Exhibit 4.17







CERTAIN CONFIDENTIAL INFORMATION
(MARKED BY BRACKETS AS “[***]”) HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE
COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED



| | Cobar
    
    Royalty Deed
    
    Dated 16 June 2023
    
    Cobar Management Pty. Limited (ACN 083 171 546) (Grantor)
    
    Metals Acquisition Limited (Guarantor)
    
    Glencore Operations Australia Pty Limited (ACN 128 115 140) (Grantee)
    
    
    King & Wood Mallesons
    Level 61
    Governor Phillip Tower
    1 Farrer Place
    Sydney NSW 2000
    Australia
    T+61 2 9296 2000
    F+61 2 9296 3999
    DX 113 Sydney
    www.kwm.com
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------













Royalty Deed 
Contents



|Details       | 1                                                   
|------------- | ----------------------------------------------------
|              |                                                     
|General terms | 2                                                   
|              |                                                     
|1             | Interpretation                                      
|              |                                                     
|1.1           | Definitions                                         
|1.2           | References to certain general terms                 
|1.3           | Next day                                            
|1.4           | Next Business Day                                   
|1.5           | Headings                                            
|              |                                                     
|2             | Term                                                
|              |                                                     
|3             | Registration                                        
|              |                                                     
|4             | Royalty                                             
|              |                                                     
|4.1           | Obligation to pay Royalty                           
|4.2           | Hedging                                             
|4.3           | Payment of Royalty                                  
|4.4           | Deduction from Royalty and other payments           
|4.5           | Obligation not to avoid Royalty                     
|4.6           | Interest on late payment                            
|4.7           | Reports                                             
|4.8           | Dispute regarding Royalty Statement or Report       
|4.9           | Royalty to be free of set-off                       
|              |                                                     
|5             | Records, Inspection,
    audit and technical reports
|              |                                                     
|5.1           | Records                                             
|5.2           | Inspection                                          
|5.3           | Audit                                               
|5.4           | Technical reports                                   
|              |                                                     
|6             | Security                                            
|              |                                                     
|6.1           | Security                                            
|6.2           | Security subordination                              
|6.3           | Registration                                        
|6.4           | Assistance                                          
|6.5           | Appointment of attorney                             
|6.6           | Withdrawal and re-lodgement of caveat               
|              |                                                     
|7             | Tenements and
    conduct of Operations             
|              |                                                     
|7.1           | Grantor obligations                                 
|7.2           | Conduct efficiently                                 
|7.3           | Tailings                                            
|7.4           | Processing and commingling                          
|7.5           | Samples                                             





© King & Wood MallesonsRoyalty Deedi







|8     | Termination                                             | 20
|----- | ------------------------------------------------------- | --
|      |                                                         |   
|9     | Transfers of
    interests                              | 20
|      |                                                         |   
|9.1   | Transfer by the Grantor                                 | 20
|9.2   | Consent not to be unreasonably withheld                 | 21
|9.3   | Unlisted Change of Control of Grantor                   | 21
|9.4   | Listed Change of Control of Grantor                     | 22
|9.5   | Intention of the parties                                | 23
|9.6   | Transfer by Grantee and right of last refusal           | 23
|9.7   | Grantee Change of Control                               | 24
|      |                                                         |   
|10    | Guarantee and
    indemnity                             | 25
|      |                                                         |   
|10.1  | Consideration                                           | 25
|10.2  | Guarantee                                               | 25
|10.3  | Indemnity                                               | 25
|10.4  | Extent of guarantee and indemnity                       | 26
|10.5  | Obligation to pay interest                              | 26
|10.6  | Payments                                                | 26
|10.7  | No merger                                               | 27
|10.8  | Rights of Grantee are protected                         | 27
|10.9  | Guarantor’s rights are suspended                        | 27
|10.10 | Reinstatement of rights                                 | 28
|10.11 | Liability of Guarantor                                  | 28
|      |                                                         |   
|11    | Confidentiality                                         | 28
|      |                                                         |   
|11.1  | Confidentiality obligation                              | 28
|11.2  | Permitted Disclosure                                    | 29
|11.3  | Disclosure to other persons                             | 31
|11.4  | Notice to other parties                                 | 31
|11.5  | Indemnities                                             | 31
|11.6  | Injunctive relief                                       | 31
|11.7  | Survival of confidentiality obligations                 | 32
|11.8  | Return of Confidential Information                      | 32
|      |                                                         |   
|12    | Public Statements                                       | 32
|      |                                                         |   
|12.1  | Announcements                                           | 32
|12.2  | Actions to be taken if required to make an announcement | 32
|12.3  | Survival of this clause                                 | 33
|      |                                                         |   
|13    | Expert determination                                    | 33
|      |                                                         |   
|13.1  | General                                                 | 33
|13.2  | Independent Expert                                      | 33
|13.3  | Appointment of Independent Expert                       | 33
|13.4  | Scope of Independent Expert determination               | 34
|13.5  | Scope of the Dispute                                    | 36
|13.6  | Decisions                                               | 36
|13.7  | Enforcement                                             | 36
|13.8  | Determination                                           | 36
|      |                                                         |   
|14    | Audits                                                  | 37
|      |                                                         |   
|14.1  | Application                                             | 37
|14.2  | Independent Auditor                                     | 37
|14.3  | Procedure                                               | 37
|14.4  | Access                                                  | 38





© King & Wood MallesonsRoyalty Deedii







|15    | Dispute
    resolution                          | 38
|----- | ----------------------------------------------- | --
|      |                                                 |   
|15.1  | Injunctive or interim relief                    | 38
|15.2  | Good faith                                      | 38
|15.3  | Notice of Dispute                               | 39
|15.4  | Authorised Officer                              | 39
|15.5  | Arbitration                                     | 39
|15.6  | Alternative dispute mechanisms                  | 40
|15.7  | Continuation of rights and obligations          | 40
|15.8  | Costs                                           | 40
|      |                                                 |   
|16    | Notices                                         | 40
|      |                                                 |   
|16.1  | Form                                            | 40
|16.2  | Delivery                                        | 40
|16.3  | When effective                                  | 40
|16.4  | When taken to be received                       | 40
|16.5  | Receipt - general                               | 41
|      |                                                 |   
|17    | GST                                             | 41
|      |                                                 |   
|17.1  | Definitions and interpretation                  | 41
|17.2  | GST exclusive                                   | 41
|17.3  | Calculation of payments                         | 41
|17.4  | Payment of GST                                  | 41
|17.5  | Adjustment events                               | 42
|17.6  | Reimbursements                                  | 42
|      |                                                 |   
|18    | General                                         | 42
|      |                                                 |   
|18.1  | Entire agreement                                | 42
|18.2  | Discretion in exercising rights                 | 42
|18.3  | Failure to exercise rights                      | 42
|18.4  | No liability for loss                           | 42
|18.5  | Approvals and consents                          | 42
|18.6  | Remedies cumulative                             | 42
|18.7  | Amendment of document                           | 43
|18.8  | Enurement                                       | 43
|18.9  | Grantee Encumbrance                             | 43
|18.10 | Severance                                       | 43
|18.11 | Rights and obligations are unaffected           | 43
|18.12 | Variation and waiver                            | 43
|18.13 | No merger                                       | 43
|18.14 | Further steps                                   | 43
|18.15 | Indemnities and reimbursement obligations       | 43
|18.16 | Prompt performance                              | 44
|18.17 | No undisclosed principals or undisclosed trusts | 44
|18.18 | Costs                                           | 44
|18.19 | Stamp duty                                      | 44
|18.20 | Construction                                    | 44
|18.21 | Inconsistent law                                | 44
|18.22 | Supervening legislation                         | 44
|18.23 | No representations or warranties                | 45
|18.24 | Waiver                                          | 45
|18.25 | Counterparts                                    | 45
|      |                                                 |   
|19    | Governing law                                   | 45
|      |                                                 |   
|19.1  | Governing law                                   | 45





© King & Wood MallesonsRoyalty Deediii







|19.2 | Jurisdiction      | 45
|---- | ----------------- | --
|19.3 | Serving documents | 45



|Schedule 1   | Tenements                | 46
|------------ | ------------------------ | --
|Schedule 2   | Grantor Deed of Covenant | 47
|Schedule 3   | Grantee Deed of Covenant | 51
|Signing page | 55                      





© King & Wood MallesonsRoyalty Deediv







Royalty Deed



Details



|Parties       | Grantor,
    Guarantorand Grantee                                                                                                                                                                                                                                                                            
|------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|              |                                                                                                                                                                                                                                                                                                              
|Grantor       | Name                                                                                                                                                                                                                                                                                                         
|              |                                                                                                                                                                                                                                                                                                              
|              | ACN                                                                                                                                                                                                                                                                                                          
|              |                                                                                                                                                                                                                                                                                                              
|              | ABN                                                                                                                                                                                                                                                                                                          
|              |                                                                                                                                                                                                                                                                                                              
|              | Address                                                                                                                                                                                                                                                                                                      
|              |                                                                                                                                                                                                                                                                                                              
|              | Email                                                                                                                                                                                                                                                                                                        
|              |                                                                                                                                                                                                                                                                                                              
|              | Attention                                                                                                                                                                                                                                                                                                    
|              |                                                                                                                                                                                                                                                                                                              
|              |                                                                                                                                                                                                                                                                                                              
|Guarantor     | Name                                                                                                                                                                                                                                                                                                         
|              |                                                                                                                                                                                                                                                                                                              
|              | Jersey registration number                                                                                                                                                                                                                                                                                   
|              |                                                                                                                                                                                                                                                                                                              
|              | Address                                                                                                                                                                                                                                                                                                      
|              |                                                                                                                                                                                                                                                                                                              
|              | Email                                                                                                                                                                                                                                                                                                        
|              |                                                                                                                                                                                                                                                                                                              
|              | Attention                                                                                                                                                                                                                                                                                                    
|              |                                                                                                                                                                                                                                                                                                              
|              |                                                                                                                                                                                                                                                                                                              
|Grantee       | Name                                                                                                                                                                                                                                                                                                         
|              |                                                                                                                                                                                                                                                                                                              
|              | ACN                                                                                                                                                                                                                                                                                                          
|              |                                                                                                                                                                                                                                                                                                              
|              | ABN                                                                                                                                                                                                                                                                                                          
|              |                                                                                                                                                                                                                                                                                                              
|              | Address                                                                                                                                                                                                                                                                                                      
|              |                                                                                                                                                                                                                                                                                                              
|              | Email                                                                                                                                                                                                                                                                                                        
|              |                                                                                                                                                                                                                                                                                                              
|              | Attention                                                                                                                                                                                                                                                                                                    
|              |                                                                                                                                                                                                                                                                                                              
|              |                                                                                                                                                                                                                                                                                                              
|Recitals      | A     The
    Grantor has agreed, amongst other things, to execute this document and grant the Royalty to the Grantee on the terms and conditions
    of this document.
    
    B     The
    Guarantor has agreed to guarantee the obligations of the Grantor on the terms and conditions of this document.
|Governing law | New South Wales, Australia                                                                                                                                                                                                                                                                                   
|              |                                                                                                                                                                                                                                                                                                              
|Date of deed  | See Signing page                                                                                                                                                                                                                                                                                             





© King & Wood MallesonsRoyalty Deed1







Royalty Deed



General terms



| | 1 | Interpretation
| | - | --------------



| | 1.1 | Definitions
| | --- | -----------



These meanings apply unless
the contrary intention appears:



Accounting
Standardsmeans the accounting standards required to be complied with under the Corporations Act and any other relevant accounting
standards approved by the Australian Accounting Board and generally accepted accounting principles applied in the Australian mining industry
from time to time.



Allowable
Deductions means, to the extent actually incurred by the Grantor or its Related Bodies Corporates in relation to the following costs
in respect of the applicable Minerals, and without double-counting:



| | (a) | charges
                                            for and expenses related to transportation of such Minerals from the Tenements to the place
                                            such Minerals are smelted, refined, beneficiated or otherwise processed or, if such Minerals
                                            are in processed form, from the plant producing the concentrates or other saleable products,
                                            to the place where such Minerals are sold or delivered to the purchaser thereof, including
                                            all road, sea and rail freight, and incidental costs and expenses, including loading and
                                            unloading (if any), freight, insurance, security, storage or stockpiling, transportation,
                                            handling, port, delay, forwarding, shipping and demurrage costs incurred in respect thereof;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | charges,
                                            expenses and costs imposed by a purchaser, smelter, refiner or other processor of such Minerals
                                            for processing, treatment or beneficiation (other than milling, concentrating or cathode
                                            production), including process charges, costs and penalties;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | all
                                            offsite handling and incidental costs and expenses including processing, provisional settlement
                                            fees, agency fees or costs, analysing, umpire and representation costs, agency, assaying,
                                            sampling, weighing, loading, unloading, stockpiling, storage, penalties and other processor
                                            deductions;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | administrative
                                            and other general overhead costs that are directly attributable and reasonably allocable
                                            to the costs set out in paragraphs (a) to (c) (inclusive) above; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | sales,
                                            marketing and brokerage costs, provided such costs are commercially reasonable,
| | --- | ----------------------------------------------------------------------------------------------------------------------------------



provided
that:



| | (f) | where
                                            such Minerals are sold or disposed of by the Grantor or a Related Body Corporate, to another
                                            Related Body Corporate; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | if
                                            smelting, refining and/or other treatment of such Minerals is carried out in facilities owned
                                            or controlled (in whole or in part) by the Grantor or any of its Related Bodies Corporate,
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed2







then all
applicable Allowable Deductions shall be those amounts which would have been paid or incurred by the Grantor or its Related Bodies Corporate
on Arm’s Length Terms. For greater certainty, in no event may the Grantor, in calculating Allowable Deductions, deduct any processing,
smelting or refining charges for any minerals that are not copper (Cu) (including the silver (Ag) refining charge in clause 8.2.4 (“Silver
Refining Charge”) of the Offtake Agreement, the cost of mining, milling, concentrating, cathode production, leaching or any other
processing costs incurred by the Grantor or its Related Bodies Corporate.



Annual
Reportmeans a life-of-mine production forecast in respect of the Operations.



Arm’s
Length Termsmeans prices and terms which would be paid and agreed to by a third party in an arm’s length transaction under
similar circumstances. For the avoidance of doubt, the sale of any Product pursuant to the Offtake Agreement, in its current form as
at the date of this document and as may be amended at any time at which the offtaker thereunder is a Related Body Corporate of the Grantee,
is acknowledged and agreed by the parties to be on Arm’s Length Terms.



Audit
Noticehas the meaning given in clause 14.3(a).



Authorised
Officer means a director or a secretary of a party or any other person appointed by a party in writing to act as an authorised officer
for the purposes of this document.



Benchmark
Interest Ratemeans the daily SOFR rate as adjusted for the spread relating to U.S. dollar LIBOR in accordance with the relevant
fixed ISDA spread adjustment published on Bloomberg Index Services Limited (or a successor provider as approved and/or appointed by ISDA
from time to time).



Business
Day means a day other than a Saturday, Sunday or public holiday in Sydney, Australia.



Change
of Control in respect of a person (“first person”) means:



| | (a) | if
                                            another person, who Controls that first person at the Effective Date or at such later date
                                            that a change of Control occurs in accordance with clause 9.3 or 9.4, ceases to Control the
                                            first person; and/or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | if
                                            another person who did not Control that first person at the relevant date, obtains Control
                                            in respect of that first person.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Claimmeans any allegation, debt, cause of action, liability, claim, proceeding, suit or demand of any nature howsoever arising and whether
present or future, fixed or unascertained, actual or contingent whether at law, in equity, under statute or otherwise.



Completionhas the meaning given in the Sale Agreement.



Confidential
Information has the meaning given in clause 11.1.



Controlhas the meaning given in section 50AA of the Corporations Act.



Control
Interesthas the meaning given in clause 9.7(a)(ii).



Control
Noticehas the meaning given in clause 9.7(a).



Control
Offer Periodhas the meaning given in clause 9.7(b).





© King & Wood MallesonsRoyalty Deed3







Corporations
Act means the Corporations Act 2001 (Cth).



Default
Rate means the Benchmark Interest Rate plus 5% per annum.



Departmentmeans the New South Wales Department of Planning & Environment, or equivalent body governing energy and resources from time to
time.



Detailsmeans the section of this document headed “Details”.



Discloseincludes discussion (or any other communication) or disclosure, by whatever means.



Disputeincludes any dispute, controversy, difference or Claim arising out of or in connection with this document or the subject matter of
this document, including any question concerning its formation, validity, interpretation, performance, breach and termination.



Dutymeans any stamp, transaction or registration duty or similar charge which is imposed by any Government Agency, together with any
fine, penalty, interest, charge or other amount imposed in connection with them.



Effective
Date means the date on which Completion occurs under the Sale Agreement.



