ACQUISITION AGREEMENT

THIS ACQUISITION AGREEMENT is effective as of May 27, 2025,

BETWEEN

CAMILA CARLESSI VARGAS

(the "Vendor")

AND

1001184918 ONTARIO INC., a corporation incorporated under the laws of the Province of Ontario, Canada

(the "Purchaser")

WHEREAS:

A. Camila Carlessi Vargas (the "Vendor") owns 3,971,781 shares (the "Vendor Shares") in the capital of Pecoy Sociedad Minera S.A.C. ("Pecoy Peru"), representing 10.273% of the outstanding shares of Pecoy Peru;

B. Carlos Mauricio (the "Second Vendor") owns 5,158,152 shares (the "Second Vendor Shares") in the capital of Pecoy Peru, representing 13.342% of the outstanding shares of Pecoy Peru;

C. Pembrook owns 29,531,045 shares in the capital of Pecoy Peru, representing 76.385% of the outstanding shares of Pecoy Peru;

D. Pecoy Peru is the registered holder of the concessions set out in Schedule A1 hereto (the "Pembrook Claims");

E. Pecoy Peru is the owner of 12,611,087 shares in the capital of Pembrook Copper S.A.C. ("Pemco"), representing 99.99% of the outstanding shares of Pemco;

F. Pemco is a party to the "Authorization Agreement for the Use and Enjoyment of Surface Lands for Mining Purposes and Other Agreements" (the "Pecoy Land Agreement") signed with the Arirahua Community, formalized by public deed dated October 28, 2018;

G. Pembrook also owns 27,650,469 shares in the capital of Torion Mining S.A.C. ("Torion"), representing 99.99% of the outstanding shares of Torion;

H. Torion is the registered holder of the concessions set out in Schedule A3 hereto (the "Tororume Claims");

I. Minera Andina de Exploraciones S.A.A. and its subsidiary, S.M.R.L Rosita No. 1 de Arequipa (collectively, "Minandex") are the registered holders of the concessions set out in Schedule A2 hereto (the "Rosita Claims");

J. Copper X Peru S.A.C. (before named Aija Resources S.A.C., hereinafter "Copper X Peru") is party to the Option Agreement (as defined herein) pursuant to which it has the option to acquire 100% of the Rosita Claims;

K. Copper X Peru is a wholly-owned subsidiary of Copper X Mining Corp. ("Copper X");

L. The Purchaser wishes to acquire all of the Vendor Shares pursuant to this acquisition agreement (this "Agreement");

M. The Purchaser has entered into an option agreement with the Second Vendor dated the date hereof (the "Second Vendor Option Agreement") to acquire all of the Second Vendor Shares;

N. The Purchaser and a wholly-owned subsidiary of the Purchaser have entered into an acquisition agreement with Pembrook dated the date hereof (the "Pembrook Purchase Agreement") to acquire Pembrook and thereby the Pembrook Shares (the "Pembrook Acquisition");

O. The Purchaser has entered into a purchase agreement with all the shareholders of Copper X dated the date hereof (the "Copper X Purchase Agreement") to acquire 100% of the issued and outstanding shares of Copper X from such shareholders;

P. Following the execution of the Purchase Agreements:

a. the Purchaser will as soon as commercially reasonable, complete an equity financing (the "Purchaser Seed Financing") at a price of C$0.30 per common share of the Purchaser for gross proceeds of C$2,000,000;

b. Copper X will, pursuant to the Copper X Purchase Agreement and as soon as commercially reasonable, complete a financing (the "Copper X Seed Financing") at a price of C$0.30 per common share of Copper X for gross proceeds of C$1,000,000; and

c. the Purchaser will launch and as soon as commercially reasonable, complete a financing (the "RTO Financing") for minimum gross proceeds of C$25,000,000 (or such other amount as is agreed by the Parties and sufficient to allow the Resulting Issuer to meet minimum TSXV listing requirements) by way of a private placement of subscription receipts (the "RTO Subscription Receipts") pursuant to an agency agreement with one or more brokers (the "RTO Agency Agreement"), at a price of C$0.60 per Subscription Receipt;

Q. The RTO Subscription Receipts shall be automatically exchanged for or converted into common shares of the Purchaser upon the satisfaction of certain escrow release conditions (the "Escrow Release Conditions") to be set forth in the RTO Agency Agreement;

R. Following the execution of the Purchase Agreements, the Purchaser shall use commercially reasonable efforts to enter into a binding definitive agreement (the "RTO Definitive Agreement") with either a "Capital Pool Company" (as such term is defined in the policies of the TSXV) or a similar vehicle (the "Shell") in order to effect a reverse take-over (the "RTO") of the Shell by the Purchaser;

S. Upon the closing of the RTO (the "RTO Closing"), (i) the Purchaser will amalgamate with a wholly-owned Ontario subsidiary of the Shell to form an amalgamated company referred to herein as "RTO Amalco"), (ii) the then outstanding securities of the Purchaser will be exchanged for comparable securities of the Shell on a one-for-one basis or on the basis of some other exchange ratio as agreed to among the Parties, and (iii) RTO Amalco shall become a wholly-owned subsidiary of the Shell. As at the RTO Closing, the Shell shall thereafter be referred to as the "Resulting Issuer";

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T. The common shares of the Resulting Issuer shall commence trading on the TSXV within three (3) Business Days of the date of the RTO Closing;

U. Concurrent with the execution of this Agreement, Pembrook has delivered to the Parties the waiver in the form attached hereto as Schedule E; and

V. Concurrent with the execution of this Agreement, the Second Vendor Option Agreement and the Pembrook Purchase Agreement, the Second Vendor and Pembrook have entered into a settlement agreement providing for: (i) the cancellation and termination of the Existing Pembrook-Carlessi Arbitrations; (ii) the termination of the Pecoy Shareholders' Agreement; (iii) the waiver of any rights of refusal of any of the parties thereto in respect of the transfer, purchase or sale of any shares of Pecoy Peru; and (iv) the granting of mutual releases by each of the parties thereto to the other parties to the Settlement Agreement with respect to any prior claims, damages, litigation or other causes of action pertaining or relating, directly or indirectly, to their respective ownership interests in Pecoy Peru and any of their rights under the Pecoy Shareholders' Agreement (the "Settlement Agreement"). The Settlement Agreement is effective as of its execution for the purpose of continuing the suspension of the Existing Pembrook-Carlessi Arbitrations and the waiver of any previous rights of first refusal between the parties thereto, while the covenants regarding the termination of the Pecoy Shareholders' Agreement and the cancellation and termination of the Existing Pembrook-Carlessi Arbitrations shall take effect as at the RTO Closing. The Settlement Agreement shall expire in the event the RTO has not closed by the Outside Date.

NOW THEREFORE, in consideration of the foregoing and the representations, warranties, covenants, agreements and promises contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties to this Agreement, the Parties agree as follows:

ARTICLE 1

DEFINITIONS AND INTERPRETATION

1.1 Definitions

In this Agreement, unless the context otherwise requires, the following terms have the meanings hereinafter set forth:

(a) "Affiliate" has the meaning ascribed thereto in Section 1.3.

(b) "Agnico Eagle" means Agnico Eagle Mines Limited.

(d) "Agreement" means this acquisition agreement, including all Schedules, as it may be supplemented, amended or replaced by written agreement between the Parties from time to time.

(e) "Alternative Transaction" means, other than in connection with the transactions contemplated in this Agreement, any offer, proposal or inquiry relating to, the Vendor Shares or the Purchaser Shares, the consummation of which would prevent or interfere with the completion of the Purchase and Sale Transaction or any other Transaction.

(f) "Amended and Restated Tororume Agreement" has the meaning ascribed thereto in Section 7.3(m).

(g) "Associate" has the meaning ascribed thereto in the Securities Act.

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(h) "Authorizations" means those sanctions, rulings, consents, orders, exemptions, permits and other approvals (including the lapse, without objection, of a prescribed time under a statute or regulation that states that a transaction may be implemented if a prescribed time lapses following the giving of notice without an objection being made) of any Governmental Authority, regulatory agency or self-regulatory organizations required by the Vendor or Purchaser in connection with the completion of the Purchase and Sale Transaction and the other transactions contemplated by this Agreement.

(i) "Business Day" means any day other than a Saturday or Sunday or a statutory or civic holiday in Toronto, Ontario.

(j) "Cash Consideration" has the meaning ascribed thereto in Section 2.2.

(k) "CIM Definition Standard" means the CIM Definition Standards for Mineral Resources & Mineral Reserves adopted by the Canadian Institute for Mining, Metallurgy and Petroleum Standing Committee on Reserve Definitions on May 19, 2014.

(l) "Closing Date" has the meaning ascribed thereto in Section 8.1.

(m) "Closing Documents" has the meaning ascribed thereto in Section 8.2.

(n) "Consents" means all consents, approvals or other waivers, as applicable, from any party to any contracts, leases, licenses, permits, agreements or other arrangements that directly relate to the business of the Vendor or Purchaser, and that are necessary or advisable in connection with the execution of this Agreement, or the performance of any terms hereof or any document delivered pursuant hereto, or the completion of any of the transactions contemplated by this Agreement.

(o) "Consideration" has the meaning ascribed thereto in Section 2.2.

(p) "Constating Documents" means the articles and notice of articles and any other instrument pursuant to which a Party was created, incorporated, continued, amalgamated or otherwise established, as the case may be, and/or which governs in whole or in part such Party's affairs, together with any amendments thereto.

(q) "Contracts" means all contracts, leases, deeds, mortgages, licences, instruments, notes, commitments, undertakings, indentures, memorandums of understanding, joint ventures and all other agreements, commitments and legally binding arrangements, whether written or oral.

(r) "Copper X" has the meaning ascribed thereto in the Recitals herein.

(s) "Copper X Peru" has the meaning ascribed thereto in the Recitals herein.

(t) "Copper X Purchase Agreement" has the meaning ascribed thereto in the Recitals herein.

(u) "Copper X Seed Financing" has the meaning ascribed thereto in the Recitals herein.

(v) "Encumbrances" means Liens, adverse claims, pre-emptive rights, options, security and any other similar arrangements or encumbrances.

(w) "Escrow Release Conditions" has the meaning ascribed thereto in the Recitals herein.

(x) "Existing Pembrook-Carlessi Arbitrations" means the existing arbitration proceedings commenced by Pembrook against the Vendor -Case 7-2021-AMCHAM- and commenced by the Vendor against Pecoy Peru and Pembrook -Case 25-2020-AMCHAM and

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commenced by the Vendor against Pembrook, Pecoy Peru and Urion Mexico Holdings Ltd. –Case 13-2021-AMCHAM.

(y) “Feasibility Study” has the meaning ascribed thereto in the CIM Definition Standard.

(z) “Going Public Transaction” means the completion of the RTO and the listing of the Resulting Issuer common shares on the TSXV.

(aa) “Governmental Authority” means any foreign, national, provincial, local, or state government, any political subdivision or any governmental, judicial, public, or statutory instrumentality, court, tribunal, agency, including those pertaining to health, safety, or the environment, authority, body, or entity, or other regulatory bureau, authority, body, or entity, having legal jurisdiction over the activity or Person in question.

(bb) “Grantors” has the meaning ascribed thereto in the Option Agreement.

(cc) “Law” means any federal, provincial, local, municipal, state, foreign or other administrative statute, law, order, constitution, ordinance, principle of common law, regulation, rule or treaty.

(dd) “Lien” means any mortgage, hypothec, lien, security interest, lease, option, right of third parties or other charge or encumbrance whatsoever, including the lien or retained title of a conditional vendor and any easement, right of way or other encumbrance on title to real property.

(ee) “Material Adverse Change” means any change (or any condition, event or development involving a prospective change) in the business, operations, affairs, assets, liabilities (including any contingent liabilities that may arise through outstanding, pending or threatened litigation or otherwise), capitalization, financial condition, prospects, licenses, permits, rights or privileges, of a corporation or any of its subsidiaries which could reasonably be expected to materially and adversely affect such corporation and its subsidiaries, taken as a whole.

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(ff) “Material Contract” means a contract that is material to the Purchaser.

(gg) “material fact”, “material change” and “misrepresentation” have the meanings ascribed thereto in the Securities Act.

(hh) “Minandex” has the meaning ascribed thereto in the Recitals herein.

(ii) “Milestone Consideration” has the meaning ascribed thereto in Section 2.3.

(jj) “NI 43-101” means National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

(kk) “OBCA” means the Business Corporations Act (Ontario).

(ll) “Option Agreement” means the option agreement dated February 7, 2025 between Copper X Peru and Minandex.

(mm) “Party” means a party to this Agreement and “Parties” means two or more of them, collectively.

(nn) “Pecoy Land Agreement” has the meaning ascribed thereto in the Recitals herein.

(oo) “Pecoy Peru” has the meaning ascribed thereto in the Recitals herein.

(pp) "Pecoy Shareholders' Agreement" means the subscription, option and shareholders agreement dated August 28, 2013 among Pecoy Peru, the Vendor, Urion Mexico Holdings Ltd., Pembrook and Pembrook Copper S.A.C.

(qq) "Pembrook" has the meaning ascribed thereto in the Recitals herein.

(rr) "Pembrook Acquisition" has the meaning ascribed thereto in the Recitals herein.

(ss) "Pembrook Agreement" has the meaning ascribed thereto in the Recitals herein.

(tt) "Pembrook Claims" has the meaning ascribed thereto in the Recitals herein.

(uu) "Pembrook Notes" means the outstanding convertible notes and/or convertible debt of Pembrook.

(vv) "Pembrook Shares" means the common shares in the capital of Pembrook.

(ww) "Person" includes any individual, firm, partnership, joint venture, venture capital fund, association, trust, trustee, executor, administrator, legal personal representative, estate, group, body corporate, corporation, unincorporated association or organization, Governmental Authority, syndicate or other entity, whether or not having legal status.

(xx) "Purchase and Sale Transaction" has the meaning ascribed thereto in Section 2.1 herein.

(yy) "Purchase Agreements" means collectively, this Agreement, the Second Vendor Option Agreement, the Pembrook Agreement and the Copper X Purchase Agreement.

(zz) "Purchased Claims" means collectively, the Pembrook Claims and the Tororume Claims.

(aaa) "Purchaser Seed Financing" has the meaning ascribed thereto in the Recitals herein.

(bbb) "Purchaser Shares" means the common shares without par value in the capital of Purchaser.

(ccc) "Representative" means, as to any Party, such Party's subsidiaries and affiliates and its directors, officers, employees, agents and advisors (including without limitation, financial advisors, counsel and accountants).

