Date) and the next occurring Representation Date. Notwithstanding the foregoing, if the Company subsequently decides to sell Shares following
a Representation Date when the Company relied on such waiver, then prior to or concurrent with the delivery by the Company to the Agents
of a Placement Notice, the Company shall provide the Agents with the provide comfort letters under this Section&nbsp;8(p).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify"><U>Market Activities</U>. The Company will not, directly or indirectly, (i)&nbsp;take any action designed
to or that would constitute or that might reasonably be expected to cause or result in, under Canadian Securities Laws or the Exchange
Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement
Shares or (ii)&nbsp;bid for, or purchase the Placement Shares, or pay anyone any compensation for soliciting purchases of the Placement
Shares other than the Agents.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify"><U>Investment Company Act</U>. The Company will conduct its affairs in such a manner so as to reasonably
ensure that, prior to the termination of this Agreement, it will not be or become an &ldquo;investment company&rdquo; as defined in the
Investment Company Act, assuming no change in the SEC&rsquo;s current interpretation as to entities that are not considered an investment
company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify"><U>No Offer to Sell</U>. Other than a free writing prospectus (as defined in Rule&nbsp;405 under the Securities
Act) approved in advance by the Company and the Agents in each of their capacities as principal or agent hereunder, neither the Agents
nor the Company (including its agents and representatives, other than the Agents in each of their capacities as such) will make, use,
prepare, authorize, approve or refer to any written communication (as defined in Rule&nbsp;405 under the Securities Act), required to
be filed by it with the SEC, that constitutes an offer to sell or solicitation of an offer to buy Placement Shares hereunder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify"><U>Consent to the Agents&rsquo; Trading</U>. The Company consents to the extent permitted under the Securities
Act, the Exchange Act, Canadian Securities Laws, the rules&nbsp;of the TSXV and Nasdaq and under this Agreement, to the Agents trading
in the Shares of the Company: (i)&nbsp;for the account of their clients at the same time as sales of Placement Shares occur pursuant to
this Agreement; and (ii)&nbsp;for the Agents&rsquo; own accounts provided that no such purchase or sale shall take place by an Agent while
such Agent has received a Placement Notice that remains in effect, unless the Company has expressly authorized or consented in writing
to any such trades by such Agent.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(u)</TD><TD STYLE="text-align: justify"><U>Actively-Traded Security</U>. The Company shall notify the Agents at any time the Shares become an
 &ldquo;actively-traded security&rdquo; exempted from the requirements of Rule&nbsp;101 of Regulation M under the Exchange Act by subsection
(c)(1)&nbsp;of such rule. Furthermore, the Company shall notify the Agents immediately by an email addressed to each of the respective
individuals from each of the Agents set forth on Schedule 1 attached hereto if the Shares having once qualified for such exemption, cease
to so qualify.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify"><U>Listing of Placement Shares</U>. The Placement Shares shall have either (i)&nbsp;been approved for
listing, subject to notice of issuance, on the TSXV and Nasdaq, or (ii)&nbsp;the Company shall have filed an application for listing,
or notice for listing additional shares, as applicable, of the Placement Shares on the TSXV and Nasdaq at or prior to the issuance of
the Placement Notice.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(w)</TD><TD STYLE="text-align: justify"><U>Notification of First Shipment of Materials</U>. The Company will notify the Agents not more than forty-five
(45) days and not less than thirty (30) days from the date on which the first shipment of materials to the Company under the Glencore
Agreements and IXM Agreement is expected to occur.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>9.</B></TD><TD STYLE="text-align: justify"><B>Reporting Relating to Placement of Placement Shares</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Agent will use its commercially reasonable
efforts to deliver to the Company, for each month during which Placement Shares are sold through such Agent or distributed pursuant to
this Agreement, and otherwise as reasonably requested by the Company to enable the Company to meet its monthly reporting requirements
under Canadian Securities Laws or any applicable requirements of the TSXV, Nasdaq or any other Canadian Marketplace or U.S. Marketplace,
promptly upon a request from the Company, a report providing sufficient information regarding the distribution of the Placement Shares
for the Company to meet its monthly reporting requirements under Canadian Securities Laws or any applicable requirements of the TSXV,
Nasdaq or any other Canadian Marketplace or U.S. Marketplace. Unless Canadian Securities Laws, the applicable requirements of the TSXV,
Nasdaq or any other Canadian Marketplace or U.S. Marketplace, otherwise require, the Company and Agent agree that any Agent&rsquo;s report
referred to in this Section&nbsp;9 shall state the aggregate number of Placement Shares issued on all Settlement Dates occurring during
the month together with such information as specified in Section&nbsp;3 on an aggregate monthly basis.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Additional Representations and Covenants of the Company</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><U>Issuer Free Writing Prospectuses</U>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The Company represents that it has not made, and covenants that, unless it obtains the prior written consent
of the Agents, it will not make any offer relating to the Placement Shares that would constitute an Issuer Free Writing Prospectus required
to be filed by it with the SEC or retained by the Company under Rule&nbsp;433; except as set forth in a Placement Notice, no use of any
Issuer Free Writing Prospectus has been consented to by the Agents. The Company agrees that it will comply with the requirements of Rules&nbsp;164
and 433 of the Securities Act applicable to any Issuer Free Writing Prospectus, including timely filing with the SEC or retention where
required and legending.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The Company agrees that no Issuer Free Writing Prospectus, if any, will include any information that conflicts
with the information contained in the Registration Statement, including any document incorporated by reference therein that has not been
superseded or modified, or the Prospectuses. In addition, no Issuer Free Writing Prospectus, if any, will include an untrue statement
of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading; provided however, the foregoing shall not apply to any statements or omissions in any Issuer Free
Writing Prospectus made in reliance on information furnished in writing to the Company by the Agents expressly stating that such information
is intended for use therein.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">The Company agrees that if at any time following issuance of an Issuer Free Writing Prospectus any event
occurred or occurs as a result of which such Issuer Free Writing Prospectus would conflict with the information in the Registration Statement,
including any document incorporated by reference therein that has not been superseded or modified, or the Prospectuses or would include
an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, the Company will give prompt notice thereof to the Agents and, if requested
by the Agents, will prepare and furnish without charge to the Agents an Issuer Free Writing Prospectus or other document which will correct
such conflict, statement or omission; provided, however, the foregoing shall not apply to any statements or omissions in any Issuer Free
Writing Prospectus made in reliance on information furnished in writing to the Company by the Agents expressly stating that such information
is intended for use therein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Non-Issuer Free Writing Prospectus</U>. The Company consents to the use by the Agents of a free writing
prospectus that (a)&nbsp;is not an &ldquo;Issuer Free Writing Prospectus&rdquo; as defined in Rule&nbsp;433, and (b)&nbsp;contains only
information describing the terms of the Shares or the Offering, or information permitted under Rule&nbsp;134 under the Securities Act;
provided that the Agents, severally and not jointly, covenant with the Company not to take any action that would result in the Company
being required to file with the SEC under Rule&nbsp;433(d)&nbsp;a free writing prospectus prepared by or on behalf of the Agents that
otherwise would not be required to be filed by the Company thereunder, but for the action of the Agents.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><U>Distribution of Offering Materials</U>. The Company has not distributed and will not distribute, during
the term of this Agreement, any &ldquo;marketing materials&rdquo; (as defined in National Instrument 41-101 <I>&mdash; General Prospectus
Requirements</I>) in connection with the offering and sale of the Placement Shares other than the Registration Statement, the Prospectuses
or any Issuer Free Writing Prospectus reviewed and consented to by the Agents and included in a Placement Notice (as described in clause
(a)(i)&nbsp;above), provided that the Agents, severally and not jointly, covenant with the Company not to take any action that would result
in the Company being required to file with the Qualifying Authorities any &ldquo;marketing materials&rdquo; that otherwise would not be
required to be filed by the Company, but for the action of the Agents.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>11.</B></TD><TD STYLE="text-align: justify"><B>Conditions to the Agents&rsquo; Obligations.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The obligations of the Agents hereunder with respect
to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein,
to the due performance by the Company of its obligations hereunder, to the completion by the Agents of a due diligence review satisfactory
to the Agents in their reasonable judgment, and to the continuing satisfaction (or waiver by the Agents in their sole discretion) of the
following additional conditions:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><U>Canadian Prospectus Supplement</U>. The Canadian Prospectus Supplement shall have been filed with the
Qualifying Authorities under the Shelf Procedures and in accordance with this Agreement, all requests for additional information on the
part of the Qualifying Authorities shall have been complied with to the reasonable satisfaction of the Agents and the Agents&rsquo; counsel.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Registration Statement Effective</U>. The Registration Statement shall remain effective and shall be