Encumbrancemeans any mortgage, lien, charge, pledge, assignment by way of security, Security Interest, title retention, preferential right or
trust arrangement, Claim, covenant, profit a prendre, easement or any other security arrangement or any other arrangement having the
same effect and Encumberhas a corresponding meaning.



Exploration
Tenementsmeans the Tenements listed in Part B of Schedule 1.



Government
Agencymeans any government, governmental, semi-governmental, administrative, fiscal or judicial body, department, commission, authority,
tribunal, agency or entity and includes any other person authorised by law to give consents or impose requirements in connection with
Tax. It also includes a self-regulatory organisation established under statute or by a stock exchange.



Grantee
Change of Controlmeans a Change of Control of the Grantee where Glencore plc ceases to be the Ultimate Holding Company of the Grantee.



Grantee
Deed of Covenantmeans a document substantially in the form of the document set out in Schedule 3.



Grantee
Groupmeans the Grantee and its Related Bodies Corporate, and Grantee Group Member means any one of them.



Grantee’s
Control Offerhas the meaning given in clause 9.7(b).



Grantee’s
Offer has the meaning given in clause 9.6(c).



Grantor
Deed of Covenantmeans a document substantially in the form of the document set out in Schedule 2.



Grantor
Groupmeans the Grantor and its Related Bodies Corporate, and Grantor Group Member means any one of them.





© King & Wood MallesonsRoyalty Deed4







Gross
Revenue Receivedin respect of an expired Quarter means the aggregate of the total amounts actually received by the Grantor or its
Related Bodies Corporate from the sale or other disposition of Product to a person other than the Grantor and its Related Bodies Corporate
(“Sales”) during the expired Quarter, less any refunds, claims or discount and without double-counting, provided that
where:



| | (a) | Sales
                                            are not effected on Arm’s Length Terms; or
| | --- | --------------------------------------------------------------------------------------------



| | (b) | the
                                            Grantor or its Related Bodies Corporate consume any Products in connection with their respective
                                            operations,
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



the Grantor
and its Related Bodies Corporate shall be deemed to have received such amounts that would have been received by the Grantor or its Related
Bodies Corporate for a sale of the relevant Products on Arm’s Length Terms.



GST
Act means the A New Tax System (Goods and Services Tax) Act 1999 (Cth).



GST
Amounthas the meaning given in clause 17.4.



Guaranteemeans the guarantee and indemnity in clause 10.



Independent
Auditor means an independent auditor appointed and acting in accordance with clause 14.



Independent
Auditor’s Report has the meaning given in clause 14.3(d)(iv).



Independent
Expertmeans an independent expert appointed and acting in accordance with clause 13.



Independent
Expert Noticehas the meaning given in clause 13.1(a)(iv).



Insolvency
Law means any law relating to liquidation, administration, insolvency or the protection of creditors.



Inspectionhas the meaning given in clause 5.2(a)(i).



MACmeans Metals Acquisition Corp (Cayman Islands registration number 144625).



Mineralsmeans any and all marketable and metal-bearing copper (Cu) material in whatever form or state that is mined, produced, extracted
or otherwise recovered from the Royalty Area, to the extent of the Royalty Interest in respect of each Tenement, including any such material
contained in tailings, reprocessed materials, waste rock, dumps or mined stockpiles derived from the Royalty Area and including ore and
other products resulting from the milling, processing or other beneficiation of such materials.



Mining
Act means the Mining Act 1992(NSW) as amended from time to time, including all regulations, by-laws, and other subordinate
legislation and guidelines made in connection with the Mining Act.



Net
Smelter Return means Gross Revenue Received for the relevant Quarter minus Allowable Deductions for that Quarter.



New
Title has the meaning given in clause 6.3(c).



Noticeshas the meaning given in clause 16.1.



Notificationhas the meaning given in clause 15.3.



Offer
Period has the meaning given in clause 9.6(c).





© King & Wood MallesonsRoyalty Deed5







Offtake
Agreement means the offtake agreement between the Grantor and Glencore International AG dated on or around the date of this document.



Operationsmeans the operations being carried out by or on behalf of the Grantor during the relevant Quarter in the Royalty Area.



Other
Mineralsmeans any and all marketable and metal-bearing material in whatever form or state (including ore):



| | (a) | other
                                            than Minerals; or
| | --- | -------------------------------------------------------------------



| | (b) | that
                                            is mined, produced, extracted or otherwise recovered from any location that is not within
                                            the Royalty Area.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Osiskomeans Osisko Bermuda Limited or any Related Body Corporate of it.



PPS Actmeans the Personal Property Securities Act 2009 (Cth).



Penaltymeans a charge made by a refinery, in addition to normal refining costs, for removing from the Product, minerals or other substances
where the costs of the removal exceed the value of those minerals or other substances.



Prescribed
Technical Report has the meaning given in clause 5.4(c).



Productmeans the Minerals, in whatever form (including concentrates and copper cathode), which are capable of being sold or otherwise disposed
of.



Project
Informationhas the meaning given in clause 5.4(a).



Public
Filings has the meaning given in clause 11.2(m).



Quartermeans each of the periods, during the Royalty Period, from 1 January to 31 March, 1 April to 30 June, 1 July to 30 September and
1 October to 31 December, except that:



| | (a) | the
                                            first Quarter commences on the Effective Date, and ends on the first to occur of 31 March,
                                            30 June, 30 September or 31 December; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the
                                            final Quarter ends on the date of termination of this document, having commenced on the immediately
                                            prior date of 1 January, 1 April, 1 July or 1 October (or the Effective Date, if the first
                                            Quarter is also the final Quarter).
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Quarterly
Reportmeans a report on the Operations for each Quarter, including a production forecast for the following 12 months, which may
also (but need not) contain information provided to the Grantee in the Royalty Statement in respect of the relevant Quarter.



Recordsmeans the books, accounts, and records maintained by or on behalf of the Grantor and its Related Bodies Corporate and their respective
Representatives, showing reasonable detail in relation to:



| | (a) | the
                                            quantity of Product produced during the Royalty Period;
| | --- | -------------------------------------------------------------------------------------------------------



| | (b) | the
                                            quantity of Product sold during the Royalty Period, and the amounts received by the Grantor
                                            or its Related Bodies Corporate from those sales;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the
                                            calculation of each component of the Royalty in respect of each Quarter;
| | --- | ------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed6







| | (d) | the
                                            payment of the Royalty in respect of each Quarter; and
| | --- | ------------------------------------------------------------------------------------------------------



| | (e) | where
                                            there is any commingling of Products in the Royalty Period with materials from areas extracted
                                            outside the Royalty Area, the measures, moistures and assays of the minerals and substances
                                            in the Products extracted and recovered from the Royalty Area prior to the commingling, including
                                            those substances which attract a Penalty.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Related
Body Corporate has the meaning given in the Corporations Act.



Replacement
Security means a replacement Security on substantially the same terms as the Security to which the Grantor is party at the relevant
time.



Replacement
Tenement means any tenement that replaces a Tenement in whole or part.



Reportmeans an Annual Report or a Quarterly Report, as applicable.



Representativeof a person includes an employee, agent, officer, director, auditor, advisor, partner, consultant, joint venturer, contractor or
sub-contractor of that person or of a Related Body Corporate of that person.



Royaltymeans the royalty payable by the Grantor to, or at the written direction of, the Grantee pursuant to clause 4.1.



Royalty
Amounthas the meaning given in clause 4.1.



Royalty
Areameans the area within the boundaries of the Tenements as at the Effective Date.



Royalty
Interestmeans, in respect of each Tenement, the percentage interest listed alongside the name of that Tenement in Schedule 1.



Royalty
Periodmeans the period commencing on and from the Effective Date and continuing indefinitely for the life of the Tenements (including
throughout any period that any Product can lawfully be extracted and recovered from the Tenements).



Royalty
Statement means for each Quarter in the Royalty Period, a statement prepared in accordance with the Accounting Standards setting
out in reasonable detail:



| | (a) | the
                                            quantities and grades of Products recorded and sold during that Quarter;
| | --- | ------------------------------------------------------------------------------------------------------------------------



| | (b) | the
                                            individual elements which make up the calculation of the Royalty Amount;
| | --- | ------------------------------------------------------------------------------------------------------------------------



| | (c) | the
                                            Royalty payable for that Quarter; and
| | --- | -------------------------------------------------------------------------------------



| | (d) | any
                                            other material information which is relevant in explaining the calculation of the Royalty
                                            Amount or why a Royalty is not payable.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Sale
Agreementmeans the document entitled “CMPL Share Sale Agreement” entered into between Glencore Operations Australia
Pty Limited (ACN 128 115 140), Metals Acquisition Corp. (Australia) Pty Ltd (ACN 657 799 758) and MAC and the Guarantor regarding the
acquisition of the Grantor (as amended from time to time).



Sanctioned
Countrymeans any country or territory that is the subject of comprehensive (that is, country-wide or territory-wide) Sanctions (including,
as at the date of this document, Crimea, Cuba, Iran, Libya, North Korea, Russia and Syria).





© King & Wood MallesonsRoyalty Deed7







Sanctioned
Personmeans any individual or entity that is the subject of any Sanctions, or based, organised or resident in any Sanctioned Country.



Sanctionsmeans any economic or financial sanctions or trade embargoes administered or enforced by the Australian Government Department of
Foreign Affairs and Trade, the Canadian Government, the U.S. Department of the Treasury’s Office of Foreign Assets Control, the
U.S. Departments of State or Commerce, the United Nations Security Council, the European Union, Switzerland or any other applicable sanctions
authority.



Securitymeans the document entitled “Cobar – Mining tenement mortgage” between the Grantor and the Grantee dated on or
about the date of this document, and/or any registered mortgage over the interest of the Grantor in the Tenements which replaces, amends
or supplements it from time to time (including a Replacement Security).



Security
Interest means:



| | (a) | an
                                            interest in or a right:
| | --- | ----------------------------------------------------------------------



| | (i) | reserved
                                            over property (including any retention of title to property or any right to set-off or withhold
                                            payment of any deposit or other money);
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | created
                                            or otherwise arising over property under a mortgage, charge, lien, pledge, trust or right;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | by
                                            way of security for the payment of a debt or other monetary obligation or the performance
                                            of or compliance with any other obligation; or
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | which
                                            gives a person priority over unsecured creditors in relation to any property;
| | ---- | -------------------------------------------------------------------------------------------------------------------------------



| | (b) | any
                                            instrument or transaction which reserves, constitutes or evidences the interests and rights
                                            referred to in paragraph (a); and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | any
                                            other interest which is not included in paragraphs (a) or (b) and which constitutes
                                            or is defined as a security interest under the PPS Act.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Senior
Lenderhas the meaning given in clause 6.2(a).



Senior
Lender Priority Periodhas the meaning given in clause 6.2(b).



Senior
Lender Securityhas the meaning given in clause 6.2(a).



Sprottmeans Sprott Private Resource Lending II (Collector), LP or any Related Body Corporate of it.



SOFRmeans the secured overnight financing rate administered by the Federal Reserve Bank of New York (or any other person that takes over
the administration of that rate) published by the Federal Reserve Bank of New York (or any other person that takes over the publication
of that rate).



Statutory
Tenement Expenditure means the minimum expenditure which the holder of each Tenement is required by the Mining Act or the terms of
that Tenement to incur in respect of that Tenement in any given Tenement year.





© King & Wood MallesonsRoyalty Deed8







Tailingsincludes tailings, residues, waste rock, spoiled leach materials and other materials resulting from mining operations and activities
conducted on the Royalty Area, whether such operations and activities took place before or after the Effective Date.



Taxmeans any tax (including GST), levy, charge, impost, duty, fee, deduction or withholding paid or payable to, or assessed as being
payable by, any Government Agency, together with any interest, fine and penalty imposed by any Government Agency on or in respect of
any of the above.



Tax
Deductionhas the meaning given in clause 4.4(b).



Tenementsmeans:



| | (a) | the
                                            mining and exploration tenements (being the leases, licences, claims, permits, and other
                                            authorities) and mining and exploration tenement applications listed in Schedule 1 (whether
                                            registered or applied for) in each case as may be renewed, extended, substituted, replaced
                                            (including where an exploration licence is replaced by a mining or other tenement with production
                                            rights) or consolidated; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | any
                                            other mining tenement, lease, licence, claim, permit or authority applied for or granted
                                            wholly or partly in respect of the whole or any part of the area which is the subject, as
                                            at the Effective Date, of any of the mining or exploration tenements listed in Schedule 1
                                            that is at any time held, or an interest in which is at any time held, by the Grantor or
                                            any of its Related Bodies Corporate.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Termhas the meaning given in clause 2.



Third
Party Buyer has the meaning given in clause 9.6(b)(i).



Third
Party Controllerhas the meaning given in clause 9.7(a)(i).



Trading
Activities means streaming, forward sales, futures trading or commodity options trading and other price hedging, price protection,
and speculative arrangements (but excluding any offtake, smelting or refining arrangement) which involves the possible physical delivery
of Products.



Transfermeans sell, assign, novate, transfer, dispose of, Encumber, create a security over (by way of mortgage, charge, lien or any other
form of security or security interest) or otherwise deal with.



Transfer
Noticehas the meaning given in clause 9.6(b).



Transfereemeans an assignee, novatee or other transferee.



Transferring
Interest has the meaning given in clause 9.6(a).



Ultimate
Holding Companyhas the meaning given in the Corporations Act.



| | 1.2 | References
                                            to certain general terms
| | --- | -------------------------------------------------------------------------------



Unless the contrary intention
appears, a reference in this document to:



| | (a) | (variations
                                            or replacement) a document (including this document) includes any variation or replacement
                                            of it;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | (clauses,
                                            annexures and schedules)a clause, annexure or schedule is a reference to a clause in
                                            or annexure or schedule to this document;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed9







| | (c) | (reference
                                            to statutes) a statute, ordinance, code or other law includes regulations and other instruments
                                            under it and consolidations, amendments, re-enactments or replacements of any of them;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | (law)law means common law, principles of equity, and laws made by parliament (and laws made
                                            by parliament include State, Territory and Commonwealth laws and regulations and other instruments
                                            under them, and consolidations, amendments, re-enactments or replacements of any of them);
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | (singular
                                            includes plural)the singular includes the plural and vice versa;
| | --- | ----------------------------------------------------------------------------------------------------------------------



| | (f) | (person)the word “person” includes an individual, a firm, a body corporate, a partnership,
                                            a joint venture, an unincorporated body or association, or any Government Agency;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | (executors,
                                            administrators, successors)a particular person or entity includes a reference to the
                                            person’s executors, administrators, successors, substitutes (including persons taking
                                            by novation) and permitted assigns, including any person taking by way of novation;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | (two
                                            or more persons)an agreement, representation or warranty in favour of two or more persons
                                            is for the benefit of them jointly and each of them individually;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | (jointly
                                            and individually)an agreement, representation or warranty by two or more persons binds
                                            them jointly and each of them individually;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | (reference
                                            to a group of persons)a group of persons or things is a reference to any two or more
                                            of them jointly and to each of them individually;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (k) | (dollars)US dollars, dollars, USD, US$ or $ is a reference to the lawful currency of the United
                                            States of America;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (l) | (calculation
                                            of time)a period of time dating from a given day or the day of an act or event, is to
                                            be calculated exclusive of that day;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (m) | (reference
                                            to a day)a day is to be interpreted as the period of time commencing at midnight and
                                            ending 24 hours later;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (n) | (accounting
                                            terms) an accounting term is a reference to that term as it is used in accounting standards
                                            under the Corporations Act, or, if not inconsistent with those standards, in accounting principles
                                            and practices generally accepted in Australia;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (o) | (meaning
                                            not limited)the words “including”, “for example” or “such
                                            as” when introducing an example, does not limit the meaning of the words to which the
                                            example relates to that example or examples of a similar kind;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (p) | (time
                                            of day)time is a reference to Sydney time;
| | --- | --------------------------------------------------------------------------------------------



| | (q) | (gender)a reference to one gender is a reference to all genders; and
| | --- | --------------------------------------------------------------------



| | (r) | (reference
                                            to any thing)any thing (including any amount) is a reference to the whole and each part
                                            of it.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed10







| | 1.3 | Next
                                            day
| | --- | ----------------------------------------------------



If an act under this document
to be done by a party on or by a given day is done after 5.30pm on that day, it is taken to be done on the next day.



| | 1.4 | Next
                                            Business Day
| | --- | -------------------------------------------------------------



If an event under this document
must occur on a stipulated day which is not a Business Day then the stipulated day will be taken to be the next Business Day.



| | 1.5 | Headings
| | --- | --------



Headings (including those
in brackets at the beginning of paragraphs), and labels used for definitions, are for convenience only and do not affect the interpretation
of this document.



| | 2 | Term
| | - | ----



This document will continue
and endure for the benefit of the Grantee unless terminated in accordance with its terms (“Term”).



| | 3 | Registration
| | - | ------------



| | (a) | The
                                            Grantor acknowledges and agrees that the Grantee’s rights and interests under this
                                            document, including the right to receive a Royalty, is an equitable interest in each Tenement
                                            including as described in section 161 of the Mining Act. The parties intend, subject to the
                                            subordination arrangements set out in clause 6.2, that this document, and the Grantee’s
                                            equitable interest arising hereunder in the Tenements, be registered pursuant to the Mining
                                            Act against each Tenement as soon as practicable. The Grantor irrevocably consents to such
                                            registration.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Registration
                                            of this document against each Replacement Tenement must be effected by, and at the expense
                                            of, the Grantor.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4 | Royalty
| | - | -------



| | 4.1 | Obligation
                                            to pay Royalty
| | --- | ---------------------------------------------------------------------



For each
Quarter during the Royalty Period, irrespective of the economic performance of the Operations, the Grantor must pay to, or at the written
direction of, the Grantee, a royalty equal to 1.5% of Net Smelter Returns for that Quarter (“Royalty Amount”).



| | 4.2 | Hedging
| | --- | -------



The Grantee will not be
entitled or required to participate in, any gain or loss of the Grantor or its Related Bodies Corporate in Trading Activities or in the
actual marketing or sales of Products delivered pursuant to Trading Activities. In determining the Royalty payable on any Products delivered
pursuant to Trading Activities, the Grantor will not be entitled to deduct from Gross Revenue Received any losses suffered by the Grantor
or its Related Bodies Corporate in Trading Activities. If the Grantor engages in Trading Activities, then the Royalty will be determined
on the basis of the price or proceeds that would have been received for such Products on Arm’s Length Terms as of the date of sale
or other disposition without regard to the price or proceeds actually received by the Grantor or its Related Bodies Corporate for, or
in connection with, such sale or other disposition or the manner in which such sale or other disposition was made by the Grantor or its
Related Bodies Corporate. The parties agree that the Grantee is not a participant in the Trading Activities of the Grantor or its Related
Bodies Corporate, and therefore the Royalty will not be diminished or improved by losses or gains of the Grantor or its Related Bodies
Corporate in any such Trading Activities.





