UNITEDSTATESSECURITIESANDEXCHANGECOMMISSION

Washington,D.C.20549

FORM6-K

ReportofForeignPrivateIssuerPursuanttoRule13a-16or15d-16

undertheSecuritiesExchangeActof1934

Forthemonthof:May,2018

Commissionfilenumber:001-33562

PlatinumGroupMetalsLtd.

Suite788—550BurrardStreet,VancouverBC,V6C2B5,CANADAAddressofPrincipalExecutiveOffice

Indicatebycheckmarkwhethertheregistrantfilesorwillfileannualreportsundercover:

Form20-FxForm40-Fo

IndicatebycheckmarkiftheregistrantissubmittingtheForm6-KinpaperaspermittedbyRegulationS-TRule101(b)(1):oIndicatebycheckmarkiftheregistrantissubmittingtheForm6-KinpaperaspermittedbyRegulationS-TRule101(b)(7):o

SIGNATURE

PursuanttotherequirementsoftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisreporttobesignedonitsbehalfbytheundersigned,thereuntodulyauthorized.

Date:May15,2018

/s/FrankHallamFRANKHALLAMCHIEFFINANCIALOFFICER

2

EXHIBITINDEX

EXHIBIT99.1INCLUDEDWITHTHISREPORTISHEREBYINCORPORATEDBYREFERENCEASANEXHIBITTOTHEREGISTRANT’SREGISTRATIONSTATEMENTONFORMF-10(FILENO.333-213985),ANDTOBEAPARTTHEREOFFROMTHEDATEONWHICHTHISREPORTISSUBMITTED,TOTHEEXTENTNOTSUPERSEDEDBYDOCUMENTSORREPORTSSUBSEQUENTLYFILEDORFURNISHED.Exhibit

Description99.1

WarrantIndenturedatedMay15,2018

3

Exhibit99.1

ExecutionVersion

PLATINUMGROUPMETALSLTD.

astheCorporation

and

COMPUTERSHARETRUSTCOMPANYOFCANADA

astheWarrantAgent

WARRANTINDENTURE

ProvidingfortheIssueofWarrants

DatedasofMay15,2018

TABLEOFCONTENTS

PageNo.

ARTICLE1INTERPRETATION

Section1.1 Definitions 2Section1.2 GenderandNumber 6Section1.3 Headings,Etc. 6Section1.4 DaynotaBusinessDay 6Section1.5 TimeoftheEssence 7Section1.6 MonetaryReferences 7Section1.7 ApplicableLaw 7

ARTICLE2ISSUEOFWARRANTS

Section2.1 CreationandIssueofWarrants 7Section2.2 TermsofWarrants 7Section2.3 WarrantholdernotaShareholder 8Section2.4 WarrantstoRankPariPassu 8Section2.5 FormofWarrants,CertificatedWarrants 8Section2.6 BookEntryOnlyWarrants 8Section2.7 WarrantCertificate 11Section2.8 RegisterofWarrants 13Section2.9 IssueinSubstitutionforWarrantCertificatesLost,etc. 14Section2.10 ExchangeofWarrantCertificates 15Section2.11 TransferandOwnershipofWarrants 15Section2.12 CancellationofSurrenderedWarrants 16

ARTICLE3EXERCISEOFWARRANTS

Section3.1 RightofExercise 16Section3.2 WarrantExercise 16Section3.3 CashlessExercise 19Section3.4 TransferFeesandTaxes 20Section3.5 WarrantAgency 20Section3.6 EffectofExerciseofWarrants 21Section3.7 PartialExerciseofWarrants;Fractions 21Section3.8 ExpirationofWarrants 22Section3.9 AccountingandRecording 22Section3.10 SecuritiesRestrictions 22Section3.11 U.S.SecuritiesLawMatters 24

TABLEOFCONTENTS

(continued)

PageNo.

ARTICLE4ADJUSTMENTOFNUMBEROFCOMMONSHARES

ANDEXERCISEPRICE Section4.1 AdjustmentofNumberofCommonSharesandExercisePrice 26Section4.2 EntitlementtoCommonSharesonExerciseofWarrant 31Section4.3 NoAdjustmentforCertainTransactions 31Section4.4 DeterminationbyIndependentFirm 31Section4.5 ProceedingsPriortoanyActionRequiringAdjustment 31Section4.6 CertificateofAdjustment 32Section4.7 NoticeofSpecialMatters 32Section4.8 NoActionafterNotice 32Section4.9 OtherAction 33Section4.10 ProtectionofWarrantAgent 33Section4.11 ParticipationbyWarrantholder 33Section4.12 RegulatoryApprovalofAdjustments 34

ARTICLE5RIGHTSOFTHECORPORATIONANDCOVENANTS

Section5.1 OptionalPurchasesbytheCorporation 34Section5.2 GeneralCovenants 34Section5.3 WarrantAgent’sRemunerationandExpenses 35Section5.4 PerformanceofCovenantsbyWarrantAgent 36Section5.5 EnforceabilityofWarrants 36

ARTICLE6ENFORCEMENT

Section6.1 SuitsbyRegisteredWarrantholders 36Section6.2 SuitsbytheCorporation 37Section6.3 ImmunityofShareholders,etc. 37Section6.4 WaiverofDefault 37

ARTICLE7MEETINGSOFREGISTEREDWARRANTHOLDERS

Section7.1 RighttoConveneMeetings 38Section7.2 Notice 38Section7.3 Chairman 38Section7.4 Quorum 39Section7.5 PowertoAdjourn 39

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TABLEOFCONTENTS

(continued)

PageNo. Section7.6 ShowofHands 39Section7.7 PollandVoting 39Section7.8 Regulations 40Section7.9 CorporationandWarrantAgentMaybeRepresented 40Section7.10 PowersExercisablebyExtraordinaryResolution 40Section7.11 MeaningofExtraordinaryResolution 42Section7.12 PowersCumulative 43Section7.13 Minutes 43Section7.14 InstrumentsinWriting 43Section7.15 BindingEffectofResolutions 43Section7.16 HoldingsbyCorporationDisregarded 44

ARTICLE8SUPPLEMENTALINDENTURES

Section8.1 ProvisionforSupplementalIndenturesforCertainPurposes 44Section8.2 SuccessorEntities 45

ARTICLE9CONCERNINGTHEWARRANTAGENT

Section9.1 TrustIndentureLegislation 46Section9.2 RightsandDutiesofWarrantAgent 46Section9.3 Evidence,ExpertsandAdvisers 47Section9.4 Documents,Monies,etc.HeldbyWarrantAgent 48Section9.5 ActionsbyWarrantAgenttoProtectInterest 48Section9.6 WarrantAgentNotRequiredtoGiveSecurity 48Section9.7 ProtectionofWarrantAgent 48Section9.8 ReplacementofWarrantAgent;SuccessorbyMerger 50Section9.9 ConflictofInterest 51Section9.10 AcceptanceofAgency 51Section9.11 WarrantAgentNottobeAppointedReceiver 51Section9.12 WarrantAgentNotRequiredtoGiveNoticeofDefault 52Section9.13 Anti-MoneyLaundering 52Section9.14 CompliancewithPrivacyCode 53Section9.15 SecuritiesExchangeCommissionCertification 53

ARTICLE10GENERAL

Section10.1 NoticetotheCorporationandtheWarrantAgent 54

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TABLEOFCONTENTS

(continued)

PageNo. Section10.2 NoticetoRegisteredWarrantholders 55Section10.3 OwnershipofWarrants 55Section10.4 Counterparts 56Section10.5 SatisfactionandDischargeofIndenture 56Section10.6 ProvisionsofIndentureandWarrantsfortheSoleBenefitofPartiesandRegisteredWarrantholders 57Section10.7 CommonSharesorWarrantsOwnedbytheCorporationoritsSubsidiaries-CertificatetobeProvided 57Section10.8 Severability 57Section10.9 ForceMajeure 57Section10.10 Assignment,SuccessorsandAssigns 58Section10.11 RightsofRescissionandWithdrawalforHolders 58

SCHEDULESSCHEDULE“A”-FORMOFWARRANTCERTIFICATESCHEDULE“B”-EXERCISEFORM

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WARRANTINDENTURE

THISWARRANTINDENTUREisdatedasofMay15,2018.

BETWEEN:

PLATINUMGROUPMETALSLTD.,acorporationexistingunderthelawsoftheProvinceofBritishColumbia(the“Corporation”)

-and-

COMPUTERSHARETRUSTCOMPANYOFCANADA,atrustcompanyexistingunderthelawsofCanadaandauthorizedtocarryonbusinessinallprovincesofCanada(the“WarrantAgent”)

WHEREAStheCorporationisproposingtoissueupto131,100,000Warrants(ashereinafterdefined)pursuanttothisIndenture;

ANDWHEREASpursuanttothisIndenture,eachWarrantshall,subjecttoadjustment,entitletheholderthereoftoacquireone(1)CommonShare(ashereinafterdefined)uponpaymentoftheExercisePrice(ashereinafterdefined)uponthetermsandconditionshereinsetforth;

ANDWHEREASallactsanddeedsnecessaryhavebeendoneandperformedtomaketheWarrants,whencreatedandissuedasprovidedinthisIndenture,legal,validandbindingupontheCorporationwiththebenefitsandsubjecttothetermsofthisIndenture;

ANDWHEREAStheforegoingrecitalsaremadeasrepresentationsandstatementsoffactbytheCorporationandnotbytheWarrantAgent;

NOWTHEREFORE,inconsiderationofthepremisesandmutualcovenantshereinaftercontainedandothergoodandvaluableconsideration,thereceiptandsufficiencyofwhichisherebyacknowledged,theCorporationherebyappointstheWarrantAgentaswarrantagenttoholdtherights,interestsandbenefitscontainedhereinforandonbehalfofthosepersonswhofromtimetotimebecometheholdersofWarrantsissuedpursuanttothisIndentureandthepartiesheretoagreeasfollows:

ARTICLE1

INTERPRETATIONSection1.1Definitions.

InthisIndenture,includingtherecitalsandscheduleshereto,andinallindenturessupplementalhereto:“AdjustmentPeriod”meanstheperiodfromtheEffectiveDateuptoandincludingtheExpiryTime;“ApplicableLegislation”meansanystatuteofCanadaoraprovincethereof,andtheregulationsunderanysuchnamedorotherstatute,relatingtowarrantindenturesortotherights,dutiesandobligationsofwarrantagentsunderwarrantindentures,totheextentthatsuchprovisionsareatthetimeinforceandapplicabletothisIndenture;“ApplicableSecuritiesLaws”meanstheapplicablesecuritieslawsandregulationsofeachoftheprovincesandterritoriesofCanada,andtheapplicablefederalandstatesecuritieslawsandregulationsoftheUnitedStates,togetherwithallrelatedrules,policies,noticesandordersofapplicableregulatoryauthorities;“Auditors”meansafirmofprofessionalaccountantsdulyappointedasauditorsoftheCorporation,fromtimetotime;“Authenticated”means(a)withrespecttotheissuanceofaWarrantCertificate,onewhichhasbeendulysignedbytheCorporationandauthenticatedbysignatureofanauthorizedofficeroftheWarrantAgent,(b)withrespecttotheissuanceofanUncertificatedWarrant,oneinrespectofwhichtheWarrantAgenthascompletedallInternalProceduressuchthattheparticularsofsuchUncertificatedWarrantasrequiredbySection2.7areenteredintheregisterofholdersofWarrants,“Authenticate”,“Authenticating”and“Authentication”havetheappropriatecorrelativemeanings;“BookEntryOnlyParticipants”meansinstitutionsthatparticipatedirectlyorindirectlyintheDepository’sbookentryregistrationsystemfortheWarrants;“BookEntryOnlyWarrants”meansWarrantsthataretobeheldonlybyoronbehalfoftheDepository;“BusinessDay”meansanydayotherthanSaturday,Sundayorastatutoryorcivicholiday,oranyotherdayonwhichbanksarenotopenforbusinessintheCityofVancouver,ProvinceofBritishColumbiaandshallbeadayonwhichtheTorontoStockExchangeisopenfortrading;

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“CDSGlobalWarrants”meansWarrantsrepresentingalloraportionoftheaggregatenumberofWarrantsissuedinthenameoftheDepositoryrepresentedbyanUncertificatedWarrant,orifrequestedbytheDepositoryortheCorporation,byaWarrantCertificate;“CertificatedWarrant”meansaWarrantevidencedbyawritingorwritingssubstantiallyintheformofSchedule“A”,attachedhereto;“CommonShareReorganization”hasthemeaningsetforthinSection4.1(a);“CommonShares”means,subjecttoArticle4,fullypaidandnon-assessablecommonsharesoftheCorporationaspresentlyconstituted;“Confirmation”hasthemeaningsetforthinSection3.2(1);“Corporation”meansPlatinumGroupMetalsLtd.;“Counsel”meansabarristerand/orsolicitororafirmofbarristersand/orsolicitorsretainedbytheWarrantAgentorretainedbytheCorporation,whichmayormaynotbecounselfortheCorporation;“CurrentMarketPrice”oftheCommonSharesatanydatemeansthevolumeweightedaverageofthetradingpriceperCommonShareforsuchCommonSharesforeachdaytherewasaclosingpriceforthetwenty(20)consecutiveTradingDaysendingfive(5)dayspriortosuchdateontheTorontoStockExchangeorifonsuchdatetheCommonSharesarenotlistedontheTorontoStockExchange,onsuchstockexchangeuponwhichsuchCommonSharesarelistedandasselectedbythedirectors,or,ifsuchCommonSharesarenotlistedonanystockexchangethenonsuchover-the-countermarketasmaybeselectedforsuchpurposebythedirectorsoftheCorporation(providedthat,ifsuchtradingpriceisinacurrencyotherthanUnitedStatesdollars,thevolumeweightedaveragepriceinsuchcurrencywillbeconvertedintoUnitedStatesdollarsusingtheapplicabledailyexchangerate(s)publishedbytheBankofCanadaonthelastTradingDayduringtheapplicablemeasurementperiodor,ifnosuchratewaspublishedonsuchdate,thenextprecedingdailyexchangerate(s)publishedbytheBankofCanada;andprovided,further,thatiftheBankofCanadanolongerpublishessuchrates,thevolumeweightedaveragepricewillbeconvertedintoUnitedStatesdollarsusingthethenapplicableexchangerateasdeterminedbythedirectorsoftheCorporation);“Depository”meansCDSClearingandDepositoryServicesInc.orsuchotherpersonasisdesignatedinwritingbytheCorporationtoactasdepositoryinrespectoftheWarrants;“Dividends”meansanydividendspaidbytheCorporation;

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“EffectiveDate”meansthedateofthisIndenture;“ExchangeRate”meansthenumberofCommonSharessubjecttotherightofpurchaseundereachWarrant;“ExerciseDate”means,inrelationtoaWarrant,theBusinessDayonwhichsuchWarrantisvalidlyexercisedordeemedtobevalidlyexercisedinaccordancewithArticle3hereof;“ExerciseNotice”hasthemeaningsetforthinSection3.2(1);“ExercisePrice”atanytimemeansthepriceatwhichawholeCommonSharemaybepurchasedbytheexerciseofWarrants,whichisinitiallyUS$0.17perCommonShare,payableinimmediatelyavailableUnitedStatesfunds,subjecttoadjustmentinaccordancewiththeprovisionsofthisIndenture;“ExpiryDate”meansNovember15,2019;“ExpiryTime”means4:00p.m.(Vancouvertime)ontheExpiryDate;“ExtraordinaryResolution”hasthemeaningsetforthinSection7.11(1);“FinalExerciseNotice”hasthemeaningsetforthinSection3.3;“InternalProcedures”meansinrespectofthemakingofanyoneormoreentriesto,changesinordeletionsofanyoneormoreentriesintheregisteratanytime(includingwithoutlimitation,originalissuanceorregistrationoftransferofownership)theminimumnumberoftheWarrantAgent’sinternalprocedurescustomaryatsuchtimefortheentry,changeordeletionmadetobecompleteundertheoperatingproceduresfollowedatthetimebytheWarrantAgent,itbeingunderstoodthatneitherpreparationandissuanceshallconstitutepartofsuchproceduresforanypurposeofthisdefinition;“IssueDate”meansMay15,2018;“OriginalPurchaser”meansaholderofWarrantswhopurchasedsuchWarrantsintheCompany’spublicofferingoftheunitsofwhichtheWarrantsformedapart,includingeachRegisteredWarrantholder,butexcludingtheDepository;“person”meansanindividual,bodycorporate,partnership,trust,warrantagent,executor,administrator,legalrepresentativeoranyunincorporatedorganization;“register”meanstheonesetofrecordsandaccountsmaintainedbytheWarrantAgentpursuanttoSection2.8;

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“RegisteredWarrantholders”meansthepersonswhoareregisteredownersofWarrantsassuchnamesappearontheregister,andforgreatercertainty,shallincludetheDepositoryaswellastheholdersofUncertificatedWarrantsappearingontheregisteroftheWarrantAgent;“RegistrationStatement”meansashelfregistrationstatementfiledwiththeSECundertheU.S.SecuritiesActregisteringtheCommonSharesissuableuponexerciseoftheWarrants;“RightsOffering”hasthemeaningsetforthinSection4.1(b);“SEC”meanstheUnitedStatesSecuritiesandExchangeCommission;“Shareholders”meansholdersofCommonShares;“TaxAct”meanstheIncomeTaxAct(Canada)andtheregulationsthereunder;“thisWarrantIndenture”,“thisIndenture”,“hereto”“herein”,“hereby”,“hereof”andsimilarexpressionsmeanandrefertothisIndentureandanyindenture,deedorinstrumentsupplementalhereto;andtheexpressions“Article”,“Section”,“subsection”and“paragraph”followedbyanumber,letterorbothmeanandrefertothespecifiedarticle,section,subsectionorparagraphofthisIndenture;“TradingDay”means,withrespecttotheTorontoStockExchange,adayonwhichsuchexchangeisopenforthetransactionofbusinessandwithrespecttoanotherexchangeoranover-the-countermarketmeansadayonwhichsuchexchangeormarketisopenforthetransactionofbusiness;“UncertificatedWarrant”meansanyWarrantwhichisnotaCertificatedWarrant;“UnitedStates”or“U.S.”meanstheUnitedStatesofAmerica,itsterritoriesandpossessions,anystateoftheUnitedStates,andtheDistrictofColumbia;“U.S.ExchangeAct”meanstheUnitedStatesSecuritiesExchangeActof1934,asamended;“U.S.SecuritiesAct”meanstheUnitedStatesSecuritiesActof1933,asamended;“Warrants”meanstheCommonSharepurchasewarrantscreatedbyandauthorizedbyandissuableunderthisIndenture,tobeissuedandcountersignedhereunderasaCertificatedWarrantand/orUncertificatedWarrantheldthroughthebookentryregistrationsystemonanocertificateissuedbasis,entitlingtheholderorholdersthereoftopurchaseupto131,100,000CommonShares(subjecttoadjustmentashereinprovided)attheExercisePricepriortotheExpiryTime;

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“WarrantAgency”meanstheprincipalofficeoftheWarrantAgentintheCityofVancouver,orsuchotherplaceasmaybedesignatedinaccordancewithSection3.5;“WarrantAgent”meansComputershareTrustCompanyofCanada,initscapacityaswarrantagentoftheWarrants,oritssuccessorsfromtimetotime;“WarrantCertificate”meansacertificate,substantiallyintheformsetforthinSchedule“A”hereto,toevidencethoseWarrantsthatwillbeevidencedbyacertificate;“Warrantholders”,or“holders”withoutreferencetoWarrants,meansthewarrantholdersasandinrespectofWarrantsregisteredinthenameoftheDepositoryandincludesownersofWarrantswhobeneficiallyholdsecuritiesentitlementsinrespectoftheWarrantsthroughaBookEntryOnlyParticipantormeans,ataparticulartime,thepersonsenteredintheregisterhereinaftermentionedasholdersofWarrantsoutstandingatsuchtime;“Warrantholders’Request”meansaninstrumentsignedinoneormorecounterpartsbyRegisteredWarrantholdersentitledtoacquireintheaggregatenotlessthan50%oftheaggregatenumberofCommonShareswhichcouldbeacquiredpursuanttoallWarrantsthenunexercisedandoutstanding,requestingtheWarrantAgenttotakesomeactionorproceedingspecifiedtherein;and“writtenorderoftheCorporation”,“writtenrequestoftheCorporation”,“writtenconsentofthe“Corporation”and“certificateoftheCorporation”mean,respectively,awrittenorder,request,consentandcertificatesignedinthenameoftheCorporationbyanytwodulyauthorizedsignatoriesoftheCorporationandmayconsistofoneormoreinstrumentssoexecuted.Section1.2GenderandNumber.

Wordsimportingthesingularnumberormasculinegendershallincludethepluralnumberorthefeminineorneutergenders,andviceversa.Section1.3Headings,Etc.

ThedivisionofthisIndentureintoArticlesandSections,theprovisionofaTableofContentsandtheinsertionofheadingsareforconvenienceofreferenceonlyandshallnotaffecttheconstructionorinterpretationofthisIndentureoroftheWarrants.Section1.4DaynotaBusinessDay.

IfanydayonorbeforewhichanyactionornoticeisrequiredtobetakenorgivenhereunderisnotaBusinessDay,thensuchactionornoticeshallberequired

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tobetakenorgivenonorbeforetherequisitetimeonthenextsucceedingdaythatisaBusinessDay.Section1.5TimeoftheEssence.

TimeshallbeoftheessenceofthisIndenture.Section1.6MonetaryReferences.