available for the sale of (i)&nbsp;all Placement Shares issued pursuant to all prior Placements and not yet sold by the Agents and (ii)&nbsp;all
Placement Shares contemplated to be issued by the Placement Notice relating to such Placement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><U>No Material Notices</U>. None of the following events shall have occurred and be continuing: (i)&nbsp;receipt
by the Company of any request for additional information from the SEC, the Qualifying Authorities or any other federal or state or foreign
or other governmental, administrative or self-regulatory authority during the period of effectiveness of the Registration Statement and
the Prospectuses, the response to which would require any amendments or supplements to the Registration Statement or the Prospectuses;
(ii)&nbsp;the issuance by the SEC, the Qualifying Authorities or any other federal or state or foreign or other governmental authority
of any stop order suspending the effectiveness of the Registration Statement or the Prospectuses or the initiation of any proceedings
for that purpose; (iii)&nbsp;receipt by the Company of any notification with respect to the suspension of the qualification or exemption
from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for
such purpose; (iv)&nbsp;the occurrence of any event that makes any statement made in the Registration Statement or the Prospectuses or
any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making
of any changes in the Registration Statement, Prospectuses or documents so that, in the case of the Registration Statement, it will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein not misleading, and in the case of each Prospectus, it will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; and (v)&nbsp;the Company&rsquo;s reasonable determination that a post-effective amendment
to the Registration Statement or Prospectuses would be appropriate.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><U>Material Changes</U>. Except as contemplated and appropriately disclosed in the Prospectuses, or disclosed
in the Company&rsquo;s reports filed with the SEC and Qualifying Authorities, in each case at the time the applicable Placement Notice
is delivered, there shall not have been any material change, on a consolidated basis, in the authorized common share capital of the Company,
or any development that causes or could reasonably be expected to cause a Material Adverse Effect (financial or otherwise), the effect
of which, in the sole judgment of the Agents (without relieving the Company of any obligation or liability it may otherwise have), acting
reasonably, is so material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms
and in the manner contemplated in the Prospectuses.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><U>Certificate</U>. The Agents shall have received the certificate required to be delivered pursuant to
Section&nbsp;8(n)&nbsp;on or before the date on which delivery of such certificate is required pursuant to Section&nbsp;8(n).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><U>Legal Opinions</U>. The Agents shall have received the opinions of counsel to be delivered pursuant
to Section&nbsp;8(o)&nbsp;on or before the date on which such delivery of such opinions are required pursuant to Section&nbsp;8(o). In
addition, on such dates that the opinions required by Section&nbsp;8(o)&nbsp;are delivered, the Agents shall have also received (i)&nbsp;the
opinion of Bennett Jones LLP, Canadian counsel for the Agents, with respect to the issuance and sale of the Placement Shares in Canada,
the Canadian Prospectus and other related matters as the Agents may reasonably require, and (ii)&nbsp;the opinion and negative assurance
letter of Paul Weiss Rifkind Wharton&nbsp;&amp; Garrison LLP, U.S. counsel to the Agents, with respect to the issuance and sale of the
Placement Shares in the United States, the Registration Statement, the Disclosure Package, the U.S. Prospectus and other related matters
as the Agents may reasonably require, <FONT STYLE="background-color: white">it being understood that counsel for the Agent may rely on
the opinions of counsel for the Company, and the counsel for the Agents and counsel for the Company may rely upon the Local Counsel Opinions
as to all matters relating to jurisdictions other than the Provinces of Ontario, Alberta, and British Columbia, not governed by the laws
of the respective jurisdictions in which they are qualified to practice, and may rely, to the extent appropriate in the circumstances,
as to matters of fact on certificates of the Company, auditors and public officials, and that the opinions of counsel may be subject to
usual qualifications as to equitable remedies, creditors&rsquo; rights laws and public policy considerations.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><U>Comfort Letters</U>. The Agents shall have received the Comfort Letter(s)&nbsp;required to be delivered
pursuant to Section&nbsp;8(p)&nbsp;on or before the date on which the delivery of such letter is required pursuant to Section&nbsp;8(p).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><U>Approval for Listing; No Suspension</U>. The Placement Shares shall have either been (i)&nbsp;approved
for listing, subject to notice of issuance, on Nasdaq and the TSXV, or (ii)&nbsp;the Company shall have filed, if required, an application
or notification, as applicable, for listing of the Placement Shares on the TSXV and on Nasdaq at or prior to the issuance of the Placement
Notice. Trading in the Shares shall not have been suspended on such markets.</TD></TR></TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><U>Other Materials</U>. On each date on which the Company is required to deliver a certificate pursuant
to Section&nbsp;8(n), the Company shall have furnished to the Agents such appropriate further information, certificates and documents
as the Agents may reasonably request.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify"><U>Securities Act Filings Made</U>. All filings with the SEC required by General Instruction II.L of Form&nbsp;F-10,
the Securities Act and required by the Qualifying Authorities to have been filed prior to the issuance of any Placement Notice hereunder
shall have been made within the applicable time period prescribed for such filing by General Instruction II.L of Form&nbsp;F-10, the Securities
Act and Canadian Securities Laws.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify"><U>FINRA</U>. If a filing with FINRA is required, FINRA shall not have objected to the fairness or reasonableness
of the terms or arrangements under this Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Indemnification and Contribution</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Company shall indemnify and hold harmless each of the Agents and the Agents&rsquo; directors, officers,
shareholders, agents and employees and each person who controls any Agent within the meaning of (i)&nbsp;Canadian Securities Laws and
(ii)&nbsp;Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act (collectively, the &ldquo;<B>Indemnified Parties</B>&rdquo;
and individually, an &ldquo;<B>Indemnified Party</B>&rdquo;) from and against all liabilities, claims, demands, losses, costs, damages
and expenses (including, without limitation, any legal or other expenses reasonably incurred by them in connection with investigating
or defending any such liability, claim, demand, loss, damage or expense) in any way caused by or arising directly or indirectly from or
in consequence of: (i)&nbsp;any information or statement (except for the Agents&rsquo; Information (as defined below)) in the Canadian
Prospectus or any amendment thereto, any U.S. Prospectus or any amendment thereto, or in any other document incorporated therein by reference
being alleged to be a misrepresentation or untrue, or any omission or alleged omission to state therein any fact or information (except
for the Agents&rsquo; Information) required to be stated therein or necessary to make any of the statements therein not misleading in
light of the circumstances in which they were made; (ii)&nbsp;any untrue statement or alleged untrue statement of a material fact in the
Registration Statement or any amendment thereto or any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, or any untrue statement or alleged untrue statement of a material fact in the
Canadian Prospectus or any amendment thereto, any U.S. Prospectus or any amendment thereto, or any Issuer Free Writing Prospectus or any
amendment or supplement thereto, or any omission or alleged omission of a material fact (except for the Agents&rsquo; Information) necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading; (iii)&nbsp;the Company not
complying with any requirement of applicable Canadian Securities Laws or U.S. Securities Laws in connection with the transactions contemplated
herein; or (iv)&nbsp;any order made or any inquiry, investigation (whether formal or informal) or proceeding commenced or threatened by
any securities, regulatory or other competent authority based upon the circumstances described in (i)&nbsp;or (iii)&nbsp;above (for greater
certainty, excluding any order, inquiry, investigation or proceeding based solely on the activities of the Agents) which operates to prevent
or restrict the trading in or the distribution of the Placement Shares or any of them in any of the provinces of Canada or in the United
States, except that if and to the extent that a court of competent jurisdiction in a final judgment that has become non-appealable determines
that the liability, claim, demand, loss, cost, damage or expense resulted from the gross negligence, fraud or wilful misconduct of the
Indemnified Party claiming indemnity, such Indemnified Party will promptly reimburse the Company any funds advanced to the Indemnified
Party in respect of such liability, claim, demand, loss, cost, damage or expense and the indemnity provided for in this Section&nbsp;12
shall cease to apply to such Indemnified Party in respect of such liability, claim, demand, loss, cost, damage or expense. For greater
certainty, the Company and the Agents agree that they do not intend that any failure by the Agents to conduct such reasonable investigation
as necessary to provide the Agents with reasonable grounds for believing the Canadian Prospectus or any amendment thereto, any U.S. Prospectus
or any amendment thereto, or any Issuer Free Writing Prospectus or any amendment or supplement thereto, contained no misrepresentation
shall constitute &ldquo;gross negligence&rdquo;, &ldquo;fraud&rdquo; or &ldquo;wilful misconduct&rdquo; for the purposes of this Section&nbsp;12
or otherwise disentitle the Agents from indemnification hereunder.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Company acknowledges that the name
of the Agents set forth on the cover of the Prospectuses and on page&nbsp;C-2 of the Canadian Prospectus Supplement, as well as the disclosure:
(A)&nbsp;in paragraph 2 on page&nbsp;iii of the Prospectuses; and (B)&nbsp;in the second sentence of paragraph 2 and paragraph 8 under