© King & Wood MallesonsRoyalty Deed11







| | 4.3 | Payment
                                            of Royalty
| | --- | --------------------------------------------------------------



Within 35 days after the
end of each Quarter during the Royalty Period, the Grantor must calculate the Royalty Amount payable for that Quarter and:



| | (a) | give
                                            to the Grantee a Royalty Statement for that Quarter;
| | --- | -----------------------------------------------------------------------------------------------------



| | (b) | give
                                            to the Grantee a recipient created tax invoice in respect of the Royalty Amount; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------



| | (c) | pay
                                            to, or at the written direction of, the Grantee, the Royalty due to it for that Quarter,
                                            in immediately available funds by direct deposit to the bank account nominated by the Grantee,
                                            which the Grantee may, by notice in writing to the Grantor, change from time to time.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Unless the parties otherwise
agree in writing, all Royalty payments shall be made in US dollars.



| | 4.4 | Deduction
                                            from Royalty and other payments
| | --- | -------------------------------------------------------------------------------------



| | (a) | Each
                                            party must make all payments due by it under this document free and clear without any withholding
                                            or deduction in respect of Taxes unless such withholding or deduction is required by law.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If
                                            the Grantor is required by law to withhold or deduct any such Tax from a payment of the Royalty
                                            (“Tax Deduction”), the Grantor must:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | promptly,
                                            upon becoming aware that it is required to make the Tax Deduction, or if there is any change
                                            in the rate or the basis of the Tax Deduction, notify the Grantee of the amount, date and
                                            proposed recipient of the required Tax Deduction;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | pay
                                            to the Grantee those additional amounts as may be necessary so that the net payment after
                                            that withholding or deduction (including any further withholding or deduction on such additional
                                            amounts) is not less than the payment would have been had there been no Tax Deduction;
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | pay
                                            to the relevant taxation authority, before the time required by law to make such payment,
                                            the Tax Deduction; and
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | within
                                            7 days of making the payment referred in to in clause 4.4(b)(iii), deliver to the Grantee
                                            evidence satisfactory to the Grantee, acting reasonably, that the Tax Deduction has been
                                            made and paid to the relevant taxation authority as required.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.5 | Obligation
                                            not to avoid Royalty
| | --- | ---------------------------------------------------------------------------



The Grantor acknowledges and
agrees that it will not sell any unprocessed Minerals (including ore that has been milled but not further processed), without the prior
written consent of the Grantee, not to be unreasonably withheld.





© King & Wood MallesonsRoyalty Deed12







| | 4.6 | Interest
                                            on late payment
| | --- | --------------------------------------------------------------------



| | (a) | Where
                                            any amount payable under this document is not paid on or before the due date, it will bear
                                            interest from the due date for payment until the amount is paid in full at the Default Rate
                                            and such interest accrues daily.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If
                                            the Grantor does not pay any Royalty due to the Grantee by the date on which it is payable
                                            then, without prejudice to any other rights of the Grantee including any rights under the
                                            Security, the Grantor agrees to pay the Grantee immediately on demand:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | interest
                                            at the Default Rate on the unpaid Royalty calculated daily from the due date for payment
                                            until the payment has been made in full; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | all
                                            costs and expenses (including legal costs and disbursements on a full indemnity basis) incurred
                                            by the Grantee attributable to the Grantor’s failure to pay that Royalty by the date
                                            for payment.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.7 | Reports
| | --- | -------



The Grantor must provide
to the Grantee:



| | (a) | within
                                            35 days after the end of a Quarter, a Quarterly Report in respect of that Quarter;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------



| | (b) | by
                                            30 November each year during the Royalty Period, an Annual Report; and
| | --- | ---------------------------------------------------------------------------------------------------------------------



| | (c) | promptly
                                            after its lodgement, a copy of any royalty return or equivalent report required by the Mining
                                            Act lodged with the Department.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.8 | Dispute
                                            regarding Royalty Statement or Report
| | --- | -----------------------------------------------------------------------------------------



| | (a) | If
                                            the Grantee does not agree with a Royalty Statement or a Report, it may, within the 6 month
                                            period after the date it receives the Royalty Statement or Report, give notice in writing
                                            to the Grantor that it disputes the Royalty Statement or Report, in which case the procedures
                                            in this clause 4.8 apply. For the avoidance of doubt, any dispute initiated in accordance
                                            with this clause does not relieve the Grantor of its obligations to pay to the Grantee the
                                            amount stated on a Royalty Statement or Report by the due date for payment of the applicable
                                            Royalty.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If
                                            any Dispute arises regarding the Royalty Statement or Report, the parties must meet to consider
                                            the accuracy of the Royalty Statement or Report as soon as practicable after delivery of
                                            the Grantee’s notice under clause 4.8(a).
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | If
                                            the parties are unable to resolve the Dispute within 14 days after delivery of the Grantee’s
                                            notice under clause 4.8(a), the Grantee may by notice in writing to the Grantor request the
                                            appointment of an Independent Expert to determine the Dispute in accordance with clause 13
                                            (that is, to determine the accuracy of the Royalty Statement or Report and to calculate the
                                            amount of Royalty payable).
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | If
                                            the Grantee does not raise a Dispute in respect of a Royalty Statement or Report by the date
                                            which is 6 months after the date that the Grantee received the Royalty Statement or Report,
                                            the Royalty Statement or Report will, in the absence of fraud or manifest error, be binding
                                            on the parties, subject to the Grantee’s rights in connection with an audit pursuant
                                            to clause 5.3.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed13







| | 4.9 | Royalty
                                            to be free of set-off
| | --- | -------------------------------------------------------------------------



A Royalty
is to be paid without demand, reduction, deduction (other than a Tax Deduction in accordance with clause 4.4(b)), or set-off for any
reason or on any account whatsoever.



| | 5 | Records,
                                            Inspection, audit and technical reports
| | - | --------------------------------------------------------------------------------------------



| | 5.1 | Records
| | --- | -------



The Grantor must:



| | (a) | keep,
                                            or cause to be kept, true and accurate Records in accordance with the Accounting Standards
                                            and generally accepted Australian mining industry practice, in sufficient detail to enable
                                            an independent audit to be carried out which is capable of establishing the accuracy of the
                                            calculations required to be carried out under clause 4; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | keep
                                            such Records for a period of not less than 7 years from when they are created.
| | --- | -------------------------------------------------------------------------------------------------------------------------------



| | 5.2 | Inspection
| | --- | ----------



| | (a) | The
                                            Grantor must, upon the giving of reasonable written notice by the Grantee:
| | --- | --------------------------------------------------------------------------------------------------------------------------



| | (i) | permit
                                            the Grantee, its Related Bodies Corporate, and their respective Representatives and agents
                                            to access and inspect:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (A) | not
                                            more than once every calendar year of the Term (except where also required for the purposes
                                            of preparation of a Prescribed Technical Report in accordance with cause 5.4), the Operations
                                            and the Tenements, within business hours; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | the
                                            Records,
| | --- | --------------------------------------------------------



(in each
case, “Inspection”); and



| | (ii) | provide
                                            all reasonable assistance required by the persons identified in clause 5.2(a)(i), to carry
                                            out such Inspection, including permitting such persons to take copies of any Records.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each
                                            party must bear its own costs and expenses associated with any Inspection.  This clause
                                            5.2 survives after the end of the Term or termination of this document.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.3 | Audit
| | --- | -----



The Grantee may request
not more than once every calendar year of the Term an audit by the Independent Auditor in accordance with clause 14, of:



| | (a) | the
                                            Records;
| | --- | --------------------------------------------------------



| | (b) | the
                                            Operations;
| | --- | -----------------------------------------------------------





© King & Wood MallesonsRoyalty Deed14







| | (c) | the
                                            mining and metallurgical accounting conducted by the Grantor in calculating the Product produced
                                            from the Royalty Area; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | any
                                            other matter or thing in relation to the production or sale of Product or the calculation
                                            of the Royalty.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5.4 | Technical
                                            reports
| | --- | -------------------------------------------------------------



If so requested by the Grantee
and at the Grantee’s cost, the Grantor shall use its commercially reasonable efforts to assist the Grantee and its Related Bodies
Corporate:



| | (a) | in
                                            obtaining copies of any technical reports prepared on all or part of the Tenements, and other
                                            technical information (including reserve and resource data), records or information (including
                                            access to drill core) pertaining to the Operations in the possession or control of the Grantor
                                            (“Project Information”) (to be held by the Grantee subject to clause 11)
                                            and related qualified person consents and qualified person certificates; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | otherwise
                                            in conducting their own diligence of the Operations,
| | --- | ----------------------------------------------------------------------------------------------------------



in each case:



| | (c) | if
                                            the Grantee or any Related Body Corporate of it prepares and files (or proposes to prepare
                                            and file) a technical report on all or part of the Tenements in accordance with National
                                            Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities
                                            Administrators or the 2012 edition of the Australasian Code for Reporting of Exploration
                                            Results, Mineral Resources and Ore Reserves or another reputable mineral disclosure regime
                                            (“Prescribed Technical Report”), and such Project Information is reasonably
                                            necessary to permit the Grantee or any of its Related Bodies Corporate to prepare such Prescribed
                                            Technical Report; or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | to
                                            facilitate the reliance by the Grantee or any Related Body Corporate of the Grantee on any
                                            exemption available from the requirement to file such Prescribed Technical Report,
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



provided that, subject always
to the Grantee complying with applicable securities legislation, prior to the filing by the Grantee or any of its Related Bodies Corporate
of any Prescribed Technical Report, the Grantee shall give the Grantor a reasonable opportunity to review and comment on such Prescribed
Technical Report and shall provide to the Grantor a final copy or an advance draft copy of any such Prescribed Technical Report at least
10 Business Days before it is made publicly available.



| | 6 | Security
| | - | --------



| | 6.1 | Security
| | --- | --------



| | (a) | The
                                            Grantor agrees to enter into the Security with the Grantee on and from the Effective Date
                                            to secure the performance of its obligations to the Grantee under this document (including
                                            any obligation to pay a Royalty Amount).
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                            Grantor acknowledges and agrees that the Grantee’s rights and interests under the Security,
                                            including the mortgage and assignment of the Tenements to the Grantee as security, is an
                                            equitable interest in each Tenement including as described in section 161 of the Mining Act.
                                            The parties intend that the Security, and the Grantee’s equitable interest arising
                                            thereunder in the Tenements, be registered pursuant to the Mining Act against each Tenement
                                            as soon as practicable. The Grantor irrevocably consents to such registration.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed15







| | (c) | Registration
                                            of the Security against each Tenement and each Replacement Tenement will be effected by,
                                            and at the expense of, the Grantor.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Subject
                                            to clause 6.2, the Grantor shall ensure that the Security at all times constitutes a first
                                            ranking Encumbrance on the Tenements and the other collateral Encumbered thereby.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6.2 | Security
                                            subordination
| | --- | ------------------------------------------------------------------



| | (a) | The
                                            parties acknowledge that the Grantor Group has sought senior financing for the sole purpose
                                            of acquiring the Grantor as agreed under the Sale Agreement, and that the Grantor may seek
                                            senior debt financing for the sole purposes of development, expansion or operations with
                                            respect to the Tenements (but not other forms of senior funding), from a reputable lending
                                            institution or institutions (“Senior Lender”), which has necessitated,
                                            or may necessitate, the granting of an Encumbrance on standard commercial terms over the
                                            Grantor’s assets, including each Tenement (“Senior Lender Security”).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | In
                                            the circumstances set out in clause 6.2(a), the Grantor and the Grantee agree to enter into
                                            a subordination or priority deed, with the Senior Lender and any other parties providing
                                            finance to any Grantor Group Member and taking security from the Grantor, on terms acceptable
                                            to the Grantee (acting in good faith and reasonably) to subordinate its rights and entitlements
                                            under the Security for the period such Senior Lender financing is in place (“Senior
                                            Lender Priority Period”), so as to:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | give
                                            the Senior Lender’s (but no other party’s) rights and entitlements under the
                                            Senior Lender Security priority over the Tenements; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | provide
                                            that the Grantee’s rights and entitlements under the Security rank pari passu with
                                            the rights and entitlements of Osisko and Sprott (and no other person).
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The
                                            Grantor must repay the Senior Lender facilities as soon as reasonably possible and upon repayment
                                            in full, request the termination and return of the relevant project finance documents, including
                                            release of the Senior Lender Security at which point the Grantee’s subordination to
                                            the Senior Lender Security ceases. For the avoidance of doubt, in the event the Senior Lender
                                            Security ceases, the Grantee’s rights and entitlements under the Security will continue
                                            to rank pari passu with the rights and entitlements of Osisko and Sprott.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | For
                                            the avoidance of doubt, nothing in this clause 6.2 (or any intercreditor or priority deed
                                            entered into in accordance with this clause 6.2) shall restrict the Grantee from receiving
                                            or demanding any payments due to it under this document (including the Royalty Amount) during
                                            the Senior Lender Priority Period.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed16







| | 6.3 | Registration
| | --- | ------------



| | (a) | The
                                            Grantor at its cost will, as soon as practicable after the Effective Date, execute all documents
                                            and do all acts and things necessary or desirable (including evidencing the consent given
                                            in clause 6.3(b) below in writing on any document reasonably requested by the Grantee)
                                            to register (or procure the registration of) a caveat, on behalf of the Grantee, against
                                            each Tenement pursuant to section 124 of the Mining Act 1992(NSW), and will use best
                                            efforts, execute all documents and do all acts and things necessary or desirable, to re-register
                                            (or procure the re-registration of) each such caveat from time to time to ensure that a caveat
                                            is lodged against each Tenement at all times during the Term.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                            Grantor consents, for the duration of the Term, to the registration and re-registration or
                                            continuance from time to time of each caveat as contemplated by clause 6.3(a) above
                                            and the Grantor must not (and must not take any steps to):
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | prevent,
                                            or cause to be prevented, the registration or re-registration of any such caveat;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | remove
                                            or cancel, or cause to be removed or cancelled, any such caveat; or
| | ---- | ----------------------------------------------------------------------------------------------------------------------



| | (iii) | make
                                            any application, commence any proceedings (including by way of summons) or otherwise apply
                                            for any order for, or which might cause or lead to, the removal or cancellation of any such
                                            caveat,
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



unless
it has obtained the Grantee’s prior written consent.



| | (c) | If
                                            any new mining tenement or other lease, licence, claim, permit or other authority is granted
                                            from time to time in substitution for, extension of or upon the variation or renewal of any
                                            Tenement (which the parties acknowledge becomes a “Tenement” for the purposes
                                            of this document) (“New Title”), the Grantor must at its cost:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | give
                                            prompt written notice of the New Title to the Grantee;
| | --- | -------------------------------------------------------------------------------------------------------



| | (ii) | use
                                            best efforts, execute all documents and do all acts and things necessary or desirable to
                                            register (or procure the registration of) this document on the document of title of such
                                            New Title and to register (or procure the registration of) caveats, on behalf of the Grantee,
                                            against each New Title in accordance with the Mining Act; and
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | agree
                                            to enter into a new Security in respect of the New Title (on substantially the same terms
                                            and conditions as the existing Security), or amend the existing Security such that the New
                                            Title is subject to that Security.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6.4 | Assistance
| | --- | ----------