Wheneveranyamountsofmoneyarereferredtoherein,suchamountsshallbedeemedtobeinlawfulmoneyoftheUnitedStatesofAmericaunlessotherwiseexpressed.Section1.7ApplicableLaw.

ThisIndenture,theWarrants,theWarrantCertificates(includingalldocumentsrelatingthereto,whichbycommonaccordhavebeenandwillbedraftedinEnglish)shallbeconstruedinaccordancewiththelawsoftheProvinceofBritishColumbiaandthefederallawsofCanadaapplicablethereinandshallbetreatedinallrespectsasBritishColumbiacontracts.Eachofthepartieshereto,whichshallincludetheWarrantholders,irrevocablyattornstotheexclusivejurisdictionofthecourtsoftheProvinceofBritishColumbiawithrespecttoallmattersarisingoutofthisIndentureandthetransactionscontemplatedherein.

ARTICLE2ISSUEOFWARRANTS

Section2.1CreationandIssueofWarrants.

Amaximumof131,100,000Warrants(subjecttoadjustmentashereinprovided)areherebycreatedandauthorizedtobeissuedinaccordancewiththetermsandconditionshereof.BywrittenorderoftheCorporation,theWarrantAgentshalldeliverWarrantCertificatestoRegisteredWarrantholdersandrecordthenameoftheRegisteredWarrantholdersontheWarrantregister.RegistrationofinterestsinWarrantsheldbytheDepositorymaybeevidencedbyapositionappearingontheregisterforWarrantsoftheWarrantAgentforanamountrepresentingtheaggregatenumberofsuchWarrantsoutstandingfromtimetotime.Section2.2TermsofWarrants.(1)SubjecttotheapplicableconditionsforexercisesetoutinArticle3havingbeensatisfiedandsubjecttoadjustmentinaccordanceherewith,each

WarrantshallentitleeachWarrantholderthereof,uponexerciseatanytimeaftertheIssueDateandpriortotheExpiryTime,toacquireone(1)CommonShareuponpaymentoftheExercisePrice.

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(2)NofractionalWarrantsshallbeissuedorotherwiseprovidedforhereunderandWarrantsmayonlybeexercisedinasufficientnumbertoacquirewhole

numbersofCommonShares.(3)EachWarrantshallentitletheholderthereoftosuchotherrightsandprivilegesasaresetforthinthisIndenture.

(4)ThenumberofCommonShareswhichmaybepurchasedpursuanttotheWarrantsandtheExercisePricethereforshallbeadjustedupontheeventsand

inthemannerspecifiedinSection4.1.Section2.3WarrantholdernotaShareholder.

Exceptasmaybespecificallyprovidedherein,nothinginthisIndentureorintheholdingofaWarrantCertificate,entitlementtoaWarrantorotherwise,shall,initself,conferorbeconstruedasconferringuponaWarrantholderanyrightorinterestwhatsoeverasaShareholder,including,butnotlimitedto,therighttovoteat,toreceivenoticeof,ortoattend,meetingsofShareholdersoranyotherproceedingsoftheCorporation,ortherighttoDividendsandotherallocations.Section2.4WarrantstoRankPariPassu.

AllWarrantsshallrankequallyandwithoutpreferenceovereachother,whatevermaybetheactualdateofissuethereof.Section2.5FormofWarrants,CertificatedWarrants.

TheWarrantsmaybeissuedinbothcertificatedanduncertificatedform.AllWarrantsissuedincertificatedformshallbeevidencedbyaWarrantCertificate(includingallreplacementsissuedinaccordancewiththisIndenture),substantiallyintheformsetoutinSchedule“A”hereto,whichshallbedatedasoftheIssueDate,shallbearsuchdistinguishinglettersandnumbersastheCorporationmay,withtheapprovaloftheWarrantAgent,prescribe,andshallbeissuableinanydenominationexcludingfractions.AllWarrantsissuedtotheDepositorymaybeineitheracertificatedoruncertificatedform,suchuncertificatedformbeingevidencedbyabookpositionontheregisterofWarrantholderstobemaintainedbytheWarrantAgentinaccordancewithSection2.6.Section2.6BookEntryOnlyWarrants.(1)ReregistrationofbeneficialinterestsinandtransfersofWarrantsheldbytheDepositoryshallbemadeonlythroughthebookentryregistrationsystem

andnoWarrantCertificatesshallbeissuedinrespectofsuchWarrantsexceptwherephysicalcertificatesevidencingownershipinsuchsecurities

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arerequiredorassetouthereinorasmayberequestedbytheDepository,asdeterminedbytheCorporation,fromtimetotime.ExceptasprovidedinthisSection2.6,ownersofbeneficialinterestsinanyCDSGlobalWarrantsshallnotbeentitledtohaveWarrantsregisteredintheirnamesandshallnotreceiveorbeentitledtoreceiveWarrantsindefinitiveformortohavetheirnamesappearintheregisterreferredtoinSection2.8herein.

(2)NotwithstandinganyotherprovisioninthisIndenture,noCDSGlobalWarrantsmaybeexchangedinwholeorinpartforWarrantsregistered,andno

transferofanyCDSGlobalWarrantsinwholeorinpartmayberegistered,inthenameofanypersonotherthantheDepositoryforsuchCDSGlobalWarrantsoranomineethereofunless:

(a)theDepositorynotifiestheCorporationthatitisunwillingorunabletocontinuetoactasdepositoryinconnectionwiththeBookEntryOnly

WarrantsandtheCorporationisunabletolocateaqualifiedsuccessor;

(b)theCorporationdeterminesthattheDepositoryisnolongerwilling,ableorqualifiedtodischargeproperlyitsresponsibilitiesasholderoftheCDSGlobalWarrantsandtheCorporationisunabletolocateaqualifiedsuccessor;

(c)theDepositoryceasestobeaclearingagencyorotherwiseceasestobeeligibletobeadepositoryandtheCorporationisunabletolocatea

qualifiedsuccessor;

(d)theCorporationdeterminesthattheWarrantsshallnolongerbeheldasBookEntryOnlyWarrantsthroughtheDepository;

(e)suchrightisrequiredbyapplicablelaw,asdeterminedbytheCorporationandtheCorporation’sCounsel;or

(f)suchregistrationiseffectedinaccordancewiththeinternalproceduresoftheDepositoryandtheWarrantAgent,

followingwhich,WarrantsforthoseholdersrequestingthesameshallberegisteredandissuedtothebeneficialownersofsuchWarrantsortheirnomineesasdirectedbytheholder.TheCorporationshallprovideanOfficer’sCertificategivingnoticetotheWarrantAgentoftheoccurrenceofanyeventoutlinedinthisSection2.6(2)(a)—(f).

(3)SubjecttotheprovisionsofthisSection2.6,anyexchangeofCDSGlobalWarrantsforWarrantswhicharenotCDSGlobalWarrantsmaybemadein

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wholeorinpartinaccordancewiththeprovisionsofSection2.11,mutatismutandis.AllsuchWarrantsissuedinexchangeforaCDSGlobalWarrantoranyportionthereofshallberegisteredinsuchnamesastheDepositoryforsuchCDSGlobalWarrantsshalldirectandshallbeentitledtothesamebenefitsandsubjecttothesametermsandconditions(exceptinsofarastheyrelatespecificallytoCDSGlobalWarrants)astheCDSGlobalWarrantsorportionthereofsurrendereduponsuchexchange.

(4)EveryWarrantthatisAuthenticateduponregistrationortransferofaCDSGlobalWarrant,orinexchangefororinlieuofaCDSGlobalWarrantor

anyportionthereof,whetherpursuanttothisSection2.6,orotherwise,shallbeAuthenticatedintheformof,andshallbe,aCDSGlobalWarrant,unlesssuchWarrantisregisteredinthenameofapersonotherthantheDepositoryforsuchCDSGlobalWarrantoranomineethereof.

(5)NotwithstandinganythingtothecontraryinthisIndenture,subjecttoapplicablelaw,theCDSGlobalWarrantwillbeissuedasanUncertificated

Warrant,unlessotherwiserequestedinwritingbytheDepositoryortheCorporation.(6)TherightsofbeneficialownersofWarrantswhoholdsecuritiesentitlementsinrespectoftheWarrantsthroughthebookentryregistrationsystemshall

belimitedtothoseestablishedbyapplicablelawandagreementsbetweentheDepositoryandtheBookEntryOnlyParticipantsandbetweensuchBookEntryOnlyParticipantsandthebeneficialownersofWarrantswhoholdsecuritiesentitlementsinrespectoftheWarrantsthroughthebookentryregistrationsystem,andsuchrightsmustbeexercisedthroughaBookEntryOnlyParticipantinaccordancewiththerulesandproceduresoftheDepository.

(7)Notwithstandinganythinghereintothecontrary,neithertheCorporationnortheWarrantAgentnoranyagentthereofshallhaveanyresponsibilityor

liabilityfor:

(a)theelectronicrecordsmaintainedbytheDepositoryrelatingtoanyownershipinterestsoranyotherinterestsintheWarrantsorthedepositorysystemmaintainedbytheDepository,orpaymentsmadeonaccountofanyownershipinterestoranyotherinterestofanypersoninanyWarrantrepresentedbyanelectronicpositioninthebookentryregistrationsystem(otherthantheDepositoryoritsnominee);

(b)maintaining,supervisingorreviewinganyrecordsoftheDepositoryoranyBookEntryOnlyParticipantrelatingtoanysuchinterest;or

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(c)anyadviceorrepresentationmadeorgivenbytheDepositoryorthosecontainedhereinthatrelatetotherulesandregulationsoftheDepository

oranyactiontobetakenbytheDepositoryonitsowndirectionoratthedirectionofanyBookEntryOnlyParticipant.(8)TheCorporationmayterminatetheapplicationofthisSection2.6initssolediscretioninwhichcaseallWarrantsshallbeevidencedbyWarrant

CertificatesregisteredinthenameofaPersonotherthantheDepository.Section2.7WarrantCertificate.(1)ForWarrantsissuedincertificatedform,theformofcertificaterepresentingWarrantsshallbesubstantiallyassetoutinSchedule“A”heretoorsuch

otherformasisauthorizedfromtimetotimebytheWarrantAgentandtheCorporation.EachWarrantCertificateshallbeAuthenticatedonbehalfoftheWarrantAgent.EachWarrantCertificateshallbesignedbyanyonedulyauthorizedsignatoryoftheCorporationwhosesignatureshallappearontheWarrantCertificateandmaybeprinted,lithographedorotherwisemechanicallyreproducedthereonand,insuchevent,certificatessosignedareasvalidandbindingupontheCorporationasifithadbeensignedmanually.AnyWarrantCertificatewhichhasasignatureashereinbeforeprovidedshallbevalidnotwithstandingthatthepersonwhosesignatureisprinted,lithographedormechanicallyreproducednolongerholdsofficeatthedateofissuanceofsuchcertificate.TheWarrantCertificatesmaybeengraved,printedorlithographed,orpartlyinoneformandpartlyinanother,astheWarrantAgentmaydetermine.

(2)TheWarrantAgentshallAuthenticateUncertificatedWarrants(whetheruponoriginalissuance,exchange,registrationoftransfer,partialpayment,or

otherwise)bycompletingitsInternalProceduresandtheCorporationshall,andherebyacknowledgesthatitshall,thereuponbedeemedtohavedulyandvalidlyissuedsuchUncertificatedWarrantsunderthisIndenture.SuchAuthenticationshallbeconclusiveevidencethatsuchUncertificatedWarranthasbeendulyissuedhereunderandthattheholderorholdersareentitledtothebenefitsofthisIndenture.TheregistershallbefinalandconclusiveevidenceastoallmattersrelatingtoUncertificatedWarrantswithrespecttowhichthisIndenturerequirestheWarrantAgenttomaintainrecordsoraccounts.Incaseofdifferencesbetweentheregisteratanytimeandanyothertimetheregisteratthelatertimeshallbecontrolling,absentmanifesterrorandsuchUncertificatedWarrantsarebindingontheCorporation.

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(3)AnyWarrantCertificatevalidlyissuedinaccordancewiththetermsofthisIndentureineffectatthetimeofissueofsuchWarrantCertificateshall,

subjecttothetermsofthisIndentureandapplicablelaw,validlyentitletheholdertoacquireCommonShares,notwithstandingthattheformofsuchWarrantCertificatemaynotbeintheformcurrentlyrequiredbythisIndenture.

(4)NoWarrantshallbeconsideredissuedandshallbevalidorobligatoryorshallentitletheholderthereoftothebenefitsofthisIndenture,untilithas

beenAuthenticatedbytheWarrantAgent.AuthenticationbytheWarrantAgent,includingbywayofentryontheregister,shallnotbeconstruedasarepresentationorwarrantybytheWarrantAgentastothevalidityofthisIndentureorofsuchWarrantCertificatesorUncertificatedWarrants(exceptthedueAuthenticationthereof)orastotheperformancebytheCorporationofitsobligationsunderthisIndentureandtheWarrantAgentshallinnorespectbeliableoranswerablefortheusemadeoftheWarrantsoranyofthemoroftheconsiderationthereof.AuthenticationbytheWarrantAgentshallbeconclusiveevidenceasagainsttheCorporationthattheWarrantssoAuthenticatedhavebeendulyissuedhereunderandthattheholderthereofisentitledtothebenefitsofthisIndenture.

(5)NoCertificatedWarrantshallbeconsideredissuedandAuthenticatedor,ifAuthenticated,shallbeobligatoryorshallentitletheholderthereoftothe

benefitsofthisIndenture,untilithasbeenAuthenticatedbysignaturebyoronbehalfoftheWarrantAgentsubstantiallyintheformoftheWarrantCertificatesetoutinSchedule“A”hereto.SuchAuthenticationonanysuchCertificatedWarrantshallbeconclusiveevidencethatsuchCertificatedWarrantisdulyAuthenticatedandisvalidandabindingobligationoftheCorporationandthattheholderisentitledtothebenefitsofthisIndenture.

(6)NoUncertificatedWarrantshallbeconsideredissuedandshallbeobligatoryorshallentitletheholderthereoftothebenefitsofthisIndenture,untilit

hasbeenAuthenticatedbyentryontheregisteroftheparticularsoftheUncertificatedWarrant.SuchentryontheregisteroftheparticularsofanUncertificatedWarrantshallbeconclusiveevidencethatsuchUncertificatedWarrantisavalidandbindingobligationoftheCorporationandthattheholderisentitledtothebenefitsofthisIndenture.

(7)TheAuthenticationbytheWarrantAgentofanyWarrantswhetherbywayofentryontheregisterorotherwiseshallnotbeconstruedasa

representationorwarrantybytheWarrantAgentastothevalidityoftheIndentureorsuchWarrants(exceptthedueAuthenticationthereof)orastotheperformancebytheCorporationofitsobligationsunderthisIndenture

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andtheWarrantAgentshallinnorespectbeliableoranswerablefortheusemadeoftheWarrantsoranyofthemortheproceedsthereof.

Section2.8RegisterofWarrants(1)TheWarrantAgentshallmaintainrecordsandaccountsconcerningtheWarrants,whethercertificatedoruncertificated,whichshallcontainthe

informationcalledforbelowwithrespecttoeachWarrant,togetherwithsuchotherinformationasmayberequiredbylaworastheWarrantAgentmayelecttorecord.AllsuchinformationshallbekeptinonesetofaccountsandrecordswhichtheWarrantAgentshalldesignate(insuchmannerasshallpermitittobesoidentifiedassuchbyanunaffiliatedparty)astheregisteroftheholdersofWarrants.TheinformationtobeenteredforeachaccountintheregisterofWarrantsatanytimeshallinclude(withoutlimitation):

(a)thenameandaddressoftheholderoftheWarrants,thedateofAuthenticationthereofandthenumberofWarrants;

(b)whethersuchWarrantisaCertificatedWarrantoranUncertificatedWarrantand,ifaWarrantCertificate,theuniquenumberorcodeassigned

toandimprintedthereuponand,ifanUncertificatedWarrant,theuniquenumberorcodeassignedtheretoifany;

(c)whethersuchWarranthasbeencancelled;and

(d)aregisteroftransfersinwhichalltransfersofWarrantsandthedateandotherparticularsofeachtransfershallbeentered.

TheregistershallbeavailableforinspectionbytheCorporationoranyWarrantholderduringtheWarrantAgent’sregularbusinesshoursonaBusinessDayanduponpaymenttotheWarrantAgentofitsreasonablefees.AnyWarrantholderexercisingsuchrightofinspectionshallfirstprovideanaffidavitinformsatisfactorytotheCorporationandtheWarrantAgentstatingthenameandaddressoftheWarrantholderandagreeingnottousetheinformationthereinexceptinconnectionwithanefforttocallameetingofWarrantholdersortoinfluencethevotingofWarrantholdersatanymeetingofWarrantholders.

(2)OnceanUncertificatedWarranthasbeenAuthenticated,theinformationsetforthintheregisterwithrespecttheretoatthetimeofAuthenticationmay

bealtered,modified,amended,supplementedorotherwisechangedonlytoreflectexerciseorproperinstructionstotheWarrantAgentfromtheholderasprovidedherein,exceptthattheWarrantAgentmayactunilaterallyto

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makepurelyadministrativechangesinternaltotheWarrantAgentandchangestocorrecterrors.EachpersonwhobecomesaholderofanUncertificatedWarrantbyhis,heroritsacquisitionthereofshallbedeemedtohaveirrevocably(i)consentedtotheforegoingauthorityoftheWarrantAgenttomakesucherrorcorrectionsand(ii)agreedtopaytotheWarrantAgent,promptlyuponwrittendemand,thefullamountofalllossandexpense(includingwithoutlimitationreasonablelegalfeesoftheCorporationandtheWarrantAgentplusinterest,atanappropriatethenprevailingrateofinteresttotheWarrantAgent),sustainedbytheCorporationortheWarrantAgentasaproximateresultofsucherrorifbutonlyifandonlytotheextentthatsuchpresentorformerholderrealizedanybenefitasaresultofsucherrorandcouldreasonablyhaveprevented,forestalledorminimizedsuchlossandexpensebypromptreportingoftheerrororavoidanceofacceptingbenefitsthereofwhetherornotsucherrorisorshouldhavebeentimelydetectedandcorrectedbytheWarrantAgent;provided,thatnopersonwhoisabonafidepurchasershallhaveanysuchobligationtotheCorporationortotheWarrantAgent.

Section2.9IssueinSubstitutionforWarrantCertificatesLost,etc.(1)IfanyWarrantCertificatebecomesmutilatedorislost,destroyedorstolen,theCorporation,subjecttoapplicablelaw,shallissueandthereuponthe

WarrantAgentshallcertifyanddeliver,anewWarrantCertificateofliketenor,andbearingthesamelegend,ifapplicable,astheonemutilated,lost,destroyedorstoleninexchangeforandinplaceofanduponcancellationofsuchmutilatedWarrantCertificate,orinlieuofandinsubstitutionforsuchlost,destroyedorstolenWarrantCertificate,andthesubstitutedWarrantCertificateshallbeinaformapprovedbytheWarrantAgentandtheWarrantsevidencedtherebyshallbeentitledtothebenefitshereofandshallrankequallyinaccordancewithitstermswithallotherWarrantsissuedortobeissuedhereunder.

(2)TheapplicantfortheissueofanewWarrantCertificatepursuanttothisSection2.9shallbearthecostoftheissuethereofandincaseofloss,destruction

ortheftshall,asaconditionprecedenttotheissuancethereof,furnishtotheCorporationandtotheWarrantAgentsuchevidenceofownershipandoftheloss,destructionortheftoftheWarrantCertificatesolost,destroyedorstolenasshallbesatisfactorytotheCorporationandtotheWarrantAgent,intheirsolediscretion,andsuchapplicantshallalsoberequiredtofurnishanindemnityandsuretybondinamountandformsatisfactorytotheCorporationandtheWarrantAgent,intheirsolediscretion,andshallpaythereasonablechargesoftheCorporationandtheWarrantAgentinconnectiontherewith.

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Section2.10ExchangeofWarrantCertificates.(1)AnyoneormoreWarrantCertificatesrepresentinganynumberofWarrantsmay,uponcompliancewiththereasonablerequirementsoftheWarrant

Agent(includingcompliancewithapplicablesecuritieslegislation),beexchangedforoneormoreotherWarrantCertificatesrepresentingthesameaggregatenumberofWarrants,andbearingthesamelegend,ifapplicable,asrepresentedbytheWarrantCertificateorWarrantCertificatessoexchanged.

(2)WarrantCertificatesmaybeexchangedonlyattheWarrantAgencyoratanyotherplacethatisdesignatedbytheCorporationwiththeapprovalofthe

WarrantAgent.AnyWarrantCertificatefromtheholder(orsuchotherinstructions,informsatisfactorytotheWarrantAgent),tenderedforexchangeshallbesurrenderedtotheWarrantAgencyandcancelledbytheWarrantAgent.

