[sheet: Timeline & Milestones]

Item No.	Phase	Milestone / Event	Target Date	Actual Date	Primary Responsible Party	Secondary / Supporting Parties	C&H Team Lead	Status	Notes / Comments
1	Pre-Engagement	Conflict clearance completed (C&H internal)	January 14, 2022	January 14, 2022	Calderwood & Harkness LLP	—	Vivienne St. Claire	Complete	All parties cleared: TMC, WLML, TMPI, TUSHI, Kelvantis, Prestige Barrington, Halcyon, Northern Dominion, Ridgeline. No disqualifying conflicts.
2	Pre-Engagement	Preliminary term sheet reviewed and client mandate confirmed	January 15, 2022	January 15, 2022	Torchlight Mining Corp. (Prokopchuk)	Kelvantis Capital Markets LLC (Marchetti)	Vivienne St. Claire	Complete	TMC Board authorized management to proceed with offering. Mandate letter from Kelvantis confirmed.
3	Engagement & Kickoff	Engagement letter executed; Matter No. 1039-00002 opened	January 17, 2022	January 17, 2022	Calderwood & Harkness LLP	Torchlight Mining Corp. (Deepak Rathore)	Vivienne St. Claire / Robert Adeyemi	Complete	Blended rates: Partner $1,350/hr; Associate $825/hr. Est. fees $1.2M–$1.45M. Completion fee $150,000. Expense cap $75,000 (excl. mine site travel).
4	Engagement & Kickoff	Organizational / kickoff call	January 21, 2022	January 21, 2022	Calderwood & Harkness LLP	Torchlight (Rathore, Prokopchuk), Kelvantis (Marchetti), Pendleton Ross (Bouchard)	Audrey Zhou	Complete	Circulated agenda, preliminary DD request list, proposed timeline. Participants: C&H (St. Claire, Adeyemi, Zhou, Walsh), TMC, Kelvantis, Pendleton Ross.
5	Drafting & Due Diligence	Due diligence request list circulated to Torchlight	January 24, 2022	January 24, 2022	Calderwood & Harkness LLP	Torchlight (Rathore, Prokopchuk, Hébert)	Audrey Zhou / Brendan Walsh	Complete	Corporate, material contracts, mining rights, environmental, litigation, financial.
6	Drafting & Due Diligence	Virtual data room established and initial documents uploaded	January 28, 2022	January 28, 2022	Torchlight Mining Corp. (Rathore)	Calderwood & Harkness LLP, Pendleton Ross LLP	Brendan Walsh	Complete	Thackeray Solutions VDR. Access granted to C&H, Pendleton Ross, Kelvantis, Clairmont & Voss, Greystone & Whitfield.
7	Drafting & Due Diligence	First draft of Preliminary Offering Memorandum circulated	February 4, 2022	February 4, 2022	Calderwood & Harkness LLP	Torchlight, Kelvantis, Clairmont & Voss LLP (Harrison Voss, Nadia Petrov)	Brendan Walsh / Audrey Zhou	Complete	Transmitted by Brendan Walsh. Comments requested by February 11, 2022.
8	Drafting & Due Diligence	OM comment turn — Kelvantis / Clairmont & Voss comments received	February 11, 2022	February 11, 2022	Clairmont & Voss LLP (Nadia Petrov)	Kelvantis Capital Markets LLC	Audrey Zhou	Complete	Substantive comments on risk factors, business description, and IP indemnification provisions. Consolidated and circulated to team.
9	Drafting & Due Diligence	Management presentations / due diligence sessions	February 14–16, 2022	February 14–16, 2022	Torchlight Mining Corp. (Thornberg, Prokopchuk, Rathore, Katsaros)	Calderwood & Harkness LLP, Kelvantis, Clairmont & Voss LLP	Audrey Zhou	Complete	Three-day session. Covered business overview, Wolverine Lake mine operations, Phase II expansion, financials, risk factors.
10	Drafting & Due Diligence	DD Memo — Corporate & Organizational finalized	February 25, 2022	February 25, 2022	Calderwood & Harkness LLP	Pendleton Ross LLP	Audrey Zhou / Brendan Walsh	Complete	Reviewed TMC (CBCA, Federal Canada), WLML (Ontario), TMPI (Ontario), TUSHI (Delaware, EIN 84-3921057). Board/shareholder approvals confirmed.
11	Drafting & Due Diligence	Independent engineer's report delivered by Cascade Technical Advisors Inc.	February 28, 2022	February 28, 2022	Cascade Technical Advisors Inc. (Dr. Elaine Whitaker, P.Eng.)	Torchlight, Calderwood & Harkness LLP	Audrey Zhou	Complete	NI 43-101 compliant. Wolverine Lake mine: M&I 48.2 Mt at 1.12% Ni / 0.38% Cu; Inferred 11.7 Mt at 0.94% Ni / 0.31% Cu. Phase II CapEx est. CAD $215M.
12	Drafting & Due Diligence	DD Memo — Material Contracts & Mining Rights finalized	March 1, 2022	March 1, 2022	Calderwood & Harkness LLP	Pendleton Ross LLP, Torchlight	Audrey Zhou / Brendan Walsh	Complete	Reviewed offtake agreements, mining services contracts, Ridgeline CAD $225M revolver (CAD $140M drawn). Mining Claim Nos. WL-4492-01 through WL-4492-47. Property: 12,400 hectares.
13	Drafting & Due Diligence	DD Memo — Environmental & Regulatory finalized	March 3, 2022	March 3, 2022	Calderwood & Harkness LLP	Pendleton Ross LLP, Torchlight	Brendan Walsh	Complete	Ontario and federal environmental permits reviewed. Phase II expansion approvals tracked.
14	Drafting & Due Diligence	DD Memo — Litigation & Contingencies finalized	March 3, 2022	March 3, 2022	Calderwood & Harkness LLP	Torchlight (Rathore)	Brendan Walsh	Complete	Pending, threatened, and settled matters reviewed for materiality.
15	Ratings & Marketing	Ratings assigned by Northmark Ratings Group, Inc. and Creston Analytics, Inc.	March 7, 2022	March 7, 2022	Kelvantis Capital Markets LLC	Torchlight (Prokopchuk)	—	Complete	Northmark: B1 (stable outlook). Creston: B+ (stable outlook).
16	Ratings & Marketing	Canadian Securities Law Issues Memorandum finalized	March 10, 2022	March 10, 2022	Calderwood & Harkness LLP	Pendleton Ross LLP (Marie-Claire Bouchard)	Audrey Zhou	Complete	TSX notification requirements, Canadian prospectus exemptions, Rule 144A/Reg S interaction with Canadian framework.
17	Ratings & Marketing	Final Offering Memorandum finalized and distributed; marketing period commences	March 14, 2022	March 14, 2022	Calderwood & Harkness LLP / Kelvantis Capital Markets LLC	Torchlight, Clairmont & Voss LLP, Pendleton Ross LLP	Audrey Zhou	Complete	Distributed to QIBs (Rule 144A) and non-U.S. persons (Reg S). Use of proceeds: Phase II CapEx $167M; Ridgeline payoff $110.25M; fees/expenses $14.25M; working capital $8.5M.
18	Ratings & Marketing	10b-5 / Negative Assurance Analysis Memorandum finalized	March 18, 2022	March 18, 2022	Calderwood & Harkness LLP	—	Audrey Zhou (reviewed by Vivienne St. Claire)	Complete	Basis for 10b-5 negative assurance: DD process, mgmt presentations (Feb 14–16), OM review, Cascade engineer's report, Aldgate Thornton comfort letter.
19	Pricing & Signing	Pricing Date — Notes priced	March 25, 2022	March 25, 2022	Kelvantis Capital Markets LLC (Marchetti, Yee)	Torchlight (Prokopchuk, Hébert), Calderwood & Harkness LLP	Audrey Zhou	Complete	Aggregate principal: $300,000,000. Coupon: 8.750%. Issue price: 98.50% (OID 1.50% = $4,500,000). IP discount: 2.25% ($6,750,000). CUSIP 144A: 891207 AA 3; Reg S: C89120 AA 5.
20	Pricing & Signing	Purchase Agreement executed (Signing Date)	March 29, 2022	March 29, 2022	Calderwood & Harkness LLP / Clairmont & Voss LLP	Torchlight, Guarantors, Initial Purchasers (Kelvantis, Prestige Barrington, Halcyon)	Audrey Zhou	Complete	NY law governed. IP discount allocation: Kelvantis 60% ($4,050,000); Prestige Barrington 25% ($1,687,500); Halcyon 15% ($1,012,500).
21	Closing	Closing date extension notice sent	March 31, 2022	March 31, 2022	Calderwood & Harkness LLP	Torchlight, Kelvantis, Clairmont & Voss LLP, Pendleton Ross LLP	Vivienne St. Claire	Complete	Closing extended from April 5, 2022 to April 19, 2022 due to Canadian regulatory clearance timing. No material change to terms.
22	Closing	Good standing certificates obtained for all entities	April 15, 2022	April 15, 2022	Pendleton Ross LLP (Canada) / Calderwood & Harkness LLP (Delaware)	—	Brendan Walsh	Complete	TMC (Federal Canada), WLML (Ontario), TMPI (Ontario), TUSHI (Delaware). Dated within 10 business days of closing.
23	Closing	Funds Flow Memorandum finalized	April 18, 2022	April 18, 2022	Calderwood & Harkness LLP	Torchlight (Hébert), Kelvantis, Northern Dominion Trust Company	Audrey Zhou / Brendan Walsh	Complete	Gross proceeds $295,500,000. IP discount deducted. Net to Issuer $288,750,000. Disbursements: Ridgeline payoff $110,250,000 (CAD $140M × 0.7875); legal fees; trustee fees; rating fees; printing. Residual to TMC for Phase II CapEx and working capital.
24	Closing	Actual Closing Date — Notes issued, funds disbursed, Ridgeline revolving facility repaid and terminated	April 5, 2022 (original) → April 19, 2022 (actual)	April 19, 2022	All parties	Northern Dominion Trust Company (Sandra Leung), Ridgeline Bank of Canada (Gavin Forde)	Audrey Zhou	Complete	All closing deliverables executed and delivered. Net proceeds: $285,750,000 after total fees/expenses of $14,250,000.