The Grantee will give to
the Grantor all assistance that the Grantor may reasonably require in carrying out its obligations under this clause 6.



| | 6.5 | Appointment
                                            of attorney
| | --- | -------------------------------------------------------------------



| | (a) | Should
                                            the Grantor fail to execute the documents as reasonably requested pursuant to clause 6.3,
                                            the Grantor irrevocably appoints the Grantee, each director and secretary of the Grantee,
                                            and their respective nominees jointly and each of them severally as attorney for the Grantor
                                            to execute all such documents as may be reasonably necessary to effect the obligations of
                                            the Grantor under this clause 6.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed17







| | (b) | The
                                            Grantee must, within five days, provide the Grantor with copies of any documents executed,
                                            under the appointment in this clause 6.5.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 6.6 | Withdrawal
                                            and re-lodgement of caveat
| | --- | ---------------------------------------------------------------------------------



| | (a) | The
                                            Grantee must withdraw its caveat contemporaneously with a Transfer of the Grantor’s
                                            rights, title or interest in, and obligations with respect to, the Tenements, if the Transfer
                                            complies with clause 9.1 and the Transferee has executed a Grantor Deed of Covenant and a
                                            Replacement Security.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
                                            Grantor agrees, and prior to agreeing to any Transfer referred to in clause 6.6(a) must procure
                                            that any Transferee agrees, that the Grantee may re-lodge its caveat or lodge another caveat,
                                            at the cost of the Grantor, immediately after a Transfer referred to in clause 6.6(a) is
                                            registered.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7 | Tenements
                                            and conduct of Operations
| | - | -------------------------------------------------------------------------------



| | 7.1 | Grantor
                                            obligations
| | --- | ---------------------------------------------------------------



The Grantor agrees to, without
limiting the obligations of the Grantor under this document:



| | (a) | comply
                                            promptly and diligently with all provisions of the Mining Act insofar as they apply to the
                                            Tenements and all statutory requirements which apply to the Operations;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | do
                                            all things necessary (including paying all amounts required, and renewing and extending each
                                            Tenement when it becomes due for renewal or extension) to keep the Tenements in good standing
                                            and free from any liability to forfeiture or non-renewal including ensuring all Statutory
                                            Tenement Expenditure conditions are met or exemptions properly obtained; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | not
                                            do or permit to be done any act, matter or thing which may prejudice the Royalty Area or
                                            cause the Tenements or any part of them to be forfeited or relinquished, except:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | to
                                            the extent required by law or a Government Agency;
| | --- | -------------------------------------------------------------------------------------------------



| | (ii) | if
                                            the forfeiture or relinquishment is of an Exploration Tenement (or any part of it) where
                                            the Exploration Tenement is replaced by a mining or other tenement with production rights,
                                            or where the Grantee has confirmed (acting reasonably) that it is not commercially feasible
                                            to seek production rights in respect of that Exploration Tenement (or any part of it); or
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | with
                                            the prior written consent of the Grantee.
| | ----- | ------------------------------------------------------------------------------------------



| | 7.2 | Conduct
                                            efficiently
| | --- | ---------------------------------------------------------------



The Grantor must at all
times during the Term:



| | (a) | cause
                                            the Operations to be operated and maintained in a proper and efficient manner, in accordance
                                            with the law, the terms and conditions of the Tenements and accepted international mining,
                                            processing, engineering and environmental practices prevailing in the mining industry;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed18







| | (b) | ensure
                                            that all cut-off grade, short-term mine planning, long-term mine planning and production
                                            decisions concerning the Tenements are made as though the Grantor has the full economic interest
                                            in the Products produced from the Tenements (without regard to its obligation to pay the
                                            Royalty); and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | ensure
                                            that all offtake arrangements with respect to Products (and all other materials derived from
                                            the Royalty Area) are entered into and administrated on Arm’s Length Terms.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7.3 | Tailings
| | --- | --------



If any Tailings are processed
or reprocessed at any time during the Term and result in Products, then those Products are subject to payment of the Royalty.



| | 7.4 | Processing
                                            and commingling
| | --- | ----------------------------------------------------------------------



The Grantor may commingle
Other Minerals with Minerals (including Product), provided that:



| | (a) | no
                                            Minerals are displaced (or the processing thereof delayed) by the commingling or processing
                                            of Other Minerals;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the
                                            Grantor acts in accordance with customary international mining and metallurgical practice
                                            applied reasonably when commingling Minerals with Other Minerals;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | before
                                            commingling any Minerals with Other Minerals, the Grantor must take, measure and retain representative
                                            samples of such Minerals (including Product, if any) for moisture, metal, commercial minerals,
                                            penalty substances and other appropriate content so as to be able to determine their metal
                                            or mineral content, using the same procedures for each separate source of Minerals or Other
                                            Minerals;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | the
                                            Grantor must establish and record the methods and practices adopted by it necessary to weigh,
                                            sample, assay and perform other measuring or testing necessary to fairly calculate the quantity
                                            of Product subject to this document that is produced from Minerals commingled with Other
                                            Minerals pursuant to this clause 7.4; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | the
                                            Grantor must retain:
| | --- | --------------------------------------------------------------------



| | (i) | representative
                                            samples taken from Minerals commingled with Other Minerals for a period of not less than
                                            30 days after receipt by the Grantee of the Royalty Statement in respect of the Quarter during
                                            which the Product was produced from Minerals commingled with Other Minerals, with the Grantee
                                            being entitled to inspect such samples upon providing not less than 2 Business Days’
                                            notice to the Grantor, provided that such right of inspection may be exercised no more than
                                            once in respect of a Quarter; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | records
                                            created pursuant to clause 7.4(d) with respect to a particular Quarter during which Product
                                            was produced from Minerals commingled with Other Minerals for a period of not less than 18
                                            months after expiration of that Quarter.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 7.5 | Samples
| | --- | -------



The
Grantor may, without being liable to pay a Royalty under this document, mine, remove and supply small amounts of Minerals reasonably
necessary for sampling, assaying, metallurgical testing and evaluation of the mineral potential of any Tenement.





© King & Wood MallesonsRoyalty Deed19







| | 8 | Termination
| | - | -----------



This document may be terminated
by the written agreement of all parties to this document.



| | 9 | Transfers
                                            of interests
| | - | ------------------------------------------------------------------



| | 9.1 | Transfer
                                            by the Grantor
| | --- | -------------------------------------------------------------------



| | (a) | Subject
                                            to clause 9.1(b), the Grantor may not Transfer, or attempt or purport to Transfer:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------



| | (i) | all
                                            or any part of its rights or obligations under this document (including its obligations under
                                            the Security); or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | all
                                            or any part of its rights, title or interest in, or obligations with respect to, the Tenements
                                            or the Operations,
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



unless:



| | (iii) | it
                                            obtains the prior written consent of the Grantee, which is not to be unreasonably withheld
                                            in accordance with clause 9.2;
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | as
                                            at the date of the proposed Transfer, the Grantor has paid all amounts that are due and payable
                                            under this document, including Royalty payments;
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | upon
                                            completion of the Transfer:
| | --- | ----------------------------------------------------------------------------



| | (A) | all
                                            of the rights and obligations of the Grantor under this document (including its obligations
                                            under the Security); and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | all
                                            of the Tenements and the Operations,
| | --- | ------------------------------------------------------------------------------------



will be held by a single
person or by two or more persons that are all Related Bodies Corporate of each other; and



| | (vi) | the
                                            Grantor, the proposed Transferee (including any Transferee that is a Related Body Corporate
                                            of the Grantor) and the Ultimate Holding Company of the proposed Transferee first enter into
                                            a Grantor Deed of Covenant, a Replacement Security and such other documents as the Grantee
                                            may reasonably require, pursuant to which the proposed Transferee agrees to assume, be bound
                                            by and perform, and the Ultimate Holding Company of the proposed Transferee guarantees, all
                                            of the obligations of the Grantor under this document (including its obligations under the
                                            Security) to the extent of the interest being transferred to the proposed Transferee.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If
                                            the proposed Transfer under clause 9.1(a) is to a Related Body Corporate of the Grantor,
                                            the written consent of the Grantee is not required, but the Grantor must comply with clauses
                                            9.1(a)(iv), 9.1(a)(v) and 9.1(a)(vi) (except that the reference to the Ultimate Holding Company
                                            of the proposed Transferee, will be a reference to the existing Guarantor).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed20







| | 9.2 | Consent
                                            not to be unreasonably withheld
| | --- | -----------------------------------------------------------------------------------



The Grantee
must provide its consent pursuant to clause 9.1(a)(iii), where the Grantor can demonstrate that:



| | (a) | the
                                            proposed Transferee has sufficient technical and financial capability to carry out the Operations,
                                            to the satisfaction of the Grantee acting reasonably. For the purpose of this clause, the
                                            Grantor will provide details of the technical and financial capabilities of the Transferee
                                            that the Grantee may reasonably require;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the
                                            proposed Transferee is not, nor is it 50% or more owned or controlled by, any Sanctioned
                                            Person;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the
                                            proposed Transferee would be reasonably expected to be able to meet the obligations of the
                                            Grantor under this document; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | the
                                            Ultimate Holding Company of the proposed Transferee is, in the reasonable opinion of the
                                            Grantee:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | financially
                                            competent to ensure that the Grantor can carry out the Operations, and its obligations under
                                            clauses 4 and 6.1;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | technically
                                            competent to ensure that the Grantor can carry out the Operations, and its obligations under
                                            clause 7; and
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | not,
                                            nor 50% or more owned or controlled by, a Sanctioned Person.
| | ----- | -------------------------------------------------------------------------------------------------------------



| | 9.3 | Unlisted
                                            Change of Control of Grantor
| | --- | ---------------------------------------------------------------------------------



Where
a Change of Control of the Grantor is proposed, arises or is reasonably likely to arise (except in the circumstances set out in clause
9.4, in which case clause 9.4 will apply):



| | (a) | if
                                            the Grantor proposes to undergo a Change of Control, it must notify the Grantee in writing
                                            as soon as practicable and in any event at least 20 Business Days prior to the proposed Change
                                            of Control. If requested by the Grantee, the Grantor must notify the Grantee with details
                                            of the identity and the financial and technical capabilities of the person who it is proposed
                                            will Control the Grantor (both directly, and their Ultimate Holding Company), within 2 Business
                                            Days of that request;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the
                                            Grantor must not undergo a Change of Control without the prior written consent of the Grantee,
                                            which is not to be unreasonably withheld in accordance with clause 9.3(c);
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the
                                            Grantee must provide its consent to the proposed Change of Control, if:
| | --- | -----------------------------------------------------------------------------------------------------------------------



| | (i) | upon
                                            completion of the Change of Control,
| | --- | -------------------------------------------------------------------------------------



| | (A) | all
                                            of the rights and obligations of the Grantor under this document (including its obligations
                                            under the Security); and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | all
                                            of the Tenements and Operations,
| | --- | --------------------------------------------------------------------------------



will be held by a single
person or by two or more persons that are all Related Bodies Corporate of each other;





© King & Wood MallesonsRoyalty Deed21







| | (ii) | the
                                            person who it is proposed will Control the Grantor (both directly, and the Ultimate Holding
                                            Company) is, or will be, on and from the proposed Change of Control, in the reasonable opinion
                                            of the Grantee:
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (A) | financially
                                            competent to ensure that the Grantor can carry out the Operations, and its obligations under
                                            clauses 4 and 6.1;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | technically
                                            competent to ensure that the Grantor can carry out the Operations, and its obligations under
                                            clause 7; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (C) | not,
                                            nor 50% or more owned or controlled by, a Sanctioned Person; and
| | --- | -----------------------------------------------------------------------------------------------------------------



| | (iii) | the
                                            Ultimate Holding Company that it is proposed will Control the Grantor guarantees the obligations
                                            of the Grantor on the terms of the Guarantee set out in this document;
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | the
                                            Grantor must not undergo a Change of Control unless the Grantor has paid all amounts due
                                            and owing under this document, including Royalty payments, as at the date of the proposed
                                            Change of Control; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | the
                                            parties acknowledge and agree that damages are an insufficient remedy for a breach of this
                                            clause 9.3, and that a breach of this clause 9.3 is a breach of a material term of this document.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9.4 | Listed
                                            Change of Control of Grantor
| | --- | -------------------------------------------------------------------------------



Where
a Change of Control of the Ultimate Holding Company of the Grantor is proposed, arises or is reasonably likely to arise, in circumstances
where the Ultimate Holding Company is a publicly listed entity:



| | (a) | if
                                            the Grantor or the Guarantor becomes aware that the Grantor is reasonably likely to undergo
                                            such Change of Control, it must promptly notify the Grantee in writing as soon as it becomes
                                            aware. If requested by the Grantee, and to the extent known, the Grantor or the Guarantor
                                            must notify the Grantee with details of the identity and the financial and technical capabilities
                                            of the Ultimate Holding Company that it is anticipated will Control the Grantor, within 2
                                            Business Days of that request;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | to
                                            the extent within the Grantor’s or the Guarantor’s direct or indirect control
                                            or influence, the Grantor or the Guarantor (as applicable) must not allow the Ultimate Holding
                                            Company to undergo a Change of Control if the incoming Ultimate Holding Company is a Sanctioned
                                            Person, or 50% or more owned or controlled by a Sanctioned Person;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | at
                                            the discretion of the Grantee:
| | --- | -----------------------------------------------------------------------------



| | (i) | the
                                            Grantor and the Guarantor must procure that the Grantor’s incoming Ultimate Company
                                            Holding guarantees the obligations of the Grantor on the terms of the Guarantee set out in
                                            this document, on and from the date of the proposed Change of Control; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | if
                                            the incoming Ultimate Holding Company that obtains or is reasonably likely to obtain Control
                                            of the Guarantor is a Sanctioned Person, or 50% or more owned or controlled by a Sanctioned
                                            Person, then the Grantee may require the Grantor to provide a replacement Guarantor that
                                            is not a Sanctioned Person, or 50% or more owned or controlled by a Sanctioned Person, and
                                            is of equal or better financial and technical standing to the Guarantor immediately prior
                                            to the Change of Control, to the satisfaction of the Grantee acting reasonably, and to procure
                                            the execution of a deed under which the replacement Guarantor guarantees the obligations
                                            of the Grantor on the terms of the Guarantee set out in this document; and
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed22







| | (d) | the
                                            parties acknowledge and agree that damages are an insufficient remedy for a breach of this
                                            clause 9.3, and that a breach of this clause 9.3 is a breach of a material term of this document.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9.5 | Intention
                                            of the parties
| | --- | --------------------------------------------------------------------



The parties
acknowledge and agree that the rights and obligations of the Grantor under this document are intended to run with ownership of each Tenement
and are to be binding upon any successor in title to the Grantor as if named as a party to this document. The parties also intend that
the Grantee will always be entitled to the payment of the Royalty calculated by reference to 100% of the production of Product. The Grantor
and the Guarantor must not employ any device or technique or participate in any transaction designed to circumvent this intention.



| | 9.6 | Transfer
                                            by Grantee and right of last refusal
| | --- | -----------------------------------------------------------------------------------------



| | (a) | The
                                            Grantee must not Transfer all or any part of its rights and obligations under this document
                                            and the Security (“Transferring Interest”) unless it first complies with
                                            the process set out in this clause 9.6.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If
                                            the Grantee proposes to Transfer the Transferring Interest, the Grantee must first provide
                                            to the Grantor an irrevocable written notice (“Transfer Notice”) specifying:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the
                                            Transferring Interest and the name of the proposed purchaser (“Third Party Buyer”);
| | --- | -----------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the
                                            consideration to be received for the Transferring Interest, including the Grantee’s
                                            calculation of the equivalent market value in cash (estimated, acting reasonably, as at the
                                            date of the proposed Transfer) for any non-financial amount (including rights) of which the
                                            consideration is comprised;
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | any
                                            other material commercial terms and conditions proposed to be agreed between the Grantee
                                            and the Third Party Buyer in respect of the proposed Transfer; and
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | a
                                            statement to the effect that the Grantor has an option to purchase all (but not part) of
                                            the Transferring Interest at the price and on the terms set out in the Transfer Notice.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Within
                                            15 Business Days after receiving the Transfer Notice (“Offer Period”),
                                            the Grantor may notify the Grantee in writing that the Grantor irrevocably agrees to acquire
                                            the Transferring Interest from the Grantee on terms and conditions that are no less favourable
                                            to the Grantee than the terms and conditions set out in the Transfer Notice (“Grantee’s
                                            Offer”) and subject to any necessary changes to reflect that the Transferee will
                                            be the Grantor. If the consideration to be received for the Transferring Interest includes
                                            any non-financial amount (including rights), then the Grantor must pay the Grantee in cash
                                            the equivalent market value, as determined in accordance with clause 9.6(b)(ii), of that
                                            non-financial amount.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed23







| | (d) | If
                                            the Grantor accepts the Grantee’s Offer by notice in writing to the Grantee within
                                            the Offer Period, the Grantor must complete the purchase of the Transferring Interest on
                                            the terms, subject to clause 9.6(c), set out in the Grantee’s Offer (except that if
                                            the time period specified in the Grantee’s Offer for completion of the Transfer is
                                            less than 15 Business Days, such time period will be deemed to be 15 Business Days).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | If
                                            the Grantor, prior to expiry of the Offer Period:
| | --- | ------------------------------------------------------------------------------------------------



| | (i) | does
                                            not notify the Grantee in writing that the Grantor agrees to acquire the Transferring Interest
                                            in accordance with clause 9.6(c); or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | notifies
                                            the Grantee in writing that the Grantor does not agree to acquire the Transferring Interest,
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------



then the
Grantee may agree to Transfer the Transferring Interest on terms and conditions no more favourable to the Grantee than those set out
in the Transfer Notice. The Grantor agrees to execute all documents reasonably requested by the Grantee to give effect to such Transfer,
as soon as practicable and otherwise within 15 Business Days of request.