the heading &ldquo;Plan of Distribution&rdquo;, constitutes the only information furnished in writing by or on behalf of the Agent for
inclusion in the Prospectus or any Issuer Free Writing Prospectus (collectively, the &ldquo;<B>Agents&rsquo; Information</B>&rdquo;).</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">In order to provide for just and equitable contribution in circumstances in which the indemnification
provided for in Section&nbsp;12(a)&nbsp;hereof is unavailable, in whole or in part, for any reason to an Indemnified Party in respect
of any liabilities, claims, demands, losses, costs, damages and expenses referred to therein, the Company shall contribute to the amount
paid or payable (or, if such indemnity is unavailable only in respect of a portion of the amount so paid or payable, such portion of the
amount so paid or payable) by such Indemnified Party as a result of such liabilities, claims, demands, losses, costs, damages and expenses:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">in such proportion as is appropriate to reflect the relative benefits received by the Company on the one
hand and the Agents on the other hand from the distribution of the Placement Shares; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">if the allocation provided by clause (i)&nbsp;above is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;above but also the relative fault of the Company
on the one hand and the Agents on the other hand in connection with the matters or things referred to in Section&nbsp;12(a)&nbsp;hereof
which resulted in such liabilities, claims, demands, losses, costs, damages or expenses, as well as any other relevant equitable considerations;</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --> -</FONT></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">provided that the Agents shall not in any event
be liable to contribute, in the aggregate, any amount in excess of the Placement Fee or any portion thereof actually received. The relative
benefits received by the Company on the one hand and the Agents on the other shall be deemed to be in the same ratio as the total net
proceeds from the distribution of Placement Shares received by the Company is to the Placement Fee received by the Agents. The relative
fault of the Company on the one hand and of the Agents on the other shall be determined by reference to, among other things, whether the
matters or things referred to in Section&nbsp;12(a)&nbsp;hereof which resulted in such liabilities, claims, demands, losses, costs, damages
and expenses relate to information supplied by or steps or actions taken or done or not taken or done by or on behalf of the Company (including
indirectly as aforesaid) or to information supplied by or steps or actions taken or done or not taken or done by or on behalf of the Agents
and the relative intent, knowledge, access to information and opportunity to correct or prevent such statement, omission or misrepresentation,
or other matter or thing referred to in Section&nbsp;12(a)&nbsp;hereof. The parties hereto agree that it would not be just and equitable
if contribution pursuant to this Section&nbsp;12(b)&nbsp;were determined by any method of allocation which does not take into account
the equitable considerations referred to above in this Section&nbsp;12(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the provisions of this Section&nbsp;12(b),
no person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">If any matter or thing contemplated by this Section&nbsp;12 shall be asserted against any Indemnified
Party, the Indemnified Party concerned shall promptly notify the indemnifying party (the &ldquo;<B>Indemnifying Party</B>&rdquo;) and
the Agents of the nature of such claim (provided that any failure to so notify the Indemnifying Party promptly shall relieve the Indemnifying
Party of liability under this Section&nbsp;12 only to the extent that such failure materially prejudices the Indemnifying Party&rsquo;s
ability to defend such claim), and the Indemnifying Party shall, subject as hereinafter provided, be entitled (but not required) to assume
the defence of any suit or proceeding (including any governmental or regulatory investigation or proceeding) brought to enforce such claim.
Any such defence shall be through legal counsel acceptable to the Indemnified Party (whose acceptance shall not be unreasonably withheld)
and no admission of liability or settlement shall be made by any Indemnified Party in respect of any Indemnified Party without, in each
case, the prior written consent of the Indemnified Party. An Indemnified Party shall have the right to employ separate counsel in any
such suit and participate in the defence thereof but the fees and expenses of such counsel shall be at the expense of the Indemnified
Party unless: (i)&nbsp;the Indemnifying Party fails to assume the defence of such suit on behalf of the Indemnified Party within a reasonable
period of time; (ii)&nbsp;the employment of such counsel has been authorized in writing by the Indemnifying Party; (iii)&nbsp;the Indemnified
Party has reasonably concluded, based on advice of counsel, that there may be one or more legal defences available to the Indemnified
Party which are different from or in addition to those available to the Company, or (iv)&nbsp;a conflict or potential conflict exists,
based on advice of counsel to the Indemnified Party (and in the case of (iii)&nbsp;and (iv), if such Indemnified Party notifies the Company
in writing that it elects to employ separate counsel at the expense of the Company, the Company shall not have the right to assume the
defence of such suit or proceeding on behalf of the Indemnified Party and shall be liable to pay the reasonable fees and expenses of counsel
for the Indemnified Party), it being understood, however, that the Company shall not, in connection with any one such action or separate
but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be
liable for the fees and expenses of more than one separate law firm for all such Indemnified Parties (other than local counsel). No Indemnifying
Party shall, without the prior written consent of each Indemnified Party, settle or compromise or consent to the entry of any judgment
in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section&nbsp;12 (whether or not
any Indemnified Party is a party thereto), unless such settlement, compromise or consent (1)&nbsp;includes an express and unconditional
release of each Indemnified Party, in form and substance reasonably satisfactory to such indemnified party, from all liability arising
out of such litigation, investigation, proceeding or claim and (2)&nbsp;does not include a statement as to or an admission of fault, culpability
or a failure to act by or on behalf of any Indemnified Party. It is the intention of the Company to constitute each Agent as trustee,
for such Agent&rsquo;s directors, officers, shareholders, agents and employees, and each person who controls such Agent of the covenants
of the Company under Sections 12(a)&nbsp;and 12(b)&nbsp;hereof with respect to such Agent&rsquo;s directors, officers, shareholders, agents
and employees, and each person who controls such Agent, and each Agent agrees to accept such trust and to hold and enforce such covenants
on behalf of such persons.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --> -</FONT></P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Company agrees that in case any legal
proceedings or investigation shall be brought against or initiated against the Company by any governmental commission, regulatory authority,
exchange, court or other authority and an Indemnified Party or other representative of any Agent shall be required to testify or respond
to procedures designed to discover information regarding, in connection with or relating to the performance of professional services rendered
to the Company by such Agent, the Company agrees to pay such Agent the reasonable costs (including an amount to reimburse such Agent for
the time spent by the personnel in connection therewith on a <I>per diem</I> basis and out-of-pocket expenses) in connection therewith.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The rights provided in this Section&nbsp;12 shall be in addition to and not in derogation of any other
right which the Agents may have by statute or otherwise at law.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>13.</B></TD><TD STYLE="text-align: justify"><B>Representations and Warranties to Survive Delivery</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All representations and warranties of the Company
herein or in certificates delivered pursuant hereto shall remain operative and in full force and effect regardless of (i)&nbsp;any investigation
made by or on behalf of the Agents, their affiliates, directors, officers, shareholders, agents and employees and any controlling persons,
(ii)&nbsp;delivery and acceptance of the Placement Shares and payment therefor or (iii)&nbsp;any termination of this Agreement.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>14.</B></TD><TD STYLE="text-align: justify"><B>Termination</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Agents may terminate this Agreement, by notice to the Company, as hereinafter specified at any time
(1)&nbsp;if there has been, since the time of execution of this Agreement or since the date as of which information is given in the Prospectus,
any change, or any development or event involving a prospective change, in the condition, financial or otherwise, or in the business,
properties, earnings, results of operations or prospects of the Company and its subsidiaries considered as one enterprise, whether or
not arising in the ordinary course of business, which individually or in the aggregate, in the sole judgment of the Agents is material
and adverse and makes it impractical or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement
Shares, (2)&nbsp;if there has occurred any material adverse change in the financial markets in Canada, the United States or the international
financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving
a prospective change in national or international political, financial or economic conditions, in each case the effect of which is such
as to make it, in the judgment of the Agents, impracticable or inadvisable to market the Placement Shares or to enforce contracts for
the sale of the Placement Shares, (3)&nbsp;if trading in the Shares has been suspended or limited by the Qualifying Authorities, the SEC,
the TSXV or Nasdaq, or if trading generally on the TSXV or Nasdaq has been suspended or limited, or minimum prices for trading have been
fixed on the TSXV or Nasdaq, (4)&nbsp;if any suspension of trading of any securities of the Company on any exchange or in the over-the-counter
market shall have occurred and be continuing, or (5)&nbsp;if a major disruption of securities settlements or clearance services in Canada
shall have occurred and be continuing. Any such termination shall be without liability of any party to any other party except that the
provisions of Sections 8(h), 12, 13, 14(e), 14(f), 16, 19 and 20 hereof shall remain in full force and effect notwithstanding such termination.