Section2.11TransferandOwnershipofWarrants.(1)TheWarrantsmayonlybetransferredontheregisterkeptbytheWarrantAgentattheWarrantAgencybytheholderoritslegalrepresentativesorits

attorneydulyappointedbyaninstrumentinwritinginformandexecutionsatisfactorytotheWarrantAgentonlyupon(a)inthecaseofaWarrantCertificate,surrenderingtotheWarrantAgentattheWarrantAgencytheWarrantCertificatesrepresentingtheWarrantstobetransferredtogetherwithadulyexecutedtransferformassetforthinSchedule“A”and(b)inthecaseofBookEntryOnlyWarrants,inaccordancewithproceduresprescribedbytheDepositoryunderthebookentryregistrationsystem,and(c)uponcompliancewith:

(i)theconditionsherein;

(ii)suchreasonablerequirementsastheWarrantAgentmayprescribe;and

(iii)allapplicablesecuritieslegislationandrequirementsofregulatoryauthorities;

andsuchtransfershallbedulynotedinsuchregisterbytheWarrantAgent.Uponcompliancewithsuchrequirements,theWarrantAgentshallissuetothetransfereeofaCertificatedWarrant,aWarrantCertificate,ortheWarrantAgentshallAuthenticateanddeliveraWarrantCertificateuponrequestthatpartoftheCDSGlobalWarrantbecertificated.TransferswithinthesystemsoftheDepositoryarenottheresponsibilityoftheWarrantAgentandwillnotbenotedontheregistermaintainedbytheWarrantAgentandWarrantsthat

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areheldasBookEntryOnlyWarrantsshallbetransferredandrecordedthroughtherelevantBookEntryOnlyParticipantinaccordancewiththebookentryregistrationsystemastheentitlementholderinrespectofsuchWarrants.

(2)SubjecttotheprovisionsofthisIndenture,ApplicableLegislationandapplicablelaw,theWarrantholdershallbeentitledtotherightsandprivileges

attachingtotheWarrants,andtheissueofCommonSharesbytheCorporationupontheexerciseofWarrantsinaccordancewiththetermsandconditionshereincontainedshalldischargeallresponsibilitiesoftheCorporationandtheWarrantAgentwithrespecttosuchWarrantsandneithertheCorporationnortheWarrantAgentshallbeboundtoinquireintothetitleofanysuchholder.

Section2.12CancellationofSurrenderedWarrants.

AllWarrantCertificatessurrenderedpursuanttoArticle3shallbecancelledbytheWarrantAgentanduponsuchcircumstancesallsuchUncertificatedWarrantsshallbedeemedcancelledandsonotedontheregisterbytheWarrantAgent.UponrequestbytheCorporation,theWarrantAgentshallfurnishtotheCorporationacancellationcertificateidentifyingtheWarrantCertificatessocancelled,thenumberofWarrantsevidencedthereby,thenumberofCommonShares,ifany,issuedpursuanttosuchWarrantsandthedetailsofanyWarrantCertificatesissuedinsubstitutionorexchangeforsuchWarrantCertificatescancelled.

ARTICLE3EXERCISEOFWARRANTS

Section3.1RightofExercise.

Subjecttotheprovisionshereof,eachRegisteredWarrantholdermayexercisetherightconferredonsuchholdertosubscribeforandpurchaseone(1)CommonShareforeachWarrantaftertheIssueDateandpriortotheExpiryTimeandinaccordancewiththeconditionsherein.Section3.2WarrantExercise.(1)RegisteredWarrantholdersofWarrantCertificateswhowishtoexercisetheWarrantsheldbytheminordertoacquireCommonSharesmustcomplete

theexerciseform(the“ExerciseNotice”)attachedtotheWarrantCertificate(s)whichformisattachedheretoasSchedule“B”,whichmaybeamendedbytheCorporationwiththeconsentoftheWarrantAgent,ifsuchamendmentdoesnot,inthereasonableopinionoftheCorporationandthe

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WarrantAgent,whichmaybebasedontheadviceofCounsel,materiallyandadverselyaffecttherights,entitlementsandinterestsoftheWarrantholders,anddeliversuchcertificate(s),theexecutedExerciseNoticeandacertifiedcheque,bankdraftormoneyorderpayabletoortotheorderoftheCorporationfortheaggregateExercisePricetotheWarrantAgentattheWarrantAgency.TheWarrantsrepresentedbyaWarrantCertificateshallbedeemedtobesurrendereduponpersonaldeliveryofsuchcertificate,ExerciseNoticeandaggregateExercisePriceor,ifsuchdocumentsaresentbymailorothermeansoftransmission,uponactualreceiptthereofbytheWarrantAgentattheofficereferredtoabove.

AbeneficialholderofUncertificatedWarrantsevidencedbyasecurityentitlementinrespectofWarrantsinthebookentryregistrationsystemwhodesirestoexercisehisorherWarrantsmustdosobycausingaBookEntryOnlyParticipanttodelivertotheDepositoryonbehalfoftheentitlementholder,noticeoftheowner’sintentiontoexerciseWarrantsinamanneracceptabletotheDepository.ForthwithuponreceiptbytheDepositoryofsuchnotice,aswellaspaymentfortheaggregateExercisePrice,theDepositoryshalldelivertotheWarrantAgentconfirmationofitsintentiontoexerciseWarrants(“Confirmation”)inamanneracceptabletotheWarrantAgent,includingbyelectronicmeansthroughthebookentryregistrationsystem.

(2)PaymentrepresentingtheaggregateExercisePricemustbeprovidedtotheappropriateofficeoftheBookEntryOnlyParticipantinamanneracceptable

toit.AnoticeinformacceptabletotheBookEntryOnlyParticipantandpaymentfromsuchbeneficialholdershouldbeprovidedtotheBookEntryOnlyParticipantsufficientlyinadvancesoastopermittheBookEntryOnlyParticipanttodelivernoticeandpaymenttotheDepositoryandfortheDepositoryinturntodelivernoticeandpaymenttotheWarrantAgentpriortotheExpiryTime.TheDepositorywillinitiatetheexercisebywayoftheConfirmationandforwardtheaggregateExercisePriceelectronicallytotheWarrantAgentandtheWarrantAgentwillexecutetheexercisebyissuingtotheDepositorythroughthebookentryregistrationsystemtheCommonSharestowhichtheexercisingWarrantholderisentitledpursuanttotheexercise.AnyexpenseassociatedwiththeexerciseprocesswillbefortheaccountoftheentitlementholderexercisingtheWarrantsand/ortheBookEntryOnlyParticipantexercisingtheWarrantsonitsbehalf.

(3)BycausingaBookEntryOnlyParticipanttodelivernoticetotheDepository,aWarrantholdershallbedeemedtohaveirrevocablysurrenderedhisorher

WarrantssoexercisedandappointedsuchBookEntryOnlyParticipanttoactashisorherexclusivesettlementagentwithrespecttotheexerciseofthe

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WarrantsandthereceiptofCommonSharesinconnectionwiththeobligationsarisingfromsuchexercise.

(4)AnynoticewhichtheDepositorydeterminestobeincomplete,notinproperformornotdulyexecutedshallforallpurposesbevoidandofnoeffectand

theexercisetowhichitrelatesshallbeconsideredforallpurposesnottohavebeenexercisedthereby.AfailurebyaBookEntryOnlyParticipanttoexerciseortogiveeffecttothesettlementthereofinaccordancewiththeWarrantholder’sinstructionswillnotgiverisetoanyobligationsorliabilityonthepartoftheCorporationorWarrantAgenttotheBookEntryOnlyParticipantortheWarrantholder.

(5)AnyexerciseformorExerciseNoticereferredtointhisSection3.2shallbesignedbytheRegisteredWarrantholder,oritsexecutorsoradministratorsor

otherlegalrepresentativesoranattorneyoftheRegisteredWarrantholder,dulyappointedbyaninstrumentinwritingsatisfactorytotheWarrantAgentbutsuchexerciseformorExerciseNoticeneednotbeexecutedbytheDepository.

(6)AnyexercisereferredtointhisSection3.2shallrequirethattheentireExercisePriceforCommonSharessubscribedmustbepaidatthetimeof

subscriptionandsuchExercisePriceandoriginalExerciseNoticeexecutedbytheRegisteredWarrantholderortheConfirmationfromtheDepositorymustbereceivedbytheWarrantAgentpriortotheExpiryTime.

(7)IftheformofExerciseNoticesetforthintheWarrantCertificateshallhavebeenamended,theCorporationshallcausetheamendedExerciseNoticeto

beforwardedtoallRegisteredWarrantholders.(8)ExerciseNoticesandConfirmationsmustbedeliveredtotheWarrantAgentatanytimeduringtheWarrantAgent’sactualbusinesshoursonany

BusinessDaypriortotheExpiryTime.AnyExerciseNoticeorConfirmationsreceivedbytheWarrantAgentafterbusinesshoursonanyBusinessDayotherthantheExpiryDatewillbedeemedtohavebeenreceivedbytheWarrantAgentonthenextfollowingBusinessDay.

(9)AnyWarrantwithrespecttowhichaConfirmationisnotreceivedbytheWarrantAgentbeforetheExpiryTimeshallbedeemedtohaveexpiredand

becomevoidandallrightswithrespecttosuchWarrantsshallterminateandbecancelled.(10)TheWarrantAgentwillnotifytheCorporationeachtimeaphysicalcertificateforWarrantsispresentedforexercisebyaWarrantholderinorderthatthe

CorporationmaymakereasonableinquiryofanysuchWarrantholder,where

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suchWarrantholderisknowntotheCorporationtobeaholderofmorethan15%oftheissuedandoutstandingCommonSharesatthetimeofsuchexercise,todeterminewhethersuchexercisewould,tothebestoftheCorporation’sknowledge,resultintheWarrantholderoranyofitsAttributionParties(asdefinedbelow)beneficiallyowningCommonSharesinexcessoftheBeneficialOwnershipLimitation(asdefinedbelow)contrarytoSection3.10.

Section3.3CashlessExercise

If,atanytimefollowingtheinitialeffectivenessofaRegistrationStatementandpriortotheExpiryTime,theCorporationdeterminesthatnoRegistrationStatementfiledwiththeSECiseffective,ortheuseofanysuchRegistrationStatementissuspended,theCorporationshallpromptlyprovidewrittennoticeofsuchdeterminationtotheWarrantAgent.Uponreceiptofsuchnotice,theWarrantAgentshallprovideacopythereoftoeachRegisteredWarrantholder,andconfirminwritingthatthethenoutstandingWarrantsmay,untiltheearlierof(x)aRegistrationStatementbecomingeffectiveorceasingtobesuspendedandanyprospectussupplementnecessarytheretohavingbeenfiled,or(y)theExpiryTime,iftheCurrentMarketPriceexceedstheExercisePrice,alsobeexercisedbymeansofa“cashlessexercise”inwhichtheWarrantholdershallbeentitledtosurrenderaWarranttotheCorporationinexchangefortheissuance(followingthedueexerciseofWarrantspursuanttoSection3.2)ofthenumberofCommonSharesequaltothequotientobtainedbydividing[(A-B)(X)]by(A),where:

(i)A=theCurrentMarketPriceonthetradingdayimmediatelyprecedingthedateofthereceiptbytheWarrantAgentofthenoticeofexercise;

(ii)B=theExercisePriceperCommonShareofsuchWarrant,asadjusted;and

(iii)X=thenumberofCommonSharesthatwouldotherwisebeissuableuponexerciseofsuchWarrantinaccordancewithitstermsby

meansofacashexerciseratherthanacashlessexercise.

TheissuepriceforeachsuchCommonSharetobeissuedpursuanttothecashlessexerciseofaWarrantwillbeequalto(B),asdefinedabove,andthetotalissuepricefortheaggregatenumberofCommonSharesissuedpursuanttothecashlessexerciseofaWarrantwillbepaidandsatisfiedinfullbythesurrendertotheCorporationofsuchWarrant.

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Inaddition,iftheCorporationdeterminesatanytimepriortotheExpiryDatethatU.S.statesecuritieslawsarenotpreemptedwithrespecttoexercisesof

theWarrants,theCorporationmaybywrittennoticetotheWarrantAgentelecttopermitexercisesofWarrantsthataresubjecttothelawsofoneormoreU.S.jurisdictionstobeexercisedona“cashlessexercise”basis,pursuanttothecashlessexerciseformulasetforthabove.Uponthereceiptofsuchnotice,theWarrantAgentshallprovideacopythereoftoeachRegisteredWarrantholder,andconfirmtheCorporation’sdeterminationinwriting.

TheCorporationshalldelivertotheWarrantAgent,anofficer’scertificatesettingouttheparticularsoftheWarrantstobeexercisedandthenameandaddressoftheWarrantholder,thenumberofCommonSharestobeissued,andsettingoutthebasisofthecalculationspursuanttothisSection3.3(the“FinalExerciseNotice”).Section3.4TransferFeesandTaxes.

IfanyoftheCommonSharessubscribedforaretobeissuedtoapersonorpersonsotherthantheRegisteredWarrantholder,theRegisteredWarrantholdershallexecutetheformoftransferassetforthinSchedule“A”andwillcomplywithsuchreasonablerequirementsastheWarrantAgentmaystipulateandwillpaytotheCorporationortheWarrantAgentonbehalfoftheCorporation,allapplicabletransferorsimilartaxesandtheCorporationwillnotberequiredtoissueordelivercertificatesevidencingCommonSharesunlessoruntilsuchWarrantholdershallhavepaidtotheCorporationortheWarrantAgentonbehalfoftheCorporation,theamountofsuchtaxorshallhaveestablishedtothesatisfactionoftheCorporationandtheWarrantAgentthatsuchtaxhasbeenpaidorthatnotaxisdue.Section3.5WarrantAgency.

Tofacilitatetheexchange,transferorexerciseofWarrantsandcompliancewithsuchothertermsandconditionshereofasmayberequired,theCorporationhasappointedtheWarrantAgency,astheagencyatwhichWarrantsmaybesurrenderedforexchangeortransferoratwhichWarrantsmaybeexercisedandtheWarrantAgenthasacceptedsuchappointment.TheCorporationmayfromtimetotimedesignatealternateoradditionalplacesastheWarrantAgency(subjecttotheWarrantAgent’spriorapproval)andwillgivenoticetotheWarrantAgentofanyproposedchangeoftheWarrantAgency.Branchregistersshallalsobekeptatsuchotherplaceorplaces,ifany,astheCorporation,withtheapprovaloftheWarrantAgent,maydesignate.TheWarrantAgentwillfromtimetotimewhenrequestedtodosobytheCorporationoranyRegisteredWarrantholder,uponpaymentoftheWarrantAgent’sreasonablecharges,furnishalistofthenamesandaddressesof

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RegisteredWarrantholdersshowingthenumberofWarrantsheldbyeachsuchRegisteredWarrantholder.Section3.6EffectofExerciseofWarrants.(1)UpontheexerciseofWarrantspursuanttoandincompliancewithSection3.2andSection3.3andsubjecttoSection3.4,theCommonSharestobe

issuedpursuanttotheWarrantsexercisedshallbedeemedtohavebeenissuedandthepersonorpersonstowhomsuchCommonSharesaretobeissuedshallbedeemedtohavebecometheholderorholdersofsuchCommonShareswithinthreeBusinessDaysoftheExerciseDateunlesstheregistershallbeclosedonsuchdate,inwhichcasetheCommonSharessubscribedforshallbedeemedtohavebeenissuedandsuchpersonorpersonsdeemedtohavebecometheholderorholdersofrecordofsuchCommonShares,onthedateonwhichsuchregisterisreopened.ItisherebyunderstoodthatinorderforpersonstowhomCommonSharesaretobeissuedtobecomeholdersofCommonSharesonrecordontheExerciseDate,beneficialholdersmustcommencetheexerciseprocesssufficientlyinadvancesothattheWarrantAgentisinreceiptofallitemsofexerciseatleastoneBusinessDaypriortosuchExerciseDate.

(2)WithinthreeBusinessDaysaftertheExerciseDatewithrespecttoaWarrant,theWarrantAgentshallusecommerciallyreasonableeffortstocausetobe

deliveredormailedtothepersonorpersonsinwhosenameornamestheWarrantisregisteredor,ifsospecifiedinwritingbytheholder,causetobedeliveredtosuchpersonorpersonsattheWarrantAgencywheretheWarrantCertificatewassurrendered,acertificateorcertificatesfortheappropriatenumberofCommonSharessubscribedfor,oranyotherappropriateevidenceoftheissuanceofCommonSharestosuchpersonorpersonsinrespectofCommonSharesissuedunderthebookentryregistrationsystem.

Section3.7PartialExerciseofWarrants;Fractions.(1)TheholderofanyWarrantsmayexercisehisrighttoacquireanumberofwholeCommonShareslessthantheaggregatenumberwhichtheholderis

entitledtoacquire.IntheeventofanyexerciseofanumberofWarrantslessthanthenumberwhichtheholderisentitledtoexercise,theholderofWarrantsuponsuchexerciseshall,inaddition,beentitledtoreceive,withoutchargetherefor,anewWarrantCertificate(s),bearingthesamelegend,ifapplicable,orotherappropriateevidenceofWarrants,inrespectofthebalanceoftheWarrantsheldbysuchholderandwhichwerenotthenexercised.

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(2)NotwithstandinganythinghereincontainedincludinganyadjustmentprovidedforinSection4.1,theCorporationshallnotberequired,upontheexercise

ofanyWarrants,toissuefractionsofCommonShares.WarrantsmayonlybeexercisedinasufficientnumbertoacquirewholenumbersofCommonShares.

Section3.8ExpirationofWarrants.

ImmediatelyaftertheExpiryTime,allrightsunderanyWarrantinrespectofwhichtherightofacquisitionprovidedforhereinshallnothavebeenexercisedshallceaseandterminateandeachWarrantshallbevoidandofnofurtherforceoreffect.Section3.9AccountingandRecording.(1)TheWarrantAgentshallpromptlyaccounttotheCorporationwithrespecttoWarrantsexercised,andshallpromptlyforwardtotheCorporation(orinto

anaccountoraccountsoftheCorporationwiththebankortrustcompanydesignatedbytheCorporationforthatpurpose),allmoniesreceivedbytheWarrantAgentonthesubscriptionofCommonSharesthroughtheexerciseofWarrants.Allsuchmoniesandanysecuritiesorotherinstruments,fromtimetotimereceivedbytheWarrantAgent,shallbereceivedintrustfor,andshallbesegregatedandkeptapartbytheWarrantAgent,theWarrantholdersandtheCorporationastheirinterestsmayappear

(2)TheWarrantAgentshallrecordtheparticularsofWarrantsexercised,whichparticularsshallincludethenamesandaddressesofthepersonswhobecome

holdersofCommonSharesonexerciseandtheExerciseDate,inrespectthereof.TheWarrantAgentshallprovidesuchparticularsinwritingtotheCorporationwithinfiveBusinessDaysofanyrequestbytheCorporationtherefor.

Section3.10SecuritiesRestrictions.

Notwithstandinganythinghereincontained,noCommonShareswillbeissuedpursuanttotheexerciseofanyWarrantiftheissuanceofsuchCommonShareswouldconstituteaviolationofthesecuritieslawsofanyapplicablejurisdiction,and,withoutlimitingthegeneralityoftheforegoing,theCorporationwilllegendthecertificatesrepresentingtheCommonSharesissuableuponexerciseofanyWarrantif,intheopinionofcounseltotheCorporation,suchlegendisnecessaryinordertoavoidaviolationofanysecuritieslawsofanyapplicablejurisdictionortocomplywiththerequirementsofanystockexchangeonwhichtheCommonSharesarelisted;providedthatif,atanytime,intheopinionofoutsidecounseltotheCorporation,actingreasonably,suchlegendsarenolongernecessaryinordertoavoidaviolationofanysuchlaws,ortheholderofanysuchlegended

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certificate,athisexpense,providestheCorporationwithevidencesatisfactoryinformandsubstancetotheCorporation(whichmayincludeanopinionofcounselofrecognizedstandingsatisfactorytotheCorporation)totheeffectthatsuchholderisentitledtosellorotherwisetransfersuchsecuritiesinatransactioninwhichsuchlegendsarenotrequired,suchlegendedcertificatesmaythereafterbesurrenderedtotheCorporationinexchangeforacertificatethatdoesnotbearsuchlegends.

TheWarrantAgentshallbeentitledtoassumethattheCommonSharesmaybeissuedpursuanttotheexerciseofanyWarrantwithoutviolatinganyApplicableSecuritiesLawsandwithoutlegendingthecertificaterepresentingtheCommonSharesunlesstheWarrantAgenthasreceivednoticeinwritingfromtheCorporationstatingotherwiseandsettingforththerestrictionsontheexerciseoftheWarrantsandanylegendthecertificatesrepresentingtheCommonSharesshouldbear.