| | (f) | The
                                            Grantee may Transfer any or all of its rights and obligations under this document and the
                                            Security to a Related Body Corporate or any Grantee Group Member, without complying with
                                            the process set out in this clause 9.6 and without consent from the Grantor or the Guarantor.
                                            The Grantor agrees to execute all documents reasonably requested by the Grantee to give effect
                                            to such Transfer, as soon as practicable and otherwise within 15 Business Days of request.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | The
                                            Grantee must not Transfer, nor attempt or purport to Transfer, the Transferring Interest,
                                            unless the Grantee and the Third Party Buyer (or the Related Body Corporate, to the extent
                                            clause 9.6(f) applies) first enter into a Grantee Deed of Covenant pursuant to which the
                                            Third Party Buyer (or the Related Body Corporate, to the extent clause 9.6(f) applies) agrees
                                            to assume, be bound by and perform, all of the obligations under this document of the Grantee,
                                            to the extent of the Transferring Interest.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 9.7 | Grantee
                                            Change of Control
| | --- | ---------------------------------------------------------------------



| | (a) | Where
                                            a Grantee Change of Control is proposed, arises or is reasonably likely to arise, the Grantee
                                            must, at least 30 Business Days prior to the Grantee Change of Control, provide to the Grantor
                                            an irrevocable written notice (“Control Notice”):
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | specifying
                                            the name(s) of the person(s) who it is proposed will Control the Grantee (“Third
                                            Party Controller”); and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | containing
                                            a statement to the effect that the Grantor has an option to purchase all (but not part) of
                                            the Grantee’s rights and obligations under this document and the Security (“Control
                                            Interest”) at the price which is the Grantee’s calculation of the net present
                                            value in cash (estimated, acting reasonably, as at the date of the proposed Grantee Change
                                            of Control) of the Control Interest.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed24









| | (b) | Within 15 Business Days after receiving
                                            the Control Notice (“Control Offer Period”), the Grantor may notify the
                                            Grantee in writing that the Grantor irrevocably agrees to acquire the Control Interest from
                                            the Grantee on the terms and conditions set out in the Control Notice (“Grantee’s
                                            Control Offer”).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | If the Grantor accepts the Grantee’s
                                            Control Offer by notice in writing to the Grantee within the Control Offer Period, the Grantor
                                            must complete the purchase of the Control Interest, on the terms and conditions set out in
                                            the Control Notice, within 10 Business Days after such acceptance by the Grantor. The Grantor
                                            and the Grantee agree to immediately execute all documents reasonably required to give effect
                                            to the Grantor’s acceptance of the Grantee’s Control Offer.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | If the Grantor, prior to expiry
                                            of the Control Offer Period:
| | --- | --------------------------------------------------------------------------------------------------------



| | (i) | does not notify the Grantee in writing
                                            that the Grantor agrees to acquire the Control Interest in accordance with clause 9.7(b);
                                            or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | notifies the Grantee in writing
                                            that the Grantor does not agree to acquire the Control Interest,
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------



then the
Grantee is taken to have complied with its obligations under this document in respect of the Grantee Change of Control. The Grantor agrees
to execute, for the benefit of the Third Party Controller, a written consent notice in respect of the proposed Grantee Change of Control,
as soon as practicable and otherwise within 2 Business Days of request.



| | 10 | Guarantee
                                            and indemnity
| | -- | -------------------------------------------------------------------



| | 10.1 | Consideration
| | ---- | -------------



The Guarantor acknowledges
that the Grantee is acting in reliance on the Guarantor incurring obligations and giving rights under this Guarantee.



| | 10.2 | Guarantee
| | ---- | ---------



| | (a) | The Guarantor unconditionally and
                                            irrevocably guarantees to the Grantee the Grantor’s compliance with the Grantor’s
                                            obligations in connection with this document (including the Security), including each obligation
                                            to pay money.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If the Grantor does not comply with
                                            those obligations on time and in accordance with this document (including the Security),
                                            then the Guarantor agrees to comply with those obligations on demand from the Grantee. A
                                            demand may be made whether or not the Grantee has made demand on the Grantor.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 10.3 | Indemnity
| | ---- | ---------



The Guarantor indemnifies
the Grantee against any liability or loss arising from, and any costs it incurs, if:



| | (a) | the Grantor does not, or is unable
                                            to, comply with an obligation it has (including any obligation to pay money) in connection
                                            with this document (including the Security); or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | a representation or warranty by
                                            the Grantor in this document is found to have been incorrect or misleading when made or taken
                                            to be made.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed25







The Guarantor agrees to
pay amounts due under this clause on demand from the Grantee.



The Grantee need not incur
expense or make payment before enforcing this right of indemnity.



| | 10.4 | Extent of guarantee and indemnity
| | ---- | ---------------------------------



Each of the Guarantee in
clause 10.2 and the indemnity in clause 10.3 is a continuing obligation despite any intervening payment, settlement or other thing and
extends to all of the Grantor’s obligations in connection with this document (including the Security). The Guarantor waives any
right it has of first requiring the Grantee to commence proceedings or enforce any other right against the Grantor or any other person
before claiming from the Guarantor under this Guarantee.



| | 10.5 | Obligation to pay interest
| | ---- | --------------------------



The Guarantor agrees to
pay interest at the Default Rate on any amount under this Guarantee which is not paid on the due date for payment and is not otherwise
incurring interest.



The interest accrues daily
from (and including) the due date to (but excluding) the date of actual payment and is calculated on actual days elapsed and a year of
365 days.



The Guarantor agrees to
pay interest under this clause on demand from the Grantee.



| | 10.6 | Payments
| | ---- | --------



| | (a) | The Guarantor agrees to make payments
                                            under this Guarantee:
| | --- | -------------------------------------------------------------------------------------------------------



| | (i) | in full without set-off or counterclaim,
                                            and without any withholding or deduction in respect of Taxes unless required by law; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | in the currency in which the payment
                                            is due, and otherwise in Australian dollars, in immediately available funds.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If the Guarantor is required to
                                            make any withholding, deduction or payment for or on account of Tax or by any Government
                                            Agency, the Guarantor:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | must pay or procure the payment of
                                            the full amount of the withholding or deduction, or make or procure the making of the payment,
                                            to the appropriate Government Agency under applicable law; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | at the same time as the relevant
                                            deduction, withholding or payment, pay such additional amount to the Grantee as is required
                                            to ensure the net amount received by the Grantee is equal to the full amount which would
                                            have been received by the Grantee had no such deduction, withholding or payment been required
                                            to be made.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed26







| | 10.7 | No merger
| | ---- | ---------



This Guarantee does not
merge with or adversely affect, and is not adversely affected by, any of the following:



| | (a) | any other guarantee, indemnity,
                                            mortgage, charge or other encumbrance, or other right or remedy to which the Grantee is entitled;
                                            or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | a judgment which the Grantee obtains
                                            against the Guarantor, the Grantor or any other person in connection with this document (including
                                            the Security).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The Grantee may still exercise
its rights under this Guarantee as well as under the judgment, mortgage, charge or other encumbrance or the right or remedy.



| | 10.8 | Rights of Grantee are protected
| | ---- | -------------------------------



The rights given to the
Grantee under this Guarantee, and the Guarantor’s liabilities under it, are not affected by any act or omission or any other thing
which might otherwise affect them under law or otherwise. For example, those rights and liabilities are not affected by:



| | (a) | any act or omission:
| | --- | --------------------



| | (i) | varying or replacing in any way and
                                            for any reason any agreement or arrangement under which the obligations guaranteed under
                                            clause 10.2 are expressed to be owing;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | releasing the Grantor or giving
                                            the Grantor a concession (such as more time to pay);
| | ---- | --------------------------------------------------------------------------------------------------------------------------------



| | (iii) | releasing any person who gives
                                            a guarantee or indemnity in connection with any of the Grantor’s obligations;
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | by which the obligations of any
                                            person who guarantees any of the Grantor’s obligations (including obligations under
                                            this Guarantee) may become unenforceable;
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | by which any person who was intended
                                            to guarantee any of the Grantor’s obligations does not do so, or does not do so effectively;
                                            or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | by which a person who is co-surety
                                            or co-indemnifier is discharged under an agreement or by operation of law;
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | a person dealing in any way with
                                            this document or this Guarantee;
| | --- | -------------------------------------------------------------------------------------------------------------



| | (c) | the death, mental or physical disability,
                                            or liquidation, administration or insolvency of any person, including the Guarantor or the
                                            Grantor;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | changes in the membership, name
                                            or business of any person; or
| | --- | ---------------------------------------------------------------------------------------------------------



| | (e) | acquiescence or delay by the Grantor
                                            or any other person.
| | --- | -----------------------------------------------------------------------------------------------------



| | 10.9 | Guarantor’s rights are suspended
| | ---- | --------------------------------



As long as any obligation
is required, or may be required, to be complied with in connection with this Guarantee, the Guarantor may not, without the Grantee’s
consent:



| | (a) | reduce its liability under this
                                            Guarantee by claiming that it or the Grantor or any other person has a right of set-off or
                                            counterclaim against the Grantee; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed27







| | (b) | claim, or exercise any right to
                                            claim to be entitled (whether by way of subrogation or otherwise) to the benefit of another
                                            guarantee, indemnity, mortgage, charge or other encumbrance:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | in connection with this document
                                            (including the Security) or any other amount payable under this Guarantee; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | in favour of a person other than
                                            the Grantee in connection with any obligations of, or any other amounts payable, by the Grantor
                                            to, or for the account of, that other person; or
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | claim an amount from the Grantor,
                                            or another guarantor, under a right of indemnity or contribution; or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | claim an amount in the liquidation,
                                            administration or insolvency of the Grantor or of another guarantor of any of the Grantor’s
                                            obligations.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



If the Grantee requests,
the Guarantor agrees to notify any relevant person of the terms of this clause and other parts of this Guarantee that may be relevant.
The Guarantor also authorises the Grantee to do so at any time in its discretion and without first asking the Guarantor to do it. This
applies despite anything else in this Guarantee.



This clause continues after
this Guarantee ends.



| | 10.10 | Reinstatement of rights
| | ----- | -----------------------



Under any Insolvency Law,
a person may claim that a transaction (including a payment) in connection with this Guarantee or this document (including the Security)
is void or voidable. If a claim is made and upheld, conceded or compromised, then:



| | (a) | the Grantee is immediately entitled
                                            as against the Guarantor to the rights in connection with this Guarantee or this document
                                            to which it was entitled immediately before the transaction; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | on request from the Grantee, the
                                            Guarantor agrees to do anything (including signing any document) to restore to the Grantee
                                            any mortgage, charge or other encumbrance (including this Guarantee) held by it from the
                                            Guarantor immediately before the transaction.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The Guarantor’s obligations
under this clause are continuing obligations, independent of the Guarantor’s other obligations under this Guarantee and continue
after this Guarantee ends.



| | 10.11 | Liability of Guarantor
| | ----- | ----------------------



The Guarantor’s liability
in respect of any Claim shall not exceed the Grantor’s liability in respect of that Claim.



| | 11 | Confidentiality
| | -- | ---------------



| | 11.1 | Confidentiality obligation
| | ---- | --------------------------



Subject to clause 11.2,
each party must treat as confidential, and keep confidential:



| | (a) | the terms of this document (and
                                            the terms of any agreement, document or instrument entered into in connection with this document);
                                            and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed28







| | (b) | all information, in whatever form,
                                            provided to it by, or on behalf of, another party, relating to:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | this document or the terms of this
                                            document or the performance of this document;
| | --- | ----------------------------------------------------------------------------------------------------------------------------



| | (ii) | the negotiations of this document;
                                            or
| | ---- | ---------------------------------------------------------------------------------



| | (iii) | that other party or its business,
                                            or the business of its Related Bodies Corporate, which has been provided in connection with
                                            this document,
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



other
than information that:



| | (c) | as at the date of this document,
                                            was generally and publicly available, or subsequently becomes so available other than by
                                            breach of this document or any other duty or obligation as to confidence;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | as at the time it was provided to
                                            a party, was already in the possession of that party lawfully and without breach of any duty
                                            or obligation as to confidence;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | has been provided to a party but
                                            subsequently, through no act or omission of that party (or any person to whom it provided
                                            that information), becomes available from another source that is not subject to any duty
                                            or obligation as to confidence; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | the party can demonstrate was generated
                                            by it completely independently of and without any reference to or reliance or dependency
                                            upon the information provided to the other party,
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



(“Confidential
Information”).



| | 11.2 | Permitted Disclosure
| | ---- | --------------------



No party may Disclose Confidential
Information other than:



| | (a) | to its officers, employees (on a
                                            need-to-know basis), or officers and employees of its Related Bodies Corporate, legal advisers
                                            and financial advisers, who are aware of the confidential nature of the information and are
                                            under an obligation to keep it confidential;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | with the prior written consent of
                                            the other party (such consent not to be unreasonably withheld or delayed);
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | to any Independent Expert validly
                                            appointed in accordance with this document to the extent required to allow them to fulfil
                                            their function;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | to any Independent Auditor validly
                                            appointed in accordance with this document to the extent required to allow them to fulfil
                                            their function;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | to the arbitrators validly appointed
                                            in accordance with this document to the extent required to allow them to fulfil their function;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | if the disclosure is reasonably
                                            required to enable a party to exercise its rights or perform its obligations under or in
                                            connection with this document (including a disclosure to a Government Agency to enable the
                                            Grantee to exercise its rights under clause 6);
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed29







| | (g) | subject to clauses 11.2(m) and 12,
                                            to the extent:
| | --- | ---------------------------------------------------------------------------------------------



| | (i) | required by law, the rules of any
                                            applicable stock exchange or any applicable accounting standards; or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | ordered by any court,
| | ---- | ---------------------



having to the extent practicable,
consulted with the other parties with a view to agreeing the form, content, timing and manner of any such Disclosure;



| | (h) | if necessary or commercially desirable
                                            to be disclosed in any prospectus or information memorandum to investors or proposed or prospective
                                            investors:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | for an issue or disposal of any shares
                                            in a party or its Related Bodies Corporate;
| | --- | ------------------------------------------------------------------------------------------------------------------------------



| | (ii) | for an issue of debt instruments
                                            of a party or a party's Related Body Corporate; or
| | ---- | -------------------------------------------------------------------------------------------------------------------------------



| | (iii) | for the purposes of a party obtaining
                                            a listing on a stock exchange of any shares;
| | ----- | ------------------------------------------------------------------------------------------------------------------------------



| | (i) | if required in connection with any
                                            legal proceedings or arbitration, including in connection with this document or for the purpose
                                            of advising a party in relation thereto;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | subject to clause 11.4, if necessary
                                            or commercially desirable to be disclosed to an existing, or bona fide proposed or bona fide
                                            prospective:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | financier of a party or of any of
                                            its Related Bodies Corporate; or
| | --- | --------------------------------------------------------------------------------------------------------------



| | (ii) | rating agency in respect of a party
                                            or of any of its Related Bodies Corporate;
| | ---- | --------------------------------------------------------------------------------------------------------------------------



| | (k) | provided the disclosing party gives
                                            prior written notice to the other parties of the proposed disclosure, if necessary or commercially
                                            desirable to be disclosed to any bona fide proposed or prospective:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | Transferee of a party’s rights
                                            or obligations under this document (whether directly or indirectly);
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Transferee of any property to which
                                            the Confidential Information relates or of any shares in a party or any Related Body Corporate
                                            of a party;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | financier of such Transferee providing
                                            or proposing or considering whether to provide financial accommodation in connection with
                                            the party’s rights and obligations under this document; or
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | assignee of rights in respect of
                                            any real or personal property to which the information relates under any security granted
                                            by a party;
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (l) | if necessary or commercially desirable
                                            to be Disclosed to Representatives of any of the persons referred to in clause (j) or (k);
                                            or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed30









| | (m) | by a Grantor Group Member, if that
                                            Grantor Group Member is required to prepare and file a Proxy Statement and/or other filings
                                            required by the SEC or under the rules of any securities exchange or regulatory authority
                                            (“Public Filings”), provided that, to the maximum extent permitted by
                                            law and/or the rules of any relevant securities exchange, the Grantor and the Guarantor must:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | promptly give notice of the intended
                                            disclosure to, and consult with, the Grantee in respect of the form and content of the Public
                                            Filings; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | use their respective reasonable
                                            endeavours to minimise the disclosure of any Confidential Information in connection with
                                            the preparation, filing and distribution of any Public Filings (including through seeking
                                            confidential treatment from the SEC or any other relevant securities exchanges or regulatory
                                            authorities and applying appropriate redactions where practicable, in each case, in respect
                                            of commercially sensitive information of the Grantee Group set forth in this document, whether
                                            disclosed in agreed form or final executed copy).
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.3 | Disclosure to other persons
| | ---- | ---------------------------



