| Cash Payments | Aggregate amount of $600,000 |
| Additional Payments | Aggregate amount of $420,000, payable in cash or common shares of Velocity |
| Drilling Commitment | 40,000m of drilling on the Property |
| Mineral Resource Estimate | Deliver an Inferred Mineral Resource estimate on a deposit on the Property, prepared in accordance with NI 43-101 |
| Preliminary Economic Assessment | Deliver a Preliminary Economic Assessment on a deposit on the Property, in accordance with NI 43-101 |
| Formation of Joint Venture | Upon exercising the Option, Velocity and Raiden will form a Joint Venture with Velocity owning 75% and Raiden 25%. |
| Dilution | If a participant's interest falls below 15%, they will transfer their interest to the other participant in exchange for a 1% net smelter returns royalty. The major participant can buy half of this royalty (0.5%) for $1.5 million before a production decision. |
| Existing Royalty | Subject to a 2% net smelter royalty to Gold Bull Resources Corp., with options to reduce the royalty before commercial production by purchasing 0.5% for USD$2,500,000 and an additional 1% for USD$5,000,000. |