Notwithstandinganythingtothecontraryherein,aWarrantholderthatisanOriginalPurchasershallnothavetherighttoexerciseanyportionofaWarrant,pursuanttoArticle3orotherwise,totheextentthat,aftergivingeffecttosuchissuanceafterexerciseassetforthontheapplicableExerciseNotice,theWarrantholder(togetherwiththeWarrantholder’saffiliates,andanyotherpersonsactingasagrouptogetherwiththeWarrantholderoranyoftheWarrantholder’saffiliates(suchpersons,“AttributionParties”)),wouldbeneficiallyowninexcessoftheBeneficialOwnershipLimitation(asdefinedbelow).Forpurposesoftheforegoingsentence,thenumberofCommonSharesbeneficiallyownedbytheWarrantholderanditsAttributionPartiesshallincludethenumberofCommonSharesissuableuponexerciseofaWarrantwithrespecttowhichsuchdeterminationisbeingmade,butshallexcludethenumberofCommonSharesthatwouldbeissuableupon(i)exerciseoftheremaining,non-exercisedportionofaWarrantbeneficiallyownedbytheWarrantholderoranyofitsAttributionParties,and(ii)exerciseorconversionoftheunexercisedorunconvertedportionofanyothersecuritiesoftheCorporation,subjecttoalimitationonconversionorexerciseanalogoustothelimitationcontainedherein,beneficiallyownedbytheWarrantholderoranyofitsAttributionParties.Exceptassetforthintheprecedingsentence,forpurposesofthisSection3.10,beneficialownershipshallbecalculatedinaccordancewithSection13(d)oftheU.S.ExchangeActandtherulesandregulationspromulgatedthereunder,itbeingacknowledgedbytheWarrantholderthatneithertheWarrantAgentnortheCorporationisrepresentingtotheWarrantholderthatsuchcalculationisincompliancewithSection13(d)oftheU.S.ExchangeActandtheWarrantholderfurtheracknowledgesthatitissolelyresponsibleforanyschedulesrequiredtobefiledinaccordancetherewith.TotheextentthatthelimitationcontainedinthisSection3.10applies,thedeterminationofwhetheraWarrantisexercisable(inrelationtoothersecuritiesownedbytheWarrantholdertogetherwithanyAttributionParties)andofwhichportionofa

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WarrantisexercisableshallbeinthesolediscretionandatthesoleresponsibilityoftheWarrantholder,andthesubmissionofanExerciseNoticeshallbedeemedtobetheWarrantholder’sdeterminationofwhetheraWarrantisexercisable(inrelationtoothersecuritiesownedbytheWarrantholdertogetherwithanyAttributionParties)andofwhichportionofaWarrantisexercisable,ineachcasesubjecttotheBeneficialOwnershipLimitationandneithertheCorporation,excepttotheextentrequiredinSection3.2(10)above,northeWarrantAgentshallhaveanyobligationtoverifyorconfirmtheaccuracyofsuchdetermination.Inaddition,adeterminationastoanygroupstatusascontemplatedaboveshallbedeterminedinaccordancewithSection13(d)oftheU.S.ExchangeActandtherulesandregulationspromulgatedthereunder.ForpurposesofthisSection3.10indeterminingthenumberofoutstandingCommonShares,aWarrantholdermayrelyonthenumberofoutstandingCommonSharesasreflectedin(A)theCorporation’smostrecentperiodicorannualreportfiledwiththeSECoronSEDAR,asthecasemaybe,(B)amorerecentpublicannouncementbytheCorporation,or(C)amorerecentwrittennoticebytheCorporationortheCorporation’stransferagentsettingforththenumberofCommonSharesoutstanding.UponthewrittenororalrequestofaWarrantholder,theCorporationshall,withintwoTradingDays,confirmorallyandinwritingtotheWarrantholderthenumberofCommonSharesthenoutstanding.Inanycase,thenumberofoutstandingCommonSharesshallbedeterminedaftergivingeffecttotheconversionorexerciseofsecuritiesoftheCorporation,includingtheWarrantbeingexercised,bytheWarrantholderoritsAttributionPartiessincethedateasofwhichsuchnumberofoutstandingCommonShareswasreported.The“BeneficialOwnershipLimitation”shallbe19.9%ofthenumberofCommonSharesoutstandingimmediatelyaftergivingeffecttotheissuanceofCommonSharesissuableuponexerciseoftheWarrantinquestion.Section3.11U.S.SecuritiesLawMatters.(1)InconnectionwithanyexerciseofWarrants,ifitisrequiredbylaw,theCorporationshallcausetobedeliveredtoanypersoninwhosenamethe

CommonSharesissuableuponexerciseoftheWarrantsaretobeissuedaprospectusthatcomplieswiththeU.S.SecuritiesActandthatisapartofaRegistrationStatement.ForsolongasanyWarrantsremainoutstanding,theCorporationshallusecommerciallyreasonableeffortsto(i)keepaRegistrationStatementcontinuouslyeffective,and(ii)avoidtheissuanceof,or,ifissued,obtainthewithdrawalofanyorderenjoiningorsuspendingtheuseoreffectivenessofaRegistrationStatementorrelatedprospectusortheliftingofanysuspensionofthequalification(orexemptionfromqualification)ofanyoftheWarrantsforsaleundertheU.S.SecuritiesAct,attheearliestpracticablemoment.AllexpensesincidentaltotheCorporation’sperformanceoforcompliancewiththeforegoingprovisionswillbebornebytheCorporation,including,withoutlimitation:(i)allregistrationandfiling

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feesandexpenses;(ii)allfeesandexpensesofcompliancewithfederalsecuritiesandstateBlueSkysecuritieslaws;(iii)allfeesanddisbursementsofcounselfortheCorporation,independentcertifiedpublicaccountantsoftheCorporationandtechnicalexpertsretainedbytheCorporationwhoseconsentisrequiredtobeprovidedwithrespecttoanyRegistrationStatement.

(2)NotwithstandinganyprovisionofthisIndenturetothecontrary,unlessaRegistrationStatementshallbeeffectiveundertheU.S.SecuritiesAct,any

prospectussupplementnecessarytheretoshallhavebeenfiledwiththeSECandstatesecuritieslawsarepreempted,theWarrantsmayonlybeexercisedbypersonswhoestablishtothereasonablesatisfactionoftheCorporationandtheWarrantAgent(whichmayincludeprovidinganopinionofcounselofrecognizedstandingsatisfactorytotheCorporation)thattheissuanceoftheCommonSharespursuanttotheexerciseoftheWarrantscanbecompletedpursuanttoandinaccordancewithanexemptionorexclusionfromtheregistrationrequirementsoftheU.S.SecuritiesActandallapplicablestatesecuritieslaws.

(3)IfanypersonshallfailtoestablishtothesatisfactionoftheCorporationorWarrantAgenttheconditionsdescribedinSection3.11(2),theholderofthe

applicableWarrantshallbenotifiedbytheWarrantAgentwithintwoBusinessDaysthattheevidenceprovidedhasbeendeemedinsufficienttopermittheexerciseofsuchWarrantandprovidingadescriptionofthenatureofsuchdeficiency.InthecasewheretheCorporationisnotsatisfiedwiththeprovidedevidence,itshallfurnishtotheWarrantAgenteither(i)theformofpropernoticetobedeliveredtoestablishtherequiredevidenceor(ii)adescriptionofthedeficiency.UntilsuchtimeastheCorporationorWarrantAgent,asthecasemaybe,actingreasonably,issatisfiedwiththeevidenceprovided,theholderoftheWarrantshallnotbepermittedtoexercisetheWarrant.

(4)TheCorporationwillnotifytheWarrantAgentwhenaRegistrationStatementbecomeseffectiveundertheU.S.SecuritiesActand,exceptinthecaseofa

RegistrationStatementbecomingeffectiveonorpriortoEffectiveDate,theWarrantAgentwillnotifytheRegisteredWarrantholdersasrequired.Thereafter,theWarrantAgentmayassumethataRegistrationStatementremainseffectiveuntilotherwisenotifiedinwritingbytheCorporationthatsuchRegistrationStatementisnolongereffective.TheCorporationshallatalltimesbeobligatedtoprovidepromptnoticetotheWarrantAgentregardinganychangeintheeffectivenessofaRegistrationStatement.

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ARTICLE4

ADJUSTMENTOFNUMBEROFCOMMONSHARESANDEXERCISEPRICE

Section4.1AdjustmentofNumberofCommonSharesandExercisePrice.

ThesubscriptionrightsineffectundertheWarrantsforCommonSharesissuableupontheexerciseoftheWarrantsshallbesubjecttoadjustmentfromtimetotimeasfollows:

(a)if,atanytimeduringtheAdjustmentPeriod,theCorporationshall:

(i)subdivide,re-divideorchangeitsoutstandingCommonSharesintoagreaternumberofCommonShares;

(ii)reduce,combineorconsolidateitsoutstandingCommonSharesintoalessernumberofCommonShares;or

(iii)issueCommonSharesorsecuritiesexchangeablefor,orconvertibleinto,CommonSharestoallorsubstantiallyalloftheholdersofCommonSharesbywayofstockdividendorotherdistribution(otherthanadistributionofCommonSharesupontheexerciseofWarrantsoranyoutstandingoptions);

(anyofsucheventsinSection4.1(a)(i),(ii)or(iii)beingcalleda“CommonShareReorganization”)thentheExercisePriceshallbeadjustedasoftheeffectivedateorrecorddateofsucheventsothatitshallequaltheamountdeterminedbymultiplyingtheExercisePriceineffectimmediatelypriortosucheffectivedateorrecorddatebyafraction,thenumeratorofwhichshallbethenumberofCommonSharesoutstandingonsucheffectivedateorrecorddatebeforegivingeffecttosuchCommonShareReorganizationandthedenominatorofwhichshallbethenumberofCommonSharesoutstandingasoftheeffectivedateorrecorddateaftergivingeffecttosuchCommonShareReorganization(including,inthecasewheresecuritiesexchangeablefororconvertibleintoCommonSharesaredistributed,thenumberofCommonSharethatwouldhavebeenoutstandinghadsuchsecuritiesbeenexchangedfororconvertedintoCommonSharesonsuchrecorddateoreffectivedate).SuchadjustmentshallbemadesuccessivelywheneveranyeventreferredtointhisSection4.1(a)shalloccur.UponanyadjustmentoftheExercisePricepursuanttoSection4.1(a),theExchangeRateshallbecontemporaneouslyadjustedbymultiplyingthenumberofCommonSharestheretoforeobtainableontheexercisethereofbyafractionofwhichthenumeratorshallbetheExercisePrice

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ineffectimmediatelypriortosuchadjustmentandthedenominatorshallbetheExercisePriceresultingfromsuchadjustment;

(b)ifandwheneveratanytimeduringtheAdjustmentPeriod,theCorporationshallfixarecorddatefortheissuanceofrights,optionsorwarrants

toallorsubstantiallyalltheholdersofitsoutstandingCommonSharesentitlingthem,foraperiodexpiringnotmorethan45daysaftersuchrecorddate,tosubscribefororpurchaseCommonShares(orsecuritiesconvertibleorexchangeableintoCommonShares)atapriceperCommonShare(orhavingaconversionorexchangepriceperCommonShare)lessthan95%oftheCurrentMarketPriceonsuchrecorddate(a“RightsOffering”),theExercisePriceshallbeadjustedimmediatelyaftersuchrecorddatesothatitshallequaltheamountdeterminedbymultiplyingtheExercisePriceineffectonsuchrecorddatebyafraction,ofwhichthenumeratorshallbethetotalnumberofCommonSharesoutstandingonsuchrecorddateplusanumberofCommonSharesequaltothenumberarrivedatbydividingtheaggregatepriceofthetotalnumberofadditionalCommonSharesofferedforsubscriptionorpurchase(ortheaggregateconversionorexchangepriceoftheconvertibleorexchangeablesecuritiessooffered)bytheCurrentMarketPrice,andofwhichthedenominatorshallbethetotalnumberofCommonSharesoutstandingonsuchrecorddateplusthetotalnumberofadditionalCommonSharesofferedforsubscriptionorpurchaseorintowhichtheconvertibleorexchangeablesecuritiessoofferedareconvertibleorexchangeable;anyCommonSharesownedbyorheldfortheaccountoftheCorporationshallbedeemednottobeoutstandingforthepurposeofanysuchcomputation;suchadjustmentshallbemadesuccessivelywheneversucharecorddateisfixed;totheextentthatnosuchrightsorwarrantsareexercisedpriortotheexpirationthereof,theExercisePriceshallbereadjustedtotheExercisePricewhichwouldthenbeineffectifsuchrecorddatehadnotbeenfixedor,ifanysuchrightsorwarrantsareexercised,totheExercisePricewhichwouldthenbeineffectbaseduponthenumberofCommonShares(orsecuritiesconvertibleorexchangeableintoCommonShares)actuallyissuedupontheexerciseofsuchrightsorwarrants,asthecasemaybe.Suchadjustmentwillbemadesuccessivelywheneversucharecorddateisfixed,providedthatiftwoormoresuchrecorddatesorrecorddatesreferredtointhisSection4.1(b)arefixedwithinaperiodof25TradingDays,suchadjustmentwillbemadesuccessivelyasifeachofsuchrecorddatesoccurredontheearliestofsuchrecorddates;

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(c)ifandwheneveratanytimeduringtheAdjustmentPeriodtheCorporationshallfixarecorddateforthemakingofadistributiontoallor

substantiallyalltheholdersofitsoutstandingCommonSharesof(i)securitiesofanyclass,whetheroftheCorporationoranyothertrust(otherthanCommonShares),(ii)rights,optionsorwarrantstosubscribefororpurchaseCommonShares(orothersecuritiesconvertibleintoorexchangeableforCommonShares),otherthanpursuanttoaRightsOffering;(iii)evidencesofitsindebtednessor(iv)anypropertyorotherassetsthen,ineachsuchcase,theExercisePriceshallbeadjustedimmediatelyaftersuchrecorddatesothatitshallequalthepricedeterminedbymultiplyingtheExercisePriceineffectonsuchrecorddatebyafraction,ofwhichthenumeratorshallbethetotalnumberofCommonSharesoutstandingonsuchrecorddatemultipliedbytheCurrentMarketPriceonsuchrecorddate,lesstheexcess,ifany,ofthefairmarketvalueonsuchrecorddate,asdeterminedbytheCorporation(subjecttoTorontoStockExchangeapproval),ofsuchsecuritiesorotherassetssoissuedordistributedoverthefairmarketvalueofanyconsiderationreceivedthereforbytheCorporationfromtheholdersoftheCommonShares,andofwhichthedenominatorshallbethetotalnumberofCommonSharesoutstandingonsuchrecorddatemultipliedbytheCurrentMarketPrice;andCommonSharesownedbyorheldfortheaccountoftheCorporationshallbedeemednottobeoutstandingforthepurposeofanysuchcomputation;suchadjustmentshallbemadesuccessivelywheneversucharecorddateisfixed;totheextentthatsuchdistributionisnotsomade,theExercisePriceshallbereadjustedtotheExercisePricewhichwouldthenbeineffectifsuchrecorddatehadnotbeenfixed;

(d)ifandwheneveratanytimeduringtheAdjustmentPeriod,thereisareclassificationoftheCommonSharesoracapitalreorganizationofthe

CorporationotherthanasdescribedinSection4.1(a)oraconsolidation,amalgamation,arrangementormergeroftheCorporationwithorintoanyotherbodycorporate,trust,partnershiporotherentity(otherthanconsolidations,amalgamations,plansofarrangementormergerswhichdonotresultinanyreclassificationoftheCommonSharesorachangeoftheCommonSharesintoothersecurities),orasaleorconveyanceofthepropertyandassetsoftheCorporationasanentiretyorsubstantiallyasanentiretytoanyotherbodycorporate,trust,partnershiporotherentity,anyRegisteredWarrantholderwhohasnotexerciseditsrightofacquisitionpriortotheeffectivedateofsuchreclassification,capitalreorganization,consolidation,amalgamation,arrangementormerger,saleor

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conveyance,upontheexerciseofsuchrightthereafter,shallbeentitledtoreceiveuponpaymentoftheExercisePriceandshallaccept,inlieuofthenumberofCommonSharesthatpriortosucheffectivedatetheRegisteredWarrantholderwouldhavebeenentitledtoreceive,thenumberofsharesorothersecuritiesorpropertyoftheCorporationorofthebodycorporate,trust,partnershiporotherentityresultingfromsuchmerger,amalgamationorconsolidation,ortowhichsuchsaleorconveyancemaybemade,asthecasemaybe,thatsuchRegisteredWarrantholderwouldhavebeenentitledtoreceiveonsuchreclassification,capitalreorganization,consolidation,amalgamation,arrangementormerger,saleorconveyance,if,ontheeffectivedatethereof,asthecasemaybe,theRegisteredWarrantholderhadbeentheregisteredholderofthenumberofCommonSharestowhichpriortosucheffectivedateitwasentitledtoacquireupontheexerciseoftheWarrants.IfdeterminedappropriatebytheWarrantAgent,relyingonadviceofCounsel,togiveeffecttoortoevidencetheprovisionsofthisSection4.1(d),theCorporation,itssuccessor,orsuchpurchasingbodycorporate,partnership,trustorotherentity,asthecasemaybe,shall,priortoorcontemporaneouslywithanysuchreclassification,capitalreorganization,consolidation,amalgamation,arrangement,merger,saleorconveyance,enterintoanindenturewhichshallprovide,totheextentpossible,fortheapplicationoftheprovisionssetforthinthisIndenturewithrespecttotherightsandintereststhereafteroftheRegisteredWarrantholderstotheendthattheprovisionssetforthinthisIndentureshallthereaftercorrespondinglybemadeapplicable,asnearlyasmayreasonablybe,withrespecttoanyshares,othersecuritiesorpropertytowhichaRegisteredWarrantholderisentitledontheexerciseofitsacquisitionrightsthereafter.AnyindentureenteredintobetweentheCorporationandtheWarrantAgentpursuanttotheprovisionsofthisSection4.1(d)shallbeasupplementalindentureenteredintopursuanttotheprovisionsofArticle8hereof.AnyindentureenteredintobetweentheCorporation,anysuccessortotheCorporationorsuchpurchasingbodycorporate,partnership,trustorotherentityandtheWarrantAgentshallprovideforadjustmentswhichshallbeasnearlyequivalentasmaybepracticabletotheadjustmentsprovidedinthisSection4.1andwhichshallapplytosuccessivereclassifications,capitalreorganizations,amalgamations,consolidations,mergers,salesorconveyances;

(e)inanycaseinwhichthisSection4.1shallrequirethatanadjustmentshallbecomeeffectiveimmediatelyafterarecorddateforaneventreferred

toherein,theCorporationmaydefer,untiltheoccurrenceofsuchevent,issuingtotheRegisteredWarrantholderofanyWarrant

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exercisedaftertherecorddateandpriortocompletionofsucheventtheadditionalCommonSharesissuablebyreasonoftheadjustmentrequiredbysucheventbeforegivingeffecttosuchadjustment;provided,however,thattheCorporationshalldelivertosuchRegisteredWarrantholderanappropriateinstrumentevidencingsuchRegisteredWarrantholder’srighttoreceivesuchadditionalCommonSharesupontheoccurrenceoftheeventrequiringsuchadjustmentandtherighttoreceiveanydistributionsmadeonsuchadditionalCommonSharesdeclaredinfavourofholdersofrecordofCommonSharesonandaftertherelevantdateofexerciseorsuchlaterdateassuchRegisteredWarrantholderwould,butfortheprovisionsofthisSection4.1(e),havebecometheholderofrecordofsuchadditionalCommonSharespursuanttoSection4.1;

(f)inanycaseinwhichSection4.1(a)(iii),Section4.1(b)orSection4.1(c)requirethatanadjustmentbemadetotheExercisePrice,nosuch

adjustmentshallbemadeiftheRegisteredWarrantholdersoftheoutstandingWarrantsreceive,subjecttoanyrequiredstockexchangeorregulatoryapproval,therightsorwarrantsreferredtoinSection4.1(a)(iii),Section4.1(b)ortheshares,rights,options,warrants,evidencesofindebtednessorassetsreferredtoinSection4.1(c),asthecasemaybe,insuchkindandnumberastheywouldhavereceivediftheyhadbeenholdersofCommonSharesontheapplicablerecorddateoreffectivedate,asthecasemaybe,byvirtueoftheiroutstandingWarranthavingthenbeenexercisedintoCommonSharesattheExercisePriceineffectontheapplicablerecorddateoreffectivedate,asthecasemaybe;

(g)theadjustmentsprovidedforinthisSection4.1arecumulative,andshall,inthecaseofadjustmentstotheExercisePricebecomputedtothe

nearestwholecentandshallapplytosuccessivesubdivisions,re-divisions,reductions,combinations,consolidations,distributions,issuesorothereventsresultinginanyadjustmentundertheprovisionsofthisSection4.1,providedthat,notwithstandinganyotherprovisionofthisSection,noadjustmentoftheExercisePriceshallberequiredunlesssuchadjustmentwouldrequireanincreaseordecreaseofatleast1%intheExercisePricethenineffect;provided,however,thatanyadjustmentswhichbyreasonofthisSection4.1(g)arenotrequiredtobemadeshallbecarriedforwardandtakenintoaccountinanysubsequentadjustment;and

(h)afteranyadjustmentpursuanttothisSection4.1,theterm“CommonShares”whereusedinthisIndentureshallbeinterpretedtomean

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securitiesofanyclassorclasseswhich,asaresultofsuchadjustmentandallprioradjustmentspursuanttothisSection4.1,theRegisteredWarrantholderisentitledtoreceiveupontheexerciseofhisWarrant,andthenumberofCommonSharesindicatedbyanyexercisemadepursuanttoaWarrantshallbeinterpretedtomeanthenumberofCommonSharesorotherpropertyorsecuritiesaRegisteredWarrantholderisentitledtoreceive,asaresultofsuchadjustmentandallprioradjustmentspursuanttothisSection4.1,uponthefullexerciseofaWarrant.

Section4.2EntitlementtoCommonSharesonExerciseofWarrant.

AllCommonSharesorsharesofanyclassorothersecurities,whichaRegisteredWarrantholderisatthetimeinquestionentitledtoreceiveontheexerciseofitsWarrant,whetherornotasaresultofadjustmentsmadepursuanttothisArticle4,shall,forthepurposesoftheinterpretationofthisIndenture,bedeemedtobeCommonShareswhichsuchRegisteredWarrantholderisentitledtoacquirepursuanttosuchWarrant.Section4.3NoAdjustmentforCertainTransactions.

NotwithstandinganythinginthisArticle4,noadjustmentshallbemadeintheacquisitionrightsattachedtotheWarrantsiftheissueofCommonSharesisbeingmadepursuanttothisIndentureorinconnectionwith(a)anyshareincentiveplanorrestrictedshareplanorsharepurchaseplaninforcefromtimetotimefordirectors,officers,employees,consultantsorotherserviceprovidersoftheCorporation;or(b)thesatisfactionofexistinginstrumentsissuedatthedatehereof.Section4.4DeterminationbyIndependentFirm.

