Excelsior Mining : Amended and Restated Credit Agreement dated as of December 22, 2021

[REDACTED]

EXCELSIOR MINING CORP.

as Parent

-and-

EXCELSIOR MINING ARIZONA, INC.

as Borrower

-and-

NEBARI NATURAL RESOURCES CREDIT FUND I, LP

as Lender

As of December 22, 2021

AMENDED AND RESTATED CREDIT AGREEMENT

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	TABLE OF CONTENTS
		Page
ARTICLE 1
INTERPRETATION.....................................................................................................................................	1
1.1	Definitions ..........................................................................................................................	1
1.2	Gender and Number..........................................................................................................	18
1.3	Interpretation Not Affected by Headings, etc. ..................................................................	18
1.4	Monetary References ........................................................................................................	18
1.5	References.........................................................................................................................	18
1.6	Certain Phrases .................................................................................................................	19
1.7	Knowledge ........................................................................................................................	19
1.8	Invalidity of Provisions.....................................................................................................	19
1.9	This Agreement to Govern................................................................................................	19
1.10	Actions on Days Other Than Business Days ....................................................................	19
1.11	Interest Act........................................................................................................................	19
1.12	No Subordination. .............................................................................................................	20
1.13	Accounting Terms.............................................................................................................	20
1.14	Schedules, etc....................................................................................................................	20
ARTICLE 2
THE FACILITY..........................................................................................................................................	21
2.1	Establishment of the Facility ............................................................................................	21
2.2	Availment..........................................................................................................................	21
2.3	Use of Proceeds ................................................................................................................	23
ARTICLE 3
PAYMENT .................................................................................................................................................	23
3.1	Calculation and Payment of Interest .................................................................................	23
3.2	Voluntary Prepayments.....................................................................................................	23
3.3	Mandatory Repayment......................................................................................................	24
3.4	Mandatory Prepayment - Proceeds of Insurance or Expropriation Compensation ...........	24
3.5	Mandatory Prepayment - Asset Dispositions ...................................................................	24
3.6	Mandatory Prepayment - Proceeds of Debt .....................................................................	25
3.7	Mandatory Prepayment - Change of Control....................................................................	25
3.8	Prepayment Premium........................................................................................................	25
3.9	Repayment Bonus .............................................................................................................	26
3.10	Application of Payments...................................................................................................	27
3.11	Default Interest. ................................................................................................................	27
3.12	Payments Generally ..........................................................................................................	27
3.13	Payments - No Deduction .................................................................................................	27
3.14	Illegality ............................................................................................................................	28
3.15	Change in Circumstances..................................................................................................	29
3.16	Payment of Costs and Expenses .......................................................................................	30
3.17	Indemnities........................................................................................................................	31
3.18	Maximum Rate of Interest ................................................................................................	31
ARTICLE 4
REPRESENTATIONS AND WARRANTIES...........................................................................................	32
4.1	Representations and Warranties of the Parent and Borrower ...........................................	32
4.2	Survival of Representations and Warranties .....................................................................	43

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	TABLE OF CONTENTS
	(continued)
		Page
ARTICLE 5
SECURITY .................................................................................................................................................	43
5.1	Security .............................................................................................................................	43
5.2	Additional Security from Material Subsidiaries ...............................................................	44
5.3	Further Assurances - Security...........................................................................................	44
5.4	Security Effective Notwithstanding Date of Advance ......................................................	45
5.5	No Merger.........................................................................................................................	45
5.6	Release of Security ...........................................................................................................	45
ARTICLE 6
COVENANTS ............................................................................................................................................	45
6.1	Affirmative Covenants......................................................................................................	45
6.2	Reporting ..........................................................................................................................	49
6.3	Negative Covenants ..........................................................................................................	50
6.4	Entitled to Perform Covenants..........................................................................................	53
ARTICLE 7
CONDITIONS PRECEDENT ....................................................................................................................	54
7.1	Conditions Precedent to Execution. ..................................................................................	54
7.2	Conditions Precedent to All Advances .............................................................................	55

7.3 Conditions Precedent to the Advance under the Fourth Tranche and the Extension of the

Maturity Date .................................................................................................................................	56
7.4	Conditions Precedent to the Advance under the Fifth Tranche and the Sixth Tranche ....	57
ARTICLE 8
EVENTS OF DEFAULT AND REMEDIES .............................................................................................	58
8.1	Events of Default ..............................................................................................................	58
8.2	Remedies Upon Default....................................................................................................	60
8.3	Distributions......................................................................................................................	61
8.4	Set-Off ..............................................................................................................................	61
ARTICLE 9
GENERAL ..................................................................................................................................................	61
9.1	Reliance and Non-Merger.................................................................................................	61
9.2	Amendment and Waiver ...................................................................................................	61
9.3	Notices ..............................................................................................................................	62
9.4	Time ..................................................................................................................................	62
9.5	Press Releases and Public Announcements ......................................................................	62
9.6	Further Assurances ...........................................................................................................	63
9.7	Assignment .......................................................................................................................	63
9.8	Judgment Currency. ..........................................................................................................	64
9.9	Amendment and Restatement. ..........................................................................................	64
9.10	Confidentiality ..................................................................................................................	65
9.11	Entire Agreement ..............................................................................................................	66
9.12	Governing Law .................................................................................................................	67
9.13	Attornment ........................................................................................................................	67
9.14	Counterparts......................................................................................................................	67