(ddd) "Resulting Issuer" has the meaning ascribed thereto in the Recitals herein.

(eee) "Resulting Issuer Shares" means the common shares in the capital of the Resulting Issuer.

(fff) "Rosita Claims" has the meaning ascribed thereto in the Recitals herein.

(ggg) "RTO" has the meaning ascribed thereto in the Recitals herein.

(hhh) "RTO Amalco" has the meaning ascribed thereto in the Recitals herein.

(iii) "RTO Closing" has the meaning ascribed thereto in the Recitals herein.

(jjj) "RTO Definitive Agreement" has the meaning ascribed thereto in the Recitals herein.

(kkk) "Subsidiary" has the meaning ascribed thereto in Section 1.3.

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(III) "Second Vendor" has the meaning ascribed thereto in the Recitals herein.
(mmm) "Second Vendor Option Agreement" has the meaning ascribed thereto in the Recitals herein.
(nnn) "Second Vendor Shares" has the meaning ascribed thereto in the Recitals herein.
(ooo) "Securities Act" means the Securities Act (Ontario).
(ppp) "Securities Transfer Agreement" has the meaning ascribed thereto in Section 8.3(d) herein.
(qqq) "Settlement Agreement" has the meaning ascribed thereto in the Recitals herein.
(rrr) "Shell" has the meaning ascribed thereto in the Recitals herein.
(sss) "STA Agreements" means The Share Transfer Agreement (STA), Share Purchase Option and Other Agreements, dated August 18, 2010 and executed among Carlessi and Urion and the Agreement to Suspend the Effectiveness of the STA and Other Agreements, dated August 28, 2013 and executed among Carlessi and Urion Mexico Holdings Inc., which contain certain agreements between the parties, among others, to coordinate their vote in the Shareholders' Meeting of Pecoy Peru.
(ttt) "Torion" has the meaning ascribed thereto in the Recitals herein.
(uuu) "Tororume Claims" has the meaning ascribed thereto in the Recitals herein.
(vvv) "Transaction Agreements" means collectively, the Purchase Agreements, the Option Agreement, the RTO Agency Agreement and the RTO Definitive Agreement.
(www) "Transaction or Transactions" means collectively transactions contemplated herein and in the other Transaction Agreements.
(xxx) "TSXV" means the TSX Venture Exchange.
(yyy) "Vendor" has the meaning ascribed thereto in the Recitals herein.
(zzz) "Vendor Shares" has the meaning ascribed thereto in the Recitals herein.

1.2 Schedules

This Agreement contains the following schedules, which form an integral part of this Agreement:

Schedule A: Pembrook Claims; Rosita Claims and Tororume Claims
Schedule B: Intentionally deleted.
Schedule C: Pro Forma Capitalization of the Resulting Issuer
Schedule D: Securities Transfer Agreement
Schedule E: Waiver
Schedule F: Amended and Restated Tororume Agreement

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1.3 Corporation, Subsidiaries and Affiliates

When a reference is made in this Agreement to subsidiaries of a corporation or any other entity, the word "subsidiary" means any corporation of which control or outstanding voting securities carrying, directly or indirectly, more than 50% of the votes for the election of directors are, or any partnership, joint venture or other entity more than 50% of whose total equity interest is, directly or indirectly, owned by such corporation or such other entity, as the case may be, and such greater than 50% ownership constitutes "control" ("controlling" and "controlled" have corresponding meanings). The term "control" (including the terms "controlled by" and "under common control with") means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. When a reference is made in this Agreement to "Affiliates" of a corporation or any other entity, or "Affiliate" of any given Person, means a Person that, directly or indirectly, owns a controlling or majority interest in, is owned by, controls or is controlled by, has the power and authority to direct, or is directed by, or is under common ownership with, such given Person.

1.4 Number, Gender and Persons

In this Agreement, words importing the singular number include the plural and vice versa, words importing any gender include all genders and words importing persons will include individuals, corporations, partnerships, associations, trusts, unincorporated organizations, governmental bodies and other legal or business entities of any kind.

1.5 Interpretations Not Affected by Headings, etc.

The division of this Agreement into Parts, Sections and other parts and the insertion of headings are for convenience of reference only and will not affect the construction or interpretation of this Agreement. Unless otherwise indicated, all references to a "Part", "Section" or "Schedule" followed by a number and/or a letter refer to the specified Part, Section or Schedule of this Agreement. The terms "hereof", "hereby", "herein" and "hereunder" and similar expressions refer to this Agreement (including the Schedules hereto) and not to any particular Part, Section or other portion hereof and include any agreement or instrument supplementary or ancillary hereto. Any capitalized terms used in any Schedule, but not otherwise defined therein, will have the meaning as defined in this Agreement. Wherever the term "includes" or "including" is used, it will be deemed to mean "includes, without limitation" or "including, without limitation", respectively.

1.6 Date for Any Action

If any date on which any action is required or permitted to be taken hereunder is not a Business Day, such action will be required or permitted to be taken on or by the next succeeding day which is a Business Day, unless otherwise required by applicable Law.

1.7 Time Periods

Unless otherwise specified, time periods within or following which any payment is to be made or act is to be done will be calculated by excluding the day on which the period commences and including the day on which the period ends and by extending the period to the next Business Day following if the last day of the period is not a Business Day.

1.8 Time and Currency

All times expressed herein are local time in Toronto, Ontario, unless otherwise stipulated. All sums of money, references to "dollars" or "$" or "C$" in this Agreement will be in Canadian funds.

1.9 Knowledge

Where any representation or warranty in this Agreement is expressly qualified by reference to the knowledge of a Party, it is deemed to refer to the knowledge which such Party has or would have had if it

had made a diligent inquiry (including of appropriate officers and directors) as a prudent Person would have considered necessary or advisable as to the matters that are the subject of the representations and warranties.

1.10 Statutory References

In this Agreement, unless something in the subject matter or context is inconsistent therewith or unless otherwise herein provided, a reference to any statute, regulation, direction or instrument is to that statute, regulation, direction or instrument as now enacted or as the same may from time to time be amended, re-enacted or replaced, and in the case of a reference to a statute, includes any regulations, rules, policies or directions made thereunder.

1.11 No Presumption

The Parties hereto and their counsel have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement is to be construed as if drafted jointly by the Parties hereto. No presumption or burden of proof will arise in favour of any Party by virtue of the authorship of any provision of this Agreement.

ARTICLE 2 PURCHASE AND SALE TRANSACTION

2.1 The Purchase and Sale

Subject to the terms and conditions set forth herein, the Vendor hereby agrees to sell, assign, and transfer to the Purchaser, and the Purchaser hereby agrees to purchase from the Vendor, as of the Closing Date, all of the Vendor Shares, free and clear of all Encumbrances, in consideration for the amounts set out in Sections 2.2 and 2.3 of this Agreement (collectively, the "Purchase and Sale Transaction").

2.2 Initial Consideration

As consideration for the sale of the Vendor Shares, the Purchaser shall, on the Closing Date and provided that the conditions precedent in Article 7 that are required to be satisfied prior to the Closing Date are satisfied or waived, pay to the Vendor an aggregate consideration of C$1,800,000 (one million eight hundred thousand Canadian dollars), consisting of: (i) C$1,536,216 (one million five hundred thirty-six thousand two hundred sixteen Canadian dollars) in cash (the "Cash Consideration") to the Vendor (or to the Person indicated by the Vendor), and (ii) the payment, on behalf of the Vendor, of C$263,784 (two hundred sixty-three thousand seven hundred eighty-four Canadian dollars) to Morrison Park Advisors Inc. (together with the Cash Consideration, the "Consideration").

2.3 Milestone Consideration

An additional cash payment of C$350,000 (three hundred and fifty thousand Canadian dollars) shall be payable by the Purchaser to the Vendor as follows: (i) 50% on the earlier of: (A) the 60-month anniversary of the Closing Date; and (B) the announcement or publication by the Resulting Issuer of an initial resource estimate in respect of the Resulting Issuer's Tororume project (as determined and defined by the Resulting Issuer from time to time), calculated in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves; and (ii) 50% on the earlier of: (A) the 60-month anniversary of the Closing Date; and (B) the announcement or publication by the Resulting Issuer of a preliminary economic assessment in respect of the Pecoy Project. If the foregoing payment becomes due following the completion of the RTO, the Purchaser shall cause the Resulting Issuer to make such payment.

2.4 Purchaser Board Approval

Prior to the Closing Date, Purchaser will obtain the approval of its board of directors in respect of the Transactions contemplated by this Agreement.

2.5 Securities Law and Corporate Law Compliance

The Parties will diligently and in good faith do all such acts and things as may be necessary to:

(a) comply with applicable Law in relation to the purchase and sale of the Vendor Shares; and
(b) comply with any other orders, registrations, consents, filings, rulings, exemptions, no-action letters and approvals and the preparation of any documents reasonably deemed by any Party to be necessary to discharge its respective obligations or otherwise advisable under applicable Laws in connection with this Agreement.

2.6 Reverse Takeover

The Vendor acknowledges and agrees that:

(a) following Closing, the Purchaser intends to complete the RTO, pursuant to which all of the Purchaser Shares issued pursuant to the Transaction Agreements will be exchanged for Resulting Issuer Shares;
(b) the Vendor consents to (a) the RTO; (b) the entering into of the RTO Definitive Agreement by the Purchaser, under the terms and conditions set forth in the related Transaction Agreements; and (c) the exchange of the above mentioned Purchaser Shares for Resulting Issuer Shares pursuant to the RTO; and
(c) the RTO and the entering into of the RTO Definitive Agreement by the Purchaser will be approved by the shareholders of the Purchaser prior to Closing.

ARTICLE 3 REPRESENTATIONS AND WARRANTIES

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3.1 Representations and Warranties of the Vendor

The Vendor hereby makes, as of the date hereof and at the Closing Date, the following representations and warranties and acknowledges that the Purchaser is relying upon such representations and warranties for the purpose of entering into this Agreement:

(a) the Vendor is the sole legal and beneficial owner of the Vendor Shares and the Vendor has good and valid title to the Vendor Shares, free and clear of all Encumbrances, other than the rights of first refusal set out in the Pecoy Shareholders' Agreement;
(b) the Vendor has the power, authority and capacity to execute and perform its obligations under this Agreement and each of the Closing Documents to which it is, or will be, a party;
(c) this Agreement constitutes a legal, valid and binding obligation of the Vendor, enforceable in accordance with its terms, and upon the execution and delivery by of the Vendor of the Closing Documents to which it is a party, each such Closing Document will constitute a legal, valid and binding obligation of the Vendor, enforceable against the Vendor, in accordance with its terms;
(d) no approval, order, consent of or filing with any Governmental Authority is required on the part of the Vendor (other than as expressly contemplated herein) in connection with the execution and delivery of this Agreement and, once signed, the Closing Documents, or the performance by the Vendor of his obligations pursuant to this Agreement and, once signed, the Closing Documents;

(e) there are no actions, suits or proceedings in existence or pending or, to the knowledge of the Vendor, threatened or for which there is a reasonable basis, affecting or that would reasonably be expected to affect the Vendor Shares (other than the Existing Pembrook-Carlessi Arbitrations);

(f) the Vendor Shares are not subject to any Encumbrances or to any shareholders' agreement, except the Pecoy Shareholders' Agreement and the STA Agreements;

(g) the Vendor is not aware of any material dispute or threatened dispute in respect of the Pembrook Claims;

(h) the Vendor is a non-resident of Canada for the purposes of the Income Tax Act (Canada).

3.2 Representations and Warranties of Purchaser

Purchaser hereby makes, as of the date hereof and at the Closing Date, the following representations and warranties and acknowledge that the Vendor is relying upon such representations and warranties for the purpose of entering into this Agreement:

(a) the Purchaser is a corporation duly incorporated, validly existing and in good standing under the OBCA;

(b) the Purchaser has no Subsidiaries; a Subsidiary shall be created by the Purchaser on or about the date hereof for purposes of executing the Pembrook Agreement (therein referred to as AcquisitionCo);

(c) the Purchaser is duly registered and licensed to carry on its business in the jurisdictions in which it carries on such business or owns property where so required by the Laws of that jurisdiction and is not otherwise precluded from carrying on such business or owning property in such jurisdictions by any other commitment, agreement or document;

(d) the Purchaser is in material compliance with all applicable Laws in the jurisdictions in which it carries on its business and which may materially affect such company, has not received a notice of non-compliance, nor does such company know of any facts that could give rise to a notice of such non-compliance with any applicable Laws and such company is not aware of any pending change or contemplated change to any applicable Law or governmental position that would materially affect its business or legal environment under which such company operates;

(e) no proceedings have been taken or authorized by the Purchaser or, to the knowledge of the Purchaser, by any other Person, with respect to the bankruptcy, insolvency, liquidation, dissolution, discontinuance or winding-up of the Purchaser or with respect to any amalgamation, merger, consolidation, arrangement or reorganization relating to the Purchaser, except as otherwise contemplated herein or in the Purchase Agreements;

(f) Purchaser has an authorized share capital consisting of an unlimited number of Purchaser Shares without par value, of which 23,591,668 Purchaser Shares are issued and outstanding as of the date thereof;

(g) immediately prior to the Closing of the Purchase and Sale Transaction, the only convertible securities of the Purchaser that shall be outstanding are as follows: (i) the RTO Subscription Receipts; (ii) up to 6,000,000 share purchase warrants of the Purchaser having an exercise price of C$0.75 per Purchaser Share with a five-year term from date of issuance, subject to certain vesting provisions; and (iii) up to 2,250,000 share options of the Purchaser having an exercise price of C$0.60 per Purchaser Share, with a five-year term from date of issuance;

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(h) all securities of Purchaser have been issued in compliance with applicable laws, including the OBCA and the Securities Act;

(i) the Purchaser is not subject to any regulatory decision or order prohibiting or restricting transfer of its securities;

(j) the Purchaser has the power, authority and capacity to execute and perform its obligations under this Agreement and each of the Closing Documents and the Transaction Agreements to which it is, or will be, a party;

(k) the execution and delivery by Purchaser of this Agreement and, once signed, each of the Closing Documents and the Transaction Agreements to which it is a party and the performance of its obligations thereunder and contained therein have been duly authorized by all applicable corporate action;

(l) this Agreement constitutes legal, valid and binding obligations of the Purchaser, enforceable against it in accordance with its terms and upon the execution of and delivery by Purchaser of the Closing Documents and the Transaction Agreements to which it is a party, each will constitute legal, valid and binding obligations of the Purchaser, enforceable against it in accordance with its terms;