25	Post-Closing	Closing Memorandum / Post-Closing Letter sent to Torchlight	April 22, 2022	April 22, 2022	Calderwood & Harkness LLP	—	Vivienne St. Claire	Complete	Confirms successful closing, summarizes post-closing obligations, provides closing binder index. Matter No. 1039-00002.
26	Post-Closing	UCC/PPSA filing confirmations received	April 29, 2022	April 29, 2022	Calderwood & Harkness LLP / Pendleton Ross LLP	Northern Dominion Trust Company	Brendan Walsh	Complete	UCC filings for TUSHI; PPSA filings for TMC, WLML, TMPI.
27	Post-Closing	Closing binder assembled and distributed	May 6, 2022	May 6, 2022	Calderwood & Harkness LLP	Pendleton Ross LLP	Brendan Walsh	Complete	Physical and electronic binders delivered to TMC, Kelvantis, Northern Dominion. Includes all executed documents, opinions, certificates, and filings.
28	Post-Closing	First interest payment date	October 15, 2022	—	Torchlight Mining Corp. / Northern Dominion Trust Company	—	—	Pending	Semi-annual coupon: $300M × 8.750% / 2 = $13,125,000.
29	Post-Closing	Registration Rights deadline — exchange offer filing or shelf registration	April 19, 2023	—	Torchlight Mining Corp.	Calderwood & Harkness LLP, Pendleton Ross LLP	Vivienne St. Claire	Pending	365 days after closing per Registration Rights Agreement. Additional interest provisions upon failure.
30	Post-Closing	First optional redemption date at fixed prices	April 15, 2025	—	Torchlight Mining Corp.	Northern Dominion Trust Company	—	Pending	Redemption at 104.375% of par. Prior thereto: make-whole at T+50 bps or equity clawback at 108.750% (up to 40%).
31	Post-Closing	Maturity Date	April 15, 2029	—	Torchlight Mining Corp. / Northern Dominion Trust Company	—	—	Pending	Final principal repayment of $300,000,000 plus accrued interest.

[sheet: Closing Deliverables Checklist]

Item No.	Category	Document / Deliverable	Responsible Drafter / Preparer	Responsible Reviewer / Counterparty	C&H Team Lead	Target Delivery Date	Actual Delivery / Execution Date	Status	Notes
1	Transaction Documents	Indenture — among TMC (Issuer), WLML, TMPI, TUSHI (Guarantors), and Northern Dominion Trust Company (Trustee)	Calderwood & Harkness LLP	Clairmont & Voss LLP, Northern Dominion Trust Company (Sandra Leung)	Audrey Zhou	April 19, 2022	April 19, 2022	Executed	NY law governed. Covenants: incurrence leverage 3.75:1.00; RP basket $25M starting, RP leverage 3.00:1.00; asset sale reinvestment 365 days; CoC put 101%; reporting annual 90 days / quarterly 45 days.
2	Transaction Documents	Purchase Agreement — among TMC, Guarantors, and Initial Purchasers (Kelvantis, Prestige Barrington, Halcyon)	Clairmont & Voss LLP (Harrison Voss, Nadia Petrov)	Calderwood & Harkness LLP	Audrey Zhou	March 29, 2022	March 29, 2022	Executed	Signed at pricing +4 days. NY law. IP discount 2.25%.
3	Transaction Documents	Registration Rights Agreement	Calderwood & Harkness LLP	Clairmont & Voss LLP	Audrey Zhou	April 19, 2022	April 19, 2022	Executed	Exchange offer or shelf filing deadline: April 19, 2023 (365 days post-closing).
4	Transaction Documents	Security Agreement (U.S.) — TUSHI and Northern Dominion (Collateral Agent)	Calderwood & Harkness LLP	Clairmont & Voss LLP	Brendan Walsh	April 19, 2022	April 19, 2022	Executed	First-priority lien on all TUSHI assets. EIN: 84-3921057.
5	Transaction Documents	General Security Agreement (Canada) — TMC, WLML, TMPI and Northern Dominion (Collateral Agent)	Pendleton Ross LLP (Marie-Claire Bouchard)	Calderwood & Harkness LLP	Audrey Zhou	April 19, 2022	April 19, 2022	Executed	First-priority lien on mining rights (Claims WL-4492-01 through WL-4492-47), surface rights, equipment, inventory, AR, IP, equity interests.
6	Transaction Documents	Collateral Agency Agreement — TMC, Guarantors, and Northern Dominion	Calderwood & Harkness LLP	Clairmont & Voss LLP, Northern Dominion	Brendan Walsh	April 19, 2022	April 19, 2022	Executed	No intercreditor agreement required (Ridgeline facility repaid and terminated at closing).
7	Transaction Documents	First Supplemental Indenture (form — future guarantor joinder)	Calderwood & Harkness LLP	Clairmont & Voss LLP	Brendan Walsh	April 19, 2022	April 19, 2022	Delivered	Attached as exhibit to Indenture. Triggered by $5M total asset threshold for future subsidiaries.
8	Transaction Documents	Global Note — Rule 144A (Exhibit A-1 to Indenture)	Calderwood & Harkness LLP	Northern Dominion Trust Company	Brendan Walsh	April 19, 2022	April 19, 2022	Executed	CUSIP: 891207 AA 3; ISIN: US891207AA38. Book-entry via DTC. Min denomination $2,000 + $1,000 multiples.
9	Transaction Documents	Global Note — Regulation S (Exhibit A-2 to Indenture)	Calderwood & Harkness LLP	Northern Dominion Trust Company	Brendan Walsh	April 19, 2022	April 19, 2022	Executed	CUSIP: C89120 AA 5; ISIN: USC89120AA58. Book-entry via Thackeray Partners LLC/Ashgrove Enterprises.
10	Opinions	C&H Opinion Letter — New York law (to Initial Purchasers)	Calderwood & Harkness LLP	Kelvantis, Prestige Barrington, Halcyon	Vivienne St. Claire / Audrey Zhou	April 19, 2022	April 19, 2022	Delivered	Opines on valid issuance, authorization, enforceability of Notes and Indenture; U.S. Security Agreement liens; Rule 144A/Reg S exemptions.
11	Opinions	C&H Opinion Letter — Delaware law (TUSHI) (to Initial Purchasers)	Calderwood & Harkness LLP	Kelvantis, Prestige Barrington, Halcyon	Vivienne St. Claire / Audrey Zhou	April 19, 2022	April 19, 2022	Delivered	Due organization, valid existence, good standing of TUSHI under Delaware law; corporate power for Guarantee and U.S. Security Agreement.
12	Opinions	Pendleton Ross LLP Opinion Letter — Canadian law (TMC, WLML, TMPI)	Pendleton Ross LLP (Marie-Claire Bouchard)	Calderwood & Harkness LLP (form review and approval)	Audrey Zhou	April 19, 2022	April 19, 2022	Delivered	Due organization (CBCA / Ontario BCA), corporate power, authorization, enforceability of Guarantees and Canadian GSA.
13	Certificates	Officer's Certificate of Torchlight Mining Corp. (Section 4.02 Indenture)	Calderwood & Harkness LLP (form)	Torchlight (Lianne Prokopchuk, CFO; Deepak Rathore, GC)	Brendan Walsh	April 19, 2022	April 19, 2022	Executed	Certifies compliance with Indenture conditions, R&W true and correct, no Event of Default, use of proceeds per OM.
14	Certificates	Secretary's Certificate of Torchlight Mining Corp.	Calderwood & Harkness LLP (form)	Torchlight (Deepak Rathore, Corporate Secretary)	Brendan Walsh	April 19, 2022	April 19, 2022	Executed	Attaches board resolutions, articles, bylaws, incumbency (Thornberg CEO, Prokopchuk CFO, Rathore GC, Hébert Treasurer).
15	Certificates	Secretary's Certificate of Wolverine Lake Mining Ltd.	Pendleton Ross LLP (form)	Calderwood & Harkness LLP (review)	Brendan Walsh	April 19, 2022	April 19, 2022	Executed	Board resolutions authorizing Guarantee and Canadian GSA; articles; incumbency.
16	Certificates	Secretary's Certificate of Torchlight Milling & Processing Inc.	Pendleton Ross LLP (form)	Calderwood & Harkness LLP (review)	Brendan Walsh	April 19, 2022	April 19, 2022	Executed	Board resolutions authorizing Guarantee and Canadian GSA; articles; incumbency.
17	Certificates	Secretary's Certificate of Torchlight U.S. Holdings, Inc.	Calderwood & Harkness LLP (form)	Torchlight	Brendan Walsh	April 19, 2022	April 19, 2022	Executed	Board resolutions authorizing Guarantee, U.S. Security Agreement, Collateral Agency Agreement; cert. of incorporation; bylaws; incumbency. EIN: 84-3921057.
18	Certificates	Closing Certificate — Bring-Down of Representations and Warranties	Calderwood & Harkness LLP (form)	Torchlight (Prokopchuk / Rathore)	Audrey Zhou	April 19, 2022	April 19, 2022	Executed	Per Purchase Agreement. Confirms R&W true and correct as of closing; all conditions precedent satisfied.
19	Ancillary	DTC Letter of Representations — TMC to Northern Dominion / DTC	Calderwood & Harkness LLP (form)	Northern Dominion Trust Company	Brendan Walsh	April 19, 2022	April 19, 2022	Delivered	Book-entry settlement: DTC (144A), Thackeray Partners LLC/Ashgrove Enterprises (Reg S).
20	Ancillary	Payoff Letter & Lien Release — Ridgeline Bank of Canada revolving facility	Calderwood & Harkness LLP (form)	Ridgeline Bank of Canada (Gavin Forde), Pendleton Ross LLP	Audrey Zhou	April 19, 2022	April 19, 2022	Executed	Payoff: CAD $140,000,000 + accrued interest/fees. Facility (CAD $225M committed) terminated. All liens released. PPSA discharges coordinated with Pendleton Ross.
21	Ancillary	Funds Flow Memorandum	Calderwood & Harkness LLP	Torchlight (Hébert), Kelvantis (Yee)	Audrey Zhou / Brendan Walsh	April 18, 2022	April 18, 2022	Delivered	Wire instructions for all parties. Gross $295.5M; IP discount $6.75M; net to Issuer $288.75M; disbursements include Ridgeline payoff, legal/trustee/rating/printing fees.
22	Ancillary	Aldgate Thornton LLP comfort letter	Aldgate Thornton LLP (Francesca Hui, CPA, CA)	Calderwood & Harkness LLP, Clairmont & Voss LLP	Audrey Zhou	April 19, 2022	April 19, 2022	Delivered	Addressed to Initial Purchasers. Covers TMC financial data in OM. FY 2021 Revenue CAD $612.4M; Adj. EBITDA CAD $189.7M.
23	Ancillary	Mining claim registration confirmations — Claims WL-4492-01 through WL-4492-47	Pendleton Ross LLP	Torchlight, Northern Dominion Trust Company	Brendan Walsh	April 19, 2022	April 19, 2022	Delivered	Ontario Mining Recorder notation of security interest in favor of Collateral Agent across all 47 mining claims.
24	Filings	Good standing certificates — TMC (Federal Canada), WLML (Ontario), TMPI (Ontario), TUSHI (Delaware)	Pendleton Ross LLP (Canada) / Calderwood & Harkness LLP (Delaware)	—	Brendan Walsh	April 15, 2022	April 15, 2022	Delivered	Dated within 10 business days of closing.