IntheeventofanyquestionarisingwithrespecttotheadjustmentsprovidedforinthisArticle4suchquestionshallbeconclusivelydeterminedbyanindependentfirmofcharteredaccountantsotherthantheAuditors,whoshallhaveaccesstoallnecessaryrecordsoftheCorporation,andsuchdeterminationshallbebindingupontheCorporation,theWarrantAgent,allholdersandallotherpersonsinterestedtherein.Section4.5ProceedingsPriortoanyActionRequiringAdjustment.

AsaconditionprecedenttothetakingofanyactionwhichwouldrequireanadjustmentinanyoftheacquisitionrightspursuanttoanyoftheWarrants,includingthenumberofCommonShareswhicharetobereceivedupontheexercisethereof,theCorporationshalltakeanyactionwhichmay,intheopinionofCounsel,benecessaryinorderthattheCorporationhasunissuedandreservedinits

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authorizedcapitalandmayvalidlyandlegallyissueasfullypaidandnon-assessablealltheCommonShareswhichtheholdersofsuchWarrantsareentitledtoreceiveonthefullexercisethereofinaccordancewiththeprovisionshereof.Section4.6CertificateofAdjustment.

TheCorporationshallfromtimetotimeimmediatelyaftertheoccurrenceofanyeventwhichrequiresanadjustmentorreadjustmentasprovidedinSection4.1,deliveracertificateoftheCorporationtotheWarrantAgentspecifyingthenatureoftheeventrequiringthesameandtheamountoftheadjustmentorreadjustmentnecessitatedtherebyandsettingforthinreasonabledetailthemethodofcalculationandthefactsuponwhichsuchcalculationisbased,whichcertificateshallbesupportedbyacertificateoftheCorporation’sAuditorsverifyingsuchcalculation.TheWarrantAgentshallrely,andshallbeprotectedinsodoing,uponthecertificateoftheCorporationoroftheCorporation’sAuditorandanyotherdocumentfiledbytheCorporationpursuanttothisArticle4forallpurposes.Section4.7NoticeofSpecialMatters.

TheCorporationcovenantswiththeWarrantAgentthat,solongasanyWarrantremainsoutstanding,itwillgivenoticetotheWarrantAgentandtotheRegisteredWarrantholdersofitsintentiontofixarecorddatethatispriortotheExpiryDateforanymatterforwhichanadjustmentmayberequiredpursuanttoSection4.1.Suchnoticeshallspecifytheparticularsofsucheventandtherecorddateforsuchevent,providedthattheCorporationshallonlyberequiredtospecifyinthenoticesuchparticularsoftheeventasshallhavebeenfixedanddeterminedonthedateonwhichthenoticeisgiven.Thenoticeshallbegivenineachcasenotlessthan14dayspriortosuchapplicablerecorddate.Ifnoticehasbeengivenandtheadjustmentisnotthendeterminable,theCorporationshallpromptly,aftertheadjustmentisdeterminable,filewiththeWarrantAgentacomputationoftheadjustmentandgivenoticetotheRegisteredWarrantholdersofsuchadjustmentcomputation.Section4.8NoActionafterNotice.

TheCorporationcovenantswiththeWarrantAgentthatitwillnotcloseitstransferbooksortakeanyothercorporateactionwhichmightdeprivetheRegisteredWarrantholderoftheopportunitytoexerciseitsrightofacquisitionpursuanttheretoduringtheperiodof14daysafterthegivingofthecertificateornoticessetforthinSection4.6andSection4.7.

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Section4.9OtherAction.

IftheCorporation,afterthedatehereof,shalltakeanyactionaffectingtheCommonSharesotherthananactiondescribedinSection4.1,whichinthereasonableopinionofthedirectorsoftheCorporationwouldmateriallyaffecttherightsofRegisteredWarrantholders,theExercisePriceand/orExchangeRate,thenumberofCommonShareswhichmaybeacquireduponexerciseoftheWarrantsshallbeadjustedinsuchmannerandatsuchtime,byactionofthedirectors,actingreasonablyandingoodfaith,intheirsolediscretionastheymaydeterminetobeequitabletotheRegisteredWarrantholdersinthecircumstances,providedthatnosuchadjustmentwillbemadeunlessanyrequisitepriorapprovalofanystockexchangeonwhichtheCommonSharesarelistedfortradinghasbeenobtained.Section4.10ProtectionofWarrantAgent.

TheWarrantAgentshallnot:

(a)atanytimebeunderanydutyorresponsibilitytoanyRegisteredWarrantholdertodeterminewhetheranyfactsexistwhichmayrequireanyadjustmentcontemplatedbySection4.1,orwithrespecttothenatureorextentofanysuchadjustmentwhenmade,orwithrespecttothemethodemployedinmakingthesame;

(b)beaccountablewithrespecttothevalidityorvalue(orthekindoramount)ofanyCommonSharesorofanyothersecuritiesorpropertywhich

mayatanytimebeissuedordeliveredupontheexerciseoftherightsattachingtoanyWarrant;

(c)beresponsibleforanyfailureoftheCorporationtoissue,transferordeliverCommonSharesorcertificatesforthesameuponthesurrenderofanyWarrantsforthepurposeoftheexerciseofsuchrightsortocomplywithanyofthecovenantscontainedinthisArticle;and

(d)incuranyliabilityorbeinanywayresponsiblefortheconsequencesofanybreachonthepartoftheCorporationofanyoftherepresentations,

warrantiesorcovenantshereincontainedorofanyactsofthedirectors,officers,employees,agentsorservantsoftheCorporation.Section4.11ParticipationbyWarrantholder.

NoadjustmentsshallbemadepursuanttothisArticle4iftheRegisteredWarrantholdersareentitledtoparticipateinanyeventdescribedinthisArticle4onthesameterms,mutatismutandis,asiftheRegisteredWarrantholdershadexercisedtheirWarrantspriorto,orontheeffectivedateorrecorddateof,suchevent.

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Section4.12RegulatoryApprovalofAdjustments.

Notwithstandingtheforegoing,anyadjustmenttotheExercisePriceand/orExchangeRateshallbesubjecttothepriorwrittenconsentoftheTorontoStockExchange.

ARTICLE5RIGHTSOFTHECORPORATIONANDCOVENANTS

Section5.1OptionalPurchasesbytheCorporation.

Subjecttocompliancewithapplicablesecuritieslegislationandapprovalofapplicableregulatoryauthorities,ifany,theCorporationmayfromtimetotimepurchasebyprivatecontractorotherwiseanyoftheWarrants.Anysuchpurchaseshallbemadeatthelowestpriceorpricesatwhich,intheopinionofthedirectors,suchWarrantsarethenobtainable,plusreasonablecostsofpurchase,andmaybemadeinsuchmanner,fromsuchpersonsandonsuchothertermsastheCorporation,initssolediscretion,maydetermine.InthecaseofCertificatedWarrants,WarrantCertificatesrepresentingtheWarrantspurchasedpursuanttothisSection5.1shallforthwithbedeliveredtoandcancelledbytheWarrantAgentandreflectedaccordinglyontheregisterofWarrants.InthecaseofUncertificatedWarrants,theWarrantspurchasedpursuanttothisSection5.1shallbereflectedaccordinglyontheregisterofWarrantsandinaccordancewithproceduresprescribedbytheDepositoryunderthebookentryregistrationsystem.NoWarrantsshallbeissuedinreplacementthereof.Section5.2GeneralCovenants.

TheCorporationcovenantswiththeWarrantAgentthatsolongasanyWarrantsremainoutstanding:

(a)itwillreserveandkeepavailableasufficientnumberofCommonSharesforthepurposeofenablingittosatisfyitsobligationstoissueCommonSharesupontheexerciseoftheWarrants;

(b)itwillcausetheCommonSharesfromtimetotimeacquiredpursuanttotheexerciseoftheWarrantstobedulyissuedanddeliveredin

accordancewiththeWarrantsandthetermshereof;

(c)allCommonShareswhichshallbeissueduponexerciseoftherighttoacquireprovidedforhereinshallbefullypaidandnon-assessable;

(d)itwillusecommerciallyreasonableeffortstomaintainitsexistence;providedthatthisclauseshallnotbeconstruedaslimitingor

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restrictingtheCorporationfromagreeingtoaconsolidation,amalgamation,arrangement,takeoverbidormergereveniftheconsiderationbeingofferedarenotsecuritiesthataresolistedandpostedfortrading;

(e)itwillusecommerciallyreasonableeffortstoensurethatallCommonSharesoutstandingorissuablefromtimetotime(includingwithout

limitationtheCommonSharesissuableontheexerciseoftheWarrants)continuetobeorarelistedandpostedfortradingontheTorontoStockExchange(orsuchotherCanadianstockexchangeacceptabletotheCorporation)andtheNYSEAmericanLLC(orsuchotherUnitedStatesstockexchangeacceptabletotheCorporation)andallWarrantsoutstandingorissuablefromtimetotimecontinuetobeorarelistedandpostedfortradingontheTorontoStockExchange(orsuchotherCanadianstockexchangeacceptabletotheCorporation),providedthatthisclauseshallnotbeconstruedaslimitingorrestrictingtheCorporationfromcompletingaconsolidation,amalgamation,arrangement,takeoverbidormergerthatwouldresultintheCommonSharesceasingtobelistedandpostedfortradingonsuchexchanges,solongastheholdersoftheCommonShareshaveapprovedthetransactioninaccordancewiththerequirementsofapplicablecorporateandsecuritieslawsandthepoliciesofsuchexchangesortheholdersofCommonSharesreceivesecuritiesofanentitywhichislistedonastockexchangeinCanadaortheUnitedStates,orcash;

(f)itwillmakeallrequisitefilingsunderapplicableCanadiansecuritieslegislationincludingthosenecessarytoremainareportingissuernotin

defaultineachoftheprovincesandotherCanadianjurisdictionswhereitisorbecomesareportingissuer;

(g)generally,itwillwellandtrulyperformandcarryoutalloftheactsorthingstobedonebyitasprovidedinthisIndenture;and

(h)theCorporationwillpromptlynotifytheWarrantAgentandtheWarrantholdersinwritingofanydefaultunderthetermsofthisWarrantIndenturewhichremainsunrectifiedformorethanfivedaysfollowingitsoccurrence.

Section5.3WarrantAgent’sRemunerationandExpenses.

TheCorporationcovenantsthatitwillpaytotheWarrantAgentfromtimetotimereasonableremunerationforitsserviceshereunderandwillpayorreimbursetheWarrantAgentuponitsrequestforallreasonableexpenses,disbursementsand

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advancesincurredormadebytheWarrantAgentintheadministrationorexecutionofthetrustsherebycreated(includingthereasonablecompensationandthedisbursementsofitsCounselandallotheradvisersandassistantsnotregularlyinitsemploy)bothbeforeanydefaulthereunderandthereafteruntilalldutiesoftheWarrantAgenthereundershallbefinallyandfullyperformed.Anyamountowinghereunderandremainingunpaidafter30daysfromtheinvoicedatewillbearinterestatthethencurrentratechargedbytheWarrantAgentagainstunpaidinvoicesandshallbepayableupondemand.ThisSectionshallsurvivetheresignationorremovaloftheWarrantAgentand/ortheterminationofthisIndenture.Section5.4PerformanceofCovenantsbyWarrantAgent.

IftheCorporationshallfailtoperformanyofitscovenantscontainedinthisIndenture,theWarrantAgentmaynotifytheRegisteredWarrantholdersofsuchfailureonthepartoftheCorporationandmayitselfperformanyofthecovenantscapableofbeingperformedbyitbut,subjecttoSection9.2,shallbeundernoobligationtoperformsaidcovenantsortonotifytheRegisteredWarrantholdersofsuchperformancebyit.AllsumsexpendedoradvancedbytheWarrantAgentinsodoingshallberepayableasprovidedinSection5.3.Nosuchperformance,expenditureoradvancebytheWarrantAgentshallrelievetheCorporationofanydefaulthereunderorofitscontinuingobligationsunderthecovenantshereincontained.Section5.5EnforceabilityofWarrants.

TheCorporationcovenantsandagreesthatitisdulyauthorizedtocreateandissuetheWarrantstobeissuedhereunderandthattheWarrants,whenissuedandAuthenticatedashereinprovided,willbevalidandenforceableagainsttheCorporationinaccordancewiththeprovisionshereofandthetermshereofandthat,subjecttotheprovisionsofthisIndenture,theCorporationwillcausetheCommonSharesfromtimetotimeacquireduponexerciseofWarrantsissuedunderthisIndenturetobedulyissuedanddeliveredinaccordancewiththetermsofthisIndenture.

ARTICLE6ENFORCEMENT

Section6.1SuitsbyRegisteredWarrantholders.

AlloranyoftherightsconferreduponanyRegisteredWarrantholderbyanyofthetermsofthisIndenturemaybeenforcedbytheRegisteredWarrantholderbyappropriateproceedingsbutwithoutprejudicetotherightwhichisherebyconferredupontheWarrantAgenttoproceedinitsownnametoenforceeachand

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alloftheprovisionshereincontainedforthebenefitoftheRegisteredWarrantholders.Section6.2SuitsbytheCorporation.

TheCorporationshallhavetherighttoenforcefullpaymentoftheExercisePriceofallCommonSharesissuedbytheWarrantAgenttoaRegisteredWarrantholderhereunderandshallbeentitledtodemandsuchpaymentfromtheRegisteredWarrantholderoralternativelytoinstructtheWarrantAgenttocancelthesharecertificatesandamendthesecuritiesregisteraccordingly.Section6.3ImmunityofShareholders,etc.

TheWarrantAgentandtheWarrantholdersherebywaiveandreleaseanyright,causeofactionorremedynoworhereafterexistinginanyjurisdictionagainstanyincorporatororanypast,presentorfutureshareholder,trustee,employeeoragentoftheCorporationoranysuccessorCorporationonanycovenant,agreement,representationorwarrantybytheCorporationherein.Section6.4WaiverofDefault.

Uponthehappeningofanydefaulthereunder:

(a)theRegisteredWarrantholdersofnotlessthan51%oftheWarrantsthenoutstandingshallhavepower(inadditiontothepowersexercisablebyExtraordinaryResolution)byrequisitioninwritingtoinstructtheWarrantAgenttowaiveanydefaulthereunderandtheWarrantAgentshallthereuponwaivethedefaultuponsuchtermsandconditionsasshallbeprescribedinsuchrequisition;or

(b)theWarrantAgentshallhavepowertowaiveanydefaulthereunderuponsuchtermsandconditionsastheWarrantAgentmaydeemadvisable,

ontheadviceofCounsel,if,intheWarrantAgent’sopinion,basedontheadviceofCounsel,thesameshallhavebeencuredoradequateprovisionmadetherefor;

providedthatnodelayoromissionoftheWarrantAgentoroftheRegisteredWarrantholderstoexerciseanyrightorpoweraccruinguponanydefault

shallimpairanysuchrightorpowerorshallbeconstruedtobeawaiverofanysuchdefaultoracquiescencethereinandprovidedfurtherthatnoactoromissioneitheroftheWarrantAgentoroftheRegisteredWarrantholdersinthepremisesshallextendtoorbetakeninanymannerwhatsoevertoaffectanysubsequentdefaulthereunderoftherightsresultingtherefrom.

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ARTICLE7

MEETINGSOFREGISTEREDWARRANTHOLDERSSection7.1RighttoConveneMeetings.

TheWarrantAgentmayatanytimeandfromtimetotime,andshallonreceiptofawrittenrequestoftheCorporationorofaWarrantholders’RequestanduponbeingindemnifiedandfundedtoitsreasonablesatisfactionbytheCorporationorbytheRegisteredWarrantholderssigningsuchWarrantholders’Requestagainstthecostswhichmaybeincurredinconnectionwiththecallingandholdingofsuchmeeting,conveneameetingoftheRegisteredWarrantholders.IftheWarrantAgentfailstosocallameetingwithinsevendaysafterreceiptofsuchwrittenrequestoftheCorporationorsuchWarrantholders’Requestandtheindemnityandfundinggivenasaforesaid,theCorporationorsuchRegisteredWarrantholders,asthecasemaybe,mayconvenesuchmeeting.EverysuchmeetingshallbeheldintheCityofVancouver,intheProvinceofBritishColumbia,oratsuchotherplaceasmaybeapprovedordeterminedbytheWarrantAgent.Section7.2Notice.

Atleast21days’priorwrittennoticeofanymeetingofRegisteredWarrantholdersshallbegiventotheRegisteredWarrantholdersinthemannerprovidedforinSection10.2andacopyofsuchnoticeshallbesentbymailtotheWarrantAgent(unlessthemeetinghasbeencalledbytheWarrantAgent)andtotheCorporation(unlessthemeetinghasbeencalledbytheCorporation).Suchnoticeshallstatethetimewhenandtheplacewherethemeetingistobeheld,shallstatebrieflythegeneralnatureofthebusinesstobetransactedthereatandshallcontainsuchinformationasisreasonablynecessarytoenabletheRegisteredWarrantholderstomakeareasoneddecisiononthematter,butitshallnotbenecessaryforanysuchnoticetosetoutthetermsofanyresolutiontobeproposedoranyoftheprovisionsofthisSection7.2.Section7.3Chairman.

Anindividual(whoneednotbeaRegisteredWarrantholder)designatedinwritingbytheWarrantAgentshallbechairmanofthemeetingandifnoindividualissodesignated,oriftheindividualsodesignatedisnotpresentwithinfifteenminutesfromthetimefixedfortheholdingofthemeeting,theRegisteredWarrantholderspresentinpersonorbyproxyshallchooseanindividualpresenttobechairman.

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Section7.4Quorum.

SubjecttotheprovisionsofSection7.11,atanymeetingoftheRegisteredWarrantholdersaquorumshallconsistofRegisteredWarrantholder(s)presentinpersonorbyproxyandentitledtopurchaseatleast25%oftheaggregatenumberofCommonShareswhichcouldbeacquiredpursuanttoallthethenoutstandingWarrants.IfaquorumoftheRegisteredWarrantholdersshallnotbepresentwithinthirtyminutesfromthetimefixedforholdinganymeeting,themeeting,ifsummonedbyRegisteredWarrantholdersoronaWarrantholders’Request,shallbedissolved;butinanyothercasethemeetingshallbeadjournedtothesamedayinthenextweek(unlesssuchdayisnotaBusinessDay,inwhichcaseitshallbeadjournedtothenextfollowingBusinessDay)atthesametimeandplaceandnonoticeoftheadjournmentneedbegiven.Anybusinessmaybebroughtbeforeordealtwithatanadjournedmeetingwhichmighthavebeendealtwithattheoriginalmeetinginaccordancewiththenoticecallingthesame.Nobusinessshallbetransactedatanymeetingunlessaquorumbepresentatthecommencementofbusiness.AttheadjournedmeetingtheRegisteredWarrantholderspresentinpersonorbyproxyshallformaquorumandmaytransactthebusinessforwhichthemeetingwasoriginallyconvened,notwithstandingthattheymaynotbeentitledtoacquireatleast25%oftheaggregatenumberofCommonShareswhichmaybeacquiredpursuanttoallthenoutstandingWarrants.Section7.5PowertoAdjourn.

ThechairmanofanymeetingatwhichaquorumoftheRegisteredWarrantholdersispresentmay,withtheconsentofthemeeting,adjournanysuchmeeting,andnonoticeofsuchadjournmentneedbegivenexceptsuchnotice,ifany,asthemeetingmayprescribe.Section7.6ShowofHands.

EveryquestionsubmittedtoameetingshallbedecidedinthefirstplacebyamajorityofthevotesgivenonashowofhandsexceptthatvotesonanExtraordinaryResolutionshallbegiveninthemannerhereinafterprovided.Atanysuchmeeting,unlessapollisdulydemandedashereinprovided,adeclarationbythechairmanthataresolutionhasbeencarriedorcarriedunanimouslyorbyaparticularmajorityorlostornotcarriedbyaparticularmajorityshallbeconclusiveevidenceofthefact.Section7.7PollandVoting.(1)OneveryExtraordinaryResolution,andonanyotherquestionsubmittedtoameetingandafteravotebyshowofhandswhendemandedbythechairman

orbyoneormoreoftheRegisteredWarrantholdersactinginpersonorby

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proxyandentitledtoacquireintheaggregateatleast5%oftheaggregatenumberofCommonShareswhichcouldbeacquiredpursuanttoalltheWarrantsthenoutstanding,apollshallbetakeninsuchmannerasthechairmanshalldirect.QuestionsotherthanthoserequiredtobedeterminedbyExtraordinaryResolutionshallbedecidedbyamajorityofthevotescastonthepoll.

(2)Onashowofhands,everypersonwhoispresentandentitledtovote,whetherasaRegisteredWarrantholderorasproxyforoneormoreabsent

RegisteredWarrantholders,orboth,shallhaveonevote.Onapoll,eachRegisteredWarrantholderpresentinpersonorrepresentedbyaproxydulyappointedbyinstrumentinwritingshallbeentitledtoonevoteinrespectofeachWarrantthenheldorrepresentedbyit.AproxyneednotbeaRegisteredWarrantholder.Thechairmanofanymeetingshallbeentitled,bothonashowofhandsandonapoll,tovoteinrespectoftheWarrants,ifany,heldorrepresentedbyhim.

Section7.8Regulations.(1)TheWarrantAgent,ortheCorporationwiththeapprovaloftheWarrantAgent,mayfromtimetotimemakeandfromtimetotimevarysuchregulations

asitshallthinkfitforthesettingoftherecorddateforameetingforthepurposeofdeterminingRegisteredWarrantholdersentitledtoreceivenoticeofandtovoteatthemeeting.