If the Agents elect to terminate this Agreement as provided in this Section&nbsp;14(a), the Agents shall provide the required notice as
specified in Section&nbsp;14.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Company shall have the right to terminate this Agreement by giving ten (10)&nbsp;days&rsquo; notice
as hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination
shall be without liability of any party to any other party except that the provisions of Sections 8(h), 12, 13, 14(e), 14(f), 16, 19 and
20 hereof shall remain in full force and effect notwithstanding such termination.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The Agents shall have the right to terminate this Agreement by giving ten (10)&nbsp;days&rsquo; notice
as hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination
shall be without liability of any party to any other party except that the provisions of Sections 8(h), 12, 13, 14(e), 14(f), 16, 19 and
20 hereof shall remain in full force and effect notwithstanding such termination.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">This Agreement shall remain in full force and effect until the earliest to occur of (i)&nbsp;termination
pursuant to Sections 14(a), 14(b)or 14(c)&nbsp;or otherwise by mutual agreement of the parties; (ii)&nbsp;such date that the aggregate
gross sales proceeds of Shares sold pursuant to this Agreement equals C$20,000,000 (or its equivalent in U.S. currency); or (iii)&nbsp;December&nbsp;26,
2022; provided that any such termination shall in all cases be deemed to provide that Sections 8(h), 12, 13, 14(e), 14(f), 16, 19 and
20 shall remain in full force and effect.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">Any termination of this Agreement shall be effective on the date specified in such notice of termination;
provided that such termination shall not be effective until the close of business on the date of receipt of such notice by the Agents
or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such
Placement Shares shall settle in accordance with the provisions of this Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">In the event that the Company terminates this Agreement, as permitted under Section&nbsp;14(b), the Company
shall be under no continuing obligation, either pursuant to this Agreement or otherwise, to utilize the services of the Agents in connection
with any sale of securities of the Company or to pay any compensation to the Agents other than compensation with respect to sales of Placement
Shares subscribed on or before the termination date and the Company shall be free to engage other placement agents and underwriters before
(except with respect to the sale of securities hereunder), from and after the termination date with no continuing obligation to the Agents.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Notices</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All notices or other communications required or
permitted to be given by any party to any other party pursuant to the terms of this Agreement shall be in writing and if sent to the Agents,
shall be delivered to:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">161 Bay Street, 7<SUP>th</SUP> Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Toronto, Ontario M5J 2S8</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">Attention:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Kay Yoo&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">Email:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">[REDACTED]</TD></TR>
  </TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">CIBC World Markets Corp.<BR>
425 Lexington Avenue, 3rd Floor<BR>
New York, New York 10017</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">Attention:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Kay Yoo</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">Email:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">[REDACTED]</TD></TR>
  </TABLE>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">3400 One First Canadian Place&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">P.O.&nbsp;Box 130&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Toronto, ON M5X 1A4</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">Attention:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">James Clare&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">Email:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">[REDACTED]</TD></TR>
  </TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison LLP&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1285 Avenue of the Americas<BR>
New York, New York, 10019</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">Attention:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Christopher J. Cummings&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">Email:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">[REDACTED]</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">or if sent to the Company,
shall be delivered to:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">401 Bay Street, 6th Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Toronto, ON M5H 2Y4</P>

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

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

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">Attention:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Trent Mell, President, CEO&nbsp;&amp; Director&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">Email:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">[REDACTED]</TD></TR>
  </TABLE>



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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Cassels Brock&nbsp;&amp; Blackwell LLP<BR>
885 West Georgia Street, Suite&nbsp;2200<BR>
Vancouver, British Columbia, V6C 3E8</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">Attention:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Sam Cole&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">Email:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">[REDACTED]</TD></TR>
  </TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">One Manhattan West<BR>
New York, New York, 10001</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">Attention:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Ryan J. Dzierniejko&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">Email:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">[REDACTED]</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each party to this Agreement may change such address
for notices by sending to the other parties to this Agreement written notice of a new address for such purpose. Each such notice or other
communication shall be deemed given (i)&nbsp;when delivered personally or by e-mail (with an original to follow) on or before 4:30 p.m.&nbsp;(Toronto
time), on a Business Day or, if such day is not a Business Day, on the next succeeding Business Day, (ii)&nbsp;on the next Business Day
after timely delivery to a nationally-recognized overnight courier, (iii)&nbsp;on the Business Day actually received if deposited in the
mail (certified or registered mail, return receipt requested, postage prepaid), and (iv)&nbsp;if sent by email, on the Business Day on
which receipt is confirmed by the individual to whom the notice is sent, other than via auto-reply. For purposes of this Agreement, &ldquo;Business
Day&rdquo; shall mean any day on which the TSXV or Nasdaq is open for business.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>16.</B></TD><TD STYLE="text-align: justify"><B>Consent to Jurisdiction</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the parties irrevocably (i)&nbsp;agrees
that any legal suit, action or proceeding against it by the other party or by any person who controls the other party arising out of or
based upon this Agreement or the transactions contemplated thereby may be instituted in any court of the Province of Ontario, (ii)&nbsp;waives,
to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the laying of venue of any such proceeding
and (iii)&nbsp;submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. The provisions of this Section&nbsp;16
shall survive any termination of this Agreement, in whole or in part.</P>

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

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

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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>17.</B></TD><TD STYLE="text-align: justify"><B>Successors and Assigns</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement shall inure to the benefit of and
be binding upon the Company and its affiliates, directors, officers, shareholders, agents and employees and the controlling persons referred
to in Section&nbsp;12 hereof. References to any of the parties contained in this Agreement shall be deemed to include the successors and
permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties
hereto or their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this
Agreement, except as expressly provided in this Agreement. No party may assign its rights or obligations under this Agreement without
the prior written consent of the other parties.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>18.</B></TD><TD STYLE="text-align: justify"><B>Adjustments for Stock Splits</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties acknowledge and agree that all share
related numbers contained in this Agreement shall be adjusted to take into account any stock split, stock dividend or similar event effected
with respect to the Shares.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>19.</B></TD><TD STYLE="text-align: justify"><B>Entire Agreement; Amendment; Severability</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement (including all schedules and exhibits
attached hereto and Placement Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous
agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this Agreement
nor any term hereof may be amended except pursuant to a written instrument executed by the Company and the Agents. In the event that any
one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable,
the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein
shall not be affected or impaired thereby.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>20.</B></TD><TD STYLE="text-align: justify"><B>Applicable Law</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement and any claim, controversy or dispute
relative to or arising out of this Agreement shall be governed by and interpreted in accordance with the laws of the Province of Ontario
and the federal laws of Canada applicable in the Province of Ontario. Each of the parties hereto irrevocably attorns to the jurisdiction
of the courts of the Province of Ontario.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>21.</B></TD><TD STYLE="text-align: justify"><B>Waiver of Jury Trial</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and the Agents hereby irrevocably
waive any right either may have to a trial by jury in respect of any claim based upon or arising out of this Agreement or any transaction
contemplated hereby.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>22.</B></TD><TD STYLE="text-align: justify"><B>Absence of Fiduciary Duties</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties acknowledge that they are sophisticated
in business and financial matters and that each of them is solely responsible for making its own independent investigation and analysis
of the transactions contemplated by this Agreement. They further acknowledge that the Agents have not been engaged by the Company to provide,
and have not provided, financial advisory services in connection with the terms of the Offering nor have the Agents assumed at any time
a fiduciary relationship to the Company in connection with such Offering. The Company hereby waives, to the fullest extent permitted by
law, any claims it may have against the Agents for breach of fiduciary duty or alleged breach of fiduciary duty and agrees the Agents
shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim or to any person asserting
a fiduciary duty claim on behalf of or in right of the Company, including shareholders, employees or creditors of Company.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>23.</B></TD><TD STYLE="text-align: justify"><B>Definitions</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used in this Agreement, the following terms
have the respective meanings set forth below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">&ldquo;<B>Agents&rsquo; Information</B>&rdquo; has the meaning given thereto in Section&nbsp;12(a)&nbsp;hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">&ldquo;<B>Amendment Date</B>&rdquo; has the meaning given thereto in Section&nbsp;8(a)&nbsp;hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">&ldquo;<B>Applicable Time</B>&rdquo; means (i)&nbsp;each Representation Date, (ii)&nbsp;the date on which
a Placement Notice is given pursuant to this Agreement and (iii)&nbsp;each Settlement Date;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">&ldquo;<B>Applicable Laws</B>&rdquo; means, in relation to any person or persons, the Canadian Securities
Laws, U.S. Securities Laws and all other statutes, regulations, rules, orders, by-laws, codes, ordinances, decrees, the terms and conditions
of any grant of approval, permission, authority or licence, or any judgment, order, decision, ruling, award, policy or guidance document,
of any Governmental Authority that are applicable to such person or persons or its or their business, undertaking, property or securities
and emanate from a Governmental Authority, having jurisdiction over the person or persons or its or their business, undertaking, property
or securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">&ldquo;<B>Authorized Representative</B>&rdquo; has the meaning given thereto in Section&nbsp;2(a)&nbsp;hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">&ldquo;<B>Base Prospectuses</B>&rdquo; means, collectively, the Canadian Base Prospectus and the U.S.