(m) neither the execution and delivery of this Agreement, the Closing Documents, the Transaction Agreements nor the consummation of the transactions contemplated hereby will directly or indirectly (with or without notice or lapse of time) (i) conflict with or result in a material breach or violation of any provision of the Constating Documents of Purchaser; or (ii) conflict with or result in a material breach or violation of any applicable Law to which the Purchaser is subject, the effect of which would reasonably be expected to result in a Material Adverse Change to the Purchaser, and Purchaser is not aware of any pending or contemplated change to any applicable Law or governmental position that would reasonably be expected to result in a Material Adverse Change to the business of Purchaser as currently conducted or the legal environment under which Purchaser operates;

(n) no approval, order, consent of or filing with any Governmental Authority is required on the part of Purchaser (other than as expressly contemplated herein) in connection with the execution and delivery of this Agreement and, once signed, the Closing Documents and the Transaction Agreements, or the performance by Purchaser of its obligations pursuant to this Agreement and, once signed, the Closing Documents and the Transaction Agreements, the absence of which would reasonably be expected to result in a Material Adverse Change to the Purchaser;

(o) there is no requirement for the Purchaser to make any filing with, give any notice to, or obtain any consent, approval, waiver or other similar authorization of, any Person (other than as expressly contemplated herein), as a result of, or in connection with, with the execution and delivery of this Agreement and, once signed, the Closing Documents and the Transaction Agreements or as a requirement or condition of the lawful completion of the transactions contemplated by this Agreement, for which the failure to do so would reasonably be expected to result in a Material Adverse Change to the Purchaser;

(p) there are no approvals, authorizations, certificates, consents, licences, orders and permits and other similar authorizations required from any Governmental Authorities (and all other Persons) in connection with the delivery and execution of the Transaction Agreements except as otherwise provided herein and therein;

(q) there are no actions, suits or proceedings in existence or pending or, to the knowledge of Purchaser, threatened or for which there is a reasonable basis, affecting or that would

reasonably be expected to affect Purchaser or affecting or that would reasonably be expected to affect any of Purchaser's property or assets at Law or equity or before or by any Governmental Authority which action, suit or proceeding involves a possibility of any judgment against or liability of Purchaser which, if successful, would reasonably be expected to cause a Material Adverse Change, or would significantly impede the ability of Purchaser to consummate the transactions contemplated herein and in the Transaction Agreements;

(r) the minute books and records of Purchaser made available to the Vendor in connection with the due diligence investigation of Purchaser for the period from the date of incorporation to the date hereof are all of the minute books of Purchaser and contain copies of all proceedings (or certified copies thereof or drafts thereof pending approval) of the shareholders, the directors and all committees of directors of Purchaser to the date hereof and there have been no other meetings, resolutions or proceedings of the shareholders, directors or any committees of the directors of Purchaser to the date hereof not reflected in such minute books;

(s) the Purchaser has no material liabilities, obligations or commitments of any nature whatsoever, asserted or unasserted, known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise, other than as expressly contemplated herein;

(t) until the date of completion of the RTO, there is and there shall not be any Material Contracts of the Purchaser except as expressly contemplated herein and in the other Transaction Documents; and

(u) upon the completion of the RTO, RTO Amalco shall become a wholly-owned subsidiary of the Resulting Issuer; and RTO Amalco shall own all of the assets owned by the Purchaser immediately prior to the effective time of the RTO.

(v) Upon completion of the RTO, the pro forma consolidated financial statements of the Resulting Issuer (including but not limited to RTO Amalco, Pembrook and its subsidiaries and Copper X and its subsidiaries) shall have aggregate payables and liabilities of no more than $500,000, unless otherwise agreed to in writing by the Vendor, and excluding (A) any liabilities pertaining to the Purchase Agreements, (B) any option payments under the Option Agreement, (C) any milestone payments relating to the acquisition by Pembrook of shares of Pecoy Peru from Urion Mexico Holdings Inc. and the Pembrook offtake agreement, and (D) any expenditures or legal costs relating to the Transactions.

ARTICLE 4

COVENANTS

4.1 Preservation of the Vendor Shares

From the date hereof to the Closing Date, unless Purchaser otherwise agrees in writing or as otherwise expressly contemplated or permitted by this Agreement, the Vendor will preserve the Vendor Shares and shall not take any steps that might interfere with the completion of the Purchase and Sale Transaction and the Transaction.

4.2 Related Transactions

Each of the Purchaser and the Vendor shall use its commercially reasonable efforts to effect the Purchase and Sale Transaction.

"CCV"

4.3 Proceedings

Each of Purchaser and the Vendor will defend or cause to be defended any lawsuits or other legal proceedings brought against it or any affiliate or subsidiary thereof challenging this Agreement or the completion of the Purchase and Sale Transaction.

4.4 Actions

The Vendor and Purchaser will:

(a) cooperate and use their commercial reasonable efforts in:

(i) obtaining all Consents and Authorizations, including orders of any Governmental Authority and third parties as are necessary for the consummation of the Purchase and Sale Transaction; and

(ii) taking all such actions as may be required under or pursuant to the Law in connection with the Purchase and Sale Transaction.

4.5 Consents and Waivers

Each Party will use its commercially reasonable efforts to obtain all required third party Consents and take such other measures as may be necessary to fulfil its obligations hereunder and to carry out the Purchase and Sale Transaction. The Vendor, with the assistance of the Purchaser, shall make all commercially reasonable efforts to obtain all Consents, Authorizations and waivers required under the Pecoy Shareholders' Agreement in order to effect the Purchase and Sale Transaction. Subject to Closing, the Vendor hereby waives in advance any right of first refusal related to the Pembrook Purchase Agreement and to the Second Vendor Option Agreement, in case such option is exercised.

4.6 Public Announcements

Until the earlier of the termination of this Agreement or the completion of the Transaction, no press release or other statement regarding the Transaction or this Agreement will be issued by either Party without the prior written consent of the other Party, acting reasonably, as to form, content, timing and manner of distribution or publication; provided that no Party will be prevented from making any disclosure which is required to be made by applicable Law.

4.7 Notification of Certain Matters

Each Party will give prompt notice in writing to the other Party of:

(a) any information that indicates that any of its representations or warranties contained herein was not true and correct as of the date hereof or will not be true and correct at and as of the Closing Date with the same force and effect as if made at and as of the Closing Date (except for changes specifically permitted or contemplated by this Agreement),

(b) the occurrence of any event that will result, or has a reasonable prospect of resulting, in the failure of any condition specified in Article 7 hereof to be satisfied,

(c) any notice or other communication from any third party alleging that the consent of such third party is or may be required in connection with the Purchase and Sale Transaction, or that the Purchase and Sale Transaction may otherwise violate the rights of or confer remedies upon such third party; and

(d) the occurrence of any event or the receipt of any information that could be reasonably presumed to adversely affect the completion of any of the Transactions.

4.8 Representations and Warranties

Each of the Parties covenants and agrees that from the date hereof until the termination of this Agreement, it will not take any action, or fail to take any action, which would or may reasonably be expected to result in its representations and warranties set out herein being untrue in any material respect at any time prior to the Closing Date or the termination of this Agreement, whichever is first.

4.9 Expenses

Each Party will be responsible for its own costs and charges incurred with respect to the transactions contemplated herein, including, without limitation, all costs and charges incurred prior to the date of this Agreement and all legal, valuation, advisory and accounting fees and disbursements relating to preparing the documents contemplated by this Agreement or otherwise relating to the transactions contemplated herein.

4.10 RTO

The Vendor and the Purchaser agree as follows:

(a) the Purchaser will as soon as commercially reasonable, complete the Purchaser Seed Financing;

(b) in connection with the RTO Financing, the Purchaser will use its commercially reasonable efforts to arrange for purchasers for $25,000,000 of RTO Subscription Receipts at $0.60 per Subscription Receipt;

(c) the Purchaser will use commercially reasonable efforts to identify a Shell which is acceptable to each of the Purchaser and the Vendor, acting reasonably, and use commercially reasonable efforts to enter into the RTO Definitive Agreement with the Shell, on terms consistent with this Agreement and otherwise on such terms as mutually acceptable to the Purchaser and the Vendor, acting reasonably;

(d) immediately prior to the completion of the RTO, the Shell shall have no (i) more than 3,000,000 shares outstanding, (ii) outstanding convertible securities, and (iii) debts or liabilities;

(e) the board of directors of the Resulting Issuer will be initially comprised of Paul Matysek, Luis Zapata, Vincent Metcalfe, Jose Luque, one nominee of the Purchaser, and such other additional nominees as mutually agreeable to the shareholders from time to time;

(f) management of the Resulting Issuer will be comprised of Vincent Metcalfe (Chief Executive Officer), Vincent Cardin (Chief Geological Officer), Joseph de la Plante (position to be determined), and such other persons as determined by the Resulting Issuer's board of directors;

(g) the pro forma capitalization of the Resulting Issuer on the effective date of the RTO shall be approximately as set out in Schedule "C" hereto, with no material variations therefrom; and

(h) upon completion of the RTO, (i) the Purchaser, then known as RTO Amalco, shall be a wholly-owned subsidiary of the Resulting Issuer, and (ii) each of Pembrook and Copper X shall be wholly-owned subsidiaries of RTO Amalco.

"CCV"

4.11 Option Agreement Instalments

By no later than five (5) Business Days following the effective date of the RTO, the Purchaser shall cause the Resulting Issuer to satisfy the second and third instalments under the Option Agreement, specifically by (A) making an aggregate cash payment to the Grantors of US$3,050,000, and (B) issuing to the Grantors a total number of Resulting Issuer Shares equal to the Canadian Dollar equivalent of US$3,000,000 (calculated on the Business Day prior to issuance) divided by C$0.60.

4.12 Pecoy Shareholders' Agreement

The Vendor shall make all commercially reasonable efforts to secure the termination of the Pecoy Shareholders' Agreement prior to the Closing Date.

4.13 Agnico Eagle Debt Settlement

The Purchaser shall work with Pembrook to arrange, effect or cause (i) the conversion of the principal amounts under the Pembrook Notes into Pembrook Shares, and (ii) the cancellation of all interest under the Pembrook Notes, prior to the completion of the Pembrook Acquisition. Concurrently with, and as partial consideration for, the foregoing restructuring of the Pembrook Notes held by Agnico Eagle (the "Agnico Eagle Note Settlement"), the Purchaser shall issue up to 4,200,000 Purchase Warrants to Agnico Eagle having a 36-month term and an exercise price of $1.00 per Purchaser Share.

4.14 Restrictions on Purchaser Securities Issuances

Other than in connection with the closing of the Purchase Agreements, the Purchaser Seed Financing, the RTO Financing and the Agnico Eagle Note Settlement, the Purchaser shall not issue any additional securities prior to the completion of the RTO Transaction, without the prior written consent of the Vendor.

"CCV"

4.15 Personal Information Privacy

Each of the Purchaser and the Vendor shall comply with all applicable Laws governing the protection of personal information with respect to personal information disclosed or otherwise provided to one Party by the other hereunder. Each Party shall safeguard all personal information provided by the other Party in a manner consistent with the degree of sensitivity of the personal information and maintain at all times the security and integrity of the personal information.

4.16 Transaction Agreements

The Purchaser shall make all commercially reasonable efforts to complete each of the Transactions as contemplated in the Transaction Agreements such that upon completion of the RTO, the Resulting Issuer shall (i) be the indirect owner of the Purchased Claims and all rights, permits and licenses attaching thereto, and (ii) have the right under the Option Agreement to exercise the Option Agreement in order to acquire the Rosita Claims. Further to the above, the Purchaser shall make all commercially reasonable efforts to cause the counterparties to each of the Purchase Agreements to complete their respective Transactions.

ARTICLE 5 COMMITMENT TO THE TRANSACTIONS

5.1 Alternative Transactions

Each of the Vendor and the Purchaser hereby covenants to the other Party that, from the date hereof until the earlier of the Closing Date and this Agreement having been terminated pursuant to and in accordance with Article 6, it will:

(a) not directly or indirectly through any Representative take any action of any kind which could reasonably be construed to reduce the likelihood of success of consummating the

Transactions, including but not limited to any action to continue, solicit, initiate, assist, encourage, engage in or respond to any enquiries, submissions, proposals or offers from any other Person, entity or group relating to, and will not participate in any discussions or negotiations regarding or furnish to any other Person, entity or group any information with respect to, or otherwise cooperate in any way with or assist or participate in, or facilitate or encourage any effort or attempt with respect to an Alternative Transaction;

(b) promptly notify the other Party if it becomes aware that any proposal in respect of any Alternative Transaction has been made, or it or any of its Representatives has received any inquiry from or contact with any Person with respect thereto, and advise the other Party of the content of any such proposal and, if written, provide the other Party with copies; and

(c) cease any and all negotiations with any third party in respect of any Alternative Transaction, and not release any such third party from its obligations under any confidentiality agreement or other similar agreement.

5.2 Facilitation of Purchase and Sale Transaction

Without limiting Section 5.1, each Party will use commercially reasonable efforts to satisfy each of the conditions precedent to be satisfied by it and to take, or cause to be taken, all other actions and to do, or cause to be done, all other things necessary, proper or advisable under applicable Laws, including applicable securities Laws, to permit the completion and consummation of the Purchase and Sale Transaction, including:

(a) satisfying all conditions precedent to the Purchase and Sale Transaction, including the completion of all transactions to be effected prior to the Closing Date;

(b) entering into and delivering the Closing Documents on or before the Closing Date;

(c) agreeing to such changes, modifications or amendments to this Agreement as either the Vendor or Purchaser may reasonably request, provided any such change, modification or amendment would not materially adversely affect such Party;

(d) using reasonable efforts to obtain all necessary Consents and Authorizations, the failure of which to obtain would prevent the Parties from effecting the Purchase and Sale Transaction;

(e) using commercially reasonable efforts to effect or cause to be effected all necessary registrations and filings and submissions of information requested of it by any Governmental Authority, the failure of which to obtain would prevent the Parties hereto from effecting the Purchase and Sale Transaction;

(f) using commercially reasonable efforts to lift or rescind any injunction or restraining order or other order which may be entered against it, which injunction or order would prevent the Parties hereto from completing the Purchase and Sale Transaction;

(g) cooperating with the other Parties in connection with any lawsuits or legal proceedings brought against any Party challenging this Agreement or the completion of the Purchase and Sale Transaction, and keeping each other informed of any material information that becomes known to them in connection therewith;

(h) complying promptly with all requirements imposed by Law on its with respect to this Agreement; and

(i) not taking any action, or refraining from taking any commercially reasonable action, or permitting any action to be taken or not taken, which is inconsistent with this Agreement,

"CCV"

or which would reasonably be expected to prevent, delay or otherwise impede the consummation of the Purchase and Sale Transaction.