If a party Discloses Confidential
Information as permitted under clauses 11.2(a), 11.2(b), 11.2(h), 11.2(i), 11.2(j), 11.2(k) and 11.2(l):



| | (a) | it must use reasonable endeavours
                                            to procure that no person to whom it has Disclosed that Confidential Information Discloses
                                            it to any other person (other than as contemplated by this document); and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | where Confidential Information is
                                            Disclosed under clauses 11.2(j), 11.2(k) or 11.2(l), it must procure that the prospective
                                            financier or purchaser or their Representative executes a deed poll in favour of the Grantor
                                            (in the case of Disclosures by the Grantee) or Grantee (in the case of Disclosures by the
                                            Grantor) under which the prospective financier, purchaser or Representative agrees to keep
                                            the Confidential Information confidential in accordance with the terms of this clause 11.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.4 | Notice to other parties
| | ---- | -----------------------



Each party must:



| | (a) | promptly inform the other party
                                            of any request received by that party from any person described in clause 11.2(i) to Disclose
                                            Confidential Information under that clause; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | inform the other party as soon as
                                            reasonably practicable after Confidential Information is Disclosed by the party under clause 11.2(i).
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11.5 | Indemnities
| | ---- | -----------



Each party indemnifies the
other party against any costs suffered or liabilities incurred by that other party arising out of or in connection with any Disclosure
by the first-mentioned party of Confidential Information in contravention of this clause 11.



| | 11.6 | Injunctive relief
| | ---- | -----------------



Each party acknowledges
that any breach of this clause 11 will cause material damage to the other parties. Consequently, each party may, in addition to any other
remedies available at law or in equity, seek injunctive relief against another party or any of its officers, employees and Related Bodies
Corporate in respect of any such breach by that other party or its officers, employees or Related Bodies Corporate.





© King & Wood MallesonsRoyalty Deed31







| | 11.7 | Survival of confidentiality obligations
| | ---- | ---------------------------------------



The obligations of confidentiality
imposed by this clause 11 survive the termination of this document and any person who ceases to be a party continues to be bound by those
obligations.



| | 11.8 | Return of Confidential Information
| | ---- | ----------------------------------



At the end of the Term,
a party that has received Confidential Information from another under this document must, on the request of the other party, immediately
deliver to that party all documents and other materials containing or referring to that Confidential Information which are in its possession,
power or control or in the possession, power or control of persons who have received Confidential Information from it under clause 11.1
(or confirm in writing to the other party that such Confirmation Information has been permanently erased), except to the extent the Confidential
Information is:



| | (a) | required by that party in connection
                                            with any legal proceedings or arbitration, or to fulfil its obligations at law or under this
                                            document;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | contained in a party’s director’s
                                            papers, or the minutes of a party’s board or board committee meetings, to the extent
                                            such papers and minutes contain the level of detail consistent with the normal practices
                                            of that party;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | contained in documents created or
                                            retained by any legal advisers of a party where those documents are required to be held,
                                            or it is the usual practice of the legal adviser to hold those documents, for the purposes
                                            of any relevant professional standards, practices, codes or insurance policies applicable
                                            to that legal adviser; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | stored electronically on off-site
                                            servers as a result of automatic data back-up in accordance with the normal practices of
                                            the party, in circumstances where it would be unduly burdensome to delete that Confidential
                                            Information, and provided the party makes no attempt to access that Confidential Information,
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



in each
case subject to the relevant party retaining that Confidential Information in accordance with the confidentiality provisions of this
document.



| | 12 | Public
                                            Statements
| | -- | -------------------------------------------------------------



| | 12.1 | Announcements
| | ---- | -------------



Without prejudice to clause 11,
no party may make any announcement or otherwise publicise this document or its subject matter (including any matter arising in the course
of the performance of the obligations under this document) without the prior written consent of the other party other than, subject to
clause 12.2, where required by laws, the rules of any applicable stock exchange, any applicable accounting standards or ordered
by any court to make an announcement.



| | 12.2 | Actions to be taken if required to make
                                            an announcement
| | ---- | ---------------------------------------------------------------------------------------------------



If a party is required or
ordered to make an announcement as set out in clause 12.1, it:



| | (a) | must in so far as practicable consult
                                            with the other parties with a view to agreeing the form, content, timing and manner of making
                                            the announcement; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed32







| | (b) | must ensure that the announcement
                                            includes only information that is required or ordered and does not include any information
                                            other than that required or ordered.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12.3 | Survival of this clause
| | ---- | -----------------------



This clause 12 survives
for a period of two years after the end of the Term.



| | 13 | Expert determination
| | -- | --------------------



| | 13.1 | General
| | ---- | -------



| | (a) | This clause 13 applies where:
| | --- | -----------------------------



| | (i) | any Dispute is expressly to be referred
                                            to an Independent Expert under this document; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the parties agree that a Dispute
                                            between them should be resolved by an Independent Expert; or
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | there is a Dispute as to the application
                                            of any industry or technical standard or any rules, practices or customs of any trade or
                                            profession; and
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | a party makes a referral to the
                                            Independent Expert by giving written notice to the other party (“Independent Expert
                                            Notice”).
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Prior to the resolution of a Dispute,
                                            the parties must continue to perform their respective obligations under this document.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.2 | Independent Expert
| | ---- | ------------------



An Independent Expert appointed
under this clause 13 must:



| | (a) | be appropriately qualified and experienced
                                            in the subject matter of the Dispute or matter being referred;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | be independent of, and not an employee,
                                            contractor or consultant of, the parties or their Related Bodies Corporate; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | have no direct or indirect interest
                                            or duty which could conflict with the Independent Expert’s function under this clause
                                            13.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.3 | Appointment of Independent Expert
| | ---- | ---------------------------------



| | (a) | Where a Dispute or matter has been
                                            referred to an Independent Expert, the relevant Independent Expert must be agreed by the
                                            parties within 20 Business Days after the date of the Independent Expert Notice.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If the parties cannot agree on the
                                            Independent Expert in the period referred to in clause 13.3(a), or if the agreed Independent
                                            Expert does not accept its appointment under clause 13.3(a) or otherwise fails to duly make
                                            a determination in respect of any matter referred to it, then upon the application of either
                                            party, the Independent Expert will be appointed by the Resolution Institute, or any body
                                            which is a successor or equivalent of it. The parties may make written submissions to that
                                            body on the choice of candidate.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed33







| | (c) | The parties
                                            may by agreement appoint two experts, being a financial expert and an operations expert,
                                            as the Independent Experts in relation to a Dispute or matter which is referred to an Independent
                                            Expert under this document.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | If two Independent Experts are appointed
                                            to determine any Dispute or matter pursuant to this clause 13.3, they may only do so unanimously.
                                            If they do not reach a unanimous decision then a party may commence arbitration in accordance
                                            with clause 15.5 to determine the Dispute or the matter.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | The parties may by agreement make
                                            a standing appointment of an Independent Expert (or two Independent Experts) to determine
                                            all Disputes or matters referred to an Independent Expert under this document, with such
                                            standing appointment to be for a specified period of time or until revoked by written notice
                                            by either the Grantor or the Grantee.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | Once selected or appointed, the
                                            parties will instruct the Independent Expert to make their decision in relation to any Dispute
                                            or matter referred to them from time to time in accordance with this clause 13 as soon as
                                            reasonably practicable, and in accordance with clause 13.4(k).
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | The terms on which the Independent
                                            Expert is appointed must include an obligation to abide by the terms of this document, so
                                            far as they are relevant to the Independent Expert.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | The costs of the Independent Expert
                                            must be borne equally by the parties, unless expressed otherwise in this document.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.4 | Scope of Independent Expert determination
| | ---- | -----------------------------------------



Where a Dispute or matter
is referred to an Independent Expert, the following applies:



| | (a) | Subject to the express provisions
                                            of this document, the Independent Expert will establish the procedure and timetable for determination
                                            of the Dispute or matter.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each party may provide written submissions,
                                            in relation to the Dispute or the matter, to the Independent Expert, and if it does so that
                                            party must also provide copies of its submissions to the other party.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The written determination of the
                                            Independent Expert will be final and binding on the parties in the absence of fraud or manifest
                                            error.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The Independent Expert may:
| | --- | ---------------------------



| | (i) | request any party to deliver written
                                            statements relevant to matters in issue in the Dispute, and in which case that party must
                                            also provide copies of those written statements to the other party; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | request any party to deliver copies
                                            of any documents that are relevant to the matters in issue in the Dispute, other than documents
                                            subject to legal privilege, and in which case that party must also provide copies of those
                                            documents to the other party.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed34







| | (e) | The Independent Expert may request
                                            either party to make an oral submission or to orally answer queries from the Independent
                                            Expert. If it does, the Independent Expert must convene, on not less than 5 Business
                                            Days’ notice, a meeting of all parties for the purposes of receiving such oral submissions
                                            or answers and each party must ensure that one of its representatives attends every such
                                            meeting. Each other party will be provided with a reasonable opportunity to respond to such
                                            oral submissions or answers and the provisions of this clause 13.4 will apply to the
                                            response.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | The Independent Expert may:
| | --- | ---------------------------



| | (i) | limit the length of any written or
                                            oral submissions;
| | --- | ------------------------------------------------------------------------------------------------



| | (ii) | require the attendance before them
                                            for questioning of any party or employee or agent of any party;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | make site visits, provided that
                                            the Independent Expert is accompanied by a representative of each party (and each party must
                                            ensure that one of its representatives attends every site visit of which it receives not
                                            less than 5 Business Days’ notice);
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | make use of their own specialist
                                            knowledge;
| | ---- | ---------------------------------------------------------------------------------------



| | (v) | obtain advice from specialist consultants,
                                            provided that at least one of the parties so requests or consents;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | review and revise any of their own
                                            previous directions; and
| | ---- | -------------------------------------------------------------------------------------------------------



| | (vii) | conduct the proceedings in an inquisitorial
                                            manner, and take the initiative in ascertaining the facts and the law.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | The Independent Expert may reach
                                            their decision with or without holding an oral hearing.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



| | (h) | The Independent Expert will exercise
                                            such powers fairly and impartially, giving each party a reasonable opportunity, in light
                                            of the timetable, of putting their case and addressing the case of the other party.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | All correspondence between the Independent
                                            Expert and a party must be in writing and copied to the other party.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | The Independent Expert may not:
| | --- | -------------------------------



| | (i) | consider any written submissions
                                            from one party that are not also made available to the other party;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | receive any oral submissions from
                                            one party unless a representative of the other party is present;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | refuse any party the right at any
                                            hearing or meeting to be represented by a representative of that party’s choosing who
                                            is present;
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | act or continue to act in the face
                                            of a conflict of interest; or
| | ---- | ------------------------------------------------------------------------------------------------------------



| | (v) | require any party to pay or make
                                            any contribution to the legal costs of the other party.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



| | (k) | The Independent Expert will reach
                                            a decision within 20 Business Days of referral or their appointment whichever is the later
                                            or such other period as may be unanimously agreed between the Independent Expert and each
                                            party.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed35







| | (l) | Upon becoming aware that the Dispute
                                            or matter is the same, or arises out of substantially the same facts, as a Dispute or matter
                                            which has previously been referred to an Independent Expert under this document and a decision
                                            has previously been issued by that Independent Expert, the Independent Expert will immediately
                                            withdraw from the Dispute or matter, and the previous decision will continue to apply.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (m) | The Independent Expert must act
                                            as an expert and not as an arbitrator.
| | --- | ------------------------------------------------------------------------------------------------------------------



| | 13.5 | Scope of the Dispute
| | ---- | --------------------



| | (a) | The scope of the Dispute or matter
                                            referred to an Independent Expert will be the matters identified in the Independent Expert
                                            Notice, together with:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | any further matters which all of
                                            the parties unanimously agree in writing should be within the scope of the Dispute or matter;
                                            and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | any further matters which the Independent
                                            Expert determines either:
| | ---- | ---------------------------------------------------------------------------------------------------------------



| | (A) | must be included in order that
                                            the determination of the Dispute or matter may be effective and/or meaningful; or
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | are related to matters which would
                                            be more efficiently dealt with as part of the one matter.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Independent Expert may rule
                                            upon their own substantive jurisdiction, and as to the scope of the Dispute or matter.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.6 | Decisions
| | ---- | ---------



| | (a) | All decisions of the Independent
                                            Expert must be implemented without delay and in accordance with any timetable set out in
                                            the final determination. The parties will be entitled to such relief and remedies as are
                                            set out in the decision.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Independent Expert must in any
                                            decision direct the payment of any interest as required by this document.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.7 | Enforcement
| | ---- | -----------



| | (a) | A determination of the Independent
                                            Expert must be implemented without delay in accordance with any timetable set out in the
                                            final determination. The parties will be entitled to such relief and remedies as are set
                                            out in the determination.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | No party will, save in the case
                                            of fraud or bad faith on the part of the Independent Expert or as otherwise provided by this
                                            document, make any application whatsoever to the courts in relation to the conduct of the
                                            Dispute or matter referred to an Independent Expert (or required to be referred to an Independent
                                            Expert under this document) or the determination of the Independent Expert until such time
                                            as the Independent Expert has made their final determination, or refused to make a final
                                            determination.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13.8 | Determination
| | ---- | -------------



| | (a) | Each party is to bear its own costs
                                            in relation to the Dispute or matter referred to the Independent Expert. The Independent
                                            Expert must decide the proportions in which the parties will bear the costs of the Independent
                                            Expert having regard to the extent to which the parties may have acted unreasonably or been
                                            at fault.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed36







| | (b) | If in respect of a Dispute regarding
                                            a Royalty Statement, the Independent Expert determines that the Grantor has:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | underpaid the Royalty for the Royalty
                                            Period(s) to which the Independent Expert's decision relates, the Grantor must pay the additional
                                            Royalty and interest on that amount in accordance with clause 4.6 on the Grantee’s
                                            demand within 14 days of the Independent Expert's determination and the costs of the Independent
                                            Expert must be borne by the Grantor; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | paid the Royalty accurately, or
                                            has overpaid the Royalty, for the period to which the Independent Expert's decision relates,
                                            then the costs of the Independent Expert must be borne by the Grantee and must be paid within
                                            14 days of the Independent Expert’s determination. In respect of any overpayment by
                                            the Grantor, the Grantor will make the requisite adjustment in the next occurring Royalty
                                            Statement.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 14 | Audits
| | -- | ------



| | 14.1 | Application
| | ---- | -----------



This clause 14 applies to
matters which are to be or have been referred to an Independent Auditor in accordance with this document.



| | 14.2 | Independent Auditor
| | ---- | -------------------



Any Independent Auditor
appointed under this clause 14 must:



| | (a) | be appropriately qualified and experienced
                                            in the subject matter of the audit;
| | --- | --------------------------------------------------------------------------------------------------------------------------



| | (b) | be independent of, and not an employee,
                                            contractor or consultant of, any party or its Related Bodies Corporate; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | have no direct or indirect interest
                                            or duty which could conflict with the Independent Auditor’s function under this clause
                                            14.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 14.3 | Procedure
| | ---- | ---------



| | (a) | Where a party wishes to refer a
                                            matter to an Independent Auditor in accordance with this document, it must first provide
                                            written notice to the other party (“Audit Notice”). The Audit Notice must
                                            identify the clause of this document under which the relevant matter is being referred for
                                            audit.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Where a party has issued an Audit
                                            Notice, the Independent Auditor must be agreed by the parties within 20 Business Days after
                                            the date of the Audit Notice.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | If the parties cannot reach an agreement
                                            within the period referred to in clause 14.3(b), or if the agreed Independent Auditor does
                                            not accept the appointment under clause 14.3(b) or otherwise fails to duly make a determination
                                            in respect of any matter referred to it, then upon the application of either party, the Independent
                                            Auditor will be appointed by the Resolution Institute, or any body which is a successor or
                                            equivalent of it. The parties may make written submissions to that body on the choice of
                                            candidate.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed37







| | (d) | Once selected or appointed, the
                                            parties will instruct the Independent Auditor to:
| | --- | -----------------------------------------------------------------------------------------------------------------------------



| | (i) | act fairly and impartially as between
                                            the parties;
| | --- | ----------------------------------------------------------------------------------------------



| | (ii) | comply with the terms of this document
                                            so far as they are relevant to the Independent Auditor, including in respect of confidentiality;
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | determine the matter or matters
                                            the subject of the Audit Notice, and which may require it to take into account any information,
                                            from the parties or any third party, which it reasonably considers is appropriate; and
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | provide the determination in writing
                                            to both parties (“Independent Auditor’s Report”) as soon as reasonably
                                            practicable, and in any event within 20 Business Days of their appointment or such other
                                            period as may be unanimously agreed between the Independent Auditor and each party.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Any determination (which is within
                                            the scope of this document) contained
                                            within the Independent Auditor’s Report is to be final and binding on the parties in
                                            the absence of fraud or manifest error.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | The costs of the Independent Auditor
                                            are to be paid:
| | --- | ------------------------------------------------------------------------------------------------



| | (i) | if the audit reveals that the Grantor’s
                                            Royalty calculations have resulted in the Grantee being paid a Royalty Amount that is lower
                                            than the Royalty Amount to which the Grantee is entitled, by the Grantor; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | in all other circumstances, in equal
                                            proportions by the Grantor and the Grantee.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------



| | 14.4 | Access
| | ---- | ------



Subject to the Independent
Auditor entering into reasonable confidentiality undertakings, each of the Grantor and the Grantee must provide, and must procure that
their respective Related Bodies Corporate provide, access to their records in respect of all information in relation to the matters the
subject of the Audit Notice and any other assistance reasonably required by the Independent Auditor for the purposes of preparing the
Independent Auditor’s Report.



| | 15 | Dispute
                                            resolution
| | -- | --------------------------------------------------------------



| | 15.1 | Injunctive or interim relief
| | ---- | ----------------------------



Nothing in this document
prevents a party seeking urgent injunctive or similar interim relief from a court.



| | 15.2 | Good faith
| | ---- | ----------



Each party has a general
obligation to act in good faith in attempting to resolve any Dispute, however this clause 15 does not require any party to compromise
or prejudice its commercial interests.