Base Prospectus;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Base Prospectus</B>&rdquo; has the meaning given thereto in Section&nbsp;6 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Marketplace</B>&rdquo; has the meaning given thereto in Section&nbsp;3 hereof;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Preliminary Base Prospectus</B>&rdquo; means the preliminary short form base shelf
prospectus of the Company dated November&nbsp;18, 2020;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Prospectus</B>&rdquo; means the Canadian Prospectus Supplement (and any additional
Canadian prospectus supplement prepared in accordance with the provisions of this Agreement and filed with the Qualifying Authorities
in accordance with Canadian Securities Laws) together with the Canadian Base Prospectus;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Prospectus Supplement</B>&rdquo; has the meaning given thereto in Section&nbsp;6 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">&ldquo;<B>Canadian Securities Commission</B>&rdquo; means each of the Canadian securities regulatory authorities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify"><B>&ldquo;Canadian Securities Laws</B>&rdquo; means the <I>Securities Act</I> (Ontario), the equivalent
legislation in each of the other Qualifying Jurisdictions and applicable rules&nbsp;and regulations under such laws, together with applicable
published national, multilateral and local policy statements, instruments, notices and blanket orders of the Qualifying Authorities in
each of the Qualifying Jurisdictions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD STYLE="text-align: justify">&ldquo;<B>Comfort Letter</B>&rdquo; has the meaning given thereto in Section&nbsp;8(p)&nbsp;hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD STYLE="text-align: justify">&ldquo;<B>Convertible Notes</B>&rdquo; means the convertible notes issued under the Note Offering;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD STYLE="text-align: justify"><B>&ldquo;Corporate Records&rdquo;</B> has the meaning given thereto in Section&nbsp;7(m)&nbsp;hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD STYLE="text-align: justify">&ldquo;<B>Debt Instrument</B>&rdquo; means any loan, bond, debenture, promissory note or other instrument
evidencing indebtedness (demand or otherwise) for borrowed money or other liability;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD STYLE="text-align: justify">&ldquo;<B>Designated News Release</B>&rdquo; has the meaning given thereto in Section&nbsp;6 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD STYLE="text-align: justify">&ldquo;<B>Disclosure Package</B>&rdquo; has the meaning given thereto in Section&nbsp;7(d)&nbsp;hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD STYLE="text-align: justify">&ldquo;<B>Documents Incorporated by Reference</B>&rdquo; means all interim and annual financial statements,
management&rsquo;s discussion and analysis, business acquisition reports, management information circulars, annual information forms,
material change reports, marketing document and other documents that are or are required by Canadian Securities Laws to be incorporated
by reference into the Offering Documents, as applicable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(u)</TD><TD STYLE="text-align: justify">&ldquo;<B>EDGAR</B>&rdquo; means the SEC&rsquo;s Electronic Data Gathering Analysis and Retrieval System;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">&ldquo;<B>Eligible Issuer</B>&rdquo; means an issuer which meets the criteria and has complied with the
requirements of NI 44-101 so as to be qualified to offer securities by way of a short form prospectus, using the Shelf Procedures;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(w)</TD><TD STYLE="text-align: justify">&ldquo;<B>Employee Plans</B>&rdquo; has the meaning given thereto in Section&nbsp;7(qq) hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify">&ldquo;<B>Encumbrance</B>&rdquo; means any encumbrance, lien, charge, hypothec, pledge, mortgage, title
retention agreement or other security interest;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(y)</TD><TD STYLE="text-align: justify">&ldquo;<B>Environmental Laws</B>&rdquo; has the meaning given thereto in Section&nbsp;7(mm) hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(z)</TD><TD STYLE="text-align: justify">&ldquo;<B>Environmental Permits</B>&rdquo; has the meaning given thereto in Section&nbsp;7(mm) hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(aa)</TD><TD STYLE="text-align: justify">&ldquo;<B>Exchange Act</B>&rdquo; means the U.S. Securities Exchange Act of 1934, as amended.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(bb)</TD><TD STYLE="text-align: justify">&ldquo;<B>Filing Jurisdictions</B>&rdquo; means each of the provinces and territories of Canada;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(cc)</TD><TD STYLE="text-align: justify">&ldquo;<B>Financial Statements</B>&rdquo; has the meaning given thereto in Section&nbsp;7(s)&nbsp;hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(dd)</TD><TD STYLE="text-align: justify">&ldquo;<B>Glencore Agreements</B>&rdquo; means the Glencore Hydroxide Agreement, Glencore Hydroxide Agreement
Amendment and the Glencore Toll Processing Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ee)</TD><TD STYLE="text-align: justify">&ldquo;<B>Glencore Hydroxide Agreement</B>&rdquo; means contract no. 099-22-27002-S dated January&nbsp;11,
2021 between Cobalt Camp Refinery Ltd. and Glencore AG;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ff)</TD><TD STYLE="text-align: justify">&ldquo;<B>Glencore Hydroxide Agreement Amendment</B>&rdquo; means amendment no.1 to the Glencore Hydroxide
Agreement dated December&nbsp;22, 2021 between Cobalt Camp Refinery Ltd. and Glencore AG;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(gg)</TD><TD STYLE="text-align: justify">&ldquo;<B>Glencore Toll Processing Agreement</B>&rdquo; means the tolling processing agreement dated December&nbsp;22,
2021 between Cobalt Camp Refinery Ltd and Glencore AG;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(hh)</TD><TD STYLE="text-align: justify">&ldquo;<B>Governmental Authority</B>&rdquo; means and includes, without limitation, any national, federal,
provincial, state or municipal government or other political subdivision of any of the foregoing, any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government and any corporation or other entity owned or controlled
(through stock or capital ownership or otherwise) by any of the foregoing;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">&ldquo;<B>IFRS</B>&rdquo; has the meaning given thereto in Section&nbsp;7(s)&nbsp;hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(jj)</TD><TD STYLE="text-align: justify">&ldquo;<B>Indemnified Party</B>&rdquo; and &ldquo;<B>Indemnified Parties</B>&rdquo; each has the meaning
given thereto in Section&nbsp;12(a)&nbsp;hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(kk)</TD><TD STYLE="text-align: justify">&ldquo;<B>Initial Comfort Letter</B>&rdquo; has the meaning given thereto in Section&nbsp;8(p)&nbsp;hereof;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ll)</TD><TD STYLE="text-align: justify">&ldquo;<B>Iron Creek Opinion</B>&rdquo; means the opinion of counsel furnished by the Company to the Agents
with respect to title and mineral rights for the Iron Creek Property;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(mm)</TD><TD STYLE="text-align: justify">&ldquo;<B>Iron Creek Property</B>&rdquo; means the Company&rsquo;s 100% owned Iron Creek Project located
in Idaho, United States;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(nn)</TD><TD STYLE="text-align: justify">&ldquo;<B>Iron Creek Technical Report</B>&rdquo; means the technical report titled &ldquo;Technical Report
with Updated Mineral Resources,&nbsp;Iron Creek Cobalt Project, Lemhi County,&nbsp;Idaho, USA&rdquo; dated November&nbsp;27, 2019 with
an effective date of November&nbsp;27, 2019, authored by Steven J. Ristorcelli, C.P.G., P.G., Principal Geologist by Mine Development
Associates,&nbsp;Inc, and Joseph Schlitt, MMSA QP, President of Hydrometal Inc.;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(oo)</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">&ldquo;<B>Issuer Free Writing Prospectus</B>&rdquo; has the meaning
given thereto in Section&nbsp;6 hereof;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(pp)</TD><TD STYLE="text-align: justify">&ldquo;<B>IXM Agreement</B>&rdquo; means the cobalt hydroxide intermediate sales contract dated October&nbsp;29,
2021 between IXM S.A. and Cobalt Camp Refinery Ltd.;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(qq)</TD><TD STYLE="text-align: justify">&ldquo;<B>Material Adverse Effect</B>&rdquo; means any event, fact, circumstance, development, occurrence
or state of affairs that is materially adverse to the business, assets (including intangible assets), affairs, operations, liabilities
(contingent or otherwise), capital, properties, condition (financial or otherwise) or results of operations of the Company whether or
not arising in the ordinary course of business;;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(rr)</TD><TD STYLE="text-align: justify">&ldquo;<B>Material Agreement</B>&rdquo; means any contract, commitment, agreement (written or oral), instrument,
lease or other document (including option agreements), to which the Company or any of the Material Subsidiaries is a party or otherwise