5.3 Notification

Each Party will promptly notify the other Parties of:

(a) any Material Adverse Change or any change, effect, event, development, occurrence, circumstance or state of facts which could reasonably be expected to have a Material Adverse Change in respect of such Party;

(b) any notice or other communication from any Person alleging that the consent (or waiver, permit, exemption, order, approval, agreement, amendment or confirmation) of such Person is required in connection with this Agreement (and contemporaneously provide a copy of any such notice or communication to the other Parties);

(c) any notice or other communication from any Governmental Authority in connection with this Agreement (and contemporaneously provide a copy of any such notice or communication to the other Parties); or

(d) any legal or regulatory proceedings commenced or, to its knowledge, threatened against, relating to or involving or otherwise affecting such Party or that relate to this Agreement.

ARTICLE 6 TERMINATION

6.1 Termination by Purchaser

Subject to compliance with Section 7.4, Purchaser may, when not in default in the performance of any of its obligations under this Agreement, without prejudice to any other rights, terminate this Agreement by written notice to the Vendor if:

(a) not all of the conditions precedent in Sections 7.1 and 7.3 have been satisfied or waived on or prior to the Outside Date;

(b) the Purchase and Sale Transaction cannot be completed because the Vendor is in material default of any of its covenants contained in Article 4; or

6.2 Termination by the Vendor

Subject to compliance with Section 7.4, the Vendor, when not in default in the performance of any of its obligations under this Agreement, may, without prejudice to any other rights, terminate this Agreement by written notice to the Purchaser if:

(a) not all of the conditions precedent in Section 7.2 and 7.3 have been satisfied or waived on or prior to the Outside Date;

(b) the Purchase and Sale Transaction cannot be completed because Purchaser is in material default under any of its covenants contained in Article 4;

(d) the Vendor decides to terminate this Agreement according to Section 8.5.

"CCV"

6.3 Effect of Termination

In the case of any termination of this Agreement pursuant to and in compliance with this Article 6, this Agreement, except in respect to any obligation hereunder which expressly survives termination in accordance with its terms, will be of no further force or effect provided that nothing herein will relieve any Party from its liability for any breach of this Agreement prior to such termination.

ARTICLE 7 CONDITIONS

7.1 Conditions for the Benefit of Purchaser

The obligations of Purchaser to complete the Purchase and Sale Transaction will be subject to the fulfilment, or the waiver by Purchaser, of the following conditions on or before the Closing Date, each of which is for the exclusive benefit of Purchaser and may be waived in writing by Purchaser at any time, in whole or in part, in its sole discretion without prejudice to any other rights that it may have:

(a) the Vendor will have complied in all material respects with its covenants in this Agreement on or before the Closing Date;

(b) the representations and warranties of the Vendor set forth in this Agreement will be and remain true and correct in all material respects on and as of the Closing Date (as if made on and as of that date), except as affected by the transactions contemplated or permitted by this Agreement, and except to the extent that any such representation or warranty is made as of a specified date, in which case such representation or warranty will have been true and correct as of such date;

(c) no judgment or order will have been issued by any Governmental Authority, no action, suit, or proceeding will have been taken by any Person, and no Law, regulation or policy will have been proposed, enacted, or promulgated or applied,

(i) which could reasonably be expected to have the effect to enjoin, prohibit or impose material limitations or conditions on the completion of the Purchase and Sale Transaction; or

(ii) that, if the Purchase and Sale Transaction was completed, could reasonably be expected to result in a Material Adverse Change to the Purchaser;

(d) the Vendor will have delivered all Closing Documents required to be delivered by according to Section 8.3 it in a form and substance satisfactory to the Purchaser and Purchaser's counsel, each acting reasonably, and Purchaser will have received all executed counterparts and certified or other copies of such documents as such counsel may reasonably request;

(e) all necessary documents to be entered into in order to give effect to the Purchase and Sale Transaction will be in form and substance satisfactory to the Purchaser, acting reasonably, including, without limitation, the Securities Transfer Agreement in the form attached hereto as Schedule D; and

(f) since the date hereof, there will not have been any change, condition, event or occurrence that, individually or in the aggregate, has resulted in or could reasonably be expected to result in a Material Adverse Change to the Vendor.

7.2 Conditions for the Benefit of the Vendor

The obligations of the Vendor to complete the Purchase and Sale Transaction will be subject to the fulfilment, or the waiver by the Vendor, of the following conditions on or before the Closing Date, unless

"CCV"

otherwise specified, each of which is for the exclusive benefit of the Vendor and may be waived in writing by the Vendor, as applicable, at any time, in whole or in part, in its sole discretion without prejudice to any other rights that it may have:

(a) Purchaser will have complied in all material respects with its covenants in this Agreement on or before the Closing Date and the Vendor will have no actual knowledge of the contrary;

(b) the representations and warranties of Purchaser set forth in this Agreement will be true and correct in all material respects on and as of the Closing Date (as if made on and as of that date) except as affected by transactions contemplated or permitted by this Agreement and except to the extent that any such representation or warranty is made as of a specified date, in which case such representation or warranty will have been true and correct as of such date;

(c) Purchaser will have delivered all Closing Documents required to be delivered by it in a form and substance satisfactory to the Vendor and the Vendor's counsel, each acting reasonably, and the Vendor will have received all executed counterparts and certified or other copies of such documents as such counsel may reasonably request;

(d) since the date hereof, there will not have been any change, condition, event or occurrence that, individually or in the aggregate, has been, or could reasonably be expected to result in, a Material Adverse Change to the Purchaser; and

(e) Purchaser shall have aggregate payables and liabilities as of the Closing Date of no more than $500,000, unless otherwise agreed to in writing by the Vendor (and excluding any liabilities pertaining to the Purchase Agreements).

7.3 Mutual Conditions

The obligations of the Parties to complete the transactions contemplated by this Agreement will be subject to the satisfaction of the following conditions at or before the Closing Date (any of which may be waived in writing by the mutual agreement of the Parties):

(a) the Closing Date will occur on or before the Outside Date;

(b) the completion of the Seed Financing and the RTO Financing;

(d) the Purchaser will have entered into the RTO Definitive Agreement;

(e) each of the Transaction Agreements and the Settlement Agreement shall remain in full force and effect, without any material amendments having been made to any such agreements since the date of this Agreement without the consent of the Parties hereto;

(f) the Pecoy Land Agreement shall remain in full force and effect, without any material amendments having been made to any such agreements since the date of this Agreement without the consent of the Parties hereto;

(g) the receipt of TSXV approval for the Going Public Transaction;

(h) the delivery to the Parties of the final RTO disclosure document approved by the TSXV and including all of the required financial statements of the Purchaser, Pembrook, Copper X and the Resulting Issuer;

(i) the delivery of a technical report, executed at Purchaser's expense, in respect of the Pembrook Claims and the Rosita Claims that is compliant with NI 43-101 and accepted by the TSXV for purposes of the Going Public Transaction;

(j) the receipt of a certificate signed by each of the Purchaser, Pembrook, the Vendor, Copper X., the Second Vendor and the Shell confirming that all conditions precedent to closing each of the Transactions have been satisfied or waived by the applicable parties (other than the delivery of this certificate);

(k) no provision of any applicable Law and no judgment, injunction, order or decree will be in effect which restrains or enjoins or otherwise prohibits the consummation of the Purchase and Sale Transaction;

(l) the appropriate approval of any Governmental Authority, including all Consents, waivers, permits, orders and Authorizations of any such Governmental Authority in connection with, or required to permit, the consummation of the transactions contemplated hereby, the failure to obtain which or the non-expiry of which would constitute a breach of applicable Law, or would, individually or in the aggregate, be or reasonably be expected to result in a Material Adverse Change to any of the Parties after the Closing Date, will have been obtained or received;

(m) the Tororume mining concession transfer agreement between Torion and Compania de Inversiones Olimpo S.A.C. shall be amended (including a royalty buyback clause) substantially in the form attached hereto as Schedule F (the "Amended and Restated Tororume Agreement");

(n) this Agreement will have not been terminated in accordance with Article 6 of this Agreement; and

(o) the waiver from Pembrook and the Second Vendor to their right of first refusal in regard of this Purchase and Sale Transaction as evidenced by the execution of the Settlement Agreement.

"CCV"

7.4 Notice and Cure Provisions

Each of the Vendor, on the one hand, and Purchaser, on the other hand, will give prompt notice to the other of the occurrence, or failure to occur, at any time from the date hereof until the Closing Date, of any event or state of facts which occurrence or failure would, or would reasonably be likely to:

(a) constitute a material breach of any of its representations or warranties contained herein or which would cause such representations and warranties to be untrue or incorrect in any material respect on the Closing Date; or

(b) result in the failure to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by the other hereunder prior to the Closing Date.

Neither the Vendor, on the one hand, nor Purchaser, on the other hand, may elect not to complete the Purchase and Sale Transaction or the other transactions contemplated hereby pursuant to any of the conditions precedent contained in Sections 7.1, 7.2 or 7.3, or exercise any termination right arising therefrom, unless forthwith and in any event prior to the Closing Date, the Vendor, on the one hand, or Purchaser, on the other hand, as the case may be, has delivered a written notice to the other specifying in reasonable detail all breaches of covenants, representations and warranties or other matters which the Vendor, on the one hand, or Purchaser, on the other hand, as the case may be, is asserting as the basis for the non-fulfillment of the applicable condition precedent or the exercise of the termination right, as the case may be. If any such notice is delivered, provided that the Vendor, on the one hand, or Purchaser, on the other hand, as the case may be, is proceeding diligently to cure such matter, if such matter is capable

of being cured, the other may not terminate this Agreement until the earlier of the Outside Date and the expiration of a period of 21 days from such notice.

ARTICLE 8

CLOSING DELIVERIES

8.1 Closing Date

Subject to Article 7, the completion of the Purchase and Sale Transaction (the "Closing") will occur no later than the fifth Business Day following the satisfaction and fulfillment (or waiver) of all of the conditions set out in Article 7, other than those conditions which by their nature may only be satisfied and fulfilled at the time of Closing (which conditions will be satisfied on the date of Closing), or such other date mutually agreed to between the Parties (the "Closing Date").

8.2 Closing Documents

Provided that the conditions precedent in Article 7 that must be satisfied prior to the Closing Date are satisfied or waived by the Party or Parties entitled to waive, as the case may be, then on or before the last Business Day prior to the Closing Date, the Parties will execute, deliver or cause to be delivered electronically, as applicable to each of them, the documents and instruments described in Sections 8.3 and 8.4, as applicable (the "Closing Documents").

8.3 The Vendor Deliveries

The Vendor will deliver or cause to be delivered the following Closing Documents:

(a) a certificate of the Vendor certifying that the Vendor has complied in all material respects with its covenants in this Agreement and that the conditions precedent that must be satisfied on or prior to the Closing Date in Sections 7.2 and 7.3 have been satisfied or are waived;

(b) a certificate of the Vendor certifying that the representations and warranties of the Vendor set forth in this Agreement are true and correct in all material respects on and as of the Closing Date (as if made on and as of such date) except as affected by the transactions contemplated or permitted by this Agreement, and except to the extent that any such representation or warranty is made as of a specified date, in which case such representation or warranty will have been true and correct as of such date;

(c) the executed Securities Transfer Agreement in the form attached hereto as Schedule D (the "Securities Transfer Agreement");

(d) such other documents, certificates, opinions and deliveries as the Parties mutually consider reasonably necessary or desirable in connection with this Agreement and the consummation of the transactions contemplated herein.

8.4 Purchaser Deliveries

Purchaser will deliver or cause to be delivered the following Closing Documents:

(a) a certificate of a senior officer of Purchaser certifying, on behalf of the Purchaser as of the Closing Date, that the Purchaser has complied in all material respects with its covenants in this Agreement and that the conditions precedent that must be satisfied on or prior to the Closing Date in Sections 7.1 and 7.3 have been satisfied or are waived;

(b) a certificate of a senior officer of the Purchaser certifying that the representations and warranties of the Purchaser set forth in this Agreement are true and correct in all material

respects on and as of the Closing Date (as if made on and as of such date) except as affected by the transactions contemplated or permitted by this Agreement, and except to the extent that any such representation or warranty is made as of a specified date, in which case such representation or warranty will have been true and correct as of such date;

(c) a certificate of good standing of the Purchaser;
(d) certified copies of the resolutions of the directors of Purchaser approving the Purchase and Sale Transaction;
(e) evidence of the wire transfer to the Vendor in respect of the Cash Consideration; and
(f) such other documents, certificates, opinions and deliveries as the Parties mutually consider reasonably necessary or desirable in connection with this Agreement and the consummation of the Transactions contemplated in the Transaction Agreements.

8.5 Completion of RTO

In the event that the date of completion of the RTO does not occur within ten (10) Business Days of the Closing Date, or in the event that the payments under the Option Agreement as set out in Section 4.11 hereof are not made within ten (10) Business Days of the Closing Date, the Vendor shall have the right, but not the obligation, at any point prior to the completion of the RTO or the making of the aforementioned payments, to return the Consideration, to the Purchaser, in exchange for the return to the Vendor of the Vendor Shares, at which time this Agreement shall be deemed to be of no further force and effect.

ARTICLE 9 INDEMNIFICATION

9.1 Indemnification by the Vendor

The Vendor shall indemnify, defend and hold harmless the Purchaser and, to the extent named or involved in any third party action or claim, its employees, shareholders, directors, officers, representatives and related Persons (collectively, the "Purchaser Indemnified Persons") from and against, and shall pay to the Purchaser and the Purchaser Indemnified Persons, on demand, the amount of, any loss, liability, obligation, claim and damages (including costs of investigation and defence and the full amount of all legal fees and other professional fees) but excluding incidental and consequential damages, loss of profits and diminution in value (collectively, "Damages"), suffered by, imposed upon or asserted against, the Purchaser or any of the Purchaser Indemnified Persons as a result of, in respect of, connected with, or arising out of:

(a) Any material incorrectness or material breach of any representation or warranty made by the Vendor in this Agreement; or
(b) any material breach or material non-fulfillment by the Vendor of any covenant, condition or obligation of the Vendor contained in this Agreement.

9.2 Limitations

(a) Notwithstanding any provision of this Agreement, or for any other reason, the maximum aggregate amount of Damages of the Purchaser or the Purchaser Indemnified Persons that may be recovered from the Vendor pursuant to this Article 9 or otherwise in relation to this Agreement shall not exceed the aggregate value of the Consideration.