25	Filings	UCC-1 financing statements — TUSHI (Delaware Secretary of State)	Calderwood & Harkness LLP	Northern Dominion Trust Company (Collateral Agent)	Brendan Walsh	April 19, 2022	April 19, 2022	Filed	First-priority lien perfection for U.S. Security Agreement.
26	Filings	PPSA registrations — TMC, WLML, TMPI (Ontario)	Pendleton Ross LLP	Northern Dominion Trust Company	Brendan Walsh	April 19, 2022	April 19, 2022	Filed	First-priority lien perfection for Canadian GSA. Mining claims WL-4492-01 through WL-4492-47.
27	Filings	PPSA discharge filings — Ridgeline Bank of Canada (Ontario)	Pendleton Ross LLP	Ridgeline Bank of Canada (Gavin Forde)	Brendan Walsh	April 19, 2022	April 19, 2022	Filed	Discharge of all Ridgeline PPSA registrations against TMC, WLML, TMPI upon facility payoff and termination.
28	—	SUMMARY: Executed	—	—	—	—	—	14	Items 1–9, 13–18
29	—	SUMMARY: Delivered	—	—	—	—	—	9	Items 10–12, 19, 21–24
30	—	SUMMARY: Filed	—	—	—	—	—	3	Items 25–27
31	—	SUMMARY: Pending	—	—	—	—	—	0	All deliverables complete.

[sheet: Responsibility Matrix]

Workstream / Deliverable	Vivienne St. Claire (C&H — Responsible Partner)	Robert Adeyemi (C&H — Billing Partner)	Audrey Zhou (C&H — Lead Associate)	Brendan Walsh (C&H — Working Associate)	Pendleton Ross LLP — Marie-Claire Bouchard	Clairmont & Voss LLP — Harrison Voss / Nadia Petrov	Greystone & Whitfield LLP — David Shin	Torchlight — Deepak Rathore / Lianne Prokopchuk	Kelvantis Capital Markets LLC — Julian Marchetti / Christine Yee	Northern Dominion Trust Company — Sandra Leung	Ridgeline Bank of Canada — Gavin Forde
Offering Memorandum (drafting & finalization)	Review / Approve	—	Lead / Draft	Draft	Coordinate (Canadian law sections)	Review	Review	Review / Provide Info	Review / Lead (business sections)	—	—
Purchase Agreement (negotiation & execution)	Approve	—	Lead / Review	Draft	—	Lead / Draft (initial purchasers' form)	—	Review / Execute	Review	—	—
Indenture (drafting)	Approve	—	Lead / Draft	Draft	Coordinate	Review	Review	Review	Review	Review / Execute	—
U.S. Security Agreement	Approve	—	Review	Lead / Draft	—	Review	—	Review / Execute	—	Review / Execute	—
Canadian General Security Agreement	Review	—	Review	Review	Lead / Draft	—	Review	Review / Execute	—	Review / Execute	—
Collateral Agency Agreement	Approve	—	Review	Lead / Draft	Coordinate	Review	—	Review / Execute	—	Review / Execute	—
Registration Rights Agreement	Approve	—	Lead / Draft	Draft	—	Review	—	Review / Execute	Review	—	—
C&H Opinion Letters (NY & Delaware law)	Lead / Sign	—	Draft	Draft	—	—	—	—	Addressee	—	—
Pendleton Ross Opinion Letter (Canadian law)	Review / Approve form	—	Review	—	Lead / Draft / Sign	—	—	—	Addressee	—	—
Officer's & Secretary's Certificates (TMC)	—	—	Review	Draft (form)	—	—	—	Review / Execute (Rathore, Prokopchuk)	—	—	—
Secretary's Certificates (WLML, TMPI)	—	—	Review	Review	Lead / Draft (form)	—	—	Execute	—	—	—
Secretary's Certificate (TUSHI)	—	—	Review	Draft (form)	—	—	—	Execute	—	—	—
Bring-Down Certificate	—	—	Lead / Draft (form)	—	—	—	—	Review / Execute	—	—	—
Payoff Letter & Lien Release — Ridgeline	—	—	Lead / Draft (form)	Draft	Coordinate (PPSA discharge)	—	—	Coordinate	—	—	Lead / Execute
Funds Flow Memorandum	Review	—	Lead / Draft	Draft	—	Review	—	Review (Hébert)	Review (Yee)	Review	Provide wire instructions
DTC Letter of Representations	—	—	—	Lead / Draft (form)	—	—	—	Execute	—	Review	—
Due Diligence Memos (Corporate, Contracts, Environmental, Litigation)	Review	—	Lead / Draft	Draft	Coordinate (Canadian matters)	—	—	Provide Info	—	—	—
10b-5 / Negative Assurance Memo	Review / Approve	—	Lead / Draft	—	—	—	—	—	—	—	—
Canadian Securities Law Issues Memo	Review	—	Lead / Draft	—	Coordinate / Draft	—	—	—	—	—	—
Ratings process coordination	—	—	—	—	—	—	—	Provide Info (Prokopchuk)	Lead (Marchetti)	—	—
UCC filings (Delaware — TUSHI)	—	—	—	Lead	—	—	—	—	—	Coordinate	—
PPSA filings (Ontario — TMC, WLML, TMPI)	—	—	—	Review	Lead	—	—	—	—	Coordinate	—
Good standing certificates	—	—	—	Lead (Delaware)	Lead (Canada/Ontario)	—	—	—	—	—	—
Closing Memorandum / Post-Closing Letter	Lead / Sign	—	Draft	Draft	—	—	—	Addressee (Rathore)	—	—	—

Comfort Letter (Aldgate Thornton LLP)

[sheet: Key Transaction Terms]