bound and which is material to the Company and the Material Subsidiaries, taken as a whole;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ss)</TD><TD STYLE="text-align: justify">&ldquo;<B>Material Subsidiaries</B>&rdquo; means Cobalt Camp Refinery Limited and U.S. Cobalt Inc.;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(tt)</TD><TD STYLE="text-align: justify">&ldquo;<B>Money Laundering Laws</B>&rdquo; has the meaning given thereto in Section&nbsp;7(ww) hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(uu)</TD><TD STYLE="text-align: justify">&ldquo;<B>Nasdaq</B>&rdquo; means the Nasdaq Capital Market.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vv)</TD><TD STYLE="text-align: justify">&ldquo;<B>Net Proceeds</B>&rdquo; has the meaning given thereto in Section&nbsp;5(a)&nbsp;hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ww)</TD><TD STYLE="text-align: justify">&ldquo;<B>NI 21-101</B>&rdquo; means National Instrument 21-101 &ndash; <I>Market Operations</I>;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(xx)</TD><TD STYLE="text-align: justify">&ldquo;<B>NI 44-101</B>&rdquo; means National Instrument 44-101 &ndash; <I>Short Form&nbsp;Prospectus
Distributions</I>;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(yy)</TD><TD STYLE="text-align: justify">&ldquo;<B>NI 44-102</B>&rdquo; means National Instrument 44-102 &ndash; <I>Shelf Distributions</I>;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(zz)</TD><TD STYLE="text-align: justify">&ldquo;<B>Note Offering</B>&rdquo; means the private placement offering to United States investors of
US$45 million principal amount of 6.95% senior secured convertible notes due December&nbsp;1, 2026;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(aaa)</TD><TD STYLE="text-align: justify">&ldquo;<B>Offering</B>&rdquo; has the meaning given thereto in Section&nbsp;1 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(bbb)</TD><TD STYLE="text-align: justify">&ldquo;<B>Offering Documents</B>&rdquo; means each of the Registration Statement, the Base Prospectuses,
the Prospectus Supplements, the Disclosure Package, any Issuer Free Writing Prospectus and any Prospectus Amendment, including the Documents
Incorporated by Reference;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ccc)</TD><TD STYLE="text-align: justify">&ldquo;<B>Permits</B>&rdquo; has the meaning given thereto in Section&nbsp;7(nn) hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ddd)</TD><TD STYLE="text-align: justify">&ldquo;<B>Placement</B>&rdquo; has the meaning given thereto in Section&nbsp;2(a)&nbsp;hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(eee)</TD><TD STYLE="text-align: justify">&ldquo;<B>Placement Fee</B>&rdquo; has the meaning given thereto in Section&nbsp;2(a)&nbsp;hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(fff)</TD><TD STYLE="text-align: justify">&ldquo;<B>Placement Notice</B>&rdquo; has the meaning given thereto in Section&nbsp;2(a)&nbsp;hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ggg)</TD><TD STYLE="text-align: justify">&ldquo;<B>Placement Shares</B>&rdquo; has the meaning given thereto in Section&nbsp;2(a)&nbsp;hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(hhh)</TD><TD STYLE="text-align: justify">&ldquo;<B>Properties</B>&rdquo; means the Refinery and the Iron Creek Property;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">&ldquo;<B>Prospectus Amendment</B>&rdquo; means any amendment to the Canadian Base Prospectus or the U.S.
Base Prospectus;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(jjj)</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">&ldquo;<B>Prospectus Supplements</B>&rdquo; means, collectively,
the Canadian Prospectus Supplement and the U.S. Prospectus Supplement;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(kkk)</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">&ldquo;</FONT><B>Prospectuses</B><FONT STYLE="background-color: white">&rdquo;
means, collectively, the Canadian Prospectus and the U.S. Prospectus;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(lll)</TD><TD STYLE="text-align: justify">&ldquo;<B>Purchasers</B>&rdquo; means, collectively, each of the purchasers of the Shares pursuant to
the Offering;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(mmm)</TD><TD STYLE="text-align: justify">&ldquo;<B>Qualifying Authorities</B>&rdquo; means the securities regulatory authorities in each of the
provinces of Canada;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(nnn)</TD><TD STYLE="text-align: justify">&ldquo;<B>Qualifying Jurisdiction</B>s&rdquo; means each of the provinces of Canada;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ooo)</TD><TD STYLE="text-align: justify">&ldquo;<B>Receipt</B>&rdquo; has the meaning given thereto in Section&nbsp;6 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ppp)</TD><TD STYLE="text-align: justify">&ldquo;<B>Refinery</B>&rdquo; means the Company&rsquo;s 100% owned cobalt refinery located in Lorrain
Township, near Cobalt, Ontario;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(qqq)</TD><TD STYLE="text-align: justify">&ldquo;<B>Refinery Opinion</B>&rdquo; means the opinion of counsel furnished by the Company to the Agents
with respect to title and mineral rights for the Refinery;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(rrr)</TD><TD STYLE="text-align: justify">&ldquo;<B>Representation Date</B>&rdquo; has the meaning given thereto in Section&nbsp;8(n)&nbsp;hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(sss)</TD><TD STYLE="text-align: justify">&ldquo;<B>Reviewing Authority</B>&rdquo; has the meaning given thereto in Section&nbsp;6 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ttt)</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">&ldquo;<B>Rule&nbsp;433</B>&rdquo; means Rule&nbsp;433 under the
Securities Act;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(uuu)</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">&ldquo;<B>Rules&nbsp;and Regulations</B>&rdquo; has the meaning
given thereto in Section&nbsp;6 hereof;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vvv)</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">&ldquo;<B>SEC</B>&rdquo; means the United States Securities and
Exchange Commission;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(www)</TD><TD STYLE="text-align: justify">&ldquo;<B>Securities Act</B>&rdquo; means the U.S. Securities Act of 1933, as amended.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(xxx)</TD><TD STYLE="text-align: justify">&ldquo;<B>SEDAR</B>&rdquo; means the System for Electronic Document Analysis and Retrieval;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(yyy)</TD><TD STYLE="text-align: justify">&ldquo;<B>Settlement Date</B>&rdquo; has the meaning given thereto in Section&nbsp;5(a)&nbsp;hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(zzz)</TD><TD STYLE="text-align: justify">&ldquo;<B>Shares</B>&rdquo; has the meaning given thereto in Section&nbsp;1 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(aaaa)</TD><TD STYLE="text-align: justify">&ldquo;<B>Shelf Procedures</B>&rdquo; means NI 44-101 and NI 44-102;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(bbbb)</TD><TD STYLE="text-align: justify">&ldquo;<B>Shelf Securities</B>&rdquo; has the meaning given thereto in Section&nbsp;6 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(cccc)</TD><TD STYLE="text-align: justify">&ldquo;<B>Tax Act</B>&rdquo; means the <I>Income Tax Act</I> (Canada) and the regulations thereunder,
both as amended from time to time and any proposed amendments thereto announced publicly by or on behalf of the Minister of Finance (Canada)
on or prior to the date of this Agreement;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(dddd)</TD><TD STYLE="text-align: justify">&ldquo;<B>Trading Day</B>&rdquo; means, as applicable, any day on which the TSXV or Nasdaq is open for
trading;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(eeee)</TD><TD STYLE="text-align: justify">&ldquo;<B>TSXV</B>&rdquo; means the TSX Venture Exchange;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ffff)</TD><TD STYLE="text-align: justify">&ldquo;<B>U.S. Base Prospectus</B>&rdquo; has the meaning given thereto in Section&nbsp;6 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(gggg)</TD><TD STYLE="text-align: justify"><B>&ldquo;U.S. Marketplace</B>&rdquo; has the meaning given thereto in Section&nbsp;3 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(hhhh)</TD><TD STYLE="text-align: justify">&ldquo;<B>U.S. Prospectus</B>&rdquo; has the meaning given thereto in Section&nbsp;6 hereof;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iiii)</TD><TD STYLE="text-align: justify">&ldquo;<B>U.S. Prospectus Supplement</B>&rdquo; has the meaning given thereto in Section&nbsp;6 hereof;
and</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(jjjj)</TD><TD STYLE="text-align: justify">&ldquo;<B>U.S. Securities Laws</B>&rdquo; means the Securities Act, the Exchange Act and rules&nbsp;and
regulations promogulated thereunder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>24.</B></TD><TD STYLE="text-align: justify"><B>Recognition of the U.S. Special Resolution Regimes.</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">In the event that any Agent that is a Covered Entity becomes subject to a proceeding under a U.S. Special
Resolution Regime, the transfer from such Agent of this Agreement, and any interest and obligation in or under this Agreement, will be
effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such
interest and obligation, were governed by the laws of the United States or a state of the United States.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">In the event that any Agent that is a Covered Entity or a BHC Act Affiliate of such Agent becomes subject
to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Agent are
permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if
this Agreement were governed by the laws of the United States or a state of the United States.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">For the purposes of this Section&nbsp;24:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&ldquo;<B>BHC Act
Affiliate</B>&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo; in, and shall be interpreted in accordance with, 12
U.S.C. &sect; 1841(k);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Covered Entity</B>&rdquo;
means any of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R.
