TRUST AGREEMENT
This Trust Agreement ("Agreement") is made and entered into as of December 3, 2024 by and between:
•Chrono Exploration Inc., a corporation duly incorporated and existing under the laws of Ontario, having its principal place of business at 102 – 278 Bay St. Ontario, Canada. ("Trustee"); and
•Red Metal Resources Ltd., a corporation duly incorporated and existing under the laws of British Columbia, having its principal place of business at 820 – 1130 Pender Street West, Vancouver, BC, V6E 4A4 Canada. ("Beneficiary").
1.Recitals
WHEREAS, Chrono Exploration Inc. holds legal title to certain mineral claims as described in
Schedule A attached below (the "Mineral Claims");
WHEREAS, Chrono Exploration Inc. agrees to hold the Mineral Claims in trust for the sole benefit of Red Metal Resources Ltd. under the terms set forth in this Agreement;
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows:
2.Trust Arrangement
2.1Holding in Trust: Chrono Exploration Ltd. shall hold and administer the Mineral Claims exclusively for the benefit of Red Metal Resources Ltd. and shall take no action that adversely affects Red Metal Resources Ltd.’s interest in the Mineral Claims.
2.2Fiduciary Duty: Chrono Exploration Ltd. acknowledges its fiduciary obligations as Trustee and agrees to act in good faith and in the best interests of Red Metal Resources Ltd. regarding the Mineral Claims.
3.Rights and Obligations
3.1Beneficiary Rights: Red Metal Resources Ltd. will retain all beneficial rights associated with the Mineral Claims, including but not limited to exploration, development, extraction, and revenue generated from.
3.2Trustee Responsibilities: Chrono Exploration Inc. will:
•Hold title to the Mineral Claims for Red Metal Resources Ltd.’s benefit;
•Execute documents as necessary to effectuate transactions regarding the Mineral Claims upon written instruction from Red Metal Resources Ltd.;
•Refrain from disposing of or encumbering the Mineral Claims without prior written consent from Red Metal Resources Ltd.
4.Duration and Termination
4.1Duration: This Agreement shall remain in effect until terminated by mutual agreement in writing.
4.2Transfer of Title: Upon termination, Chrono Exploration Ltd. shall immediately transfer legal title to the Mineral Claims to Red Metal Resources Ltd. or any entity designated by Red Metal Resources Ltd.
5.Miscellaneous
5.1Governing Law: This Agreement shall be governed by and construed in accordance with the laws of British Columbia
5.2Amendments: No amendment or modification of this Agreement shall be valid unless in writing and signed by both parties.
5.3Entire Agreement: This Agreement constitutes the entire understanding between the parties regarding the subject matter and supersedes all prior agreements, whether written or oral.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.
CHRONO EXPLORATION INC.
Signature: /s/ Jordan Quinn
Name: Jordan Quinn
Title: President
Date: December 3, 2024
RED METAL RESOURCES LTD.
Signature: /s/ Caitlin Jeffs
Name: Caitlin Jeffs
Title: President
Date: December 3, 2024
Schedule A
Mineral Claims Registered in the Province of Ontario
Tenure ID | Anniversary Date | Tenure Type | Registered Holder | Tenure Percentage | Mining Division |
909577 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909610 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909618 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909625 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909609 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909623 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909562 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909570 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909579 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909599 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909662 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909638 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909651 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
908134 | 03-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
908154 | 03-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
908140 | 03-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909558 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909578 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909566 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909589 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909614 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
Tenure ID | Anniversary Date | Tenure Type | Registered Holder | Tenure Percentage | Mining Division |
909572 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909616 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909592 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909586 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909624 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909563 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909656 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909665 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909650 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909640 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909635 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
908164 | 03-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
908128 | 03-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
908148 | 03-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
908157 | 03-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
908145 | 03-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909561 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909581 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909596 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909590 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909567 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909559 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909608 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |
909634 | 21-Oct-2026 | Single Cell Mining Claim | Chrono Exploration Inc | 100 | Larder Lake |