Parameter	Detail	Notes / Reconciliation
Issuer	Torchlight Mining Corp.	CBCA corporation; TSX ticker: TMC
Guarantors	Wolverine Lake Mining Ltd. (Ontario); Torchlight Milling & Processing Inc. (Ontario); Torchlight U.S. Holdings, Inc. (Delaware)	Wholly owned subsidiaries; future subsidiaries guarantee if >$5M total assets
Notes Title	8.750% Senior Secured Notes due 2029
Aggregate Principal Amount	$300,000,000
Coupon Rate	8.750% per annum	Semi-annual: April 15 and October 15
Issue Price	98.50% of par	Gross proceeds: $300M × 0.985 = $295,500,000
Original Issue discount	1.50% ($4,500,000)	$300M × 0.015
Initial Purchaser discount	2.25% ($6,750,000)	$300M × 0.0225
Kelvantis Allocation	60% → $4,050,000	$6,750,000 × 0.60
Prestige Barrington Allocation	25% → $1,687,500	$6,750,000 × 0.25
Halcyon Allocation	15% → $1,012,500	$6,750,000 × 0.15
Total Transaction Fees & Expenses	$14,250,000	OID $4.5M + IP discount $6.75M + other est. $3.0M
Net Proceeds to Issuer	$285,750,000	$300M − $14,250,000
Use: Phase II CapEx	$167,000,000	Wolverine Lake mine expansion
Use: Ridgeline Revolving Facility Payoff	$110,250,000	CAD $140,000,000 × 0.7875 USD/CAD
Use: Working Capital / General Corporate	$8,500,000	$285.75M − $167M − $110.25M = $8.5M
Maturity Date	April 15, 2029
First Interest Payment Date	October 15, 2022
Offering Type	Rule 144A / Regulation S	No SEC registration at issuance
Governing Law	State of New York
CUSIP (144A)	891207 AA 3
CUSIP (Reg S)	C89120 AA 5
ISIN (144A)	US891207AA38
ISIN (Reg S)	USC89120AA58

Minimum Denomination	$2,000 + $1,000 integral multiples
Settlement	DTC (144A); Thackeray Partners LLC/Ashgrove Enterprises (Reg S)	Book-entry
Indenture Trustee / Collateral Agent	Northern Dominion Trust Company	Also Paying Agent, Transfer Agent, Registrar
Incurrence Leverage Ratio	3.75:1.00	For additional Indebtedness (excl. Permitted Indebtedness)
Restricted Payments Basket	$25,000,000 starting + 50% of positive CNI per quarter	Available only if leverage ≤ 3.00:1.00 pro forma
Change of Control Put	101% of principal + accrued interest
Make-Whole (pre-April 15, 2025)	T + 50 bps	Applicable Treasury Rate + 0.50%
Equity Clawback (pre-April 15, 2025)	108.750% (up to 40% of aggregate principal)
Redemption: April 15, 2025	104.375%
Redemption: April 15, 2026	102.188%
Redemption: April 15, 2027	100.000%	Par
Asset Sale: Cash Consideration	75% minimum	365-day reinvestment period
Annual Reporting Deadline	90 days after fiscal year-end
Quarterly Reporting Deadline	45 days after quarter-end
Registration Rights Deadline	April 19, 2023 (365 days post-closing)	Exchange offer or shelf registration
Northmark Rating	B1 (stable)	Assigned March 7, 2022
Creston Rating	B+ (stable)	Assigned March 7, 2022
TMC FY 2021 Revenue	CAD $612,400,000
TMC FY 2021 Adjusted EBITDA	CAD $189,700,000
TMC Market Cap (Jan 14, 2022)	~CAD $1,870,000,000
USD/CAD Exchange Rate	0.7875	Reference rate for proceeds calculations
Ridgeline Revolving Facility (Committed)	CAD $225,000,000	Terminated at closing
Ridgeline Revolving Facility (Drawn)	CAD $140,000,000	Repaid at closing
Phase II Total CapEx (est.)	CAD $215,000,000 (~USD $169M)	Construction Q2 2022 – Q4 2024
Wolverine Lake Property	12,400 hectares; Mining Claims WL-4492-01 through WL-4492-47	~85 km NE of Thunder Bay, Ontario

M&I Resource	48.2 Mt at 1.12% Ni / 0.38% Cu	NI 43-101 compliant
Inferred Resource	11.7 Mt at 0.94% Ni / 0.31% Cu	NI 43-101 compliant
Phase I Production (Annual)	~18,000 t Ni-in-conc; ~6,100 t Cu-in-conc	14 years remaining mine life
Phase II Target Production (Annual)	~28,500 t Ni-in-conc; ~9,600 t Cu-in-conc	Post-expansion
C&H Matter Number	1039-00002
C&H Partner Rate	$1,350/hour
C&H Associate Rate	$825/hour
C&H Estimated Fees	$1,200,000 – $1,450,000	Plus $150,000 completion fee
C&H Expense Cap	$75,000	Excluding mine site travel
C&V Matter Reference	1039-00002	Clairmont & Voss LLP
TUSHI EIN	84-3921057

[sheet: Party Contact Directory]

Organization	Role in Transaction	Key Contact(s)	Title	Address	Entity Type / Jurisdiction
Torchlight Mining Corp.	Issuer	Magnus Thornberg (CEO); Lianne Prokopchuk (CFO); Deepak Rathore (GC & Corporate Secy.); Colleen Hébert (Treasurer); Ingrid Solheim (Board Chair)	See individual titles	HQ: 2200 – 400 Burrard Street, Vancouver, BC V6C 3A6; Registered: 1600 – 925 West Georgia Street, Vancouver, BC V6C 3L2	CBCA corporation (Federal Canada); TSX: TMC
Wolverine Lake Mining Ltd.	Subsidiary Guarantor; mine operating entity	Stavros Katsaros (GM, Mine Operations)	General Manager, Mine Operations	44 Lakeshore Boulevard, Wolverine Lake, ON P0L 1R0	Ontario corporation
Torchlight Milling & Processing Inc.	Subsidiary Guarantor; concentrator/processing	—	—	44 Lakeshore Boulevard, Wolverine Lake, ON P0L 1R0	Ontario corporation
Torchlight U.S. Holdings, Inc.	Subsidiary Guarantor; U.S. offtake/marketing	—	—	1209 Orange Street, Wilmington, DE 19801	Delaware corporation; EIN: 84-3921057
Kelvantis Capital Markets LLC	Lead Initial Purchaser / Book-Running Manager	Julian Marchetti (Head, HY Origination, Metals & Mining); Christine Yee (MD, Syndicate)	See individual titles	599 Lexington Avenue, 38th Floor, New York, NY 10022	Delaware LLC; FINRA-registered broker-dealer
Prestige Barrington & Co., Inc.	Co-Manager / Initial Purchaser	Keith O'Sullivan (MD, Debt Capital Markets)	Managing Director, Debt Capital Markets	1285 Avenue of the Americas, 22nd Floor, New York, NY 10019	Delaware corporation; FINRA-registered broker-dealer
Halcyon Securities Inc.	Co-Manager / Initial Purchaser	Priya Mehrotra (Director, High Yield)	Director, High Yield	200 Park Avenue, Suite 3100, New York, NY 10166	New York corporation; FINRA-registered broker-dealer
Northern Dominion Trust Company	Indenture Trustee / Collateral Agent / Paying Agent / Transfer Agent / Registrar	Sandra Leung (VP, Corporate Trust)	Vice President, Corporate Trust	101 Barclay Street, 7th Floor, New York, NY 10286	National banking association (USA)
Ridgeline Bank of Canada	Existing Credit Facility Administrative Agent	Gavin Forde (Relationship Manager)	Relationship Manager	200 Bay Street, Suite 3300, Toronto, ON M5J 2J5	Schedule I bank (Bank Act, Canada)
Calderwood & Harkness LLP	Issuer's U.S. Counsel	Vivienne St. Claire (Responsible Partner); Robert Adeyemi (Billing Partner); Audrey Zhou (Lead Associate); Brendan Walsh (Working Associate)	Capital Markets	NY: 450 Park Avenue, New York, NY 10022; Toronto: 199 Bay Street, Suite 4400, Toronto, ON M5L 1A9	LLP (New York)
Clairmont & Voss LLP	Initial Purchasers' U.S. Counsel	Harrison Voss (Lead Partner); Nadia Petrov (Associate)	Capital Markets	51 West 52nd Street, New York, NY 10019	LLP (New York); Ref: 1039-00002
Pendleton Ross LLP	Issuer's Canadian Counsel	Marie-Claire Bouchard (Lead Partner)	Securities & Corporate Finance	3400 – 1 First Canadian Place, Toronto, ON M5X 1A4	LLP (Ontario)
Greystone & Whitfield LLP	Initial Purchasers' Canadian Counsel	David Shin (Lead Partner)	—	2900 – 100 King Street West, Toronto, ON M5X 1B8	LLP (Ontario)
Aldgate Thornton LLP	Auditors to Torchlight	Francesca Hui (Engagement Partner, CPA, CA)	Engagement Partner (Audit)	700 – 1055 Dunsmuir Street, Vancouver, BC V7X 1L4	Partnership (accounting, British Columbia)
Northmark Ratings Group, Inc.	Rating Agency	—	—	250 Greenwich Street, New York, NY 10007	Delaware corporation; Rating: B1 (stable)
Creston Analytics, Inc.	Rating Agency	—	—	55 Water Street, New York, NY 10041	Delaware corporation; Rating: B+ (stable)
Cascade Technical Advisors Inc.	Independent Engineer	Dr. Elaine Whitaker, P.Eng.	Lead, Independent Engineer	1020 – 8th Avenue SW, Suite 400, Calgary, AB T2P 1J2	Alberta corporation