(2)Anyregulationssomadeshallbebindingandeffectiveandthevotesgiveninaccordancetherewithshallbevalidandshallbecounted.Saveassuch

regulationsmayprovide,theonlypersonswhoshallberecognizedatanymeetingasaRegisteredWarrantholder,orbeentitledtovoteorbepresentatthemeetinginrespectthereof(subjecttoSection7.9),shallbeRegisteredWarrantholdersorproxiesofRegisteredWarrantholders.

Section7.9CorporationandWarrantAgentMaybeRepresented.

TheCorporationandtheWarrantAgent,bytheirrespectivedirectors,officers,agents,andemployeesandtheCounselfortheCorporationandfortheWarrantAgentmayattendanymeetingoftheRegisteredWarrantholders.Section7.10PowersExercisablebyExtraordinaryResolution.

InadditiontoallotherpowersconferreduponthembyanyotherprovisionsofthisIndentureorbylaw,theRegisteredWarrantholdersatameetingshall,subjecttotheprovisionsofSection7.11,havethepowerexercisablefromtimetotimebyExtraordinaryResolution:

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(a)toagreetoanymodification,abrogation,alteration,compromiseorarrangementoftherightsofRegisteredWarrantholdersortheWarrantAgent

initscapacityaswarrantagenthereunder(subjecttotheWarrantAgent’spriorconsent,actingreasonably)oronbehalfoftheRegisteredWarrantholdersagainsttheCorporationwhethersuchrightsariseunderthisIndentureorotherwise;

(b)toamend,alterorrepealanyExtraordinaryResolutionpreviouslypassedorsanctionedbytheRegisteredWarrantholders;

(c)todirectortoauthorizetheWarrantAgent,subjecttoSection9.2(2)hereof,toenforceanyofthecovenantsonthepartoftheCorporation

containedinthisIndentureortoenforceanyoftherightsoftheRegisteredWarrantholdersinanymannerspecifiedinsuchExtraordinaryResolutionortorefrainfromenforcinganysuchcovenantorright;

(d)towaive,andtodirecttheWarrantAgenttowaive,anydefaultonthepartoftheCorporationincomplyingwithanyprovisionsofthisIndenture

eitherunconditionallyoruponanyconditionsspecifiedinsuchExtraordinaryResolution;

(e)torestrainanyRegisteredWarrantholderfromtakingorinstitutinganysuit,actionorproceedingagainsttheCorporationfortheenforcementofanyofthecovenantsonthepartoftheCorporationinthisIndentureortoenforceanyoftherightsoftheRegisteredWarrantholders;

(f)todirectanyRegisteredWarrantholderwho,assuch,hasbroughtanysuit,actionorproceedingtostayortodiscontinueorotherwisetodeal

withthesameuponpaymentofthecosts,chargesandexpensesreasonablyandproperlyincurredbysuchRegisteredWarrantholderinconnectiontherewith;

(g)toassenttoanychangeinoromissionfromtheprovisionscontainedinthisIndentureoranyancillaryorsupplementalinstrumentwhichmaybe

agreedtobytheCorporation,andtoauthorizetheWarrantAgenttoconcurinandexecuteanyancillaryorsupplementalindentureembodyingthechangeoromission;

(h)withtheconsentoftheCorporation,suchconsentnottobeunreasonablywithheld,toremovetheWarrantAgentoritssuccessorinofficeandto

appointanewwarrantagentorwarrantagentstotaketheplaceoftheWarrantAgentsoremoved;and

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(i)toassenttoanycompromiseorarrangementwithanycreditororcreditorsoranyclassorclassesofcreditors,whethersecuredorotherwise,and

withholdersofanysharesorothersecuritiesoftheCorporation.Section7.11MeaningofExtraordinaryResolution.(1)Theexpression“ExtraordinaryResolution”whenusedinthisIndenturemeans,subjectashereinafterprovidedinthisSection7.11andin

Section7.14,aresolutionproposedatameetingofRegisteredWarrantholdersdulyconvenedforthatpurposeandheldinaccordancewiththeprovisionsofthisArticle7atwhichtherearepresentinpersonorbyproxyRegisteredWarrantholdersentitledtoacquireintheaggregateatleast25%oftheaggregatenumberofCommonSharesthatcouldbeacquiredpursuanttoalltheWarrantsthenoutstandingandpassedbytheaffirmativevotesofRegisteredWarrantholdersentitledtoacquirenotlessthan66 / %oftheaggregatenumberofCommonSharesthatcouldbeacquiredpursuanttoalltheWarrantsthenoutstandingatthemeetingandvotedonthepolluponsuchresolution.

(2)If,atthemeetingatwhichanExtraordinaryResolutionistobeconsidered,RegisteredWarrantholdersentitledtoacquireatleast25%oftheaggregate

numberofCommonSharesthatcouldbeacquiredpursuanttoalltheWarrantsthenoutstandingarenotpresentinpersonorbyproxywithin30minutesafterthetimeappointedforthemeeting,thenthemeeting,ifconvenedbyRegisteredWarrantholdersoronaWarrantholders’Request,shallbedissolved;butinanyothercaseitshallstandadjournedtosuchday,beingnotlessthan15ormorethan60dayslater,andtosuchplaceandtimeasmaybeappointedbythechairman.Notlessthan14days’priornoticeshallbegivenofthetimeandplaceofsuchadjournedmeetinginthemannerprovidedforinSection10.2.SuchnoticeshallstatethatattheadjournedmeetingtheRegisteredWarrantholderspresentinpersonorbyproxyshallformaquorumbutitshallnotbenecessarytosetforththepurposesforwhichthemeetingwasoriginallycalledoranyotherparticulars.AttheadjournedmeetingtheRegisteredWarrantholderspresentinpersonorbyproxyshallformaquorumandmaytransactthebusinessforwhichthemeetingwasoriginallyconvenedandaresolutionproposedatsuchadjournedmeetingandpassedbytherequisitevoteasprovidedinSection7.11(1)shallbeanExtraordinaryResolutionwithinthemeaningofthisIndenturenotwithstandingthatRegisteredWarrantholdersentitledtoacquireatleast25%oftheaggregatenumberofCommonShareswhichmaybeacquiredpursuanttoallthethenoutstandingWarrantsarenotpresentinpersonorbyproxyatsuchadjournedmeeting.

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(3)SubjecttoSection7.14,votesonanExtraordinaryResolutionshallalwaysbegivenonapollandnodemandforapollonanExtraordinaryResolution

shallbenecessary.Section7.12PowersCumulative.

AnyoneormoreofthepowersoranycombinationofthepowersinthisIndenturestatedtobeexercisablebytheRegisteredWarrantholdersbyExtraordinaryResolutionorotherwisemaybeexercisedfromtimetotimeandtheexerciseofanyoneormoreofsuchpowersoranycombinationofpowersfromtimetotimeshallnotbedeemedtoexhausttherightoftheRegisteredWarrantholderstoexercisesuchpowerorpowersorcombinationofpowersthenorthereafterfromtimetotime.Section7.13Minutes.

MinutesofallresolutionsandproceedingsateverymeetingofRegisteredWarrantholdersshallbemadeanddulyenteredinbookstobeprovidedfromtimetotimeforthatpurposebytheWarrantAgentattheexpenseoftheCorporation,andanysuchminutesasaforesaid,ifsignedbythechairmanorthesecretaryofthemeetingatwhichsuchresolutionswerepassedorproceedingshadshallbeprimafacieevidenceofthemattersthereinstatedand,untilthecontraryisproved,everysuchmeetinginrespectoftheproceedingsofwhichminutesshallhavebeenmadeshallbedeemedtohavebeendulyconvenedandheld,andallresolutionspassedthereatorproceedingstakenshallbedeemedtohavebeendulypassedandtaken.Section7.14InstrumentsinWriting.

AllactionswhichmaybetakenandallpowersthatmaybeexercisedbytheRegisteredWarrantholdersatameetingheldasprovidedinthisArticle7mayalsobetakenandexercisedbyRegisteredWarrantholdersholdingnotlessthan66 / %oftheaggregatenumberofallofthethenoutstandingWarrantsbyaninstrumentinwritingsignedinoneormorecounterpartsbysuchRegisteredWarrantholdersinpersonorbyattorneydulyappointedinwriting,andtheexpression“ExtraordinaryResolution”whenusedinthisIndentureshallincludeaninstrumentsosigned.Section7.15BindingEffectofResolutions.

EveryresolutionandeveryExtraordinaryResolutionpassedinaccordancewiththeprovisionsofthisArticle7atameetingofRegisteredWarrantholdersshallbebindinguponalltheWarrantholders,whetherpresentatorabsentfromsuchmeeting,andeveryinstrumentinwritingsignedbyRegisteredWarrantholdersinaccordancewithSection7.14shallbebindinguponalltheWarrantholders,whethersignatoriestheretoornot,andeachandeveryWarrantholderandtheWarrant

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Agent(subjecttotheprovisionsforindemnityhereincontained)shallbeboundtogiveeffectaccordinglytoeverysuchresolutionandinstrumentinwriting.Section7.16HoldingsbyCorporationDisregarded.

IndeterminingwhetherRegisteredWarrantholdersholdingWarrantsevidencingtheentitlementtoacquiretherequirednumberofCommonSharesarepresentatameetingofRegisteredWarrantholdersforthepurposeofdeterminingaquorumorhaveconcurredinanyconsent,waiver,ExtraordinaryResolution,Warrantholders’RequestorotheractionunderthisIndenture,WarrantsownedlegallyorbeneficiallybytheCorporationshallbedisregardedinaccordancewiththeprovisionsofSection10.7.

ARTICLE8SUPPLEMENTALINDENTURES

Section8.1ProvisionforSupplementalIndenturesforCertainPurposes.

Subjecttoregulatoryapproval,fromtimetotime,theCorporation(whenauthorizedbyactionofthedirectors)andtheWarrantAgentmay,subjecttotheprovisionshereofandtheyshall,whensodirectedinaccordancewiththeprovisionshereof,executeanddeliverbytheirproperofficers,indenturesorinstrumentssupplementalhereto,whichthereaftershallformparthereof,foranyoneormoreorallofthefollowingpurposes:

(a)settingforthanyadjustmentsresultingfromtheapplicationoftheprovisionsofArticle4;

(b)addingtotheprovisionshereofsuchadditionalcovenantsandenforcementprovisionsas,intheopinionofCounsel,arenecessaryoradvisableinthepremises,providedthatthesamearenotintheopinionoftheWarrantAgent,relyingontheadviceofCounsel,prejudicialtotheinterestsoftheRegisteredWarrantholders;

(c)givingeffecttoanyExtraordinaryResolutionpassedasprovidedinSection7.11;

(d)makingsuchprovisionsnotinconsistentwiththisIndentureasmaybenecessaryordesirablewithrespecttomattersorquestionsarising

hereunderorforthepurposeofobtainingalistingorquotationoftheWarrantsonanystockexchange,providedthatsuchprovisionsarenot,intheopinionoftheWarrantAgent,relyingontheadviceofCounsel,prejudicialtotheinterestsoftheRegisteredWarrantholders;

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(e)addingtooralteringtheprovisionshereofinrespectofthetransferofWarrants,makingprovisionfortheexchangeofWarrants,andmaking

anymodificationintheformoftheWarrantCertificateswhichdoesnotaffectthesubstancethereof;

(f)modifyinganyoftheprovisionsofthisIndenture,includingrelievingtheCorporationfromanyoftheobligations,conditionsorrestrictionshereincontained,providedthatsuchmodificationorreliefshallbeorbecomeoperativeoreffectiveonlyif,intheopinionoftheWarrantAgent,relyingontheadviceofCounsel,suchmodificationorreliefinnowayprejudicesanyoftherightsoftheRegisteredWarrantholdersoroftheWarrantAgent,andprovidedfurtherthattheWarrantAgentmayinitssolediscretiondeclinetoenterintoanysuchsupplementalindenturewhichinitsopinionmaynotaffordadequateprotectiontotheWarrantAgentwhenthesameshallbecomeoperative;

(g)providingfortheissuanceofadditionalWarrantshereunder,includingWarrantsinexcessofthenumbersetoutinSection2.1andany

consequentialamendmentsheretoasmayberequiredbytheWarrantAgentrelyingontheadviceofCounsel;and

(h)foranyotherpurposenotinconsistentwiththetermsofthisIndenture,includingthecorrectionorrectificationofanyambiguities,defectiveorinconsistentprovisions,errors,mistakesoromissionsherein,providedthatintheopinionoftheWarrantAgent,relyingontheadviceofCounsel,therightsoftheWarrantAgentandoftheRegisteredWarrantholdersareinnowayprejudicedthereby.

Section8.2SuccessorEntities.

Inthecaseoftheconsolidation,amalgamation,arrangement,mergerortransferoftheundertakingorassetsoftheCorporationasanentiretyorsubstantiallyasanentiretytoorwithanotherentity(“successorentity”),thesuccessorentityresultingfromsuchconsolidation,amalgamation,arrangement,mergerortransfer(ifnottheCorporation)shallexpresslyassume,bysupplementalindenturesatisfactoryinformtotheWarrantAgentandexecutedanddeliveredtotheWarrantAgent,thedueandpunctualperformanceandobservanceofeachandeverycovenantandconditionofthisIndenturetobeperformedandobservedbytheCorporation.

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ARTICLE9

CONCERNINGTHEWARRANTAGENTSection9.1TrustIndentureLegislation.(1)IfandtotheextentthatanyprovisionofthisIndenturelimits,qualifiesorconflictswithamandatoryrequirementofApplicableLegislation,such

mandatoryrequirementshallprevail.(2)TheCorporationandtheWarrantAgentagreethateachwill,atalltimesinrelationtothisIndentureandanyactiontobetakenhereunder,observeand

complywithandbeentitledtothebenefitsofApplicableLegislation.Section9.2RightsandDutiesofWarrantAgent.(1)IntheexerciseoftherightsanddutiesprescribedorconferredbythetermsofthisIndenture,theWarrantAgentshallexercisethatdegreeofcare,

diligenceandskillthatareasonablyprudentwarrantagentwouldexerciseincomparablecircumstances.NoprovisionofthisIndentureshallbeconstruedtorelievetheWarrantAgentfromliabilityforitsowngrossnegligentaction,wilfulmisconduct,badfaithorfraudunderthisIndenture.

(2)TheobligationoftheWarrantAgenttocommenceorcontinueanyact,actionorproceedingforthepurposeofenforcinganyrightsoftheWarrantAgent

ortheRegisteredWarrantholdershereundershallbeconditionalupontheRegisteredWarrantholdersfurnishing,whenrequiredbynoticebytheWarrantAgent,sufficientfundstocommenceortocontinuesuchact,actionorproceedingandanindemnityreasonablysatisfactorytotheWarrantAgenttoprotectandtoholdharmlesstheWarrantAgentanditsofficers,directors,employeesandagents,againstthecosts,chargesandexpensesandliabilitiestobeincurredtherebyandanylossanddamageitmaysufferbyreasonthereof.NoneoftheprovisionscontainedinthisIndentureshallrequiretheWarrantAgenttoexpendortoriskitsownfundsorotherwisetoincurfinancialliabilityintheperformanceofanyofitsdutiesorintheexerciseofanyofitsrightsorpowersunlessindemnifiedandfundedasaforesaid.

(3)TheWarrantAgentmay,beforecommencingoratanytimeduringthecontinuanceofanysuchact,actionorproceeding,requiretheRegistered

Warrantholders,atwhoseinstanceitisactingtodepositwiththeWarrantAgenttheWarrantsCertificatesheldbythem,forwhichWarrantstheWarrantAgentshallissuereceipts.

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(4)EveryprovisionofthisIndenturethatbyitstermsrelievestheWarrantAgentofliabilityorentitlesittorelyuponanyevidencesubmittedtoitissubject

totheprovisionsofApplicableLegislation.Section9.3Evidence,ExpertsandAdvisers.(1)Inadditiontothereports,certificates,opinionsandotherevidencerequiredbythisIndenture,theCorporationshallfurnishtotheWarrantAgentsuch

additionalevidenceofcompliancewithanyprovisionhereof,andinsuchform,asmaybeprescribedbyApplicableLegislationorastheWarrantAgentmayreasonablyrequirebywrittennoticetotheCorporation.

(2)Intheexerciseofitsrightsanddutieshereunder,theWarrantAgentmay,ifitisactingingoodfaith,relyastothetruthofthestatementsandthe

accuracyoftheopinionsexpressedinstatutorydeclarations,opinions,reports,writtenrequests,consents,orordersoftheCorporation,certificatesoftheCorporationorotherevidencefurnishedtotheWarrantAgentpursuanttoarequestoftheWarrantAgent,providedthatsuchevidencecomplieswithApplicableLegislationandthattheWarrantAgentcomplieswithApplicableLegislationandthattheWarrantAgentexaminesthesameanddeterminesthatsuchevidencecomplieswiththeapplicablerequirementsofthisIndenture.

(3)WheneveritisprovidedinthisIndentureorunderApplicableLegislationthattheCorporationshalldepositwiththeWarrantAgentresolutions,

certificates,reports,opinions,requests,ordersorotherdocuments,itisintendedthatthetruth,accuracyandgoodfaithontheeffectivedatethereofandthefactsandopinionsstatedinallsuchdocumentssodepositedshall,ineachandeverysuchcase,beconditionsprecedenttotherightoftheCorporationtohavetheWarrantAgenttaketheactiontobebasedthereon.

(4)TheWarrantAgentmayemployorretainsuchCounsel,accountants,appraisersorotherexpertsoradvisersasitmayreasonablyrequireforthepurpose

ofdischargingitsdutieshereunderandmaypayreasonableremunerationforallservicessoperformedbyanyofthem,withouttaxationofcostsofanyCounsel,andshallnotberesponsibleforanymisconductornegligenceonthepartofanysuchexpertsoradviserswhohavebeenappointedwithduecarebytheWarrantAgent.

(5)TheWarrantAgentmayactandrelyandshallbeprotectedinactingandrelyingingoodfaithontheopinionoradviceoforinformationobtainedfrom

anyCounsel,accountant,appraiser,engineerorotherexpertoradviser,whetherretainedoremployedbytheCorporationorbytheWarrantAgent,inrelationtoanymatterarisingintheadministrationoftheagencyhereof.

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Section9.4Documents,Monies,etc.HeldbyWarrantAgent.

UntilreleasedinaccordancewiththisIndenture,anyfundsreceivedhereundershallbekeptinsegregatedrecordsoftheWarrantAgentandtheWarrantAgentshallplacethefundsinsegregatedtrustaccountsoftheWarrantAgentatoneormoreoftheCanadianCharteredBankslistedinSchedule1oftheBankAct(Canada)(“ApprovedBank”).AllamountsheldbytheWarrantAgentpursuanttothisAgreementshallbeheldbytheWarrantAgentfortheCorporationandthedeliveryofthefundstotheWarrantAgentshallnotgiverisetoadebtor-creditororothersimilarrelationship.TheamountsheldbytheWarrantAgentpursuanttothisAgreementareatthesoleriskoftheCorporationand,withoutlimitingthegeneralityoftheforegoing,theWarrantAgentshallhavenoresponsibilityorliabilityforanydiminutionofthefundsthatmayresultfromanydepositmadewithanApprovedBankpursuanttothissection,includinganylossesresultingfromadefaultbytheApprovedBankorothercreditlosses(whetherornotresultingfromsuchadefault).ThepartiesheretoacknowledgeandagreethattheWarrantAgentwillhaveactedprudentlyindepositingthefundsatanyApprovedBank,andthattheWarrantAgentisnotrequiredtomakeanyfurtherinquiriesinrespectofanysuchApprovedBank.TheWarrantAgentmayholdcashbalancesconstitutingpartorallofsuchmoniesandneednotinvestthesame.TheWarrantAgentshallnotbeliabletoaccountforanyprofittoanypartiestothisIndentureortoanyotherpersonorentity.Section9.5ActionsbyWarrantAgenttoProtectInterest.

TheWarrantAgentshallhavepowertoinstituteandtomaintainsuchactionsandproceedingsasitmayconsidernecessaryorexpedienttopreserve,protectorenforceitsinterestsandtheinterestsoftheRegisteredWarrantholders.Section9.6WarrantAgentNotRequiredtoGiveSecurity.

TheWarrantAgentshallnotberequiredtogiveanybondorsecurityinrespectoftheexecutionoftheagencyandpowersofthisIndentureorotherwiseinrespectofthepremises.Section9.7ProtectionofWarrantAgent.