© King & Wood MallesonsRoyalty Deed38







| | 15.3 | Notice of Dispute
| | ---- | -----------------



A party claiming that a
Dispute has arisen (other than a Dispute or matter to which clause 13 or 14 applies) must notify the other party to the Dispute giving
details of the Dispute (“Notification”).



| | 15.4 | Authorised Officer
| | ---- | ------------------



| | (a) | Unless the Dispute is one that has
                                            arisen under the procedure in clause 4.8 (in connection with a Royalty Statement), within
                                            5 Business Days after a Notification has been given (or such other period as the parties
                                            to the Dispute may agree), the Dispute must be referred to an Authorised Officer of the Grantor
                                            and the Grantee.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Authorised Officers must meet
                                            within 20 Business Days of the referral and must use reasonable endeavours to resolve the
                                            Dispute.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 15.5 | Arbitration
| | ---- | -----------



| | (a) | Following exhaustion of the procedure
                                            in clause 15.4, all Disputes (except those required by this document to be determined by
                                            an Independent Auditor or Independent Expert) must be exclusively resolved by binding arbitration
                                            upon a party submitting the Dispute to arbitration.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | As soon as reasonably practicable
                                            after failure to resolve a Dispute in accordance with clause 15.4, and in any event within
                                            two years after the date of the Notification, a party by written notice to the other parties
                                            may require that arbitration occur.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The arbitration shall be conducted
                                            by three arbitrators. The Grantor, on the one hand, and the Grantee, on the other hand, shall
                                            each select one arbitrator within 10 days of commencement of the arbitration, who shall serve
                                            as a neutral arbitrator, and the two nominated arbitrators shall select a third neutral arbitrator
                                            within 20 days of their selection. If the two arbitrators cannot agree on selection of a
                                            third arbitrator within 20 days of their appointment, the Supreme Court of New South Wales
                                            on the application of any party shall select such arbitrator in accordance with the terms
                                            of this document.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Each arbitrator must have a minimum
                                            of ten years’ recognised experience in commercial arbitration involving mining and
                                            resource disputes.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | The arbitration shall be conducted
                                            in the English language and in accordance with the LCIA Arbitration Rules.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | The arbitration shall be seated
                                            in Sydney, New South Wales.
| | --- | -------------------------------------------------------------------------------------------------------



| | (g) | Except as may be required by law,
                                            each party and its Representatives cannot disclose the existence, content, or results of
                                            any arbitration under this document without the prior written consent of the Grantor and
                                            the Grantee.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | The arbitration award shall be final
                                            and binding on the parties, and judgment on the award may be entered by any court of competent
                                            jurisdiction.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed39







| | 15.6 | Alternative dispute mechanisms
| | ---- | ------------------------------



Nothing in this document
precludes the parties from agreeing to resolve a Dispute by an alternative dispute resolution mechanism not expressly provided for in
this document.



| | 15.7 | Continuation of rights and obligations
| | ---- | --------------------------------------



Despite the existence of
a Dispute each party must continue to perform its obligations under this document.



| | 15.8 | Costs
| | ---- | -----



Each party must bear its
own costs of complying with this clause 15 except pursuant to a court order or an arbitral award to the contrary.



| | 16 | Notices
| | -- | -------



| | 16.1 | Form
| | ---- | ----



Unless expressly stated
otherwise in this document, all notices, certificates, consents, approvals, waivers and other communications (“Notices”)
in connection with this document must be in writing and must be marked for the attention of the person identified in the Details or,
if the recipient has notified otherwise, then marked for attention in the last way notified.



Email communications must
state the first and last name of the sender and are taken to be signed by the named sender.



| | 16.2 | Delivery
| | ---- | --------



Notices must be:



| | (a) | left at the address set out or referred
                                            to in the Details;
| | --- | ------------------------------------------------------------------------------------------------------



| | (b) | sent by prepaid ordinary post (airmail
                                            if appropriate) to the address referred to in the Details;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | sent by email to the address referred
                                            to in the Details; or
| | --- | -------------------------------------------------------------------------------------------------------



| | (d) | given in any other way permitted
                                            by law.
| | --- | ------------------------------------------------------------------------------------



If the intended recipient
has notified changed contact details, then the Notice must be to the changed contact details.



| | 16.3 | When effective
| | ---- | --------------



Notices take effect from
the time they are received or taken to be received under clause 16.4 unless a later time is specified in the Notice.



| | 16.4 | When taken to be received
| | ---- | -------------------------



Notices are taken to be
received:



| | (a) | if sent by post, 7 days after posting
                                            (or 14 days after posting if sent from one country to another); or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | if sent by email:
| | --- | -----------------





© King & Wood MallesonsRoyalty Deed40







| | (i) | when the sender receives an automated
                                            message confirming delivery; or
| | --- | -----------------------------------------------------------------------------------------------------------------



| | (ii) | 4 hours after the time sent (as
                                            recorded on the device from which the sender sent the email) unless the sender receives an
                                            automated message that delivery failed,
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



whichever happens first.



| | 16.5 | Receipt - general
| | ---- | -----------------



Despite clause 16.4, if
a Notice is received after 5.00pm in the place of receipt or on a non-Business Day, it is taken to be received at 9.00am on the next
Business Day.



| | 17 | GST
| | -- | ---



| | 17.1 | Definitions and interpretation
| | ---- | ------------------------------



For the purposes of this
clause 17:



| | (a) | words and phrases which have a defined
                                            meaning in the GST Act have the same meaning when used in this clause 17 unless the contrary
                                            intention appears; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | each periodic or progressive component
                                            of a supply to which section 156-5(1) of the GST Act applies will be treated as if it were
                                            a separate supply.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 17.2 | GST exclusive
| | ---- | -------------



Unless otherwise expressly
stated in this document, all consideration to be provided under this document is exclusive of GST.



| | 17.3 | Calculation of payments
| | ---- | -----------------------



If an amount payable under
this document is to be calculated by reference to the price to be paid or provided for an acquisition then, for the purposes of that
calculation, the price is reduced to the extent that an input tax credit is available for the acquisition.



| | 17.4 | Payment of GST
| | ---- | --------------



| | (a) | If GST is payable, or notionally
                                            payable, on a supply made under or in connection with this document, the party providing
                                            the consideration for the supply must pay to the supplier an additional amount equal to the
                                            amount of GST payable on that supply (“GST Amount”).
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Subject to the prior receipt of
                                            a tax invoice, the GST Amount is payable at the same time as the GST-exclusive consideration
                                            for the supply, or the first part of the GST-exclusive consideration for the supply (as the
                                            case may be), is payable or is to be provided.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | This clause does not apply to the
                                            extent that the consideration for the supply is expressly stated to include GST or the supply
                                            is subject to a reverse-charge.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed41







| | 17.5 | Adjustment events
| | ---- | -----------------



If an adjustment event arises
for a supply made under or in connection with this document, the GST Amount (or the GST component of any consideration expressed to be
inclusive of GST) must be recalculated to reflect that adjustment, the supplier or the recipient (as the case may be) must make any payments
necessary to reflect the adjustment and the supplier must issue an adjustment note.



| | 17.6 | Reimbursements
| | ---- | --------------



Unless expressly stated
otherwise in this document, any payment, reimbursement, indemnity or similar obligation that is required to be made under or in connection
with this document which is calculated by reference to an amount paid by another party shall be reduced by the amount of any input tax
credits which the other party (or the representative member of any GST group of which the other party is a member) is entitled. If the
reduced payment is consideration for a taxable supply, clause 17.4 will apply to the reduced payment.



| | 18 | General
| | -- | -------



| | 18.1 | Entire agreement
| | ---- | ----------------



This document constitutes
the entire agreement of the parties about its subject matter and supersedes all previous agreements, understandings and negotiations
on that subject matter.



| | 18.2 | Discretion in exercising rights
| | ---- | -------------------------------



A party may exercise a right
or remedy or give or refuse its consent in any way it considers appropriate (including by imposing conditions), unless this document
expressly states otherwise.



| | 18.3 | Failure to exercise rights
| | ---- | --------------------------



Except as otherwise set
out in this document, any partial exercise, failure to exercise, or delay in exercising, a right or remedy provided under this document
or by law does not operate as a waiver or prevent or restrict any further or other exercise of that or any other right or remedy in accordance
with this document.



| | 18.4 | No liability for loss
| | ---- | ---------------------



Except as otherwise set
out in this document, a party is not liable for loss caused by the exercise or attempted exercise of, failure to exercise, or delay in
exercising a right or remedy that is available to it under this document.



| | 18.5 | Approvals and consents
| | ---- | ----------------------



By giving its approval or
consent a party does not make or give any warranty or representation as to any circumstance relating to the subject matter of the consent
or approval.



| | 18.6 | Remedies cumulative
| | ---- | -------------------



The rights and remedies
provided in this document are in addition to other rights and remedies given by law independently of this document.





© King & Wood MallesonsRoyalty Deed42







| | 18.7 | Amendment
                                            of document
| | ---- | -----------------------------------------------------------------



No modification, variation
or amendment of this document will be of any force unless such modification, variation or amendment is in writing and has been signed
by each of the parties.



| | 18.8 | Enurement
| | ---- | ---------



Subject to the provisions
of this document, this document will be binding upon and enure to the benefit of each party’s respective successors and assigns
who become such in accordance with the terms of this document.



| | 18.9 | Grantee Encumbrance
| | ---- | -------------------



The Grantee shall be entitled
at any time and from time to time to grant or allow to exist an Encumbrance in respect of its rights under this document (and the Royalty)
in favour of its lenders.



| | 18.10 | Severance
| | ----- | ---------



If the whole or any part
of a provision of this document is void, unenforceable or unlawful in a jurisdiction, it is severed for that jurisdiction. The remainder
of this document has full force and effect and the validity or enforceability of that provision in any other jurisdiction is not affected.
This clause has no effect if the severance alters the basic nature of this document or is contrary to public policy.



| | 18.11 | Rights and obligations are unaffected
| | ----- | -------------------------------------



Rights given to the parties
under this document and the parties’ liabilities under it are not affected by anything which might otherwise affect them by law.



| | 18.12 | Variation and waiver
| | ----- | --------------------



A provision of this document
or a right created under it, may not be waived or varied except in writing, signed by the party or parties to be bound.



| | 18.13 | No merger
| | ----- | ---------



The warranties, undertakings
and indemnities in this document do not merge on the Effective Date.



| | 18.14 | Further steps
| | ----- | -------------



Subject to the terms of
this document and any other obligation of confidentiality to which a party is bound, each party agrees to do anything (such as obtaining
consents, signing and producing documents, producing receipts and getting documents completed and signed), which each other party asks
and considers necessary to bind the parties and any other person intended to be bound under this document.



| | 18.15 | Indemnities and reimbursement obligations
| | ----- | -----------------------------------------



Any indemnity, reimbursement
or similar obligation in this document:



| | (a) | is a continuing obligation despite
                                            the satisfaction of any payment or other obligation in connection with this document, any
                                            settlement or any other thing;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | is independent of any other obligations
                                            under this document; and
| | --- | ------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed43







| | (c) | continues after this document, or
                                            any obligation arising under it, ends.
| | --- | --------------------------------------------------------------------------------------------------------------------



It is not necessary for
a party to incur expense or make payment before enforcing a right of indemnity in connection with this document.



| | 18.16 | Prompt performance
| | ----- | ------------------



Each party agrees to perform
its obligations under this document promptly, unless a specific time for performance is expressly stated in this document.



| | 18.17 | No undisclosed principals or undisclosed
                                            trusts
| | ----- | -------------------------------------------------------------------------------------------



Except as expressly stated
in writing in this document, no person enters into this document as an agent for any other person or as trustee of any trust or on behalf
or for the benefit of any other person.



| | 18.18 | Costs
| | ----- | -----



Each party will pay its
own legal costs in connection with the preparation and execution of this document.



| | 18.19 | Stamp duty
| | ----- | ----------



| | (a) | Subject to clause 18.19(c), the
                                            Grantor agrees to:
| | --- | ----------------------------------------------------------------------------------------------



| | (i) | pay or reimburse all Duty chargeable,
                                            payable or assessed as being payable in relation to the execution or performance of this
                                            document; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | indemnify the Grantee against, and
                                            agrees to reimburse and compensate the Grantee for, any liability incurred by the Grantee
                                            as a result of the Grantor not complying with clause 18.19(a)(i).
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Grantor agrees to pay amounts
                                            due to the Grantee under this clause within 3 Business Days of demand from the Grantee.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The Grantee is responsible for and
                                            must pay all Duty which may be payable on or in connection with a Transfer of its Transferring
                                            Interest to any person other than the Grantor under clause 9.6.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18.20 | Construction
| | ----- | ------------



No rule of construction
applies to the disadvantage of a party because that party was responsible for the preparation of, or seeks to rely on, this document
or any part of it.



| | 18.21 | Inconsistent law
| | ----- | ----------------



To the extent permitted
by law, this document prevails to the extent it is inconsistent with any law.



| | 18.22 | Supervening legislation
| | ----- | -----------------------



Any present or future legislation
which operates to vary the obligations of a party in connection with this document with the result that another party’s rights,
powers or remedies are adversely affected (including, by way of delay or postponement) is excluded except to the extent that its exclusion
is prohibited or rendered ineffective by law.





© King & Wood MallesonsRoyalty Deed44







| | 18.23 | No representations or warranties
| | ----- | --------------------------------



Each party acknowledges
that in entering into this document it has not relied on any representations or warranties about its subject matter except as expressly
provided by the written terms of this document.



| | 18.24 | Waiver
| | ----- | ------



No waiver by any party of
a right or a default under this document or any delay or omission in the exercise of any right, remedy or power constitutes a waiver
by such party of any subsequent right power, remedy or default whether of a like nature or otherwise.



| | 18.25 | Counterparts
| | ----- | ------------



This document may be executed
in counterparts. All counterparts when taken together are to be taken to constitute one instrument and the date on which the last counterpart
is executed is the date of the document.



| | 19 | Governing
                                            law
| | -- | ---------------------------------------------------------



| | 19.1 | Governing law
| | ---- | -------------



This document is governed
by the law in force in the place specified in the Details.



| | 19.2 | Jurisdiction
| | ---- | ------------



Each party irrevocably and
unconditionally submits to the non-exclusive jurisdiction of the courts of the place specified in the Details and courts of appeal
from those courts. Each party waives any right it has to object to an action being brought in those courts including, without limitation,
by claiming that the action has been brought in an inconvenient forum or that those courts do not have jurisdiction.



| | 19.3 | Serving documents
| | ---- | -----------------



Without preventing any other
method of service, any document in an action may be served on a party by being delivered or left at that party’s address for services
of notice under clause 16.2.