[sheet: Timeline & Milestones]
Item No. | Phase | Milestone / Event | Target Date | Actual Date | Primary Responsible Party | Secondary / Supporting Parties | C&H Team Lead | Status | Notes / Comments
1 | Pre-Engagement | Conflict clearance completed (C&H internal) | January 14, 2022 | January 14, 2022 | Calderwood & Harkness LLP | — | Vivienne St. Claire | Complete | All parties cleared: TMC, WLML, TMPI, TUSHI, Kelvantis, Prestige Barrington, Halcyon, Northern Dominion, Ridgeline. No disqualifying conflicts.
2 | Pre-Engagement | Preliminary term sheet reviewed and client mandate confirmed | January 15, 2022 | January 15, 2022 | Torchlight Mining Corp. (Prokopchuk) | Kelvantis Capital Markets LLC (Marchetti) | Vivienne St. Claire | Complete | TMC Board authorized management to proceed with offering. Mandate letter from Kelvantis confirmed.
3 | Engagement & Kickoff | Engagement letter executed; Matter No. 1039-00002 opened | January 17, 2022 | January 17, 2022 | Calderwood & Harkness LLP | Torchlight Mining Corp. (Deepak Rathore) | Vivienne St. Claire / Robert Adeyemi | Complete | Blended rates: Partner $1,350/hr; Associate $825/hr. Est. fees $1.2M–$1.45M. Completion fee $150,000. Expense cap $75,000 (excl. mine site travel).
4 | Engagement & Kickoff | Organizational / kickoff call | January 21, 2022 | January 21, 2022 | Calderwood & Harkness LLP | Torchlight (Rathore, Prokopchuk), Kelvantis (Marchetti), Pendleton Ross (Bouchard) | Audrey Zhou | Complete | Circulated agenda, preliminary DD request list, proposed timeline. Participants: C&H (St. Claire, Adeyemi, Zhou, Walsh), TMC, Kelvantis, Pendleton Ross.
5 | Drafting & Due Diligence | Due diligence request list circulated to Torchlight | January 24, 2022 | January 24, 2022 | Calderwood & Harkness LLP | Torchlight (Rathore, Prokopchuk, Hébert) | Audrey Zhou / Brendan Walsh | Complete | Corporate, material contracts, mining rights, environmental, litigation, financial.
6 | Drafting & Due Diligence | Virtual data room established and initial documents uploaded | January 28, 2022 | January 28, 2022 | Torchlight Mining Corp. (Rathore) | Calderwood & Harkness LLP, Pendleton Ross LLP | Brendan Walsh | Complete | Thackeray Solutions VDR. Access granted to C&H, Pendleton Ross, Kelvantis, Clairmont & Voss, Greystone & Whitfield.
7 | Drafting & Due Diligence | First draft of Preliminary Offering Memorandum circulated | February 4, 2022 | February 4, 2022 | Calderwood & Harkness LLP | Torchlight, Kelvantis, Clairmont & Voss LLP (Harrison Voss, Nadia Petrov) | Brendan Walsh / Audrey Zhou | Complete | Transmitted by Brendan Walsh. Comments requested by February 11, 2022.
8 | Drafting & Due Diligence | OM comment turn — Kelvantis / Clairmont & Voss comments received | February 11, 2022 | February 11, 2022 | Clairmont & Voss LLP (Nadia Petrov) | Kelvantis Capital Markets LLC | Audrey Zhou | Complete | Substantive comments on risk factors, business description, and IP indemnification provisions. Consolidated and circulated to team.
9 | Drafting & Due Diligence | Management presentations / due diligence sessions | February 14–16, 2022 | February 14–16, 2022 | Torchlight Mining Corp. (Thornberg, Prokopchuk, Rathore, Katsaros) | Calderwood & Harkness LLP, Kelvantis, Clairmont & Voss LLP | Audrey Zhou | Complete | Three-day session. Covered business overview, Wolverine Lake mine operations, Phase II expansion, financials, risk factors.
10 | Drafting & Due Diligence | DD Memo — Corporate & Organizational finalized | February 25, 2022 | February 25, 2022 | Calderwood & Harkness LLP | Pendleton Ross LLP | Audrey Zhou / Brendan Walsh | Complete | Reviewed TMC (CBCA, Federal Canada), WLML (Ontario), TMPI (Ontario), TUSHI (Delaware, EIN 84-3921057). Board/shareholder approvals confirmed.
11 | Drafting & Due Diligence | Independent engineer's report delivered by Cascade Technical Advisors Inc. | February 28, 2022 | February 28, 2022 | Cascade Technical Advisors Inc. (Dr. Elaine Whitaker, P.Eng.) | Torchlight, Calderwood & Harkness LLP | Audrey Zhou | Complete | NI 43-101 compliant. Wolverine Lake mine: M&I 48.2 Mt at 1.12% Ni / 0.38% Cu; Inferred 11.7 Mt at 0.94% Ni / 0.31% Cu. Phase II CapEx est. CAD $215M.
12 | Drafting & Due Diligence | DD Memo — Material Contracts & Mining Rights finalized | March 1, 2022 | March 1, 2022 | Calderwood & Harkness LLP | Pendleton Ross LLP, Torchlight | Audrey Zhou / Brendan Walsh | Complete | Reviewed offtake agreements, mining services contracts, Ridgeline CAD $225M revolver (CAD $140M drawn). Mining Claim Nos. WL-4492-01 through WL-4492-47. Property: 12,400 hectares.
13 | Drafting & Due Diligence | DD Memo — Environmental & Regulatory finalized | March 3, 2022 | March 3, 2022 | Calderwood & Harkness LLP | Pendleton Ross LLP, Torchlight | Brendan Walsh | Complete | Ontario and federal environmental permits reviewed. Phase II expansion approvals tracked.
14 | Drafting & Due Diligence | DD Memo — Litigation & Contingencies finalized | March 3, 2022 | March 3, 2022 | Calderwood & Harkness LLP | Torchlight (Rathore) | Brendan Walsh | Complete | Pending, threatened, and settled matters reviewed for materiality.
15 | Ratings & Marketing | Ratings assigned by Northmark Ratings Group, Inc. and Creston Analytics, Inc. | March 7, 2022 | March 7, 2022 | Kelvantis Capital Markets LLC | Torchlight (Prokopchuk) | — | Complete | Northmark: B1 (stable outlook). Creston: B+ (stable outlook).
16 | Ratings & Marketing | Canadian Securities Law Issues Memorandum finalized | March 10, 2022 | March 10, 2022 | Calderwood & Harkness LLP | Pendleton Ross LLP (Marie-Claire Bouchard) | Audrey Zhou | Complete | TSX notification requirements, Canadian prospectus exemptions, Rule 144A/Reg S interaction with Canadian framework.
17 | Ratings & Marketing | Final Offering Memorandum finalized and distributed; marketing period commences | March 14, 2022 | March 14, 2022 | Calderwood & Harkness LLP / Kelvantis Capital Markets LLC | Torchlight, Clairmont & Voss LLP, Pendleton Ross LLP | Audrey Zhou | Complete | Distributed to QIBs (Rule 144A) and non-U.S. persons (Reg S). Use of proceeds: Phase II CapEx $167M; Ridgeline payoff $110.25M; fees/expenses $14.25M; working capital $8.5M.
18 | Ratings & Marketing | 10b-5 / Negative Assurance Analysis Memorandum finalized | March 18, 2022 | March 18, 2022 | Calderwood & Harkness LLP | — | Audrey Zhou (reviewed by Vivienne St. Claire) | Complete | Basis for 10b-5 negative assurance: DD process, mgmt presentations (Feb 14–16), OM review, Cascade engineer's report, Aldgate Thornton comfort letter.
19 | Pricing & Signing | Pricing Date — Notes priced | March 25, 2022 | March 25, 2022 | Kelvantis Capital Markets LLC (Marchetti, Yee) | Torchlight (Prokopchuk, Hébert), Calderwood & Harkness LLP | Audrey Zhou | Complete | Aggregate principal: $300,000,000. Coupon: 8.750%. Issue price: 98.50% (OID 1.50% = $4,500,000). IP discount: 2.25% ($6,750,000). CUSIP 144A: 891207 AA 3; Reg S: C89120 AA 5.
20 | Pricing & Signing | Purchase Agreement executed (Signing Date) | March 29, 2022 | March 29, 2022 | Calderwood & Harkness LLP / Clairmont & Voss LLP | Torchlight, Guarantors, Initial Purchasers (Kelvantis, Prestige Barrington, Halcyon) | Audrey Zhou | Complete | NY law governed. IP discount allocation: Kelvantis 60% ($4,050,000); Prestige Barrington 25% ($1,687,500); Halcyon 15% ($1,012,500).
21 | Closing | Closing date extension notice sent | March 31, 2022 | March 31, 2022 | Calderwood & Harkness LLP | Torchlight, Kelvantis, Clairmont & Voss LLP, Pendleton Ross LLP | Vivienne St. Claire | Complete | Closing extended from April 5, 2022 to April 19, 2022 due to Canadian regulatory clearance timing. No material change to terms.
22 | Closing | Good standing certificates obtained for all entities | April 15, 2022 | April 15, 2022 | Pendleton Ross LLP (Canada) / Calderwood & Harkness LLP (Delaware) | — | Brendan Walsh | Complete | TMC (Federal Canada), WLML (Ontario), TMPI (Ontario), TUSHI (Delaware). Dated within 10 business days of closing.