BywayofsupplementtotheprovisionsofanylawforthetimebeingrelatingtotheWarrantAgentitisexpresslydeclaredandagreedasfollows:

(a)theWarrantAgentshallnotbeliablefororbyreasonofanystatementsoffactorrecitalsinthisIndentureorintheWarrantCertificates(exceptintheauthenticationoftheWarrantAgentontheWarrantCertificates)orberequiredtoverifythesame,butallsuch

48

statementsorrecitalsareandshallbedeemedtobemadebytheCorporation;

(b)nothinghereincontainedshallimposeanyobligationontheWarrantAgenttoseetoortorequireevidenceoftheregistrationorfiling(or

renewalthereof)ofthisIndentureoranyinstrumentancillaryorsupplementalhereto;

(c)theWarrantAgentshallnotbeboundtogivenoticetoanypersonorpersonsoftheexecutionhereof;

(d)theWarrantAgentshallnotincuranyliabilityorresponsibilitywhateverorbeinanywayresponsiblefortheconsequenceofanybreachonthepartoftheCorporationofanyofitscovenantshereincontainedorofanyactsofanydirectors,officers,employees,agentsorservantsoftheCorporation;

(e)theCorporationherebyindemnifiesandagreestoholdharmlesstheWarrantAgent,itsaffiliates,theirofficers,directors,employees,agents,

successorsandassigns(the“IndemnifiedParties”)fromandagainstanyandallliabilitieswhatsoever,losses,damages,penalties,claims,demands,actions,suits,proceedings,costs,charges,assessments,judgments,expensesanddisbursements,includingreasonablelegalfeesanddisbursementsofwhateverkindandnaturewhichmayatanytimebeimposedonorincurredbyorassertedagainsttheIndemnifiedParties,oranyofthem,whetheratlaworinequity,inanywaycausedbyorarising,directlyorindirectly,inrespectofanyact,deed,matterorthingwhatsoevermade,done,acquiescedinoromittedinoraboutorinrelationtotheexecutionoftheIndemnifiedParties’duties,oranyotherservicesthattheIndemnifiedPartiesmayprovideinconnectionwithorinanywayrelatingtothisIndenture.TheCorporationagreesthatitsliabilityhereundershallbeabsoluteandunconditionalregardlessofthecorrectnessofanyrepresentationsofanythirdpartiesandregardlessofanyliabilityofthirdpartiestotheIndemnifiedParties,andshallaccrueandbecomeenforceablewithoutpriordemandoranyotherprecedentactionorproceeding;providedthattheCorporationshallnotberequiredtoindemnifytheIndemnifiedPartiesintheeventofthegrossnegligenceorwilfulmisconductoftheWarrantAgent,andthisprovisionshallsurvivetheresignationorremovaloftheWarrantAgentortheterminationordischargeofthisIndenture;and

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(f)(notwithstandingtheforegoingoranyotherprovisionofthisIndenture,anyliabilityoftheWarrantAgentshallbelimited,intheaggregate,to

theamountofannualretainerfeespaidbytheCorporationtotheWarrantAgentunderthisIndentureinthetwelve(12)monthsimmediatelypriortotheWarrantAgentreceivingthefirstnoticeoftheclaim.NotwithstandinganyotherprovisionofthisIndenture,andwhethersuchlossesordamagesareforeseeableorunforeseeable,theWarrantAgentshallnotbeliableunderanycircumstanceswhatsoeverforany(a)breachbyanyotherpartyofsecuritieslaworotherruleofanysecuritiesregulatoryauthority,(b)lostprofitsor(c)special,indirect,incidental,consequential,exemplary,aggravatedorpunitivelossesordamages.

Section9.8ReplacementofWarrantAgent;SuccessorbyMerger.(1)TheWarrantAgentmayresignitsagencyandbedischargedfromallfurtherdutiesandliabilitieshereunder,subjecttothisSection9.8,bygivingtothe

Corporationnotlessthan60days’priornoticeinwritingorsuchshorterpriornoticeastheCorporationmayacceptassufficient.TheRegisteredWarrantholdersbyExtraordinaryResolutionshallhavepoweratanytimetoremovetheexistingWarrantAgentandtoappointanewwarrantagent.IntheeventoftheWarrantAgentresigningorbeingremovedasaforesaidorbeingdissolved,becomingbankrupt,goingintoliquidationorotherwisebecomingincapableofactinghereunder,theCorporationshallforthwithappointanewwarrantagentunlessanewwarrantagenthasalreadybeenappointedbytheRegisteredWarrantholders;failingsuchappointmentbytheCorporation,theretiringWarrantAgentoranyRegisteredWarrantholdermayapplytoajudgeoftheSupremeCourtoftheProvinceofBritishColumbiaonsuchnoticeassuchjudgemaydirect,fortheappointmentofanewwarrantagent;butanynewwarrantagentsoappointedbytheCorporationorbytheCourtshallbesubjecttoremovalasaforesaidbytheRegisteredWarrantholders.AnynewwarrantagentappointedunderanyprovisionofthisSection9.8shallbeanentityauthorizedtocarryonthebusinessofatrustcompanyintheProvinceofBritishColumbiaand,ifrequiredbytheApplicableLegislationforanyotherprovinces,insuchotherprovinces.Onanysuchappointmentthenewwarrantagentshallbevestedwiththesamepowers,rights,dutiesandresponsibilitiesasifithadbeenoriginallynamedhereinasWarrantAgenthereunder.

(2)Upontheappointmentofasuccessorwarrantagent,theCorporationshallpromptlynotifytheRegisteredWarrantholdersthereofinthemannerprovided

forinSection10.2.

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(3)AnyWarrantCertificatesAuthenticatedbutnotdeliveredbyapredecessorWarrantAgentmaybeAuthenticatedbythesuccessorWarrantAgentinthe

nameofthepredecessororsuccessorWarrantAgent.(4)AnycorporationintowhichtheWarrantAgentmaybemergedorconsolidatedoramalgamated,oranycorporationresultingtherefromtowhichthe

WarrantAgentshallbeaparty,oranycorporationsucceedingtosubstantiallythecorporatetrustbusinessoftheWarrantAgentshallbethesuccessortotheWarrantAgenthereunderwithoutanyfurtheractonitspartoranyofthepartieshereto,providedthatsuchcorporationwouldbeeligibleforappointmentassuccessorWarrantAgentunderSection9.8(1).

Section9.9ConflictofInterest.(1)TheWarrantAgentrepresentstotheCorporationthatatthetimeofexecutionanddeliveryhereofnomaterialconflictofinterestexistsbetweenitsroleas

aWarrantAgenthereunderanditsroleinanyothercapacityandagreesthatintheeventofamaterialconflictofinterestarisinghereafteritwill,within90daysafterascertainingthatithassuchmaterialconflictofinterest,eithereliminatethesameorassignitsagencyhereundertoasuccessorWarrantAgentapprovedbytheCorporationandmeetingtherequirementssetforthinSection9.8(1).NotwithstandingtheforegoingprovisionsofthisSection9.9(1),ifanysuchmaterialconflictofinterestexistsorhereaftershallexist,thevalidityandenforceabilityofthisIndentureandtheWarrantCertificateshallnotbeaffectedinanymannerwhatsoeverbyreasonthereof.

(2)SubjecttoSection9.9(1),theWarrantAgent,initspersonaloranyothercapacity,maybuy,lenduponanddealinsecuritiesoftheCorporationand

generallymaycontractandenterintofinancialtransactionswiththeCorporationwithoutbeingliabletoaccountforanyprofitmadethereby.Section9.10AcceptanceofAgency.

TheWarrantAgentherebyacceptstheagencyinthisIndenturedeclaredandprovidedforandagreestoperformthesameuponthetermsandconditionshereinsetforth.Section9.11WarrantAgentNottobeAppointedReceiver.

TheWarrantAgentandanypersonrelatedtotheWarrantAgentshallnotbeappointedareceiver,areceiverandmanagerorliquidatorofalloranypartoftheassetsorundertakingoftheCorporation.

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Section9.12WarrantAgentNotRequiredtoGiveNoticeofDefault.

TheWarrantAgentshallnotbeboundtogiveanynoticeordoortakeanyact,actionorproceedingbyvirtueofthepowersconferredonitherebyunlessanduntilitshallhavebeenrequiredsotodounderthetermshereof;norshalltheWarrantAgentberequiredtotakenoticeofanydefaulthereunder,unlessanduntilnotifiedinwritingofsuchdefault,whichnoticeshalldistinctlyspecifythedefaultdesiredtobebroughttotheattentionoftheWarrantAgentandintheabsenceofanysuchnoticetheWarrantAgentmayforallpurposesofthisIndentureconclusivelyassumethatnodefaulthasbeenmadeintheobservanceorperformanceofanyoftherepresentations,warranties,covenants,agreementsorconditionscontainedherein.AnysuchnoticeshallinnowaylimitanydiscretionhereingiventotheWarrantAgenttodeterminewhetherornottheWarrantAgentshalltakeactionwithrespecttoanydefault.Section9.13Anti-MoneyLaundering.(1)EachpartytothisIndentureotherthantheWarrantAgentherebyrepresentstotheWarrantAgentthatanyaccounttobeopenedby,orinteresttobeheld

bytheWarrantAgentinconnectionwiththisIndenture,forortothecreditofsuchparty,either(i)isnotintendedtobeusedbyoronbehalfofanythirdparty;or(ii)isintendedtobeusedbyoronbehalfofathirdparty,inwhichcasesuchpartyheretoagreestocompleteandexecuteforthwithadeclarationintheWarrantAgent’sprescribedformastotheparticularsofsuchthirdparty.

(2)TheWarrantAgentshallretaintherightnottoactandshallnotbeliableforrefusingtoactif,duetoalackofinformationorforanyotherreason

whatsoever,theWarrantAgent,initssolejudgment,determinesthatsuchactmightcauseittobeinnon-compliancewithanyapplicableanti-moneylaundering,anti-terroristoreconomicsanctionslegislation,regulationorguideline.Further,shouldtheWarrantAgent,initssolejudgment,determineatanytimethatitsactingunderthisIndenturehasresultedinitsbeinginnon-compliancewithanyapplicableanti-moneylaundering,anti-terroristoreconomicsanctionslegislation,regulationorguideline,thenitshallhavetherighttoresignonten(10)dayswrittennoticetotheotherpartiestothisIndenture,provided(i)thattheWarrantAgent’swrittennoticeshalldescribethecircumstancesofsuchnon-compliance;and(ii)thatifsuchcircumstancesarerectifiedtotheWarrantAgent’ssatisfactionwithinsuchten(10)dayperiod,thensuchresignationshallnotbeeffective.

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Section9.14CompliancewithPrivacyCode.

TheCorporationacknowledgesthattheWarrantAgentmay,inthecourseofprovidingserviceshereunder,collectorreceivefinancialandotherpersonalinformationaboutsuchpartiesand/ortheirrepresentatives,asindividuals,oraboutotherindividualsrelatedtothesubjectmatterhereof,andusesuchinformationforthefollowingpurposes:

(a)toprovidetheservicesrequiredunderthisIndentureandotherservicesthatmayberequestedfromtimetotime;

(b)tohelptheWarrantAgentmanageitsservicingrelationshipswithsuchindividuals;

(c)tomeettheWarrantAgent’slegalandregulatoryrequirements;and

(d)ifSocialInsuranceNumbersarecollectedbytheWarrantAgent,toperformtaxreportingandtoassistinverificationofanindividual’sidentityforsecuritypurposes.

TheCorporationacknowledgesandagreesthattheWarrantAgentmayreceive,collect,useanddisclosepersonalinformationprovidedtoitoracquired

byitinthecourseofitsactingasagenthereunderforthepurposesdescribedaboveand,generally,inthemannerandonthetermsdescribedinitsPrivacyCode,whichtheWarrantAgentshallmakeavailableonitswebsite,www.computershare.com,oruponrequest,includingrevisionsthereto.Further,theCorporationagreesthatitshallnotprovideorcausetobeprovidedtotheWarrantAgentanypersonalinformationrelatingtoanindividualwhoisnotapartytothisIndentureunlesstheCorporationhasassureditselfthatsuchindividualunderstandsandhasconsentedtotheaforementionedusesanddisclosures.TheWarrantAgentmaytransferpersonalinformationtoothercompaniesinoroutsideofCanadathatprovidedataprocessingandstorageorothersupportinordertofacilitatetheservicesitprovides.Section9.15SecuritiesExchangeCommissionCertification.

TheCorporationconfirmsthatithaseither(i)aclassofsecuritiesregisteredpursuanttoSection12oftheU.S.ExchangeAct;or(ii)areportingobligationpursuanttoSection15(d)oftheU.S.ExchangeAct,andhasprovidedtheWarrantAgentwithanOfficers’Certificate(inaformprovidedbytheWarrantAgentcertifyingsuchreportingobligationandotherinformationasrequestedbytheWarrantAgent).TheCorporationcovenantsthatintheeventthatanysuchregistrationorreportingobligationshallbeterminatedbytheCorporationinaccordancewiththeU.S.ExchangeAct,theCorporationshallpromptlynotifytheWarrantAgentofsuchterminationandsuchotherinformationastheWarrant

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Agentmayrequireatthetime.TheCorporationacknowledgesthattheWarrantAgentisrelyingupontheforegoingrepresentationandcovenantsinordertomeetcertainSECobligationswithrespecttothoseclientswhoarefilingwiththeSEC.

ARTICLE10GENERAL

Section10.1NoticetotheCorporationandtheWarrantAgent.(1)Unlesshereinotherwiseexpresslyprovided,anynoticetobegivenhereundertotheCorporationortheWarrantAgentshallbedeemedtobevalidly

givenifdelivered,sentbyregisteredletter,email,postageprepaidoriffaxed:

(a)IftotheCorporation:

PlatinumGroupMetalsLtd.788–550BurrardStreetVancouver,BCV6C2B5

Attention:FrankHallam,ChiefFinancialOfficer

Facsimilenumber:604-484-4710

(b)IftotheWarrantAgent:

ComputershareTrustCompanyofCanada3 Floor,510BurrardStreetVancouver,BCV6C3B9

Attention:GeneralManager,CorporateTrust

Email:corporatetrust.vancouver@computershare.com

andanysuchnoticedeliveredinaccordancewiththeforegoingshallbedeemedtohavebeenreceivedandgivenonthedateofdeliveryor,ifmailed,on

thefifthBusinessDayfollowingthedateofmailingsuchnoticeor,iffaxed,onthenextBusinessDayfollowingthedateoftransmission.(2)TheCorporationortheWarrantAgent,asthecasemaybe,mayfromtimetotimenotifytheotherinthemannerprovidedinSection10.1(1)ofachange

ofaddresswhich,fromtheeffectivedateofsuchnoticeanduntilchangedbylikenotice,shallbetheaddressoftheCorporationortheWarrantAgent,asthecasemaybe,forallpurposesofthisIndenture.

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rd

(3)If,byreasonofastrike,lockoutorotherworkstoppage,actualorthreatened,involvingpostalemployees,anynoticetobegiventotheWarrantAgentor

totheCorporationhereundercouldreasonablybeconsideredunlikelytoreachitsdestination,suchnoticeshallbevalidandeffectiveonlyifitisdeliveredtothenamedofficerofthepartytowhichitisaddressed,asprovidedinSection10.1(1),orgivenbyfacsimileorothermeansofprepaid,transmittedandrecordedcommunication.

Section10.2NoticetoRegisteredWarrantholders.(1)Unlessotherwiseprovidedherein,noticetotheRegisteredWarrantholdersundertheprovisionsofthisIndentureshallbevalidandeffectiveifdelivered

orsentbyordinaryprepaidpostaddressedtosuchholdersattheirpostofficeaddressesappearingontheregisterhereinbeforementionedandshallbedeemedtohavebeeneffectivelyreceivedandgivenonthedateofdeliveryor,ifmailed,onthethirdBusinessDayfollowingthedateofmailingsuchnotice.IntheeventthatWarrantsareheldinthenameoftheDepository,acopyofsuchnoticeshallalsobesentbyelectroniccommunicationtotheDepositoryandshallbedeemedreceivedandgivenonthedayitissosent.

(2)If,byreasonofastrike,lockoutorotherworkstoppage,actualorthreatened,involvingpostalemployees,anynoticetobegiventotheRegistered

Warrantholdershereundercouldreasonablybeconsideredunlikelytoreachitsdestination,suchnoticeshallbevalidandeffectiveonlyifitisdeliveredtosuchRegisteredWarrantholderstotheaddressforsuchRegisteredWarrantholderscontainedintheregistermaintainedbytheWarrantAgentorsuchnoticemaybegiven,attheCorporation’sexpense,bymeansofpublicationintheGlobeandMail,NationalEdition,oranyotherEnglishlanguagedailynewspaperornewspapersofgeneralcirculationinCanada,ineachtwosuccessiveweeks,thefirstsuchnoticetobepublishedwithinfivebusinessdaysofsuchevent,andanysonoticepublishedshallbedeemedtohavebeenreceivedandgivenonthelatestdatethepublicationtakesplace.

Section10.3OwnershipofWarrants.

TheCorporationandtheWarrantAgentmaydeemandtreattheRegisteredWarrantholdersastheabsoluteownersthereofforallpurposes,andtheCorporationandtheWarrantAgentshallnotbeaffectedbyanynoticeorknowledgetothecontraryexceptwheretheCorporationortheWarrantAgentisrequiredtotakenoticebystatuteorbyorderofacourtofcompetentjurisdiction.ThereceiptofanysuchRegisteredWarrantholderoftheCommonShareswhichmaybeacquiredpursuanttheretoshallbeagooddischargetotheCorporationandtheWarrantAgentforthesameandneithertheCorporationnortheWarrantAgentshallbe

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boundtoinquireintothetitleofanysuchholderexceptwheretheCorporationortheWarrantAgentisrequiredtotakenoticebystatuteorbyorderofacourtofcompetentjurisdiction.Section10.4Counterparts.

ThisIndenturemaybeexecutedinseveralcounterparts,eachofwhichwhensoexecutedshallbedeemedtobeanoriginalandsuchcounterpartstogethershallconstituteoneandthesameinstrumentandnotwithstandingtheirdateofexecutiontheyshallbedeemedtobedatedasofthedatehereof.DeliveryofanexecutedcopyoftheIndenturebyelectronicfacsimiletransmissionorothermeansofelectroniccommunicationcapableofproducingaprintedcopywillbedeemedtobeexecutionanddeliveryofthisIndentureasofthedatehereof.Section10.5SatisfactionandDischargeofIndenture.

Upontheearlierof:

(a)thedatebywhichthereshallhavebeendeliveredtotheWarrantAgentforexerciseorcancellationallWarrantstheretoforeAuthenticatedhereunder,inthecaseofCertificatedWarrants(orsuchotherinstructions,inaformsatisfactorytotheWarrantAgent),inthecaseofUncertificatedWarrants,orbywayofstandardprocessingthroughthebookentryonlysysteminthecaseofaCDSGlobalWarrant;and

(b)theExpiryTime;

andifallcertificatesorotherentryontheregisterrepresentingCommonSharesrequiredtobeissuedincompliancewiththeprovisionshereofhavebeen

issuedanddeliveredhereunderortotheWarrantAgentinaccordancewithsuchprovisions,thisIndentureshallceasetobeoffurthereffectandtheWarrantAgent,ondemandofandatthecostandexpenseoftheCorporationandupondeliverytotheWarrantAgentofacertificateoftheCorporationstatingthatallconditionsprecedenttothesatisfactionanddischargeofthisIndenturehavebeencompliedwith,shallexecuteproperinstrumentsacknowledgingsatisfactionofanddischargingthisIndenture.Notwithstandingtheforegoing,theindemnitiesprovidedtotheWarrantAgentbytheCorporationhereundershallremaininfullforceandeffectandsurvivetheterminationofthisIndenture.

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Section10.6ProvisionsofIndentureandWarrantsfortheSoleBenefitofPartiesandRegisteredWarrantholders.

NothinginthisIndentureorintheWarrants,expressedorimplied,shallgiveorbeconstruedtogivetoanypersonotherthanthepartiesheretoandtheRegisteredWarrantholders,asthecasemaybe,anylegalorequitableright,remedyorclaimunderthisIndenture,orunderanycovenantorprovisionhereinorthereincontained,allsuchcovenantsandprovisionsbeingforthesolebenefitofthepartiesheretoandtheRegisteredWarrantholders.Section10.7CommonSharesorWarrantsOwnedbytheCorporationoritsSubsidiaries-CertificatetobeProvided.

ForthepurposeofdisregardinganyWarrantsownedlegallyorbeneficiallybytheCorporationinSection7.16,theCorporationshallprovidetotheWarrantAgent,fromtimetotime,acertificateoftheCorporationsettingforthasatthedateofsuchcertificate:

(a)thenames(otherthanthenameoftheCorporation)oftheRegisteredWarrantholderswhich,totheknowledgeoftheCorporation,areownedbyorheldfortheaccountoftheCorporation;and

(b)thenumberofWarrantsownedlegallyorbeneficiallybytheCorporation;

andtheWarrantAgent,inmakingthecomputationsinSection7.16,shallbeentitledtorelyonsuchcertificatewithoutanyadditionalevidence.

Section10.8Severability.

If,inanyjurisdiction,anyprovisionofthisIndentureoritsapplicationtoanypartyorcircumstanceisrestricted,prohibitedorunenforceable,suchprovisionwill,astosuchjurisdiction,beineffectiveonlytotheextentofsuchrestriction,prohibitionorunenforceabilitywithoutinvalidatingtheremainingprovisionsofthisIndentureandwithoutaffectingthevalidityorenforceabilityofsuchprovisioninanyotherjurisdictionorwithoutaffectingitsapplicationtootherpartiesorcircumstances.Section10.9ForceMajeure.

Nopartyshallbeliabletotheother,orheldinbreachofthisIndenture,ifprevented,hindered,ordelayedintheperformanceorobservanceofanyprovisioncontainedhereinbyreasonofactofGod,riots,terrorism,actsofwar,epidemics,governmentalactionorjudicialorder,earthquakes,oranyothersimilarcauses(including,butnotlimitedto,mechanical,electronicorcommunication

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interruptions,disruptionsorfailures).PerformancetimesunderthisIndentureshallbeextendedforaperiodoftimeequivalenttothetimelostbecauseofanydelaythatisexcusableunderthisSection.Section10.10Assignment,SuccessorsandAssigns.

NeitherofthepartiesheretomayassignitsrightsorinterestunderthisIndenture,exceptasprovidedinSection9.8inthecaseoftheWarrantAgent,orasprovidedinSection8.2inthecaseoftheCorporation.Subjectthereto,thisIndentureshallenuretothebenefitofandbebindinguponthepartiesheretoandtheirrespectivesuccessorsandpermittedassigns.Section10.11RightsofRescissionandWithdrawalforHolders.