EXECUTED as a deed





© King & Wood MallesonsRoyalty Deed45







Royalty
Deed



Schedule 1Tenements



Part A – Mining Tenements



|Tenement |  | Royalty Interest |    
|-------- |  | ---------------- | ---
|CML 5    |  |                  | 100
|MPL 1093 |  |                  | 100
|MPL 1094 |  |                  | 100



Part B – Exploration Tenements



|Tenement |  | Royalty Interest |    
|-------- |  | ---------------- | ---
|EL 5693  |  |                  | 100
|EL 5983  |  |                  | 100
|EL 6223  |  |                  | 90 
|EL 6907  |  |                  | 90 





© King & Wood MallesonsRoyalty Deed46







Royalty Deed



Schedule 2Grantor Deed of Covenant



Details



|Parties              | [Insert details of the Grantor
    Transferee, [Incoming Guarantor,] Grantor, Guarantor and the Grantee]                                                                                                                                                                                                                                                                        
|-------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Recitals             | AThe
Grantor, the Guarantor and the Grantee are parties to the Royalty Deed.                                                                                                                                                                                                                                                                                                    
|                     | BPursuant to the Royalty
Deed, the Grantee is entitled to a Royalty.                                                                                                                                                                                                                                                                                                            
|                     | CThe Grantor has agreed to
Transfer, and the Grantor Transferee has agreed to take a Transfer of, [insert details of Tenement(s)] (“Transferred Interest”).                                                                                                                                                                                                                     
|                     | DThe Grantor Transferee agrees
to assume the obligations of the Grantor in respect of the Royalty arising under the Royalty Deed to the extent of the Transferred Interest.                                                                                                                                                                                                     
|                     | EThe
Grantee has agreed to the Transfer of the Transferred Interest from the Grantor to the Grantor Transferee, subject to the Grantor Transferee[,
the Incoming Guarantor] and the Guarantor entering into this Deed of Covenant.
    
    FThe
    [Guarantor or Incoming Guarantor] has agreed to guarantee the obligations of the Grantor Transferee under the Royalty Deed.
|Governing law        | New South Wales, Australia                                                                                                                                                                                                                                                                                                                                                      
|Date of
    document |                                                                                                                                                                                                                                                                                                                                                                                 



[Note to template deed of covenant:
If the Grantor Transferee is a Related Body Corporate of the Grantor, the references in square brackets to the Incoming Guarantor are
to be deleted.]





© King & Wood MallesonsRoyalty Deed47







Royalty Deed



General terms



1Meaning



1.1Defined terms



| | (a) | These meanings apply unless the
                                            contrary intention appears:
| | --- | -------------------------------------------------------------------------------------------------------



| | (i) | Details means the section
                                            of this document headed “Details”;
| | --- | --------------------------------------------------------------------------------------------------------



| | (ii) | Effective Date means the
                                            date of this document; and
| | ---- | -----------------------------------------------------------------------------------------------



| | (iii) | Royalty Deedmeans the “Royalty
                                            Deed” between [insert name of the Grantor and ACN], [insert name of Guarantor
                                            and ACN] and [insert name of Grantee and ACN], as amended and novated from time
                                            to time.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Unless the context otherwise requires,
                                            terms defined in the Royalty Deed (other than terms defined in this document) have the same
                                            meaning wherever used in this document.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



1.2Interpretation



Clause 1 of the Royalty
Deed applies in the interpretation of this document, subject to clause 1.1 of this document.



| | 2 | Assumption
| | - | ----------



| | (a) | The Grantor Transferee:
| | --- | -----------------------



| | (i) | confirms that it has been supplied
                                            with a copy of the Royalty Deed; and
| | --- | -------------------------------------------------------------------------------------------------------------------



| | (ii) | with effect on and from the Effective
                                            Date, covenants with the Grantee to observe and perform the terms of the Royalty Deed to
                                            the extent of the Transferred Interest as if it were a party thereto.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Grantor Transferee, with effect
                                            on and from the Effective Date, covenants with the Grantee to pay the Royalty to the Grantee
                                            pursuant to the terms of the Royalty Deed as if the Grantor Transferee were a party thereto.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3 | Consent
| | - | -------



Each of the Grantor, the
Guarantor and the Grantee (as applicable):



| | (a) | consents to the Transfer of the
                                            Transferred Interest from the Grantor to the Grantor Transferee with effect on and from the
                                            Effective Date;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | consents to the Grantor Transferee
                                            assuming the obligations of the Grantor in accordance with the Royalty Deed to the extent
                                            of the Transferred Interest and consents to the Grantor Transferee becoming a party (as the
                                            “Grantor”) to the Royalty Deed to the extent of that Transferred Interest; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed48







| | (c) | agrees that the Grantor Transferee
                                            will be entitled to exercise all of the rights, privileges and benefits of the Grantor in
                                            respect of the Transferred Interest.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4 | Royalty
                                            Deed effective
| | - | ------------------------------------------------------------------



The parties agree that,
except as provided above, the provisions of the Royalty Deed remain in full force and effect.



| | 5 | Guarantee
| | - | ---------



The [Guarantor or Incoming
Guarantor] unconditionally and irrevocably guarantees to the Grantee the Grantor Transferee’s compliance with the Grantor Transferee’s
obligations under and in connection with the Royalty Deed, on the terms set out in the Royalty Deed.



| | 6 | Further
                                            assurances
| | - | --------------------------------------------------------------



The Grantor Transferee and
the [Guarantor or Incoming Guarantor] must do all acts, matters and things as may be reasonably necessary or expedient to implement and
give full effect to the provisions of this document.



| | 7 | Notices
| | - | -------



For the purposes of the
Royalty Deed, the address of:



| | (a) | the Grantor Transferee to which
                                            all notices must be delivered (until substituted in accordance with clause [notices]
                                            of the Royalty Deed) is the address set out in the Details or, if the Grantor Transferee
                                            has notified otherwise, then marked for attention in the way last notified;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | [the Incoming Guarantor to which
                                            all notices must be delivered (until substituted in accordance with clause [notices]
                                            of the Royalty Deed) is the address set out in the Details or, if the Incoming Guarantor
                                            has notified otherwise, then marked for attention in the way last notified;] and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | each of the Grantor, the Guarantor
                                            and the Grantee is the relevant address set out in the Details section of the Royalty Deed
                                            or, if it has notified otherwise, then marked for attention in the way last notified.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8 | Costs
                                            and stamp duty
| | - | ----------------------------------------------------------------



8.1Costs



The Grantor Transferee must
pay or cause to be paid all costs of each other party arising out of the negotiation, preparation and execution of this document.



8.2Stamp duty



As between the parties,
all Duty which may be payable on or in connection with this document, any instrument executed under this document, and in respect of
a transaction evidenced by the agreement must be borne by the [Grantor or Grantor Transferee]. The [Grantor or Grantor Transferee] must
indemnify the other parties to this document on demand against any liability for that Duty.





© King & Wood MallesonsRoyalty Deed49







| | 9 | Governing
                                            law
| | - | ---------------------------------------------------------



9.1Governing
law



This document is governed
by the law in force in the place stated in the Details.



9.2Jurisdiction



Each party irrevocably and
unconditionally submits to the non-exclusive jurisdiction of the courts of the place specified in the Details and courts of appeal from
them. Each party waives any right it has to object to an action being brought in those courts including, without limitation, by claiming
that the action has been brought in an inconvenient forum or that those courts do not have jurisdiction.



| | 10 | Counterparts
| | -- | ------------



This document may be executed
in counterparts. All counterparts when taken together are to be taken to constitute one instrument and the date on which the last counterpart
is executed is the date of the document.



EXECUTEDas a deed





© King & Wood MallesonsRoyalty Deed50







Royalty Deed



Schedule 3Grantee Deed of Covenant



Details



|Parties          | [Insert details of the Grantee
    Transferee, Grantor, Guarantor and the Grantee]                                                                                                                                                                                                                                                 
|---------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Recitals         | AThe
Grantor, the Guarantor and the Grantee are parties to the Royalty Deed.                                                                                                                                                                                                                                                       
|                 | BPursuant to the Royalty
Deed, the Grantee is entitled to a Royalty.                                                                                                                                                                                                                                                               
|                 | CThe
    Grantee has agreed to Transfer, and the Grantee Transferee has agreed to take a Transfer of, [insert extent of interest being
    transferred] of the Grantee’s rights and obligations under the Royalty Deed and the Security (“Transferred
    Interest”).                                                              
|                 | DThe Grantee Transferee agrees
to assume the obligations of the Grantee under the Royalty Deed and the Security to the extent of the Transferred Interest.                                                                                                                                                                         
|                 | EThe
    Grantor has agreed to the Transfer of the Transferred Interest from the Grantee to the Grantee Transferee, subject to the Grantee
    Transferee entering into this Deed of Covenant.
    
    FThe
    Guarantor has agreed to guarantee to the Grantee Transferee the obligations of the Grantor under the Royalty Deed.
|Governing law    | New South Wales, Australia                                                                                                                                                                                                                                                                                                         
|Date of document |                                                                                                                                                                                                                                                                                                                                    





© King & Wood MallesonsRoyalty Deed51







General terms



| | 1 | Meaning
| | - | -------



1.1Defined terms



| | (a) | These meanings apply unless the
                                            contrary intention appears:
| | --- | -------------------------------------------------------------------------------------------------------



| | (i) | Details means the section
                                            of this document headed “Details”;
| | --- | --------------------------------------------------------------------------------------------------------



| | (ii) | Effective Date means the
                                            date of this document; and
| | ---- | -----------------------------------------------------------------------------------------------



| | (iii) | Royalty Deedmeans the “Royalty
                                            Deed” between [insert name of the Grantor and ACN], [insert name of Guarantor
                                            and ACN] and [insert name of Grantee and ACN], as amended and novated from time
                                            to time.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Unless the context otherwise requires,
                                            terms defined in the Royalty Deed (other than terms defined in this document) have the same
                                            meaning wherever used in this document.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



1.2Interpretation



Clause 1 of the Royalty
Deed applies in the interpretation of this document, subject to clause 1.1 of this document.



| | 2 | Assumption
| | - | ----------



The
Grantee Transferee:



| | (a) | confirms that it has been supplied
                                            with a copy of the Royalty Deed; and
| | --- | -------------------------------------------------------------------------------------------------------------------



| | (b) | with effect on and from the Effective
                                            Date, covenants with the Grantor to observe and perform the terms of the Royalty Deed to
                                            the extent of the Transferred Interest as if it were a party thereto.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3 | Consent
| | - | -------



Each of the Grantor, the
Guarantor and the Grantee (as applicable):



| | (a) | consents to the Transfer of the
                                            Transferred Interest from the Grantee to the Grantee Transferee with effect on and from the
                                            Effective Date;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | consents to the Grantee Transferee
                                            assuming the obligations of the Grantee in accordance with the Royalty Deed to the extent
                                            of the Transferred Interest and consents to the Grantee Transferee becoming a party (as the
                                            “Grantee”) to the Royalty Deed to the extent of that Transferred Interest; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | agrees that the Grantee Transferee
                                            will be entitled to exercise all of the rights, privileges and benefits of the Grantee in
                                            respect of the Transferred Interest.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





© King & Wood MallesonsRoyalty Deed52







| | 4 | Royalty Deed effective
| | - | ----------------------



The parties agree that,
except as provided above, the provisions of the Royalty Deed remain in full force and effect.



| | 5 | Guarantee
| | - | ---------



The Guarantor unconditionally
and irrevocably guarantees to the Grantee Transferee the Grantor’s compliance with the Grantor’s obligations under and in
connection with the Royalty Deed, on the terms set out in the Royalty Deed.



| | 6 | Further assurances
| | - | ------------------



The Grantee Transferee must
do all acts, matters and things as may be reasonably necessary or expedient to implement and give full effect to the provisions of this
document.



| | 7 | Notices
| | - | -------



For the purposes of the
Royalty Deed, the address of:



| | (a) | the Grantee Transferee to which
                                            all notices must be delivered (until substituted in accordance with clause [notices]
                                            of the Royalty Deed) is the address set out in the Details or, if the Grantee Transferee
                                            has notified otherwise, then marked for attention in the way last notified; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | each of the Grantor, the Guarantor
                                            and the Grantee is the relevant address set out in the Details section of the Royalty Deed
                                            or, if it has notified otherwise, then marked for attention in the way last notified.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 8 | Costs and stamp duty
| | - | --------------------



| | 8.1 | Costs
| | --- | -----



The Grantee Transferee must
pay or cause to be paid all costs of each other party arising out of the negotiation, preparation and execution of this document.



| | 8.2 | Stamp duty
| | --- | ----------



As between the parties,
all Duty which may be payable on or in connection with this document, any instrument executed under this document, and in respect of
a transaction evidenced by the agreement must be borne by the [Grantee or Grantee Transferee]. The [Grantee or Grantee Transferee] must
indemnify the other parties to this document on demand against any liability for that Duty.



| | 9 | Governing law
| | - | -------------



| | 9.1 | Governing law
| | --- | -------------



This document is governed
by the law in force in the place stated in the Details.





© King & Wood MallesonsRoyalty Deed53







9.2Jurisdiction



Each party irrevocably and
unconditionally submits to the non-exclusive jurisdiction of the courts of the place specified in the Details and courts of appeal from
them. Each party waives any right it has to object to an action being brought in those courts including, without limitation, by claiming
that the action has been brought in an inconvenient forum or that those courts do not have jurisdiction.



| | 10 | Counterparts
| | -- | ------------



This document may be executed
in counterparts. All counterparts when taken together are to be taken to constitute one instrument and the date on which the last counterpart
is executed is the date of the document.



EXECUTEDas a deed





© King & Wood MallesonsRoyalty Deed54







Signing page



DATED:/s/ 16 June 2023





|EXECUTEDby Cobar Management Pty. Limited (ACN 083 171 546)in accordance with section 127(1) of the Corporations Act 2001 (Cth) by authority of its directors: |   | ) |                                         
|------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | - | ----------------------------------------
|                                                                                                                                                              | ) |  
|                                                                                                                                                              | ) |  
|                                                                                                                                                              |   |  
|                                                                                                                                                              |   | ) |                                         
|/s/ Peter Kalkandis                                                                                                                                           |   | ) |                                         
|Signature of director                                                                                                                                         |   | ) | /s/ Nicholas Talintyre                  
|                                                                                                                                                              |   | ) | Signature of director/company secretary*
|                                                                                                                                                              |   | ) | *delete whichever is not applicable     
|Peter Kalkandis                                                                                                                                               |   | ) |                                         
|Name of director (block letters)                                                                                                                              |   |   |                                         
|                                                                                                                                                              |   |   | Nicholas Talintyre                      
|                                                                                                                                                              |   |   | Name of director/company secretary*     
|                                                                                                                                                              |   |   | (block letters)                         
|                                                                                                                                                              |   |   | *delete whichever is not applicable     









|EXECUTEDby Glencore Operations Australia Pty LIMITED (ACN 128 118 140)in accordance with section 127(1) of the Corporations Act 2001 (Cth) by authority of its directors: |   | ) |                                         
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | - | - | ----------------------------------------
|                                                                                                                                                                          | ) |  
|                                                                                                                                                                          | ) |  
|                                                                                                                                                                          |   |  
|                                                                                                                                                                          |   | ) |                                         
|/s/ Jay Fraser Jools                                                                                                                                                      |   | ) | /s/ Nicholas Talintyre                  
|Signature of director                                                                                                                                                     |   | ) | Signature of director/company secretary*
|                                                                                                                                                                          |   | ) | *delete whichever is not applicable     
|Jay Fraser Jools                                                                                                                                                          |   | ) |                                         
|Name of director (block letters)                                                                                                                                          |   | ) | Nicholas Taintyre                       
|                                                                                                                                                                          |   | ) | Name of director/company secretary*     
|                                                                                                                                                                          |   | ) | (block letters)                         
|                                                                                                                                                                          |   |   | *delete whichever is not applicable     





[Signing Page to Cobar Royalty Deed]













|SIGNED, SEALED AND DELIVEREDby Metals Acquisition Limited in the presence of: |  | )
    )
    ))
) |                                             
|----------------------------------------------------------------------------- |  | ---------------- | --------------------------------------------
|/s/ Slobodan Vujcic                                                           |  | )                |                                             
|Signature of witness                                                          |  | )                | /s/ Michael James McMullen                  
|                                                                              |  | )                | Signature of authorised signatory           
|Slobodan Vujcic                                                               |  |                  |                                             
|Name of witness (Block Letters)                                               |  |                  | Michael James McMullen                      
|                                                                              |  |                  | Name of authorised signatory (Block Letters)







[Signing Page to Cobar Royalty Deed]