9.3 Indemnification by the Purchaser

The Purchaser shall indemnify, defend and hold harmless the Vendor and, to the extent named or involved in any third party action or claim, its employees, representatives and related Persons (collectively, the

"CCV"

"Vendor Indemnified Persons") from and against, and shall pay to the Vendor and the Vendor Indemnified Persons, on demand, the amount of, any loss, liability, obligation, claim and damages (including costs of investigation and defence and the full amount of all legal fees and other professional fees) but excluding incidental and consequential damages, loss of profits and diminution in value (collectively, "Damages"), suffered by, imposed upon or asserted against, the Vendor or any of the Vendor Indemnified Persons as a result of, in respect of, connected with, or arising out of:

(a) any material incorrectness or material breach of any representation or warranty made by the Purchaser in this Agreement; or
(b) any material breach or material non-fulfillment by the Purchaser of any covenant, condition or obligation of the Purchaser contained in this Agreement.

9.4 Limitations

(a) Notwithstanding any provision of this Agreement, or for any other reason, the maximum aggregate amount of Damages of the Vendor or the Vendor Indemnified Persons that may be recovered from the Purchaser pursuant to this Article 9 or otherwise in relation to this Agreement shall not exceed the aggregate value of the Consideration.

ARTICLE 10 CONFIDENTIALITY

The Parties will, and will cause their employees, officers, directors, shareholders, outside advisors, agents, Affiliates, Associates and Representatives to, treat any data and information obtained with respect to the Parties, or any of their Affiliates or Associates, from any Representative, officer, director or employee of the Parties, or from any books or records of the Parties, confidentially and with commercially reasonable care and discretion, and will not disclose any such information to third parties; provided, however, that the foregoing will not apply to: (a) information in the public domain or that becomes public through disclosure in accordance with applicable Law, (b) information that is required to be disclosed by applicable Law, (iii) information that is disclosed by a Party or its Affiliates or Associates, on a confidential basis, to any of its agents, accountants, attorneys and prospective lenders or investors in connection with or related to the consummation of the transactions contemplated hereby, including the financing of the transactions contemplated by this Agreement, or (iv) any information that is disclosed by the Parties after the Closing Date.

In the event that this Agreement is terminated, the Purchaser, on the one hand, and the Vendor, on the other hand, upon the written request of the other, will, and will cause its Representatives to, promptly deliver to the applicable Party(ies) any and all documents or other materials furnished by such Party(ies) or their respective Affiliates in connection with this Agreement without retaining any copy thereof. In the event of such request, all other documents, whether analyses, compilations or studies, that contain or otherwise reflect the information furnished by a Party, will be destroyed by the applicable receiving Party or will be returned and the applicable Party(ies) will confirm in writing that all such materials have been returned or destroyed. No failure or delay by any Party(ies) in exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.

The Parties hereto recognize and agree that in the event of a breach by any Party of this section, money damages would not be an adequate remedy for such breach and, even if money damages were adequate, it would be impossible to ascertain or measure with any degree of accuracy the damages sustained therefrom. Accordingly, if there should be a breach or threatened breach by any Party(ies) of the provisions of this section, the other applicable Party(ies), will be entitled to an injunction restraining any breach without showing or proving actual damage sustained by such Party(ies). Nothing in the preceding sentence will limit or otherwise affect any remedies that the non-violating Party(ies) may otherwise have under applicable Law.

"CCV"

ARTICLE 11
GENERAL PROVISIONS

11.1 Notice

Any notice delivered or emailed will be deemed to have been given and received on its business Day next following the date of delivery or email, as the case may be. Any notice mailed as aforesaid will be deemed to have been given and received on the third Business Day following the date it is posted, provided that if between the time of mailing and actual receipt of the notice there will be a mail strike, slow down or other labour dispute which might affect delivery of the notice by mail, then the notice will be effective only if actually delivered. Any notice, request, consent, agreement or approval which may or is required to be given pursuant to this Agreement and the transactions contemplated thereby will be in writing and will be sufficiently given or made if mailed or emailed, in the case of:

(a) The Vendor, c/o Mr. Vargas addressed as follows:

(b) Purchaser, addressed as follows:

c/o Mason Law.
2700-161 Bay Street
Toronto, ON
M5J 2S1, Canada

Attention: Robert Mason
Email: [Personal Contact Information Redacted]

11.2 Assignment

No Party to this Agreement may assign any of its rights or obligations under this Agreement without the prior written consent of each of the other Parties.

11.3 Binding Effect

This Agreement will be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns (including, for greater certainty, Amalco).

11.4 Time of the Essence

Time is of the essence hereof.

11.5 Governing Law

This Agreement will be governed by and construed in accordance with the Laws of the Province of Ontario and the federal Laws of Canada applicable therein. The Parties irrevocably attorn to the Courts of Ontario residing in the City of Toronto, Ontario in and of this Agreement.

11.6 Entire Agreement

This Agreement constitutes the entire agreement and understanding between and among the Parties hereto with respect to the subject matter hereof and supersedes any prior agreement, representation or understanding with respect thereto.

11.7 Amendment or Waiver

Subject to any requirements imposed by Law or by any court having jurisdiction, this Agreement may be amended, modified or superseded, and any of the terms, covenants, representations, warranties or conditions hereof may be waived, but only by written instrument executed by all the Parties hereto. No waiver of any nature, in any one or more instances, will be deemed or construed as a further or continued waiver of any condition or breach of any other term, representation or warranty in this Agreement.

11.8 Severability

Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Agreement is determined to be void or unenforceable in whole or in part, it will be deemed not to affect or impair the validity of any other provision of this Agreement and such void or unenforceable provision will be severable from this Agreement.

11.9 Counterparts and Delivery

This Agreement may be executed in any number of counterparts, each of which will be considered the original and all of which, together, will constitute one and the same instrument. This Agreement may also be executed in original or by signature sent and received by facsimile or other electronic transmission and the reproduction of such signature sent and received by way of facsimile or other electronic transmission will be deemed as though such reproduction was an executed original thereof.

11.10 Further Assurances

Each of the Parties hereto agrees that each will promptly furnish to the other such further documents and take or cause to be taken such further actions as may reasonably be required in order to effect this Agreement. Each Party hereto agrees to execute and deliver such instruments and documents as the other Parties hereto may reasonably require in order to carry out the intent of this Agreement.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the Parties have duly executed this Agreement on the date first above written.

101184918 ONTARIO INC.

By: "Vincent Metcalfe"
Name: Vincent Metcalfe
Title: President & CEO

Camila Carlessi Vargas

IN WITNESS WHEREOF, the Parties have duly executed this Agreement on the date first above written.

1001184918 ONTARIO INC.

Name:
Title:

By: "Camila Carlessi Vargas"
Name: Camila Carlessi Vargas

SCHEDULE A
TO THE ACQUISITION AGREEMENT

Pembrook Claims, Rosita Claims and Tororume Claims

A1 – Pembrook Claims

MINING RIGHT	CODIGOU	DATE	TITLE HOLDER	HA	DISTRI	PROVI	DEPA
BARRENO-1	01005031X01	1983-02-11	PECOY SOCIEDAD MINERA S.A.C.	999	YANAQUIHUA	CONDESUYOS	AREQUIPA
BARRENO-2	01005032X01	1983-02-11	PECOY SOCIEDAD MINERA S.A.C.	999	YANAQUIHUA	CONDESUYOS	AREQUIPA
GLORIA TRES	10139202	2002-08-29	PECOY SOCIEDAD MINERA S.A.C.	1000	YANAQUIHUA	CONDESUYOS	AREQUIPA
GLORIA UNO	10094202	2002-06-04	PECOY SOCIEDAD MINERA S.A.C.	998	YANAQUIHUA	CONDESUYOS	AREQUIPA
LA YESERA 1	10034713	2013-01-02	PECOY SOCIEDAD MINERA S.A.C.	997	YANAQUIHUA	CONDESUYOS	AREQUIPA
LA YESERA 11	10253715	2015-06-01	PECOY SOCIEDAD MINERA S.A.C.	700	YANAQUIHUA	CONDESUYOS	AREQUIPA

A2 – Rosita Claims

					Available a (has.)
1	JIMENA N° 5	01005047X0	In	Yanaquihua, Condesuyos,	872.6370
2	CORISA 9501	010680395	In	Yanaquihua, Condesuyos,	0.1131
3	CORISA 9503	010676695	In	Yanaquihua, Condesuyos,	18.0216
4	JIMENA N° 1	01005043X0	In	Yanaquihua, Condesuyos,	780.4619
5	JIMENA N° 2	01005044X0	In	Yanaquihua, Condesuyos,	480.3978
6	JIMENA N° 4	01005046X0	In	Yanaquihua, Condesuyos,	581.7043
7	JIMENA N° 6	01005048X0	In	Yanaquihua, Condesuyos,	920.2378
8	JIMENA N° 14	01005056X0	In	Yanaquihua, Condesuyos,	125.5607
9	JIMENA N° 2-A	0105044AX0	In	Yanaquihua, Condesuyos,	10.9784
10	JIMENA N° 3-A	0105045AX0	In	Yanaquihua, Condesuyos,	161.7406
Total					3,951.8532

					ilable a (has.)
1	JIMENA N°2-B	015044ABX 01	In force	Yanaquihua, Condesuyos, Arequipa	7.4940
2	JIMENA N° 3-B	0105045BX 01	In force	Yanaquihua, Condesuyos, Arequipa	162.0437
3	JIMENA N° 15-A	0105057AX 01	In force	Yanaquihua, Condesuyos, Arequipa	160.6847
Total					330.2224

A3 – Tororume Claims

ID	MINING RIGHT	CODIGOU	DATE	TITLE HOLDER	HA	DISTRI	PROVI	DEPA
1	CLAUDIA DE CHICHAS	10127401	5-Dec-01	TORION MINING S.A.C	600	CHICHAS	CONDESUYOS	AREQUIPA
2	GLORIA DOS	10094302	04-Jun-02	TORION MINING S.A.C	997	CHAS / YANAQUI	CONDESUYOS	AREQUIPA
3	ANTONIETA TRES	10121503	26-Mar-03	TORION MINING S.A.C	700	CHICHAS	CONDESUYOS	AREQUIPA
4	ANTONIETA CUATRO	10121603	26-Mar-03	TORION MINING S.A.C	600	CHAS / YANAQUI	CONDESUYOS	AREQUIPA
5	ANTONIETA CINCO	10121703	26-Mar-03	TORION MINING S.A.C	200	CHICHAS	CONDESUYOS	AREQUIPA
6	ANTONIETA SIETE	10358704	16-Nov-04	TORION MINING S.A.C	500	CHICHAS	CONDESUYOS	AREQUIPA
7	GLORIA CINCO	10358904	16-Nov-04	TORION MINING S.A.C	800	CHAS / YANAQUI	CONDESUYOS	AREQUIPA
8	ANTONIETA DIEZ	10113809	22-Apr-09	TORION MINING S.A.C	1000	CHAS / YANAQUI	CONDESUYOS	AREQUIPA
9	ANTONIETA NUEVE	10113909	22-Apr-09	TORION MINING S.A.C	1000	CHICHAS	CONDESUYOS	AREQUIPA
10	BUENAVISTA 2	10405712	22-Nov-12	TORION MINING S.A.C	1000	CHICHAS	CONDESUYOS	AREQUIPA
11	BUENAVISTA 1	10405612	22-Nov-12	TORION MINING S.A.C	1000	CHICHAS	CONDESUYOS	AREQUIPA
12	BUENAVISTA 3	10405812	22-Nov-12	TORION MINING S.A.C	400	CHICHAS	CONDESUYOS	AREQUIPA
13	AHUINAY	10246915	29-May-15	TORION MINING S.A.C	900	YANAQUIHUA	CONDESUYOS	AREQUIPA
14	TORION 4	10120822	03-May-22	TORION MINING S.A.C	400	CHAS / YANAQUI	CONDESUYOS	AREQUIPA
15	TORION 5	10120722	03-May-22	TORION MINING S.A.C	400	CHAS / YANAQUI	CONDESUYOS	AREQUIPA
16	TORION 6	10120622	03-May-22	TORION MINING S.A.C	300	CHAS / YANAQUI	CONDESUYOS	AREQUIPA
17	TORION 7	10120522	03-May-22	TORION MINING S.A.C	300	CHICHAS	CONDESUYOS	AREQUIPA
18	TORION 8	10120422	03-May-22	TORION MINING S.A.C	100	CHICHAS	CONDESUYOS	AREQUIPA
19	TORION 9	10120322	03-May-22	TORION MINING S.A.C	400	CHAS / YANAQUI	CONDESUYOS	AREQUIPA
20	TORION 10	10120222	03-May-22	TORION MINING S.A.C	400	YANAQUIHUA	CONDESUYOS	AREQUIPA
21	TORION 11	10120122	03-May-22	TORION MINING S.A.C	100	YANAQUIHUA	CONDESUYOS	AREQUIPA
22	TORION 14	10280522	02-Nov-22	TORION MINING S.A.C	100	CHICHAS	CONDESUYOS	AREQUIPA

Note: In blue, auction areas.