 &sect; 252.82(b);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">a &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R.
 &sect; 47.3(b); or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">a &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R.
 &sect; 382.2(b);</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Default Right</B>&rdquo; has
the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable;
and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>U.S. Special Resolution Regime</B>&rdquo;
means each of (i)&nbsp;the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>25.</B></TD><TD STYLE="text-align: justify"><B>Judgment Currency</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">The obligation
of the Company in respect of any sum due to the Agents under this Agreement shall, notwithstanding any judgment in a currency other than
U.S. dollars or any other applicable currency (the &ldquo;<B>Judgment Currency</B>&rdquo;), not be discharged until the first business
day, following receipt by the Agents of any sum adjudged to be so due in the Judgment Currency, on which (and only to the extent that)
the Agents may in accordance with normal banking procedures purchase U.S. dollars or any other applicable currency with the Judgment Currency;
if the U.S. dollars or other applicable currency so purchased are less than the sum originally due to the Agents hereunder, the Selling
Shareholder or the Company, as applicable, agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Agents
against such loss. If the U.S. dollars or other applicable currency so purchased are greater than the sum originally due to the Agents
hereunder, the Agents agree to pay to the Company, as applicable, an amount equal to the excess of the U.S. dollars or other applicable
currency so purchased over the sum originally due to the Agents hereunder.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>26.</B></TD><TD STYLE="text-align: justify"><B>Compliance with USA Patriot Act</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">In accordance
with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October&nbsp;26, 2001)), the Agents are required
to obtain, verify and record information that identifies their respective clients, including the Company, which information may include
the name and address of their respective clients, as well as other information that will allow the Agents to properly identify their respective
clients.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>27.</B></TD><TD STYLE="text-align: justify"><B>Counterparts</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery
of an executed Agreement by one party to the other may be made by email transmission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Remainder of page&nbsp;left intentionally blank.]</I></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the foregoing accurately reflects your understanding
and agreement with respect to the matters described herein please indicate your agreement by countersigning this Agreement in the space
provided below.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>ELECTRA BATTERY MATERIALS CORPORATION</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Trent Mell</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>Name: Trent Mell <BR>
Title: President, Chief Executive Officer and Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Michael Insulan</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>Name: Michael Insulan<BR>
    Title: Interim Chief Financial Officer&nbsp;&amp; Vice President Commercial</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Signature Page&nbsp;to Sales Agreement</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ACCEPTED</B> as of the date first-above written.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>CIBC WORLD MARKETS INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Kay Yoo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>Name: Kay Yoo<BR>
    Title: Managing Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>CIBC WORLD MARKETS CORP.</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Jordan Horoschak</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>Name: Jordan Horoschak<BR>
    Title: Managing Director</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Signature Page&nbsp;to Sales Agreement</I></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule&nbsp;1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Form&nbsp;of
Placement Notice</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">From:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electra Battery Materials Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CIBC World Markets Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt; width: 5%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt; width: 88%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kay Yoo</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joe Kostandoff</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sid Ramanathan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kevin Tychon</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Dort</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CIBC World Markets Corp.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jordan Horoschak</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank Monette</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Placement Notice</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_], 2022</FONT></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms and subject to the conditions
contained in the Amended&nbsp;&amp; Restated Equity Distribution Agreement (the &ldquo;<B>Agreement</B>&rdquo;) among Electra Battery
Materials Corporation, a company continued under the C<I>anada Business Corporations Act</I> (the &ldquo;<B>Company</B>&rdquo;), CIBC
World Markets Inc. (the &ldquo;<B>Canadian Agent</B>&rdquo;) and CIBC World Markets Corp. (the &ldquo;<B>U.S. Agent</B>&rdquo; together
the Canadian Agent, the &ldquo;<B>Agents</B>&rdquo;), dated May&nbsp;17, 2022, the Company hereby requests that the [U.S.][Canadian] Agent[s]
sell up to [_] of the Company&rsquo;s common shares (the &ldquo;<B>Placement Shares</B>&rdquo;), at a minimum market price of $<B>[&bull;]
</B>per Placement Share, during the time period beginning <B>[month, day, time]</B> and ending <B>[month, day, time] </B>(the &ldquo;<B>Placement</B>&rdquo;).
Capitalized terms used and not otherwise defined herein have the meaning ascribed thereto in the Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amount of compensation to be paid by the Company
to an Agent with respect to the Placement shall be equal to [_]% of the gross proceeds from the Placement and shall be payable in the
currency of the Placement (the &ldquo;<B>Placement Fee</B>&rdquo;). Placement Shares may be sold on the TSX Venture Exchange, the Nasdaq
Capital Market or on any other Canadian Marketplace or U.S. Marketplace, in the Agents&rsquo; discretion.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule&nbsp;2</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Authorized Representatives of the Company
are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; width: 34%; border: Black 1pt solid; text-align: justify"><B>Name and Office / Title</B></TD>
    <TD STYLE="padding: 2pt 5.4pt; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><B>E-mail Address</B></TD>
    <TD STYLE="padding: 2pt 5.4pt; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><B>Telephone Numbers</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Trent Mell<BR>
Chief Executive Officer</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">[REDACTED]</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Office:&nbsp;&nbsp;[REDACTED]</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cell:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[REDACTED]</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Michael Insulan<BR>
Interim Chief Financial Officer&nbsp;&amp; Vice President Commercial</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">[REDACTED]</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Office:&nbsp;&nbsp;[REDACTED]</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cell:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[REDACTED]</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Authorized Representatives of the Canadian
Agent are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; width: 34%; border: Black 1pt solid; text-align: justify"><B>Name and Office / Title</B></TD>
    <TD STYLE="padding: 2pt 5.4pt; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><B>E-mail Address</B></TD>
    <TD STYLE="padding: 2pt 5.4pt; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><B>Telephone Numbers</B></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kay Yoo</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Managing Director,&nbsp;Investment Banking</P></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[REDACTED]</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Office:&nbsp;&nbsp;[REDACTED]</TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Joe Kostandoff</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Managing Director, ECM</P></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[REDACTED]</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid">Office:&nbsp;&nbsp;&nbsp;[REDACTED]</TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sid Ramanathan</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Director, ECM</P></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">[REDACTED]</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">Office:
    &nbsp;&nbsp;[REDACTED]</TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kevin Tychon</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Director, ECM</P></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">[REDACTED]</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">Office: &nbsp;&nbsp;[REDACTED]</TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">David Dort</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Director, Global Markets</P></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">[REDACTED]</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">Office: &nbsp;&nbsp;[REDACTED]</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Authorized Representatives of the U.S. Agent
are as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 5.4pt; width: 34%; border: Black 1pt solid; text-align: justify"><B>Name and Office / Title</B></TD>
    <TD STYLE="padding: 2pt 5.4pt; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><B>E-mail Address</B></TD>
    <TD STYLE="padding: 2pt 5.4pt; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><B>Telephone Numbers</B></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jordan Horoschak</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Managing Director,&nbsp;Investment Banking</P></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">[REDACTED]</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">Office: &nbsp;[REDACTED]</TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Frank Monette</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Director, Global Markets</P></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">[REDACTED]</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify">Office: &nbsp;[REDACTED]</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Exhibit&nbsp;A-1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>OFFICER&rsquo;S
CERTIFICATE</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, <B>[name of executive officer]</B>, the <B>[title
of executive officer]</B> of Electra Battery Materials Corporation (the &ldquo;<B>Company</B>&rdquo;), a company continued under the <I>Canada
Business Corporations Act</I>, do hereby certify in such capacity and not in my personal capacity, on behalf of the Company pursuant to
Section&nbsp;8(n)&nbsp;of the Amended and Restated Equity Distribution Agreement dated May&nbsp;17, 2022 (the &ldquo;<B>Distribution Agreement</B>&rdquo;)
