Pursuant to the Option Agreement, Orior has been granted the sole and exclusive option to acquire a 100% interest in the Revel Ridge Project from Huakan. To exercise the option, Orior must make aggregate cash payments of $59.0 million over six years and issue $2.0 million of Orior Shares on or before December 4, 2026. The cash payments consist of $500,000, which was paid shortly after the execution of the Option Agreement, $500,000, which was paid 180 days after the execution of the Option Agreement, and subsequent payments of $1.0 million, $4.5 million, $11.5 million, $9.0 million, $11.5 million and $20.5 million, which are payable on the first, second, third, fourth, fifth and sixth anniversary of the Option Agreement, respectively. Orior may accelerate the exercise of the option during the first three years of the Option Agreement by making the applicable accelerated payment prescribed by the Option Agreement. During the option period, Orior has the exclusive right to explore and advance the Revel Ridge Project and is responsible for funding exploration activities and maintaining the Revel Ridge Project in good standing. The option is exercisable at Orior’s discretion, and amounts paid by Orior before any termination are non-refundable. Upon the exercise of the option under the Option Agreement, all rights and interests in the Revel Ridge Project and all outstanding shares of Huakan will be transferred to Orior, free and clear of encumbrances other than permitted encumbrances.