"CCV"

SCHEDULE B
TO THE ACQUISITION AGREEMENT

[Intentionally deleted]

"CCV"

SCHEDULE C
TO THE ACQUISITION AGREEMENT

Pro Forma Capitalization of the Resulting Issuer

"CCV"

[Commercially Sensitive Information Redacted]

"CCV"

[Commercially Sensitive Information Redacted]

SCHEDULE D
TO THE ACQUISITION AGREEMENT

Securities Transfer Agreement

CONTRATO DE TRANSFERENCIA DE ACCIONES	SECURITIES TRANSFER AGREEMENT
Mediante el presente documento, se celebra el siguiente Contrato de Transferencia de Acciones entre:	Know all men by these presents, the Securities Transfer Agreement entered into by:
- CAMILA CARLESSI VARGAS, identificada con Documento Nacional de Identidad N.° 10805087 (el "VENDEDOR"); y,	- CAMILA CARLESSI VARGAS, identified with Peruvian Identity Card (DNI) N.° 10805087 (the "VENDOR"); and,
- 1001184918 ONTARIO INC., una sociedad constituida y existente de conformidad con las leyes de Ontario, Canadá (el "COMPRADOR").	- 1001184918 ONTARIO INC., a corporation incorporated under the laws of the Province of Ontario, Canada (the "PURCHASER").
Este contrato se celebra con sujeción a las siguientes estipulaciones:	This agreement is executed under the following terms and conditions:
1. Pecoy Sociedad Minera S.A.C. es una sociedad constituida y existente bajo las leyes de Perú, inscrita en la Partida N.° 12098752 del Registro de Personas Jurídicas de Lima ("PECOY").	1. Pecoy Sociedad Minera S.A.C. is a company duly organized and existing under the laws of Peru, registered in file N.° 12098752 of the Companies Registry of Lima ("PECOY").
2. El VENDEDOR es titular de 3,971,781 acciones comunes (las "Acciones"), de un valor nominal de S/ 1.00 cada una, íntegramente suscritas y totalmente pagadas, emitidas por PECOY, que representan el 10.27% del capital de PECOY.	2. The VENDOR is the exclusive holder of 3,971,781 common shares (the "Shares"), of a face value of PEN 1.00 each, subscribed and paid for in full, issued by PECOY, representing 10.27% of the outstanding shares of PECOY.
3. Mediante el presente documento, el VENDEDOR otorga las Acciones en venta real y enajenación perpetua a favor del COMPRADOR, y éste las adquiere para sí.	3. By virtue of this agreement, the VENDOR hereby perpetually sells and transfers title over the Shares to the PURCHASER, and the latter hereby acquires the Shares for itself.
4. La transferencia comprende todos los derechos económicos y políticos inherentes a las Acciones, incluyendo los derechos a los dividendos que se	4. The transfer comprises all the economic and political rights inherent to the Shares, including the rights to dividends that may be distributed, in cash or in kind, whether corresponding

"CCV"

distribuyan, en efectivo o en especie, sea que correspondan a utilidades ya devengadas o por devengarse, distribución de dividendos correspondientes a reservas de libre disposición, utilidades acumuladas que pudieran existir, así como las acciones que se deriven de la capitalización de créditos y/o la capitalización de utilidades o de excedentes de revaluación o de actualizaciones, que se encuentren en proceso de inscripción en los Registros Públicos o que estén pendientes de formalización. En consecuencia, en esta transferencia quedan expresamente incluidos todos los beneficios y derechos que tengan su origen en las Acciones, sin reserva ni limitación alguna, sin que la enumeración anterior sea taxativa, sino meramente enunciativa.	to profits due or to become due, dividend distribution corresponding to free disposition reserves, accumulated profits that may exist, as well as the shares that may result from the capitalization of credits and/or the capitalization of profits or revaluation surpluses or updates, that may be in the process of being recorded with the Public Registry or that may be pending to be formalized, if any. Thus, this transfer expressly includes all the benefits and rights that may result from the Shares, without limitation or restriction whatsoever, the preceding list not being restrictive but merely referential.
5. Las partes pactan de mutuo acuerdo que el precio total por la adquisición de las Acciones es de 1'800,000.00 (un millón ochocientos mil y 00/100 dólares canadienses), pagaderos en efectivo por el COMPRADOR a la firma de este contrato, lo que queda acreditado con la constancia de transferencia bancaria correspondiente.	5. The parties mutually agree that the total price for the acquisition of the Shares is 1,800,000.00 (one million eight hundred thousand and 00/100 Canadian dollars), payable in cash by the PURCHASER upon signing this contract, which is evidenced by the corresponding bank transfer receipt.
6. Las partes declaran que entre el valor de las Acciones y el precio establecido por su transferencia, existe justa y perfecta equivalencia. Sin perjuicio de lo anterior, las partes declaran que, de existir cualquier diferencia entre el valor de las Acciones y el precio convenido por su transferencia, se hacen de ella mutua y recíproca donación.	6. The parties declare that between the value of the Shares and the price established for their transfer, there is fair and perfect equivalence, therefore, in the event that any difference might exist between the value of the Shares and the price agreed for their transfer, they hereby make mutual and reciprocal donation of same.
7. El VENDEDOR declara frente al COMPRADOR que (y, en caso sea aplicable, las partes acuerdan que): 7.1. Es el único y exclusivo titular de las Acciones, las cuales están	7. The VENDOR declares to the PURCHASER that (and, as and when applicable, the parties agree): 7.1. It is the sole, exclusive and legitimate owner of the Shares;

	libres de cargas, gravámenes, acciones judiciales o extra-judiciales iniciadas (o por iniciarse) o cualquier otro acto o acuerdo que limite su libre transferencia o disposición.	and that the Shares are free of any lien or encumbrance, judicial or extrajudicial action initiated or to be initiated, or any other act or agreement limiting its ownership and free disposal rights.
	7.2. Las Acciones han sido emitidas válidamente y están íntegramente suscritas y pagadas, por lo tanto, no adeuda monto alguno a PECOY por ningún concepto.	7.2. The Shares have been validly issued, are fully subscribed and paid for and, therefore, no amount is owed to PECOY for capital calls or any other concept.
	7.3. Toda comunicación que deba cursarse con relación a este contrato, se realizará por escrito y con cargo de recepción o constancia notarial de ella, según sea aplicable; y, cuando sea cursada, se entenderá recibida el día de su entrega. En todos los casos, las comunicaciones serán remitidas a los domicilios consignados en la introducción de este documento o las siguientes direcciones de correo electrónico:	7.3. Any notice, directive or other instruments that must be served with respect to this agreement, shall be so done in writing with return receipt requested or notarized proof of delivery, as applicable; and, when delivered, shall be deemed effectively received on the day when it was delivered. In all cases, notices shall be sent to the addresses indicated on the introduction of this agreement or to the following email addresses:
	VENDEDOR:

COMPRADOR: 11. | VENDOR:

PURCHASER: 12. |
| 9. | La suscripción de documentos adicionales no será necesaria para formalizar la transferencia de las Acciones y que ésta se entienda válidamente realizada, para cuyos efectos sólo será necesario registrar la transferencia en la matrícula de acciones de PECOY. | 9. The execution of additional documents will not be necessary for the transfer of the Shares to be understood formalized and with full legal effects, provided that only the registration of the transfer in PECOY' Shares Ledgers will be required. |
| 10. | Por el presente documento el VENDEDOR certifica y confirma al COMPRADOR que las declaraciones | 10. The VENDOR hereby certifies and confirms to the PURCHASER that the representations and warranties of the VENDOR set forth in any previous |

y garantías del VENDEDOR establecidas en cualquier documento anterior son verdaderas y correctas en todos los aspectos materiales a la fecha del presente documento (excepto en la medida en que dichas declaraciones y garantías se refieran expresamente a una fecha anterior, en cuyo caso dichas declaraciones y garantías serán verdaderas y correctas en todos los aspectos materiales a partir de dicha fecha anterior).

Por el presente documento el COMPRADOR certifica y confirma al VENDEDOR que las declaraciones y garantías del COMPRADOR establecidas en cualquier documento anterior son verdaderas y correctas en todos los aspectos materiales a la fecha del presente documento (excepto en la medida en que dichas declaraciones y garantías se refieran expresamente a una fecha anterior, en cuyo caso dichas declaraciones y garantías serán verdaderas y correctas en todos los aspectos materiales a partir de dicha fecha anterior).

Todas las declaraciones y garantías aquí contenidas sobrevivirán y permanecerán plenamente vigentes de acuerdo con cualquier documento anterior.

Este contrato es suscrito de forma simultánea en inglés y en castellano. En caso de discrepancia entre ambas versiones, prevalecerá la versión en inglés.
Este contrato se regirá por las leyes de la Provincia de Ontario y las leyes de Canadá allí aplicables (sin perjuicio de los principios de conflicto de leyes).
Este contrato podrá firmarse en cuantos ejemplares sea necesario, cada uno de los cuales será

documents are true and correct in all material respects as at the date hereof (except to the extent that such representations and warranties expressly speak of an earlier date, in which event, such representations and warranties shall be true and correct in all material respects as of such earlier date).

The PURCHASER hereby certifies and confirms to the VENDOR that the representations and warranties of the PURCHASER set forth in any previous documents are true and correct in all material respects as at the date hereof (except to the extent that such representations and warranties expressly speak of an earlier date, in which event, such representations and warranties shall be true and correct in all material respects as of such earlier date).

All of the representations and warranties herein contained shall survive and remain in full force and effect in accordance with any previous documents.

This agreement is executed concurrently in English and Spanish. Should there be any discrepancy between those versions, the English version will prevail.
This Agreement shall be construed and enforced in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein (without regard to conflict of law principles).
This agreement may be signed in as many counterparts as may be necessary, each of which so signed shall be deemed to be an original, and

| considerado un original, y todos dichos ejemplares constituirán un único acuerdo.
Suscrito en Ontario y en Lima, el ... de ... de 2025. | such counterpart together shall constitute one and the same instrument.
Executed in Ontario and in Lima, on ..., 2025. |
| --- | --- |
| | |

[RESULTING ISSUER]

Name:

Title:

Camila Carlessi Vargas

"CCV"

SCHEDULE E
TO THE ACQUISITION AGREEMENT

ROFR Waiver

"CCV"

WAIVER TO RIGHT OF FIRST REFUSAL (DONATION)

PEMBROOK COPPER CORP., a company duly incorporated under the laws of Canada, domiciled at 500 - 666 Burrard Street, Vancouver, British Columbia, V6C3P6, Canada, duly represented by Daniel Grant Innes, identified with Canadian passport No. HK133173 (hereinafter "Pembrook"), as shareholder of Pecoy Sociedad Minera S.A.C., a company identified with R.U.C. No. 20517820891 and registered under entry No. 12098752 of the Lima Registry of Legal Entities (hereinafter "Pecoy"), (i) declares to have knowledge of the intention of the also shareholder of Pecoy, Mr. Carlos Mauricio Carlessi Vargas, identified with DNI No. 09874504, to donate in favor of Ms. Camila Carlessi Vargas, identified with DNI No. 10805087, 3,971,781 (three million nine hundred seventy-one thousand seven hundred eighty-one) shares of Pecoy's social capital, with a face value of S/. 1.00 (One and 00/100 Sol) each, fully subscribed and paid, pursuant to a donation agreement executed on March, 2022, under the condition that Pembrook expressly and irrevocably waives any right of first refusal in its favor under the law, Pecoy's statutes and/or the agreements celebrated between shareholders in relation to the aforementioned donation of shares; and, in this regard, Pembrook (ii) hereby waives, expressly and irrevocably, its right of first refusal (and its procedure and terms, hereinafter "ROFR") stipulated as per clause 14.8 and other applicable provisions of the "Subscription, Option and Shareholders' Agreement" (hereinafter, the "Agreement") executed between Pembrook, Carlos Mauricio Carlessi Vargas and others on August 28, 2013, and thus, waives to the same ROFR which is contained in Article 10 of Pecoy's bylaws, as well as to any other ROFR that, in relation to the aforementioned donation of shares, could assist Pembrook in accordance to law and/or to any other agreement celebrated between shareholders. The aforementioned waivers shall apply only to the aforementioned donation of shares, and for greater certainty Pembrook does not waive any of its other rights pursuant to the ROFR or the Agreement, all of which shall remain in full force and effect. Pembrook authorizes the delivery of these waivers to Pecoy for the purpose of the registration of the aforementioned donation of shares.

Daniel Grant Innes
Canadian Passport No. HK133173

"CCV"

SCHEDULE F
Amended and Restated Tororum Agreement

SEÑOR NOTARIO:

Sírvase extender en su Registro de Escrituras Públicas, una en la que conste la ADENDA AL CONTRATO DE TRANSFERENCIA DE CONCESIONES MINERAS (CON PACTO DE RETROVENTA):

TORION MINING S.A.C., con RUC N.° 20552756291, inscrita en la Partida N.° 13017114 del Registro de Personas Jurídicas de Lima, con domicilio para estos efectos en ..., debidamente representada por ..., identificado con ... N.° ..., según poderes otorgados por la junta de accionistas celebrada el ..., cuya acta usted, señor notario, se servirá insertar a la escritura pública que origine esta minuta para los efectos de lo señalado en el artículo 17 de la Ley General de Sociedades y el artículo 34 del Reglamento del Registro de Sociedades aprobado por Resolución N.° 200-2001-SUNARP/SN ("TORION"); y, de la otra parte,
COMPAÑÍA DE INVERSIONES OLIMPO S.A.C., con RUC N.° 20506689164, inscrita en la Partida N.° 11566663 del Registro de Personas Jurídicas de Lima, con domicilio en Av. Pardo y Aliaga N.° 699, Oficina 302, distrito de Miraflores, provincia y departamento de Lima, debidamente representada por Ricardo Llosa Pazos, identificado con DNI N.° 09343332, según poderes inscritos en la partida antes mencionada ("OLIMPO").

Esta adenda es celebrada de conformidad con las estipulaciones contenidas en las cláusulas siguientes:

Primera: Antecedentes

1.1 Por escritura pública otorgada el 22 de mayo del 2013 ante el notario de Lima, doctor Luis Dannon Brender, OLIMPO y TORION celebraron un contrato de transferencia de concesiones mineras (el "CONTRATO"), mediante el cual OLIMPO transfirió el 100% de los derechos y acciones de las siguientes concesiones mineras (las "CONCESIONES") a favor de TORION:

N.°	Concesión	Código	Partida registral (sede Arequipa)
1.	Antonieta Tres	01-01215-03	11031408
2.	Antonieta Cuatro	01-01216-03	11031409
3.	Antonieta Cinco	01-01217-03	11031410
4.	Antonieta Siete	01-03587-04	11242564
5.	Antonieta Nueve	01-01139-09	11242419
6.	Antonieta Diez	01-01138-09	11242421
7.	Claudia de Chichas	01-01274-01	11028148
8.	Gloria Dos	01-00943-02	11030098

"CCV"

Gloria Cinco 01-03589-04 11244822

1.2 Las partes desean dejar constancia (únicamente para fines de su relación interna vinculada a las CONCESIONES) de que el 18 de enero de 2016 formalizaron dos (2) documentos ante el notario de Lima, doctor Luis Dannon Brender, que tuvieron por finalidad complementar ciertos aspectos de su relación interna en relación con las CONCESIONES. Por ende, las partes también dejan constancia de que esos documentos no fueron (ni serán inscritos, salvo pacto posterior en contrario) en los Registros Públicos.

1.3 Con fecha 27 de septiembre de 2019, las partes suscribieron una segunda adenda al CONTRATO con la finalidad de modificar parcialmente algunas estipulaciones del CONTRATO.

1.4 Se deja constancia de que, salvo que sean definidas específicamente en esta tercera adenda, los términos empleados en mayúsculas en esta adenda, tendrán el significado atribuido a ellos en el CONTRATO.

1.5 A la fecha, OLIMPO declara haber recibido a satisfacción, por concepto de Adelantos de la Regalía NSR pactada en el numeral 9.1 del CONTRATO, la suma de US$ 900,000.00 (novecientos mil y 00/100 dólares americanos) (los “PAGOS POR ADELANTOS”).