23 | Closing | Funds Flow Memorandum finalized | April 18, 2022 | April 18, 2022 | Calderwood & Harkness LLP | Torchlight (Hébert), Kelvantis, Northern Dominion Trust Company | Audrey Zhou / Brendan Walsh | Complete | Gross proceeds $295,500,000. IP discount deducted. Net to Issuer $288,750,000. Disbursements: Ridgeline payoff $110,250,000 (CAD $140M × 0.7875); legal fees; trustee fees; rating fees; printing. Residual to TMC for Phase II CapEx and working capital.
24 | Closing | Actual Closing Date — Notes issued, funds disbursed, Ridgeline revolving facility repaid and terminated | April 5, 2022 (original) → April 19, 2022 (actual) | April 19, 2022 | All parties | Northern Dominion Trust Company (Sandra Leung), Ridgeline Bank of Canada (Gavin Forde) | Audrey Zhou | Complete | All closing deliverables executed and delivered. Net proceeds: $285,750,000 after total fees/expenses of $14,250,000.
25 | Post-Closing | Closing Memorandum / Post-Closing Letter sent to Torchlight | April 22, 2022 | April 22, 2022 | Calderwood & Harkness LLP | — | Vivienne St. Claire | Complete | Confirms successful closing, summarizes post-closing obligations, provides closing binder index. Matter No. 1039-00002.
26 | Post-Closing | UCC/PPSA filing confirmations received | April 29, 2022 | April 29, 2022 | Calderwood & Harkness LLP / Pendleton Ross LLP | Northern Dominion Trust Company | Brendan Walsh | Complete | UCC filings for TUSHI; PPSA filings for TMC, WLML, TMPI.
27 | Post-Closing | Closing binder assembled and distributed | May 6, 2022 | May 6, 2022 | Calderwood & Harkness LLP | Pendleton Ross LLP | Brendan Walsh | Complete | Physical and electronic binders delivered to TMC, Kelvantis, Northern Dominion. Includes all executed documents, opinions, certificates, and filings.
28 | Post-Closing | First interest payment date | October 15, 2022 | — | Torchlight Mining Corp. / Northern Dominion Trust Company | — | — | Pending | Semi-annual coupon: $300M × 8.750% / 2 = $13,125,000.
29 | Post-Closing | Registration Rights deadline — exchange offer filing or shelf registration | April 19, 2023 | — | Torchlight Mining Corp. | Calderwood & Harkness LLP, Pendleton Ross LLP | Vivienne St. Claire | Pending | 365 days after closing per Registration Rights Agreement. Additional interest provisions upon failure.
30 | Post-Closing | First optional redemption date at fixed prices | April 15, 2025 | — | Torchlight Mining Corp. | Northern Dominion Trust Company | — | Pending | Redemption at 104.375% of par. Prior thereto: make-whole at T+50 bps or equity clawback at 108.750% (up to 40%).
31 | Post-Closing | Maturity Date | April 15, 2029 | — | Torchlight Mining Corp. / Northern Dominion Trust Company | — | — | Pending | Final principal repayment of $300,000,000 plus accrued interest.
[sheet: Closing Deliverables Checklist]
Item No. | Category | Document / Deliverable | Responsible Drafter / Preparer | Responsible Reviewer / Counterparty | C&H Team Lead | Target Delivery Date | Actual Delivery / Execution Date | Status | Notes
1 | Transaction Documents | Indenture — among TMC (Issuer), WLML, TMPI, TUSHI (Guarantors), and Northern Dominion Trust Company (Trustee) | Calderwood & Harkness LLP | Clairmont & Voss LLP, Northern Dominion Trust Company (Sandra Leung) | Audrey Zhou | April 19, 2022 | April 19, 2022 | Executed | NY law governed. Covenants: incurrence leverage 3.75:1.00; RP basket $25M starting, RP leverage 3.00:1.00; asset sale reinvestment 365 days; CoC put 101%; reporting annual 90 days / quarterly 45 days.
2 | Transaction Documents | Purchase Agreement — among TMC, Guarantors, and Initial Purchasers (Kelvantis, Prestige Barrington, Halcyon) | Clairmont & Voss LLP (Harrison Voss, Nadia Petrov) | Calderwood & Harkness LLP | Audrey Zhou | March 29, 2022 | March 29, 2022 | Executed | Signed at pricing +4 days. NY law. IP discount 2.25%.
3 | Transaction Documents | Registration Rights Agreement | Calderwood & Harkness LLP | Clairmont & Voss LLP | Audrey Zhou | April 19, 2022 | April 19, 2022 | Executed | Exchange offer or shelf filing deadline: April 19, 2023 (365 days post-closing).
4 | Transaction Documents | Security Agreement (U.S.) — TUSHI and Northern Dominion (Collateral Agent) | Calderwood & Harkness LLP | Clairmont & Voss LLP | Brendan Walsh | April 19, 2022 | April 19, 2022 | Executed | First-priority lien on all TUSHI assets. EIN: 84-3921057.
5 | Transaction Documents | General Security Agreement (Canada) — TMC, WLML, TMPI and Northern Dominion (Collateral Agent) | Pendleton Ross LLP (Marie-Claire Bouchard) | Calderwood & Harkness LLP | Audrey Zhou | April 19, 2022 | April 19, 2022 | Executed | First-priority lien on mining rights (Claims WL-4492-01 through WL-4492-47), surface rights, equipment, inventory, AR, IP, equity interests.
6 | Transaction Documents | Collateral Agency Agreement — TMC, Guarantors, and Northern Dominion | Calderwood & Harkness LLP | Clairmont & Voss LLP, Northern Dominion | Brendan Walsh | April 19, 2022 | April 19, 2022 | Executed | No intercreditor agreement required (Ridgeline facility repaid and terminated at closing).
7 | Transaction Documents | First Supplemental Indenture (form — future guarantor joinder) | Calderwood & Harkness LLP | Clairmont & Voss LLP | Brendan Walsh | April 19, 2022 | April 19, 2022 | Delivered | Attached as exhibit to Indenture. Triggered by $5M total asset threshold for future subsidiaries.
8 | Transaction Documents | Global Note — Rule 144A (Exhibit A-1 to Indenture) | Calderwood & Harkness LLP | Northern Dominion Trust Company | Brendan Walsh | April 19, 2022 | April 19, 2022 | Executed | CUSIP: 891207 AA 3; ISIN: US891207AA38. Book-entry via DTC. Min denomination $2,000 + $1,000 multiples.
9 | Transaction Documents | Global Note — Regulation S (Exhibit A-2 to Indenture) | Calderwood & Harkness LLP | Northern Dominion Trust Company | Brendan Walsh | April 19, 2022 | April 19, 2022 | Executed | CUSIP: C89120 AA 5; ISIN: USC89120AA58. Book-entry via Thackeray Partners LLC/Ashgrove Enterprises.
10 | Opinions | C&H Opinion Letter — New York law (to Initial Purchasers) | Calderwood & Harkness LLP | Kelvantis, Prestige Barrington, Halcyon | Vivienne St. Claire / Audrey Zhou | April 19, 2022 | April 19, 2022 | Delivered | Opines on valid issuance, authorization, enforceability of Notes and Indenture; U.S. Security Agreement liens; Rule 144A/Reg S exemptions.
11 | Opinions | C&H Opinion Letter — Delaware law (TUSHI) (to Initial Purchasers) | Calderwood & Harkness LLP | Kelvantis, Prestige Barrington, Halcyon | Vivienne St. Claire / Audrey Zhou | April 19, 2022 | April 19, 2022 | Delivered | Due organization, valid existence, good standing of TUSHI under Delaware law; corporate power for Guarantee and U.S. Security Agreement.
12 | Opinions | Pendleton Ross LLP Opinion Letter — Canadian law (TMC, WLML, TMPI) | Pendleton Ross LLP (Marie-Claire Bouchard) | Calderwood & Harkness LLP (form review and approval) | Audrey Zhou | April 19, 2022 | April 19, 2022 | Delivered | Due organization (CBCA / Ontario BCA), corporate power, authorization, enforceability of Guarantees and Canadian GSA.
13 | Certificates | Officer's Certificate of Torchlight Mining Corp. (Section 4.02 Indenture) | Calderwood & Harkness LLP (form) | Torchlight (Lianne Prokopchuk, CFO; Deepak Rathore, GC) | Brendan Walsh | April 19, 2022 | April 19, 2022 | Executed | Certifies compliance with Indenture conditions, R&W true and correct, no Event of Default, use of proceeds per OM.
14 | Certificates | Secretary's Certificate of Torchlight Mining Corp. | Calderwood & Harkness LLP (form) | Torchlight (Deepak Rathore, Corporate Secretary) | Brendan Walsh | April 19, 2022 | April 19, 2022 | Executed | Attaches board resolutions, articles, bylaws, incumbency (Thornberg CEO, Prokopchuk CFO, Rathore GC, Hébert Treasurer).
15 | Certificates | Secretary's Certificate of Wolverine Lake Mining Ltd. | Pendleton Ross LLP (form) | Calderwood & Harkness LLP (review) | Brendan Walsh | April 19, 2022 | April 19, 2022 | Executed | Board resolutions authorizing Guarantee and Canadian GSA; articles; incumbency.