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AMENDED AND RESTATED CREDIT AGREEMENT

THIS AMENDED AND RESTATED CREDIT AGREEMENT is dated as of December 22, 2021.

B E T W E E N:

EXCELSIOR MINING CORP., a corporation incorporated under the laws of British Columbia

(together with its successors and permitted assigns, the "Parent")

- and -

EXCELSIOR MINING ARIZONA, INC., a corporation incorporated under the laws of Arizona

(together with its successors and permitted assigns, the "Borrower")

- and -

NEBARI NATURAL RESOURCES CREDIT FUND I, LP

(together with its successors and permitted assigns, the "Lender")

1. The Parent, the Borrower and the Lender entered into a credit agreement dated as of October 31,
   2019 (the "Original Credit Agreement") pursuant to which the Lender made available the
   Facility for the purpose of financing cost overruns incurred as part of Stage 1 of the Gunnison Project and for other purposes permitted by the Stream Agreement;
2. The Borrower has requested that the Lender extend the Maturity Date, increase the Facility, expand the permitted use of proceeds, and permit the Obligors to secure their obligations under the Stream Agreement; and
3. The parties have agreed to amend and restate the Original Credit Agreement on the terms and conditions herein set forth.

NOW THEREFORE THIS AGREEMENT WITNESSES that, in consideration of the covenants and agreements herein contained, and other valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:

ARTICLE 1

INTERPRETATION

1.1Definitions

For the purposes of this Agreement:

"Accounting Changes" means (a) changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Chartered Professional

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Accountants of Canada (or successor thereto or any agency with similar functions); or (b) changes in the application of such accounting principles adopted by the Parent and concurred in by the Parent's independent chartered accountants.

"Acquisition" means, with respect to any Person, any purchase or other acquisition by such Person, regardless of how accomplished or effected (including any such purchase or other acquisition effected by way of amalgamation, merger, arrangement, business combination or other form of corporate reorganization or by way of purchase, lease or other acquisition arrangements), of (a) any other Person (including any purchase or acquisition of such number of the issued and outstanding securities of, or such portion of an equity interest in, such other Person so that such other Person becomes a Subsidiary of the purchaser or of any of its Affiliates) or of all or substantially all of the property of any other Person, or (b) any division, business, operation or undertaking of any other Person or of all or substantially all of the property of any division, business, operation or undertaking of any other Person.

"Advance" means an advance under the Facility.

"Affiliate" means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

"Agreement" means the Original Credit Agreement as amended and restated pursuant to this amended and restated credit agreement, and all Schedules attached hereto; the expressions "hereof", "herein", "hereto", "hereunder", "hereby" and similar expressions refer to this Agreement as a whole and not to any particular Article, Section, Schedule, or other portion hereof or thereof.

"Anti-CorruptionLaws" means the Corruption of Foreign Public Officials Act (Canada), the Foreign Corrupt Practices Act of 1977, or any similar laws, rules or regulations issued, administered or enforced by any Governmental Authority having jurisdiction over the Parent or any of its Subsidiaries.

"Anti-MoneyLaundering Legislation" means (as the context requires) (i) Part II.1 of the Criminal Code (Canada) and the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), including any guidelines or orders thereunder, (ii) the USA Patriot Act or (iii) any other applicable anti-money laundering, anti-terrorist financing and economic sanction laws of Canada, the United States of America or any other applicable jurisdiction.

"Anti-TerrorismLaws" means (i) US Executive order No. 13224, the USA Patriot Act, the laws comprising or implementing the "Bank Secrecy Act", 31 U.S.C. §§ 5311 et seq., the laws administered by OFAC and any similar law enacted by the United States of America subsequent to the date of this Agreement and/or (ii) the Sanctions, as the context requires.

"Applicable Law" means, in respect of any Person, property, transaction, event or course of conduct, all applicable laws, statutes, rules, by-laws and regulations, regulatory policies and all applicable official directives, orders, judgments and decrees of Governmental Authorities in each case having the force of law (except for the purposes of Section 3.15, which extends to any such policies, directives or orders whether or not having the force of law), and includes without limitation, all Applicable Law relating to mining.

"Applicable Rate" means the interest rate per annum applicable to each Advance from time to time equal to 14.2% per annum plus the Rate Supplement, if any.

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