1.6 Las partes suscriben esta adenda para modificar parcialmente algunas estipulaciones del CONTRATO, con el objeto de, entre otros aspectos: (i) ampliar de doce (12) a diecisiete (17) años el plazo máximo previsto en el CONTRATO para que TORION haya remitido a OLIMPO el ESTIMADO DE RECURSOS y, en esa medida, el plazo de pago del ajuste de precio al que se refiere la cláusula cuarta del CONTRATO; y, (ii) modificar parcialmente el régimen de pago de los adelantos de la Regalía NSR. Asimismo, dejan constancia que PEMBROOK COPPER CORP. y 1001184918 ONTARIO INC. firmarán un documento separado, garantizando las obligaciones de TORION frente a OLIMPO, en los términos contenidos en modelo adjunto como Anexo 1 a este documento.

Segunda: Función

2.1 Las partes acuerdan modificar las siguientes estipulaciones del CONTRATO:

2.1.1 El primer párrafo del numeral 4.1 del CONTRATO, el cual tendrá el siguiente texto:

“4.1 Aunque sujeto a las estipulaciones contenidas en el numeral 4.6, TORION (o quien resulte siendo titular inscrito de las CONCESIONES SUJETAS A REGALÍA – en ese sentido, cualquier referencia efectuada en esta cláusula a TORION se entenderá efectuada, según el contexto, al titular inscrito de las CONCESIONES SUJETAS A REGALÍA) se compromete a completar, dentro de los diecisiete (17) años siguientes a la fecha de otorgamiento de la escritura pública de cancelación de precio referida en el acápite (ii) del numeral 3.2, una estimación de los RECURSOS MINERALES (según este término se define en el numeral 4.1.4) existentes en las CONCESIONES SUJETAS A REGALÍA, que deberá cumplir con los

lineamientos establecidos para esos efectos por el Código JORC (“Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves”) del Instituto Australiano de Minerales (Australian Minerals Institute) o por el Instrumento Nacional Canadiense 43-101 (Canadian National Instrument 43-101) (según lo determine TORION) a la fecha de suscripción de este contrato (a los cuales ambas partes se remiten, adhieren y declaran conocer) (el “ESTIMADO DE RECURSOS”). (...)

2.1.2 El primer párrafo del numeral 4.2 del CONTRATO, el cual tendrá el siguiente texto:

“4.2 Las partes acuerdan que, si al vencimiento del plazo de diecisiete (17) años referido en el numeral 4.1 anterior (o del plazo adicional que corresponda como consecuencia de la aplicación de las estipulaciones contenidas en el numeral 4.6), TORION no ha remitido por escrito a OLIMPO el ESTIMADO DE RECURSOS, TORION se encontrará obligada a pagar a OLIMPO, por concepto de ajuste de precio por la transferencia de las CONCESIONES, la suma (precio) adicional de US$ 7'500,000.00 (siete millones quinientos mil y 00/100 dólares de los Estados Unidos de América). (...)”

2.1.3 El íntegro del numeral 4.3 del CONTRATO, el cual tendrá el siguiente texto:

“4.3 De haber TORION entregado por escrito a OLIMPO el ESTIMADO DE RECURSOS dentro del plazo de diecisiete (17) años referido en el numeral 4.1 (o dentro del plazo adicional que corresponda en aplicación de las estipulaciones del numeral 4.6), TORION solamente estará obligada a pagar a OLIMPO un precio adicional por la compra de las CONCESIONES, si es que el ESTIMADO DE RECURSOS arrojara la existencia en las CONCESIONES de un depósito con contenidos de cobre equivalente (CuEq grade) promedios de 0.45% o más.

Para estos efectos, se entiende por “cobre equivalente” o “CuEq grade” la concentración total de metales económicos en un yacimiento, tales como, de manera enunciativa y no limitativa, el cobre, el oro y la plata, en términos de cobre, y se calcula tomando la ley de cobre (concentración de cobre) y sumando la ley de otros metales, multiplicada por un factor de conversión que considere la relación entre el precio de cada metal y el precio del cobre.

De lo contrario (es decir, si se verifica a través del ESTIMADOS DE RECURSOS que los contenidos del RECURSO MINERAL señalado por el ESTIMADO DE RECURSOS tienen contenidos de cobre equivalente (CuEq grade) menores a 0.45%, se extinguirá automáticamente y sin necesidad de ninguna formalidad o

declaración adicional, cualquier obligación a cargo de TORION respecto del pago de un precio adicional por las CONCESIONES.

Sin embargo, si dicha condición se cumpliera según el ESTIMADO DE RECURSOS, el precio adicional que TORION deberá pagar a OLIMPO, se determinará según las siguientes escalas:

(a) El precio adicional será cero (0) (es decir, TORION no tendrá que efectuar ningún pago a OLIMPO), si el RECURSO MINERAL señalado en el ESTIMADO DE RECURSOS contiene menos de 900,000 (novecientos mil) toneladas métricas de finos de cobre, y el RECURSO MINERAL tiene una ley promedio no menor a 0.45% de cobre equivalente (CuEq grade).

(b) El precio adicional será de US$ 2'500,000.00 (dos millones quinientos mil y 00/100 dólares de los Estados Unidos de América), si es que el RECURSO MINERAL señalado en el ESTIMADO DE RECURSOS contiene 900,000 (novecientos mil) o más toneladas métricas de finos de cobre, y el RECURSO MINERAL tiene una ley promedio no menor a 0.45% de cobre equivalente (CuEq grade); pero el RECURSO MINERAL contiene menos de 2'250,000 (dos millones doscientos cincuenta mil) toneladas métricas de finos de cobre y el RECURSO MINERAL tiene una ley promedio no menor a 0.45% de cobre equivalente (CuEq grade).

(c) El precio adicional será de US$ 7'500,000.00 (siete millones quinientos mil y 00/100 dólares de los Estados Unidos de América), si es que el RECURSO MINERAL señalado en el ESTIMADO DE RECURSOS contiene 2'250,000 (dos millones doscientos cincuenta mil) o más toneladas métricas de finos de cobre y el RECURSO MINERAL tiene una ley promedio no menor a 0.45% de cobre equivalente (CuEq grade).

2.1.4 El primer párrafo del numeral 4.6 del CONTRATO, el cual tendrá el siguiente texto:

"4.6 Las partes acuerdan expresamente que TORION no será responsable frente a OLIMPO ni será considerada en incumplimiento del presente contrato, por no haber podido completar el ESTIMADO DE RECURSOS dentro del plazo de diecisiete (17) años referido en el numeral 4.1, si es que dicha demora se debe a algún acto que escape al control de TORION y ella no haya podido evitarse con una previsión o actuación diligente de dicha parte (un “Evento de Fuerza Mayor”). Lo anterior es sin perjuicio de que TORION deberá tomar los pasos razonables para remediar la inejecución o el retraso ocasionado por el

Evento de Fuerza Mayor, quedando expresamente estipulado que (como parte de dichos “pasos razonables”) TORION no tendrá la obligación de transigir o solucionar una controversia de índole laboral ni cuestionar la constitucionalidad o legalidad de alguna norma promulgada por el Estado.

(…)”

2.1.5 El cuarto párrafo del numeral 4.6 del CONTRATO, el cual tendrá el siguiente texto:

“4.6 (…)

Se acuerda que, ante la existencia de un Evento de Fuerza Mayor, única y exclusivamente el plazo de diecisiete (17) años estipulado en el numeral 4.1 para que TORION complete la elaboración del ESTIMADO DE RECURSOS, quedará automáticamente suspendido en la fecha en la que TORION comunique a OLIMPO que ha ocurrido el Evento de Fuerza Mayor. En consecuencia, el plazo de diecisiete (17) años antes indicado será extendido por un periodo igual al de su suspensión, razón por la cual cualquier obligación de pago que pudiera ser exigible a TORION con relación a dicho plazo, quedará también suspendida y extendida (en cuanto a su plazo) por un periodo igual al de la suspensión derivada de la existencia de un Evento de Fuerza Mayor. Solamente luego de cesar el Evento de Fuerza Mayor, se reanudará el cómputo de los plazos suspendidos.

(…)”

2.1.6 Las partes acuerdan que, como resultado de las modificaciones introducidas al CONTRATO según lo pactado anteriormente en este numeral 2.1, todas las referencias efectuadas en el CONTRATO al plazo de doce (12) años al que se refería el primer párrafo del numeral 4.1 del CONTRATO, ahora modificado a diecisiete (17) años, deberán entenderse modificadas al indicado nuevo plazo.

2.2 Las partes también acuerdan modificar en su totalidad los numerales 9.1 y 9.2 del CONTRATO, los cuales tendrán el siguiente texto:

“9.1 A partir del cumplimiento del primer aniversario anual de la fecha de otorgamiento de la escritura pública que origine este contrato, TORION quedará obligada a pagar a OLIMPO (o a quien tenga la calidad de acreedor inscrito de la Regalía NSR), por concepto de adelanto de la Regalía NSR (el “Adelanto” o los “Adelantos”), los montos que se indican a continuación, hasta por una suma máxima de US$ 2'000,000.00 (dos millones y 00/100 dólares de los Estados Unidos de América):

(i) US$ 50,000.00 (cincuenta mil y 00/100 dólares de los Estados Unidos de América) por cada uno de

los primeros cuatro (4) años siguientes a la fecha de otorgamiento de la escritura pública de este contrato.

(ii) US$ 100,000.00 (cien mil y 00/100 dólares de los Estados Unidos de América) por cada año a partir del quinto (5) año y hasta el vigésimo segundo (22) año siguiente a la fecha de otorgamiento de la escritura pública de este contrato.

Las partes acuerdan que se considerará devengada y, en esa medida, será exigible para TORION, la obligación de pagar Adelantos a OLIMPO (aunque con sujeción a lo indicado en el numeral 9.2), en las fechas de cumplimiento de cada uno de los periodos anuales referidos los acápites (i) y (ii) precedentes.

A fin de despejar cualquier duda respecto de lo anterior y a modo de ejemplo, se deja constancia que, si la escritura pública de este contrato fuese otorgada el 20 de diciembre de 2013, el primer pago de Adelantos se devengará el 20 de diciembre de 2014; y así sucesivamente para los años siguientes.

Sin perjuicio de lo anterior, se acuerda que el plazo que TORION tendrá para el pago de los Adelantos (sin intereses), vencerá a los diez (10) días útiles siguientes de haberse vuelto exigible su pago según lo pactado en este numeral 9.1. Luego de vencido este plazo de diez (10) días, el deudor quedará automáticamente constituido en mora y obligado al pago de intereses, con la tasa de interés compensatoria y moratoria más alta permitida por la ley peruana aplicable y, de ser el caso, la compensación de los daños y perjuicios que tal incumplimiento pudiera haberle causado."

“9.2 Las partes dejan constancia que el pago de los Adelantos no será exigible para TORION, si es que a la fecha en la que el respectivo Adelanto se devengue (lo que ocurra primero):

(a) Se ha iniciado la Producción Comercial en las CONCESIONES; o

(b) Se ha alcanzado el pago máximo de US$ 2'000,000.00 (dos millones y 00/100 dólares de los Estados Unidos de América) al que se refiere el numeral 9.1 (en cuyo caso TORION solamente deberá pagar Adelantos hasta por dicho importe máximo).

Inmediatamente luego de verificada cualquiera de estas dos condiciones, la obligación de TORION de pagar Adelantos a OLIMPO quedará automáticamente

"CCV"

extinguida, sin necesidad de ninguna declaración o formalidad adicional."

Tercera: Opción de recompra de la Regalía NSR

TORION tendrá el derecho (pero no la obligación) de extinguir la Regalía NSR (y darla por pagada en su integridad) en cualquier momento, bastando para ello con comunicar su decisión a OLIMPO (en adelante en esta cláusula, toda referencia a OLIMPO se entenderá hecha también a quien tenga la calidad de acreedor inscrito de la Regalía NSR) y pagarle un precio de (i) US$ 7'500,000.00 (siete millones quinientos mil y 00/100 dólares de los Estados Unidos de América), si la facultad de extinguir la Regalía NSR es ejercida por TORION dentro de los cinco (5) años siguientes a la fecha de suscripción de la minuta de esta adenda; o, (ii) US$ 12'000,000.00 (doce millones y 00/100 dólares de los Estados Unidos de América), si la facultad de extinguir la Regalía NSR es ejercida por TORION después de transcurridos los primeros cinco (5) años siguientes a la fecha de suscripción de la minuta de esta adenda.

Las partes acuerdan que, como condiciones precedentes para que TORION pueda ejercer la facultad de extinguir la Regalía NSR, TORION deberá (i) pagar a OLIMPO la totalidad de los Adelantos de la Regalía NSR que se encuentren pendientes de pago y/o que todavía no se hubiesen devengado, hasta completar o alcanzar la suma total de US$ 2'000,000.00 (dos millones y 00/100 dólares de los Estados Unidos de América) establecida en el numeral 9.1 del CONTRATO por concepto del referido Adelanto, incluso si es que se ha iniciado la Producción Comercial de las CONCESIONES, en cuyo caso se deberá pagar a OLIMPO la diferencia entre los US$ 2'000,000.00 (dos millones y 00/100 dólares de los Estados Unidos de América) y el monto efectivamente pagado a OLIMPO por concepto de (a) Adelantos de la Regalía NSR y (b) Regalía NSR, de ser el caso; (ii) haber finalizado la preparación y entregado a OLIMPO el ESTIMADO DE RECURSOS y haber pagado a OLIMPO el ajuste de precio o precio adicional que corresponda de conformidad con lo establecido en el numeral 4.3 del CONTRATO; y, (iii) si TORION no ha finalizado la preparación y/o no ha entregado a OLIMPO el ESTIMADO DE RECURSOS, entonces deberá pagar a OLIMPO, por concepto de ajuste de precio por la transferencia de las CONCESIONES, la suma (precio) adicional de US$ 7'500,000.00 (siete millones quinientos mil y 00/100 dólares de los Estados Unidos de América), aun cuando no hubiese transcurrido en su integridad el plazo para la elaboración y entrega del ESTIMADO DE RECURSOS previsto en el numeral 4.1 del CONTRATO. El cumplimiento de estas condiciones precedentes es requisito necesario para que el ejercicio de la facultad de extinguir la Regalía NSR por parte de TORION sea eficaz.