16 | Certificates | Secretary's Certificate of Torchlight Milling & Processing Inc. | Pendleton Ross LLP (form) | Calderwood & Harkness LLP (review) | Brendan Walsh | April 19, 2022 | April 19, 2022 | Executed | Board resolutions authorizing Guarantee and Canadian GSA; articles; incumbency.
17 | Certificates | Secretary's Certificate of Torchlight U.S. Holdings, Inc. | Calderwood & Harkness LLP (form) | Torchlight | Brendan Walsh | April 19, 2022 | April 19, 2022 | Executed | Board resolutions authorizing Guarantee, U.S. Security Agreement, Collateral Agency Agreement; cert. of incorporation; bylaws; incumbency. EIN: 84-3921057.
18 | Certificates | Closing Certificate — Bring-Down of Representations and Warranties | Calderwood & Harkness LLP (form) | Torchlight (Prokopchuk / Rathore) | Audrey Zhou | April 19, 2022 | April 19, 2022 | Executed | Per Purchase Agreement. Confirms R&W true and correct as of closing; all conditions precedent satisfied.
19 | Ancillary | DTC Letter of Representations — TMC to Northern Dominion / DTC | Calderwood & Harkness LLP (form) | Northern Dominion Trust Company | Brendan Walsh | April 19, 2022 | April 19, 2022 | Delivered | Book-entry settlement: DTC (144A), Thackeray Partners LLC/Ashgrove Enterprises (Reg S).
20 | Ancillary | Payoff Letter & Lien Release — Ridgeline Bank of Canada revolving facility | Calderwood & Harkness LLP (form) | Ridgeline Bank of Canada (Gavin Forde), Pendleton Ross LLP | Audrey Zhou | April 19, 2022 | April 19, 2022 | Executed | Payoff: CAD $140,000,000 + accrued interest/fees. Facility (CAD $225M committed) terminated. All liens released. PPSA discharges coordinated with Pendleton Ross.
21 | Ancillary | Funds Flow Memorandum | Calderwood & Harkness LLP | Torchlight (Hébert), Kelvantis (Yee) | Audrey Zhou / Brendan Walsh | April 18, 2022 | April 18, 2022 | Delivered | Wire instructions for all parties. Gross $295.5M; IP discount $6.75M; net to Issuer $288.75M; disbursements include Ridgeline payoff, legal/trustee/rating/printing fees.
22 | Ancillary | Aldgate Thornton LLP comfort letter | Aldgate Thornton LLP (Francesca Hui, CPA, CA) | Calderwood & Harkness LLP, Clairmont & Voss LLP | Audrey Zhou | April 19, 2022 | April 19, 2022 | Delivered | Addressed to Initial Purchasers. Covers TMC financial data in OM. FY 2021 Revenue CAD $612.4M; Adj. EBITDA CAD $189.7M.
23 | Ancillary | Mining claim registration confirmations — Claims WL-4492-01 through WL-4492-47 | Pendleton Ross LLP | Torchlight, Northern Dominion Trust Company | Brendan Walsh | April 19, 2022 | April 19, 2022 | Delivered | Ontario Mining Recorder notation of security interest in favor of Collateral Agent across all 47 mining claims.
24 | Filings | Good standing certificates — TMC (Federal Canada), WLML (Ontario), TMPI (Ontario), TUSHI (Delaware) | Pendleton Ross LLP (Canada) / Calderwood & Harkness LLP (Delaware) | — | Brendan Walsh | April 15, 2022 | April 15, 2022 | Delivered | Dated within 10 business days of closing.
25 | Filings | UCC-1 financing statements — TUSHI (Delaware Secretary of State) | Calderwood & Harkness LLP | Northern Dominion Trust Company (Collateral Agent) | Brendan Walsh | April 19, 2022 | April 19, 2022 | Filed | First-priority lien perfection for U.S. Security Agreement.
26 | Filings | PPSA registrations — TMC, WLML, TMPI (Ontario) | Pendleton Ross LLP | Northern Dominion Trust Company | Brendan Walsh | April 19, 2022 | April 19, 2022 | Filed | First-priority lien perfection for Canadian GSA. Mining claims WL-4492-01 through WL-4492-47.
27 | Filings | PPSA discharge filings — Ridgeline Bank of Canada (Ontario) | Pendleton Ross LLP | Ridgeline Bank of Canada (Gavin Forde) | Brendan Walsh | April 19, 2022 | April 19, 2022 | Filed | Discharge of all Ridgeline PPSA registrations against TMC, WLML, TMPI upon facility payoff and termination.
28 | — | SUMMARY: Executed | — | — | — | — | — | 14 | Items 1–9, 13–18
29 | — | SUMMARY: Delivered | — | — | — | — | — | 9 | Items 10–12, 19, 21–24
30 | — | SUMMARY: Filed | — | — | — | — | — | 3 | Items 25–27
31 | — | SUMMARY: Pending | — | — | — | — | — | 0 | All deliverables complete.
[sheet: Responsibility Matrix]
Workstream / Deliverable | Vivienne St. Claire (C&H — Responsible Partner) | Robert Adeyemi (C&H — Billing Partner) | Audrey Zhou (C&H — Lead Associate) | Brendan Walsh (C&H — Working Associate) | Pendleton Ross LLP — Marie-Claire Bouchard | Clairmont & Voss LLP — Harrison Voss / Nadia Petrov | Greystone & Whitfield LLP — David Shin | Torchlight — Deepak Rathore / Lianne Prokopchuk | Kelvantis Capital Markets LLC — Julian Marchetti / Christine Yee | Northern Dominion Trust Company — Sandra Leung | Ridgeline Bank of Canada — Gavin Forde
Offering Memorandum (drafting & finalization) | Review / Approve | — | Lead / Draft | Draft | Coordinate (Canadian law sections) | Review | Review | Review / Provide Info | Review / Lead (business sections) | — | —
Purchase Agreement (negotiation & execution) | Approve | — | Lead / Review | Draft | — | Lead / Draft (initial purchasers' form) | — | Review / Execute | Review | — | —
Indenture (drafting) | Approve | — | Lead / Draft | Draft | Coordinate | Review | Review | Review | Review | Review / Execute | —
U.S. Security Agreement | Approve | — | Review | Lead / Draft | — | Review | — | Review / Execute | — | Review / Execute | —
Canadian General Security Agreement | Review | — | Review | Review | Lead / Draft | — | Review | Review / Execute | — | Review / Execute | —
Collateral Agency Agreement | Approve | — | Review | Lead / Draft | Coordinate | Review | — | Review / Execute | — | Review / Execute | —
Registration Rights Agreement | Approve | — | Lead / Draft | Draft | — | Review | — | Review / Execute | Review | — | —
C&H Opinion Letters (NY & Delaware law) | Lead / Sign | — | Draft | Draft | — | — | — | — | Addressee | — | —
Pendleton Ross Opinion Letter (Canadian law) | Review / Approve form | — | Review | — | Lead / Draft / Sign | — | — | — | Addressee | — | —
Officer's & Secretary's Certificates (TMC) | — | — | Review | Draft (form) | — | — | — | Review / Execute (Rathore, Prokopchuk) | — | — | —
Secretary's Certificates (WLML, TMPI) | — | — | Review | Review | Lead / Draft (form) | — | — | Execute | — | — | —
Secretary's Certificate (TUSHI) | — | — | Review | Draft (form) | — | — | — | Execute | — | — | —
Bring-Down Certificate | — | — | Lead / Draft (form) | — | — | — | — | Review / Execute | — | — | —
Payoff Letter & Lien Release — Ridgeline | — | — | Lead / Draft (form) | Draft | Coordinate (PPSA discharge) | — | — | Coordinate | — | — | Lead / Execute
Funds Flow Memorandum | Review | — | Lead / Draft | Draft | — | Review | — | Review (Hébert) | Review (Yee) | Review | Provide wire instructions
DTC Letter of Representations | — | — | — | Lead / Draft (form) | — | — | — | Execute | — | Review | —
Due Diligence Memos (Corporate, Contracts, Environmental, Litigation) | Review | — | Lead / Draft | Draft | Coordinate (Canadian matters) | — | — | Provide Info | — | — | —
10b-5 / Negative Assurance Memo | Review / Approve | — | Lead / Draft | — | — | — | — | — | — | — | —
Canadian Securities Law Issues Memo | Review | — | Lead / Draft | — | Coordinate / Draft | — | — | — | — | — | —
Ratings process coordination | — | — | — | — | — | — | — | Provide Info (Prokopchuk) | Lead (Marchetti) | — | —
UCC filings (Delaware — TUSHI) | — | — | — | Lead | — | — | — | — | — | Coordinate | —
PPSA filings (Ontario — TMC, WLML, TMPI) | — | — | — | Review | Lead | — | — | — | — | Coordinate | —
Good standing certificates | — | — | — | Lead (Delaware) | Lead (Canada/Ontario) | — | — | — | — | — | —
Closing Memorandum / Post-Closing Letter | Lead / Sign | — | Draft | Draft | — | — | — | Addressee (Rathore) | — | — | —
Comfort Letter (Aldgate Thornton LLP) | — | — | Review | — | — | Review | — | Coordinate (Prokopchuk) | Review | — | —
[sheet: Key Transaction Terms]
Parameter | Detail | Notes / Reconciliation