among the Company, CIBC World Markets Inc. and CIBC World Markets Corp., and without personal liability, that, to the best of my knowledge:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">except as set forth in the Registration Statement, the Prospectuses and the Disclosure Package, the representations
and warranties of the Company in Section&nbsp;7 of the Distribution Agreement are true and correct on and as of the date hereof with the
same force and effect as if expressly made on and as of the date hereof, except for those representations and warranties that speak solely
as of a specific date and which were true and correct as of such date; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the Company has complied with all agreements and satisfied all conditions on its part to be performed
or satisfied pursuant to the Distribution Agreement at or prior to the date hereof.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;________________________</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><B>ELECTRA BATTERY MATERIALS CORPORATION</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Name:<BR>
Title:</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Exhibit&nbsp;B-1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>MATTERS
TO BE COVERED BY INITIAL OPINION OF Canadian COMPANY COUNSEL</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The Company is a company continued and existing under the laws of Canada and has the corporate power to
conduct its business as described in the Prospectus;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Each of Cobalt Camp Refinery Limited, a company incorporated and existing under the laws of the Province
of British Columbia, and U.S. Cobalt Inc., a company incorporated and existing under the laws of British Columbia (individually a &ldquo;<B>Material
Subsidiary</B>&rdquo; and collectively the &ldquo;<B>Material Subsidiaries</B>&rdquo;), is in good standing and has the corporate power
to conduct its business as described in the Prospectus;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">the Company has the corporate power to enter into and deliver the Agreement and to perform its obligations
thereunder and to carry out the transactions contemplated thereby and the Agreement has been authorized, executed and, to the extent delivery
is a matter governed by the laws of the Province of Ontario or the federal laws of Canada applicable therein (the &ldquo;<B>Applicable
Laws</B>&rdquo;), delivered by the Company, and such agreement is a legal, valid and binding agreement of the Company and is enforceable
against the Company in accordance with its terms under the laws of the Province of Ontario;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">the Company&rsquo;s authorized share capital consists of an unlimited number of Shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">Cobalt Camp Refinery Limited&rsquo;s authorized share capital consists of an unlimited number of common
shares and the Company is the sole registered holder of the issued and outstanding shares of Cobalt Camp Refinery Limited;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">U.S. Cobalt Inc.&rsquo;s authorized share capital consists of an unlimited number of common shares and
the Company is the sole registered holder of the issued and outstanding shares of U.S. Cobalt Inc.;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">the attributes and characteristics of the Shares conform in all material respects with the descriptions
thereof in the Prospectus;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">all necessary corporate action has been taken by the Company to authorize the issuance and delivery of
the Placement Shares;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">the Placement Shares to be delivered under the Agreement will, when issued once the Company has received
delivery of payment of the purchase price therefor, be validly issued as fully paid and non-assessable shares in the capital of the Company;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">the execution and delivery by the Company of, and the performance by the Company of its obligations under
the Agreement will not contravene any provisions of:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">the notice of articles or articles, as amended, of the Company, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the <I>Canada Business Corporations Act</I>;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">no consent, approval or authorization or order, of or registration, qualification, recording or filing
with any governmental body or agency is required for the issuance, sale and delivery of the Placement Shares, except such as may have
been made or obtained;</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify">the TSXV has conditionally approved the listing and posting for trading of the Placement Shares, subject
to the Company fulfilling all of the requirements of such exchange;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify">all documents have been filed, all proceedings have been taken and all other legal requirements have been
fulfilled by the Company as required under the Canadian Securities Laws to qualify the distribution of the Placement Shares to the public
in each of the Qualifying Jurisdictions through dealers duly registered under the Canadian Securities Laws who have complied with the
relevant provisions of such laws; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: justify">the statements under the heading &ldquo;Eligibility for Investment&rdquo; in the Prospectus are true and
correct, subject to the assumptions, limitations, conditions and restrictions set out therein.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In giving the opinions described above, such counsel
may state that the opinions above are limited to the laws of the Provinces of Alberta, British Columbia, and Ontario and the federal laws
of Canada therein, except to the extent such opinions are made in reliance on the opinion of local counsel in other jurisdictions and
as to matters of fact, to the extent they deem proper, on certificates of responsible officers of the Company and public officials.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Exhibit&nbsp;C-1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>MATTERS
TO BE COVERED BY INITIAL OPINION OF U.S. COMPANY COUNSEL</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">The Equity Distribution Agreement has been duly executed and delivered by the Company, to the extent such execution and delivery are
governed by the laws of the State of New York.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">2.</TD><TD STYLE="text-align: justify">Neither the execution and delivery by the Company of the Equity Distribution Agreement nor the consummation by the Company of the
issuance and sale of the Securities contemplated thereby (i)&nbsp;contravenes any Scheduled Order <FONT STYLE="background-color: white">or
(ii)&nbsp;constitutes a violation of, or a default under, any Scheduled Contract</FONT>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">3.</TD><TD STYLE="text-align: justify">Neither the execution and delivery by the Company of the Equity Distribution Agreement nor the consummation by the Company of the
issuance and sale of the Securities contemplated thereby: (i)&nbsp;violates any law, rule&nbsp;or regulation of the State of New York
or the United States of America or (ii)&nbsp;requires the consent, approval, licensing or authorization of, or any filing, recording or
registration with, any governmental authority under any law, rule&nbsp;or regulation of the State of New York or the United States of
America, except for those consents, approvals, licenses and authorizations already obtained and those filings, recordings and registrations
already made.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">4.</TD><TD STYLE="text-align: justify">Although the discussion in the Prospectus under the caption &ldquo;Certain U.S. Federal Income Tax Considerations for U.S. Holders&rdquo;
does not purport to discuss all possible U.S. federal income tax considerations applicable to U.S. Holders (as defined therein) who purchase
the Securities pursuant to the Prospectus, such discussion constitutes, in all material respects, a fair and accurate summary of the U.S.
federal income tax considerations generally applicable to U.S. Holders with respect to the ownership and disposition of the Securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">5.</TD><TD STYLE="text-align: justify">The Company is not and, solely after giving effect to the offering and sale of the Securities and the application of the proceeds
thereof as described in the U.S. Prospectus, will not be an &ldquo;investment company&rdquo; as such term is defined in the Investment
Company Act of 1940.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">6.</TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">(i)&nbsp;The Registration Statement, at the Effective Time and as of the date hereof, and the
Prospectus, as of the date of the Prospectus Supplement, appeared on their face to be appropriately responsive in all material respects
to the requirements of the Securities Act and the Rules&nbsp;and Regulations thereunder (the &quot;Rules&nbsp;and Regulations&quot;) (except
that in each case we do not express any view as to the financial statements, schedules and other financial or statistical information
included or incorporated by reference therein or excluded therefrom), (ii)&nbsp;the Form&nbsp;F-X, as of its date, appeared on its face
to be appropriately responsive in all material respects to the requirements of the Securities Act and the Rules&nbsp;and Regulations applicable
to such form, and (iii)&nbsp;no facts have come to our attention that have caused us to believe that the Registration Statement, at the
Effective Time and as of the date hereof, contained an untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary to make the statements therein not misleading, or that the Prospectus, as of the date of the Prospectus
Supplement and as of the date hereof, contained or contains an untrue statement of a material fact or omitted or omits to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (except
that in each case we do not express any view as to the financial statements, schedules and other financial or statistical information
included or incorporated by reference therein or excluded therefrom, the report of management's assessment of the effectiveness of internal
controls over financial reporting, or the statements contained in the exhibits to the Registration Statement (other than the statements
contained in the Incorporated Documents, which Incorporated Documents are themselves required to be filed as exhibits to the Registration
Statement pursuant to paragraph (4)&nbsp;of Part&nbsp;II of Form&nbsp;F-10 under the Securities Act and the MJDS))</FONT>.</TD></TR></TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule&nbsp;3</B></FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">Amendment of the existing Industrial Sewage Works (ISX) Environmental Compliance Approval with the Ministry
of Environment, Conservation and Parks (MECP). <B>(In progress)</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">2.</TD><TD STYLE="text-align: justify">Amendment of the existing Air and Noise Environmental Compliance Approval with the Ministry of Environment,
Conservation and Parks (MECP). <B>(Obtained)</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">3.</TD><TD STYLE="text-align: justify">Permit to take water (PTTW) from the Ministry of Environment, Conservation and Parks (MECP). <B>(Obtained)</B></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">4.</TD><TD STYLE="text-align: justify">Amendment of the closure plan on file with the Ministry of Energy, Northern Development and Mines. <B>(In
progress)</B></TD></TR></TABLE>

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