Las partes dejan expresa constancia que, de ejercer TORION el derecho concedido a su favor en esta cláusula (para lo cual bastará que notifique por escrito a OLIMPO de su decisión), la Regalía NSR quedará automáticamente extinguida (sin necesidad de formalidad o declaración alguna), luego de que TORION efectúe a OLIMPO el pago del precio por extinción de la Regalía NSR indicado en el primer párrafo de esta cláusula y de los conceptos indicados en el segundo párrafo de esta cláusula (los cuales serán efectuados mediante la entrega de uno o más cheques de gerencia girados a la orden de OLIMPO, simultáneamente con la suscripción por parte de este del último de los documentos que TORION le solicite suscribir según lo señalado en el párrafo siguiente).

Sin perjuicio de lo anterior, OLIMPO quedará irrevocablemente obligada a realizar todos los actos y suscribir todos los documentos públicos y privados que sean necesarios o convenientes para cancelar la inscripción de la Regalía NSR en las partidas de las CONCESIONES SUJETAS A REGALÍA y darle cualquier formalidad o publicidad adicional, que razonablemente sea requerida por TORION. La suscripción de los

documentos mencionados deberá realizarse, a más tardar, con ocasión del pago que TORION deba efectuar a OLIMPO para extinguir la Regalía NSR y constituirá una condición para la realización de dicho pago.

Las partes acuerdan que la opción de recompra de la Regalía NSR prevista en esta cláusula se extinguirá, de manera automática e irrevocable, en la primera oportunidad en la que TORION quede automáticamente constituido en mora como consecuencia de la falta de pago de cualquiera de los Adelantos de la Regalía NSR dentro del plazo establecido en el último párrafo del numeral 9.1 del CONTRATO.

Cuarta: Inscripción en Registros Públicos

Las partes declaran y reconocen que es obligación de TORION inscribir el CONTRATO, la Regalía NSR y sus modificaciones en los Registros Públicos, por lo que TORION asume la obligación de inscribir la presente adenda, así como cualesquiera otros actos jurídicos precedentes que todavía no se hubiesen inscrito en los Registros Públicos, en las partidas registrales de las CONCESIONES, dentro de los quince (15) días calendario siguientes a la suscripción de la escritura pública a que dé origen la minuta de esta adenda.

Para estos efectos, TORION asumirá y pagará todos los gastos incurridos con relación a la formalización de esta adenda en escritura pública y su posterior inscripción en las partidas registrales de las CONCESIONES.

Quinta: Condiciones de eficacia

5.1 La eficacia de esta adenda se encuentra sometida a la condición suspensiva de que TORION cumpla con pagar a OLIMPO, a más tardar el quinto día hábil contado a partir de la fecha de firma de este instrumento, el Adelanto de la Regalía NSR que se devengó el 22 de mayo de 2025, ascendente a U$ 100,000.00 (cien mil y 00/100 dólares americanos).

OLIMPO deja constancia que, una vez efectuado dicho pago a su favor, solo quedará pendiente de pago, por el mencionado concepto de Adelantos, la suma de U$ 1'000,000.00 (un millón y 00/100 dólares americanos), según el siguiente cronograma:

VENCIMIENTO	MONTO ADELANTO U$
22 MAYO, 2026	100,000.00
22 MAYO, 2027	100,000.00
22 MAYO, 2028	100,000.00
22 MAYO, 2029	100,000.00
22 MAYO, 2030	100,000.00
22 MAYO, 2031	100,000.00
22 MAYO, 2032	100,000.00
22 MAYO, 2033	100,000.00
22 MAYO, 2034	100,000.00
22 MAYO, 2035	100,000.00
TOTAL	1'000,000.00

5.2 Sin perjuicio de lo señalado, la eficacia de esta adenda se encuentra sometida a la condición suspensiva de que 1001184918 ONTARIO adquiera, directa o indirectamente, la titularidad de las CONCESIONES (con excepción de las CONCESIONES ABANDONADAS). Para estos efectos, se entenderá que 1001184918 ONTARIO ha adquirido, directa o indirectamente, la titularidad de las CONCESIONES, cuando, de conformidad con lo establecido en el contrato denominado "Acquisition Agreement" de fecha 27 de mayo de 2025 entre PEMBROOK y 1001184918 ONTARIO, se verifique el "RTO Closing" (tal como este término es definido en el "Acquisition Agreement").

5.3 Si hasta el 30 de septiembre de 2025 no se ha verificado el "RTO Closing", esta adenda quedará sin efecto y el CONTRATO, con aquellas modificaciones que se hubiesen introducido con anterioridad a la suscripción de esta adenda, permanecerá plenamente vigente, deviniendo en inmediatamente exigibles todas aquellas obligaciones de TORION que se hubiesen devengado entre la fecha de celebración de esta adenda y el 30 de septiembre de 2025, si es que esta adenda no se hubiese celebrado.

Sexta: Estipulaciones adicionales

6.1 Las estipulaciones del CONTRATO que no hayan sido específicamente modificados en esta adenda (o que deban entenderse modificadas según lo aquí pactado), se mantienen vigentes en la integridad de sus términos, siendo plenamente aplicables y exigibles entre las partes.

6.2 Conforme a lo indicado en el párrafo anterior, las partes acuerdan que las cláusulas del CONTRATO son aplicables, mutatis mutandis (cambiando lo que haya que cambiar), a las estipulaciones previstas en esta adenda.

Agregue usted, señor notario, la introducción y conclusión de ley, realice los insertos que correspondan y sírvase pasar los partes respectivos para su inscripción en las partidas registrales de las CONCESIONES en los Registros Públicos.

Lima, [] de [] de 2025

"CCV"

TORION MINING S.A.C.
N.° N

COMPANÍA DE INVERSIONES OLIMPO
S.A.C.
Ricardo Llosa Pazos
DNI N.° 09343332

ANEXO 1 – GARANTÍA
GUARANTEE AGREEMENT

This Guarantee Agreement is made as of the [] day of [*], 2025.

AMONG:

PEMBROOK COPPER CORP., having an office at 2300-1066 West Hastings Street, Vancouver, British Columbia, V2E 3X2, Canada

("Pembrook")

1001184918 ONTARIO INC., having an office at [], Ontario, [], Canada

("1001184918 ONTARIO")

AND:

COMPANÍA DE INVERSIONES OLIMPO S.A.C., with RUC No. 20506689164, registered under No. 11566663 in the Registry of Legal Entities of Lima, domiciled at Av. Pardo y Aliaga No. 699, Office 302, San Isidro, Lima, duly represented by Ricardo Llosa Pazos, identified with DNI No. 09343332, according to powers registered as referenced above

("Olimpo")

WHEREAS:

A. Olimpo and Torion Mining S.A.C. ("Torion") are parties to a Mining Concession Transfer Agreement entered by public deed granted on May 22, 2013, which agreement was amended by two (2) amendments both dated January 18, 2016 and one adicional amendment dated September 19, 2019 (collectively, the "Transfer Agreement");
B. On September 27, 2019, Pembrook and Olimpo entered into a Guarantee Agreement, whereby Pembrook agreed to act as joint guarantor of Torion in respect of its obligations under the Transfer Agreement (the "First Guarantee Agreement").
C. Simultaneously with this Guarantee Agreement, Pembrook has entered into an agreement (the "Acquisition Agreement") with 1001184918 ONTARIO and a subsidiary of the latter incorporated and existing under the laws of British Columbia, Canada (hereinafter "AcquisitionCo"), pursuant to which the terms and conditions for the amalgamation of Pembrook with AcquisitionCo have been agreed upon, so that 1001184918 ONTARIO will thereby indirectly acquire the shares held by Pembrook, representing the share capital of Torion;
D. Torion wishes to amend the Transfer Agreement and enter into a new amendment agreement with Olimpo; and

E. In consideration of Olimpo agreeing to the amendment of the Transfer Agreement in the form attached hereto as Schedule "A" (The "2025 Amending Agreement", and together with the Transfer Agreement, collectively the "Amended Transfer Agreement"), Pembrook and 1001184918 ONTARIO have both agreed to guarantee the obligations of Torion under the Amended Transfer Agreement, on the terms provided herein, under the condition that the 2025 Amending Agreement takes effect, in accordance with the provisions of the 5th clause of said document.

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises and the agreements hereinafter contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows.

I. GUARANTEE

1.1 Subject to the fulfillment of the conditions set forth into the 5th clause of the 2025 Amending Agreement, Pembrook and 1001184918 ONTARIO hereby agree with Olimpo to guarantee the performance by Torion of its obligations under the Amended Transfer Agreement. Consequently, by this document, in accordance with articles 1868 and following of the Peruvian Civil Code, Pembrook and 1001184918 ONTARIO grant in favour of Olimpo a several, irrevocable, indivisible, unconditional Bond, of automatic realization and without the benefit of excursion, in order to ensure the full and timely compliance with each and every obligation assumed by Torion under the Amended Transfer Agreement, up to the total amount of such obligations. Furthermore, by means of this document, Pembrook and 1001184918 ONTARIO give its express consent in advance to any extension, renewal, refinancing or rescheduling of payments that Olimpo may grant to Torion in relation to the fulfillment of the obligations set forth in the Amended Transfer Agreement. Therefore, in accordance with Article 1901 of the Peruvian Civil Code, Parties hereby acknowledge that all extensions, renewals, refinancing or rescheduling of payments will necessarily imply the extension of the Bond established by this Guarantee Agreement, in the same terms and conditions contained herein.

1.2 Notwithstanding the above, Pembrook and 1001184918 ONTARIO shall not do or take any act or proceeding and shall not omit to do or take any act or proceeding or omit to provide any consent, agreement or further assurance as shall cause Torion to be in breach of or otherwise be unable to perform its covenants, agreements and obligations to Olimpo under the Transfer Agreement as amended. Pembrook's and 1001184918 ONTARIO's obligations pursuant to this section 1.1 are conditional on Olimpo executing and delivering to Torion the 2025 Amendment Agreement.

2. DURATION OF AGREEMENT AND TERMINATION

2.1 Unless otherwise mutually agreed to in writing by the parties, this Agreement shall remain in force during the term of the Amended Transfer Agreement and for as long thereafter as Torion has any outstanding covenants, obligations or agreements thereunder.

2.2 This Guarantee Agreement does not replace the First Guarantee Agreement, which remains in full force and effect. Thus, if the conditions set forth into the 5th clause of the 2025

Amendment Agreement are not fulfilled in the terms referred to thereto, the First Guarantee Agreement will remain in effect, according to its own terms.

Notwithstanding, if the conditions set forth into the 5th clause of the 2025 Amendment Agreement are not fulfilled in the terms referred to thereto, it shall be understood that all of the obligations of 1001184918 ONTARIO that have been agreed to in this document will not either have entered in force.

3. GENERAL

3.1 Amendment - This Agreement shall not be modified, supplemented or amended except by written document expressly made to modify, supplement or amend this Agreement and executed by the parties hereto.

3.2 Governing Law - This Agreement and its application and interpretation will be governed by and interpreted in accordance with the laws of Peru, which will be deemed to be the proper law thereof.

3.3 Entire Agreement - This Agreement constitutes the entire agreement between the Parties as to its subject matter and supersedes all prior agreements, understandings and negotiations, written or unwritten, between the parties as to such subject matter.

3.4 Dispute Resolution - For the purpose of executing the Bond granted under this document, as well as for any other controversy or discrepancy related to this document, Parties convey expressly to the Dispute Resolution Mechanisms provided for in Section 11.9 of the Transfer Agreement. In the event of an arbitration involving Olimpo, Torion, Pembrook, and 1001184918 ONTARIO, Torion, Pembrook and 1001184918 ONTARIO will be considered as a single Party for the purpose of appointing the Arbitral Tribunal.

IN WITNESS WHEREOF the parties have executed this Agreement as of the date first above written.

"CCV"

PEMBROOK COPPER CORP.
Per: _________
Authorized Signatory

1001184918 ONTARIO INC.
Per: _________
Authorized Signatory

COMPANÍA DE INVERSIONES OLIMPO S.A.C.
Per: _________
Authorized Signatory

AI assistant

Pecoy Copper Corp. — M&A Activity 2025

47267_rns_2025-09-05_47c5fe6a-5f37-4519-b634-507adcde95aa.pdf

ACQUISITION AGREEMENT

ARTICLE 1

1.1 Definitions

1.2 Schedules

1.3 Corporation, Subsidiaries and Affiliates

1.4 Number, Gender and Persons

1.5 Interpretations Not Affected by Headings, etc.

1.6 Date for Any Action

1.7 Time Periods

1.8 Time and Currency

1.9 Knowledge

1.10 Statutory References

1.11 No Presumption

ARTICLE 2 PURCHASE AND SALE TRANSACTION

2.1 The Purchase and Sale

2.2 Initial Consideration

2.3 Milestone Consideration

2.4 Purchaser Board Approval

2.5 Securities Law and Corporate Law Compliance

2.6 Reverse Takeover

ARTICLE 3 REPRESENTATIONS AND WARRANTIES

3.1 Representations and Warranties of the Vendor

3.2 Representations and Warranties of Purchaser

ARTICLE 4

COVENANTS

4.1 Preservation of the Vendor Shares

4.2 Related Transactions

4.3 Proceedings

4.4 Actions

4.5 Consents and Waivers

4.6 Public Announcements

4.7 Notification of Certain Matters

4.8 Representations and Warranties

4.9 Expenses

4.10 RTO

4.11 Option Agreement Instalments

4.12 Pecoy Shareholders' Agreement

4.13 Agnico Eagle Debt Settlement

4.14 Restrictions on Purchaser Securities Issuances

4.15 Personal Information Privacy

4.16 Transaction Agreements

ARTICLE 5 COMMITMENT TO THE TRANSACTIONS

5.1 Alternative Transactions

5.2 Facilitation of Purchase and Sale Transaction

5.3 Notification

ARTICLE 6 TERMINATION

6.1 Termination by Purchaser

6.2 Termination by the Vendor

6.3 Effect of Termination

ARTICLE 7 CONDITIONS

7.1 Conditions for the Benefit of Purchaser

7.2 Conditions for the Benefit of the Vendor

7.3 Mutual Conditions

7.4 Notice and Cure Provisions

ARTICLE 8

CLOSING DELIVERIES

8.1 Closing Date

8.2 Closing Documents

8.3 The Vendor Deliveries

8.4 Purchaser Deliveries

8.5 Completion of RTO

ARTICLE 9 INDEMNIFICATION

9.1 Indemnification by the Vendor

9.2 Limitations

9.3 Indemnification by the Purchaser

9.4 Limitations

ARTICLE 10 CONFIDENTIALITY

11.1 Notice

11.2 Assignment

11.3 Binding Effect

11.4 Time of the Essence

11.5 Governing Law

11.6 Entire Agreement

11.7 Amendment or Waiver

11.8 Severability

11.9 Counterparts and Delivery

11.10 Further Assurances

Pecoy Copper Corp. M&A Activity 2025