Issuer | Torchlight Mining Corp. | CBCA corporation; TSX ticker: TMC
Guarantors | Wolverine Lake Mining Ltd. (Ontario); Torchlight Milling & Processing Inc. (Ontario); Torchlight U.S. Holdings, Inc. (Delaware) | Wholly owned subsidiaries; future subsidiaries guarantee if >$5M total assets
Notes Title | 8.750% Senior Secured Notes due 2029
Aggregate Principal Amount | $300,000,000
Coupon Rate | 8.750% per annum | Semi-annual: April 15 and October 15
Issue Price | 98.50% of par | Gross proceeds: $300M × 0.985 = $295,500,000
Original Issue discount | 1.50% ($4,500,000) | $300M × 0.015
Initial Purchaser discount | 2.25% ($6,750,000) | $300M × 0.0225
Kelvantis Allocation | 60% → $4,050,000 | $6,750,000 × 0.60
Prestige Barrington Allocation | 25% → $1,687,500 | $6,750,000 × 0.25
Halcyon Allocation | 15% → $1,012,500 | $6,750,000 × 0.15
Total Transaction Fees & Expenses | $14,250,000 | OID $4.5M + IP discount $6.75M + other est. $3.0M
Net Proceeds to Issuer | $285,750,000 | $300M − $14,250,000
Use: Phase II CapEx | $167,000,000 | Wolverine Lake mine expansion
Use: Ridgeline Revolving Facility Payoff | $110,250,000 | CAD $140,000,000 × 0.7875 USD/CAD
Use: Working Capital / General Corporate | $8,500,000 | $285.75M − $167M − $110.25M = $8.5M
Maturity Date | April 15, 2029
First Interest Payment Date | October 15, 2022
Offering Type | Rule 144A / Regulation S | No SEC registration at issuance
Governing Law | State of New York
CUSIP (144A) | 891207 AA 3
CUSIP (Reg S) | C89120 AA 5
ISIN (144A) | US891207AA38
ISIN (Reg S) | USC89120AA58
Minimum Denomination | $2,000 + $1,000 integral multiples
Settlement | DTC (144A); Thackeray Partners LLC/Ashgrove Enterprises (Reg S) | Book-entry
Indenture Trustee / Collateral Agent | Northern Dominion Trust Company | Also Paying Agent, Transfer Agent, Registrar
Incurrence Leverage Ratio | 3.75:1.00 | For additional Indebtedness (excl. Permitted Indebtedness)
Restricted Payments Basket | $25,000,000 starting + 50% of positive CNI per quarter | Available only if leverage ≤ 3.00:1.00 pro forma
Change of Control Put | 101% of principal + accrued interest
Make-Whole (pre-April 15, 2025) | T + 50 bps | Applicable Treasury Rate + 0.50%
Equity Clawback (pre-April 15, 2025) | 108.750% (up to 40% of aggregate principal)
Redemption: April 15, 2025 | 104.375%
Redemption: April 15, 2026 | 102.188%
Redemption: April 15, 2027 | 100.000% | Par
Asset Sale: Cash Consideration | 75% minimum | 365-day reinvestment period
Annual Reporting Deadline | 90 days after fiscal year-end
Quarterly Reporting Deadline | 45 days after quarter-end
Registration Rights Deadline | April 19, 2023 (365 days post-closing) | Exchange offer or shelf registration
Northmark Rating | B1 (stable) | Assigned March 7, 2022
Creston Rating | B+ (stable) | Assigned March 7, 2022
TMC FY 2021 Revenue | CAD $612,400,000
TMC FY 2021 Adjusted EBITDA | CAD $189,700,000
TMC Market Cap (Jan 14, 2022) | ~CAD $1,870,000,000
USD/CAD Exchange Rate | 0.7875 | Reference rate for proceeds calculations
Ridgeline Revolving Facility (Committed) | CAD $225,000,000 | Terminated at closing
Ridgeline Revolving Facility (Drawn) | CAD $140,000,000 | Repaid at closing
Phase II Total CapEx (est.) | CAD $215,000,000 (~USD $169M) | Construction Q2 2022 – Q4 2024
Wolverine Lake Property | 12,400 hectares; Mining Claims WL-4492-01 through WL-4492-47 | ~85 km NE of Thunder Bay, Ontario
M&I Resource | 48.2 Mt at 1.12% Ni / 0.38% Cu | NI 43-101 compliant
Inferred Resource | 11.7 Mt at 0.94% Ni / 0.31% Cu | NI 43-101 compliant
Phase I Production (Annual) | ~18,000 t Ni-in-conc; ~6,100 t Cu-in-conc | 14 years remaining mine life
Phase II Target Production (Annual) | ~28,500 t Ni-in-conc; ~9,600 t Cu-in-conc | Post-expansion
C&H Matter Number | 1039-00002
C&H Partner Rate | $1,350/hour
C&H Associate Rate | $825/hour
C&H Estimated Fees | $1,200,000 – $1,450,000 | Plus $150,000 completion fee
C&H Expense Cap | $75,000 | Excluding mine site travel
C&V Matter Reference | 1039-00002 | Clairmont & Voss LLP
TUSHI EIN | 84-3921057
[sheet: Party Contact Directory]
Organization | Role in Transaction | Key Contact(s) | Title | Address | Entity Type / Jurisdiction
Torchlight Mining Corp. | Issuer | Magnus Thornberg (CEO); Lianne Prokopchuk (CFO); Deepak Rathore (GC & Corporate Secy.); Colleen Hébert (Treasurer); Ingrid Solheim (Board Chair) | See individual titles | HQ: 2200 – 400 Burrard Street, Vancouver, BC V6C 3A6; Registered: 1600 – 925 West Georgia Street, Vancouver, BC V6C 3L2 | CBCA corporation (Federal Canada); TSX: TMC
Wolverine Lake Mining Ltd. | Subsidiary Guarantor; mine operating entity | Stavros Katsaros (GM, Mine Operations) | General Manager, Mine Operations | 44 Lakeshore Boulevard, Wolverine Lake, ON P0L 1R0 | Ontario corporation
Torchlight Milling & Processing Inc. | Subsidiary Guarantor; concentrator/processing | — | — | 44 Lakeshore Boulevard, Wolverine Lake, ON P0L 1R0 | Ontario corporation
Torchlight U.S. Holdings, Inc. | Subsidiary Guarantor; U.S. offtake/marketing | — | — | 1209 Orange Street, Wilmington, DE 19801 | Delaware corporation; EIN: 84-3921057
Kelvantis Capital Markets LLC | Lead Initial Purchaser / Book-Running Manager | Julian Marchetti (Head, HY Origination, Metals & Mining); Christine Yee (MD, Syndicate) | See individual titles | 599 Lexington Avenue, 38th Floor, New York, NY 10022 | Delaware LLC; FINRA-registered broker-dealer
Prestige Barrington & Co., Inc. | Co-Manager / Initial Purchaser | Keith O'Sullivan (MD, Debt Capital Markets) | Managing Director, Debt Capital Markets | 1285 Avenue of the Americas, 22nd Floor, New York, NY 10019 | Delaware corporation; FINRA-registered broker-dealer
Halcyon Securities Inc. | Co-Manager / Initial Purchaser | Priya Mehrotra (Director, High Yield) | Director, High Yield | 200 Park Avenue, Suite 3100, New York, NY 10166 | New York corporation; FINRA-registered broker-dealer
Northern Dominion Trust Company | Indenture Trustee / Collateral Agent / Paying Agent / Transfer Agent / Registrar | Sandra Leung (VP, Corporate Trust) | Vice President, Corporate Trust | 101 Barclay Street, 7th Floor, New York, NY 10286 | National banking association (USA)
Ridgeline Bank of Canada | Existing Credit Facility Administrative Agent | Gavin Forde (Relationship Manager) | Relationship Manager | 200 Bay Street, Suite 3300, Toronto, ON M5J 2J5 | Schedule I bank (Bank Act, Canada)
Calderwood & Harkness LLP | Issuer's U.S. Counsel | Vivienne St. Claire (Responsible Partner); Robert Adeyemi (Billing Partner); Audrey Zhou (Lead Associate); Brendan Walsh (Working Associate) | Capital Markets | NY: 450 Park Avenue, New York, NY 10022; Toronto: 199 Bay Street, Suite 4400, Toronto, ON M5L 1A9 | LLP (New York)
Clairmont & Voss LLP | Initial Purchasers' U.S. Counsel | Harrison Voss (Lead Partner); Nadia Petrov (Associate) | Capital Markets | 51 West 52nd Street, New York, NY 10019 | LLP (New York); Ref: 1039-00002
Pendleton Ross LLP | Issuer's Canadian Counsel | Marie-Claire Bouchard (Lead Partner) | Securities & Corporate Finance | 3400 – 1 First Canadian Place, Toronto, ON M5X 1A4 | LLP (Ontario)
Greystone & Whitfield LLP | Initial Purchasers' Canadian Counsel | David Shin (Lead Partner) | — | 2900 – 100 King Street West, Toronto, ON M5X 1B8 | LLP (Ontario)
Aldgate Thornton LLP | Auditors to Torchlight | Francesca Hui (Engagement Partner, CPA, CA) | Engagement Partner (Audit) | 700 – 1055 Dunsmuir Street, Vancouver, BC V7X 1L4 | Partnership (accounting, British Columbia)
Northmark Ratings Group, Inc. | Rating Agency | — | — | 250 Greenwich Street, New York, NY 10007 | Delaware corporation; Rating: B1 (stable)
Creston Analytics, Inc. | Rating Agency | — | — | 55 Water Street, New York, NY 10041 | Delaware corporation; Rating: B+ (stable)
Cascade Technical Advisors Inc. | Independent Engineer | Dr. Elaine Whitaker, P.Eng. | Lead, Independent Engineer | 1020 – 8th Avenue SW, Suite 400, Calgary, AB T2P 1J2 | Alberta corporation

[sheet: Timeline & Milestones]

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