ShouldaholderofWarrantsexerciseanylegal,statutory,contractualorotherrightofwithdrawalorrescissionthatmaybeavailabletoit,andtheholder’sfundswhichwerepaidonexercisehavealreadybeenreleasedtotheCorporationbytheWarrantAgent,theWarrantAgentshallnotberesponsibleforensuringtheexerciseiscancelledandarefundispaidbacktotheholder.Insuchcases,theholdershallseekarefunddirectlyfromtheCorporationandsubsequently,theCorporation,uponsurrendertotheCorporationortheWarrantAgentofanyunderlyingsharesthatmayhavebeenissued,orsuchotherprocedureasagreedtobythepartieshereto,shallinstructtheWarrantAgentinwriting,tocanceltheexercisetransactionandanysuchunderlyingsharesontheregister,whichmayhavealreadybeenissuedupontheWarrantexercise.IntheeventthatanypaymentisreceivedfromtheCorporationbyvirtueoftheholderbeingashareholderforsuchWarrantsthatweresubsequentlyrescinded,suchpaymentmustbereturnedtotheCorporationbysuchholder.TheWarrantAgentshallnotbeunderanydutyorobligationtotakeanystepstoensureorenforcethatthefundsarereturnedpursuanttothisSection,norshalltheWarrantAgentbeinanyotherwayresponsibleintheeventthatanypaymentisnotdeliveredorreceivedpursuanttothisSection.Notwithstandingtheforegoing,intheeventthattheCorporationprovidestherefundtotheWarrantAgentfordistributiontotheholder,theWarrantAgentshallreturnsuchfundstotheholderassoonasreasonablypracticable,andinsodoing,theWarrantAgentshallincurnoliabilitywithrespecttothedeliveryornon-deliveryofanysuchfunds.

[Signature page follows]

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INWITNESSWHEREOFthepartiesheretohaveexecutedthisIndentureunderthehandsoftheirproperofficersinthatbehalfasofthedatefirst

writtenabove.PLATINUMGROUPMETALSLTD.

By: /s/FrankR.Hallam

Name:FrankR.Hallam

Title:CFO

COMPUTERSHARETRUSTCOMPANYOFCANADA

By: /s/JillDunn

Name:JillDunn

Title:Manager,CorporateTrust

By: /s/AlexaKwan

Name:AlexaKwan

Title:AssociateTrustOfficer

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SCHEDULE“A”

FORMOFWARRANT

WARRANT

ToacquireCommonSharesof

PLATINUMGROUPMETALSLTD.

(existingpursuanttothelawsoftheProvinceofBritishColumbia)

WarrantCertificateNo.

CertificateforWarrants,eachentitlingtheholdertoacquireone(1)CommonShare(subjecttoadjustmentasprovidedforintheWarrantIndenture(asdefinedbelow)CUSIP72765Q155/ISINCA72765Q1550

THISISTOCERTIFYTHAT,forvaluereceived,(the“Warrantholder”)istheregisteredholderofthenumberofcommonsharepurchasewarrants(the“Warrants”)ofPlatinumGroupMetalsLtd.(the“Corporation”)specifiedabove,andisentitled,onexerciseoftheseWarrantsuponandsubjecttothetermsandconditionssetforthhereinandintheWarrantIndenture,topurchaseatanytimebefore4:00p.m.(Vancouvertime)(the“ExpiryTime”)onNovember15,2019(the“ExpiryDate”),onefullypaidandnon-assessablecommonsharewithoutparvalueinthecapitaloftheCorporationasconstitutedonthedatehereof(a“CommonShare”)foreachWarrantsubjecttoadjustmentinaccordancewiththetermsoftheWarrantIndenture.TherighttopurchaseCommonSharesmayonlybeexercisedbytheWarrantholderwithinthetimesetforthaboveby:(a)dulycompletingandexecutingtheexerciseform(the“ExerciseForm”)attachedhereto;and(b)surrenderingthiswarrantcertificate(the“WarrantCertificate”),withtheExerciseFormtotheWarrantAgentattheprincipalofficeoftheWarrant

Agent,inthecityofVancouver,togetherwithacertifiedcheque,bankdraftormoney

A-1

orderinthelawfulmoneyoftheUnitedStatesofAmericapayabletoortotheorderoftheCorporationinanamountequaltothepurchasepriceoftheCommonSharessosubscribedfor.

ThesurrenderofthisWarrantCertificate,thedulycompletedExerciseFormandpaymentasprovidedabovewillbedeemedtohavebeeneffectedonlyonpersonaldeliverythereofto,orifsentbymailorothermeansoftransmissiononactualreceiptthereofby,theWarrantAgentatitsprincipalofficeassetoutabove.SubjecttoadjustmentthereofintheeventsandinthemannersetforthintheWarrantIndenturehereinafterreferredto,theexercisepricepayableforeachCommonShareupontheexerciseofWarrantsshallbeUS$0.17perCommonShare(the“ExercisePrice”).CertificatesfortheCommonSharessubscribedforwillbemailedtothepersonsspecifiedintheExerciseFormattheirrespectiveaddressesspecifiedthereinor,ifsospecifiedintheExerciseForm,deliveredtosuchpersonsattheofficewherethisWarrantCertificateissurrendered.IffewerCommonSharesarepurchasedthanthenumberthatcanbepurchasedpursuanttothisWarrantCertificate,theholderhereofwillbeentitledtoreceivewithoutchargeanewWarrantCertificateinrespectofthebalanceoftheCommonSharesnotsopurchased.NofractionalCommonShareswillbeissueduponexerciseofanyWarrant.ThisWarrantCertificateevidencesWarrantsoftheCorporationissuedorissuableundertheprovisionsofawarrantindenture(whichindenturetogetherwithallotherinstrumentssupplementalorancillarytheretoishereinreferredtoasthe“WarrantIndenture”)datedasofMay15,2018betweentheCorporationandComputershareTrustCompanyofCanada,asWarrantAgent,towhichWarrantIndenturereferenceisherebymadeforparticularsoftherightsoftheholdersofWarrants,theCorporationandtheWarrantAgentinrespectthereofandthetermsandconditionsonwhichtheWarrantsareissuedandheld,alltothesameeffectasiftheprovisionsoftheWarrantIndenturewerehereinsetforth,toallofwhichtheholder,byacceptancehereof,assents.TheCorporationwillfurnishtotheholder,onrequestandwithoutcharge,acopyoftheWarrantIndenture.OnpresentationattheprincipalofficeoftheWarrantAgentassetoutabove,subjecttotheprovisionsoftheWarrantIndentureandoncompliancewiththereasonablerequirementsoftheWarrantAgent,oneormoreWarrantCertificatesmaybeexchangedforoneormoreWarrantCertificatesentitlingtheholderthereoftopurchaseintheaggregateanequalnumberofCommonSharesasarepurchasableundertheWarrantCertificate(s)soexchanged.TheWarrantIndenturecontainsprovisionsfortheadjustmentoftheExercisePricepayableforeachCommonShareupontheexerciseofWarrantsandthenumberof

A-2

CommonSharesissuableupontheexerciseofWarrantsintheeventsandinthemannersetforththerein.TheWarrantIndenturealsocontainsprovisionsmakingbindingonallholdersofWarrantsoutstandingthereunderresolutionspassedatmeetingsofholdersofWarrantsheldinaccordancewiththeprovisionsoftheWarrantIndentureandinstrumentsinwritingsignedbyWarrantholdersofWarrantsentitledtopurchaseaspecificmajorityoftheCommonSharesthatcanbepurchasedpursuanttosuchWarrants.PursuanttoSection3.3oftheWarrantIndenture,ifatanytimefollowingtheinitialeffectivenessofashelfregistrationstatementfiledwiththeUnitedStatesSecuritiesandExchangeCommissionundertheU.S.SecuritiesActof1933,asamended,registeringtheCommonSharesissuableuponexerciseoftheWarrants(a“RegistrationStatement”)andpriortotheExpiryTime,theCorporationdeterminesthatnoRegistrationStatementfiledwiththeUnitedStatesSecuritiesandExchangeCommissioniseffective,ortheuseofanysuchRegistrationStatementissuspended,theCorporationshallpromptlyprovidewrittennoticeofsuchdeterminationtotheWarrantAgent.Uponreceiptofsuchnotice,theWarrantAgentshallprovideacopythereoftoeachWarrantholder,andconfirminwritingthatthethenoutstandingWarrantsmay,untiltheearlierof(x)aRegistrationStatementbecomingeffectiveorceasingtobesuspendedandanyprospectussupplementnecessarytheretohavingbeenfiled,or(y)theExpiryTime,iftheCurrentMarketPriceexceedstheExercisePrice,alsobeexercisedbymeansofa“cashlessexercise”inwhichtheWarrantholdershallbeentitledtosurrenderaWarranttotheCorporationinexchangefortheissuanceofthenumberofCommonSharesequaltothequotientobtainedbydividing[(A-B)(X)]by(A),where:(a)(A)equalstheCurrentMarketPriceonthetradingdayimmediatelyprecedingthedateofthereceiptbytheWarrantAgentofthenoticeofexercise;(b)(B)equalstheExercisePriceperCommonShareofsuchWarrant,asadjusted;and(c)(X)equalsthenumberofCommonSharesthatwouldotherwisebeissuableuponexerciseofsuchWarrantinaccordancewithitstermsbymeansofacashexerciseratherthanacashlessexercise.TheissuepriceforeachsuchCommonSharetobeissuedpursuanttothecashlessexerciseofaWarrantwillbeequalto(B),asdefinedabove,andthetotalissuepricefortheaggregatenumberofCommonSharesissuedpursuanttothecashlessexerciseofaWarrantwillbepaidandsatisfiedinfullbythesurrendertotheCorporationofsuchWarrant.Inaddition,iftheCorporationdeterminesatanytimepriortotheExpiryDatethatU.S.statesecuritieslawsarenotpreemptedwithrespecttoexercisesoftheWarrants,theCorporationmaybywrittennoticetotheWarrantAgentelecttopermitexercisesofWarrantsthataresubjecttothelawsofoneormoreU.S.jurisdictionstobeexercisedona“cashlessexercise”basis,pursuanttothecashlessexerciseformulasetforthabove.

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Uponthereceiptofsuchnotice,theWarrantAgentshallprovideacopythereoftoeachRegisteredWarrantholder,andconfirmtheCorporation’sdeterminationinwriting.NothingcontainedinthisWarrantCertificate,theWarrantIndentureorelsewhereshallbeconstruedasconferringupontheholderhereofanyrightorinterestwhatsoeverasaholderofCommonSharesoranyotherrightorinterestexceptashereinandintheWarrantIndentureexpresslyprovided.IntheeventofanydiscrepancybetweenanythingcontainedinthisWarrantCertificateandthetermsandconditionsoftheWarrantIndenture,thetermsandconditionsoftheWarrantIndentureshallgovern.WarrantsmayonlybetransferredincompliancewiththeconditionsoftheWarrantIndentureontheregistertobekeptbytheWarrantAgentinVancouver,orsuchotherregistrarastheCorporation,withtheapprovaloftheWarrantAgent,mayappointatsuchotherplaceorplaces,ifany,asmaybedesignated,uponsurrenderofthisWarrantCertificatetotheWarrantAgentorotherregistraraccompaniedbyawritteninstrumentoftransferinformandexecutionsatisfactorytotheWarrantAgentorotherregistraranduponcompliancewiththeconditionsprescribedintheWarrantIndentureandwithsuchreasonablerequirementsastheWarrantAgentorotherregistrarmayprescribeanduponthetransferbeingdulynotedthereonbytheWarrantAgentorotherregistrar.Timeisoftheessencehereof.ThisWarrantCertificatewillnotbevalidforanypurposeuntilithasbeencountersignedbyoronbehalfoftheWarrantAgentfromtimetotimeundertheWarrantIndenture.ThepartiesheretohavedeclaredthattheyhaverequiredthatthesepresentsandallotherdocumentsrelatedheretobeintheEnglishlanguage.Lespartiesauxprésentesdéclarentqu’ellesontexigéquelaprésenteconvention,demêmequetouslesdocumentss’yrapportant,soientrédigésenanglais.

AnycapitalizedterminthisWarrantCertificatethatisnototherwisedefinedherein,shallhavethemeaningascribedtheretointheWarrantIndenture.

INWITNESSWHEREOFtheCorporationhascausedthisWarrantCertificatetobedulyexecutedasof,2018.PLATINUMGROUPMETALSLTD.

By:

AuthorizedSignatory

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CountersignedandRegisteredby:

COMPUTERSHARETRUSTCOMPANYOFCANADA

By

AuthorizedSignatory

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FORMOFTRANSFER

To:ComputershareTrustCompanyofCanadaFORVALUERECEIVEDtheundersignedherebysells,assignsandtransfersto(printnameandaddress)theWarrantsrepresentedbythisWarrantCertificateandherebyirrevocablyconstitutesandappointsasitsattorneywithfullpowerofsubstitutiontotransferthesaidsecuritiesontheappropriateregisteroftheWarrantAgent.DATEDthisdayof,20.

SPACEFORGUARANTEESOFSIGNATURES(BELOW)

)

)

) SignatureofTransferor

)

)

Guarantor’sSignature/Stamp

) NameofTransferor

)

REASONFORTRANSFER—ForUSResidentsonly(wheretheindividual(s)orcorporationreceivingthesecuritiesisaUSresident).Pleaseselectonlyone(seeinstructionsbelow).

oGift oEstate oPrivateSale oOther(ornochangeinownership)

DateofEvent(Dateofgift,deathorsale): ValueperWarrantonthedateofevent: // $oCADORoUSDCERTAINREQUIREMENTSRELATINGTOTRANSFERS—READCAREFULLYThesignature(s)ofthetransferor(s)mustcorrespondwiththename(s)aswrittenuponthefaceofthiscertificate(s),ineveryparticular,withoutalterationorenlargement,oranychangewhatsoever.Allsecurityholdersoralegallyauthorizedrepresentativemustsignthisform.Thesignature(s)onthisformmustbeguaranteedinaccordancewiththetransferagent’sthencurrentguidelinesandrequirementsatthetimeoftransfer.Notarizedorwitnessedsignaturesarenotacceptableasguaranteedsignatures.Asat

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thetimeofclosing,youmaychooseoneofthefollowingmethods(althoughsubjecttochangeinaccordancewithindustrypracticeandstandards):

·CanadaandtheUSA:AMedallionSignatureGuaranteeobtainedfromamemberofanacceptableMedallionSignatureGuaranteeProgram(STAMP,SEMP,NYSE,MSP).Manycommercialbanks,savingsbanks,creditunions,andallbrokerdealersparticipateinaMedallionSignatureGuaranteeProgram.TheGuarantormustaffixastampbearingtheactualwords“MedallionGuaranteed”,withthecorrectprefixcoveringthefacevalueofthecertificate.

·Canada:ASignatureGuaranteeobtainedfromanauthorizedofficeroftheRoyalBankofCanada,ScotiaBankorTDCanadaTrust.TheGuarantor

mustaffixastampbearingtheactualwords“SignatureGuaranteed”,signandprinttheirfullnameandalphanumericsigningnumber.SignatureGuaranteesarenotacceptedfromTreasuryBranches,CreditUnionsorCaissePopulairesunlesstheyaremembersofaMedallionSignatureGuaranteeProgram.Forcorporateholders,corporatesigningresolutions,includingcertificateofincumbency,arealsorequiredtoaccompanythetransfer,unlessthereisa“Signature&AuthoritytoSignGuarantee”Stampaffixedtothetransfer(asopposedtoa“SignatureGuaranteed”Stamp)obtainedfromanauthorizedofficeroftheRoyalBankofCanada,ScotiaBankorTDCanadaTrustoraMedallionSignatureGuaranteewiththecorrectprefixcoveringthefacevalueofthecertificate.

·OutsideNorthAmerica:ForholderslocatedoutsideNorthAmerica,presentthecertificates(s)and/ordocument(s)thatrequireaguaranteetoalocal

financialinstitutionthathasacorrespondingCanadianorAmericanaffiliatewhichisamemberofanacceptableMedallionSignatureGuaranteeProgram.Thecorrespondingaffiliatewillarrangeforthesignaturetobeover-guaranteed.

OR

Thesignature(s)ofthetransferor(s)mustcorrespondwiththename(s)aswrittenuponthefaceofthiscertificate(s),ineveryparticular,withoutalterationorenlargement,oranychangewhatsoever.Thesignature(s)onthisformmustbeguaranteedbyanauthorizedofficerofRoyalBankofCanada,ScotiaBankorTDCanadaTrustwhosesamplesignature(s)areonfilewiththetransferagent,orbyamemberofanacceptableMedallionSignatureGuaranteeProgram(STAMP,SEMP,NYSE,MSP).Notarizedorwitnessedsignaturesarenotacceptableasguaranteedsignatures.TheGuarantormustaffixastampbearingtheactualwords:“SIGNATUREGUARANTEED”,“MEDALLIONGUARANTEED”OR“SIGNATURE&AUTHORITYTOSIGNGUARANTEE”,allinaccordancewiththetransferagent’sthencurrentguidelinesandrequirementsatthetimeoftransfer.Forcorporateholders,corporatesigningresolutions,includingcertificateofincumbency,willalsoberequiredtoaccompanythe

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transferunlessthereisa“SIGNATURE&AUTHORITYTOSIGNGUARANTEE”StampaffixedtotheFormofTransferobtainedfromanauthorizedofficeroftheRoyalBankofCanada,ScotiaBankorTDCanadaTrustora“MEDALLIONGUARANTEED”StampaffixedtotheFormofTransfer,withthecorrectprefixcoveringthefacevalueofthecertificate.REASONFORTRANSFER—FORUSRESIDENTSONLYConsistentwithUSIRSregulations,ComputershareisrequiredtorequestcostbasisinformationfromUSsecurityholders.Pleaseindicatethereasonforrequestingthetransferaswellasthedateofeventrelatingtothereason.Theeventdateisnotthedayinwhichthetransferisfinalized,butratherthedateoftheeventwhichledtothetransferrequest(i.e.dateofgift,dateofdeathofthesecurityholder,orthedatetheprivatesaletookplace).

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SCHEDULE“B”

EXERCISEFORM

TO: PlatinumGroupMetalsLtd. ANDTO: ComputershareTrustCompanyofCanada

3 Floor,510BurrardStreetVancouver,BCV6C2B9

TheundersignedholderoftheWarrantsevidencedbythisWarrantCertificateherebyexercisestherighttoacquire:[Pleasecomplete(a)or(b)below.]

(a)CommonSharesofPlatinumGroupMetalsLtd.pursuanttotherightofsuchholdertobeissued,andherebysubscribesfor,theCommon

SharesthatareissuablepursuanttotheexerciseofsuchWarrantsonthetermsspecifiedinsuchWarrantCertificateandintheIndentureforanaggregateexercisepriceof;or

(b)CommonSharesofPlatinumGroupMetalsLtd.,ifpermittedpursuanttoSection3.3oftheWarrantIndenture,bymeansofa“cashlessexercise”inwhichtheWarrantholdershallbeentitledtoreceiveacertificateforthenumberofCommonSharesequaltothequotientobtainedbydividing[(A-B)(X)]by(A),where(i)(A)equalstheCurrentMarketPriceonthetradingdayimmediatelyprecedingthedateofthereceiptbytheWarrantAgentofthenoticeofexercise;(ii)(B)equalstheExercisePriceperCommonShareofeachWarrant,asadjusted;and(iii)(X)equalsthenumberofCommonSharesthatwouldotherwisebeissuableuponexerciseoftheWarrantsinaccordancewiththeirtermsbymeansofacashexerciseratherthanacashlessexercise,andtheundersignedherebyagreesthattheissuepriceforeachsuchCommonSharepursuanttothiscashlessexerciseofsuchWarrantsisequalto(B),asdefinedabove,andtheundersignedherebysurrendersallsuchWarrantstoPlatinumGroupMetalsLtd.infullpaymentandsatisfactionofthetotalissuepriceforsuchCommonSharespursuanttothiscashlessexerciseofsuchWarrants.

TheundersignedherebyacknowledgesthattheundersignedisawarethattheCommonSharesreceivedonexercisemaybesubjecttorestrictionsonresaleunderapplicablesecuritieslegislation.

AnycapitalizedterminthisWarrantCertificatethatisnototherwisedefinedherein,shallhavethemeaningascribedtheretointheWarrantIndenture.

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rd

TheundersignedherebyirrevocablydirectsthatthesaidCommonSharesbeissued,registeredanddeliveredasfollows:

Name(s)inFullandSocialInsuranceNumber(s)(ifapplicable)

Address(es)

NumberofCommonShares

PleaseprintfullnameinwhichcertificatesrepresentingtheCommonSharesaretobeissued.IfanyCommonSharesaretobeissuedtoapersonorpersonsotherthantheregisteredholder,theregisteredholdermustpaytotheWarrantAgentalleligibletransfertaxesorothergovernmentcharges,ifany,andtheFormofTransfermustbedulyexecuted.

Oncecompletedandexecuted,thisExerciseFormmustbemailedordeliveredtoComputershareTrustCompanyofCanada,c/oGeneralManager,CorporateTrust.DATEDthisdayof,20.

)

)

Witness

) (SignatureofWarrantholder,tobethesameasappearsonthefaceofthisWarrantCertificate)

)

)

)

) NameofRegisteredWarrantholder

oPleasecheckifthecertificatesrepresentingtheCommonSharesaretobedeliveredattheofficewherethisWarrantCertificateissurrendered,failingwhichsuchcertificateswillbemailedtotheaddresssetoutabove.CertificateswillbedeliveredormailedassoonaspracticableafterthesurrenderofthisWarrantCertificatetotheWarrantAgent.

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