Exhibit 4.6


 


LOAN AGREEMENT


No. 1



between


 


Ekidos Minerals
LLP


as Debtor




and


 


Arras Minerals Corp.


 


as Creditor


 




    	  





    	 



    


THIS LOAN AGREEMENT No. 1 (the
“Agreement”) is made on 22 April 2021 between:


		(1)	Arras Minerals Corp., a company incorporated and existing under the laws
of the Province of British Columbia, Canada, entity No. BC1287773, located at: Suite 1610, 777 Dunsmuir Street, Vancouver, Canada, V7Y
1K4, as lender (the “Creditor”); and



		(2)	Ekidos Minerals Limited Liability
Partnership,a company incorporated and existing under the laws of the Republic of Kazakhstan,
BIN 200740000204, located at: apt. 1, 158 Panfilov Street, Almalinsky District, Almaty 050000, Republic of Kazakhstan, as borrower (the
“Debtor”), represented by Irma Nuss, Director, acting under the charter,



the Debtor and the Creditor
hereinafter referred to collectively as the “Parties” and separately as a “Party”.


NOW IT IS HEREBY AGREED AS FOLLOWS:


		1.	Interpretation



		1.1	In this Agreement the following capitalized terms have, except where the context otherwise requires, the
meanings respectively shown opposite them:



Agreement:this
loan agreement as may be amended and/or supplemented from time to time;


Effective Date:the date of the
transfer of the amount of the Loan into the Debtor’s bank account;


Loan:has
the meaning stipulated in Clause 2.1.


		1.2	Any reference in this Agreement to:



a “business
day” shall be construed as a reference to a day on which banks are generally open for business in Canada, Kazakhstan, and the
United States of America;






    	2  





    	 



    

 


“indebtedness”
includes any obligation (whether incurred as principal debtor, co-debtor, surety or otherwise) for the payment or repayment of money,
whether present or future, actual or contingent;


a “month”
means a period beginning in one calendar month and ending in the next calendar month on the day numerically corresponding to the day of
the calendar month on which it commences or, where there is no date in the next calendar month numerically corresponding as aforesaid,
the last day of such calendar month, and “months” and “monthly” shall be construed accordingly;


the “Parties”
shall be construed so as to include their respective and any subsequent successors, transferees and assignees in accordance with their
respective interests;


a “person”
includes any individual, firm, company, institution, government, state or agency of a state or subdivision of a state or any association
or partnership (whether or not having separate legal personality) of two or more of the foregoing;


“tax”
includes any present or future tax, levy, impost, duty or other charge of a similar nature (including, without limitation, any penalty
or interest payable in connection with any failure to pay or any delay in paying any of the same); and


the “winding-up”
of a legal person includes the amalgamation, reconstruction, reorganization, dissolution, liquidation, merger or consolidation of that
legal person, and any equivalent or analogous procedure under the law of any jurisdiction in which that legal person is incorporated,
domiciled or resident or carries on business or has assets.


		1.3	Save where expressions are expressly defined, in this Agreement accounting terms shall be determined in
accordance with accounting principles generally accepted in the United States of America.






		1.4	The headings in this Agreement are inserted for convenience only. Unless the context requires otherwise,
terms defined in the plural include the singular and vice versa. References to “Clauses” are to be construed as references
to the clauses in this Agreement.



		1.5	Save where the contrary is indicated, any reference in this Agreement to:



 






    	3  





    	 



    

 


		(a)	this Agreement or any other agreement or document shall be construed as a reference to this Agreement
or, as the case may be, such other agreement or document as the same may have been, or may from time to time be, amended, varied or supplemented;



		(b)	a law shall be construed as a reference to such law as the same may have been, or may from time to time
be, amended or re-enacted; and



		(c)	a time of day shall be construed as a reference to Nur-Sultan time.



		2.	Loan



		2.1	Subject to the terms and conditions herein, the Creditor has agreed
                                                                                           to make available to the Debtor an interest free loan in the amount not exceeding USD 450,000 (four hundred fifty thousand US
                                                                                           Dollars) (the “Loan”). The Creditor will make the Loan available to the Debtor in full or in part and at
                                                                                           dates and time determined at the sole discretion of the Creditor.




		2.2	The
Loan shall be provided to the Debtor exclusively for the purposes agreed by the Creditor in writing prior to Debtor’s transfer
of any amount to third parties.

                                                                                           The Loan shall not be transferred from Ekidos Bank Account or otherwise used by the Debtor for a purpose
which was not agreed by the Creditor in writing (except to repay the Loan an accordance with Clause 3.1).







		2.3	The Loan will
                                            be provided via wire transfer to the bank account of the Debtor as specified in Clause 16
                                            of this Agreement (the “Ekidos Bank Account”).





		3.	Repayment







		3.1	The Debtor shall repay the Loan in full on or
                                                                                           before 30 June 2021 to the bank account of the Creditor as specified in Clause 17 of this Agreement.




 






    	4  





    	 



    

 


		4.	Taxes



		4.1	All payments (whether of principal, interest or otherwise) to be made by the Debtor to the Creditor hereunder
shall be made without set-off or counterclaim and free and clear of and without deduction for any present or future taxes, duties, fees,
deductions, withholdings, restrictions or conditions of any nature, other than deductions totaling no more than the aggregate maximum
amount of USD$2,000 in respect of any bank fees or other costs associated with the repayment of the Loan by the Debtor.




		5.	Partial Invalidity



		5.1	The illegality, invalidity of unenforceability of any provision of this Agreement or any part thereof
under the law of any jurisdiction shall not affect its legality, validity or enforceability under the law of any other jurisdiction nor
the legality, validity or enforceability of any other provision. Any illegal, invalid or unenforceable provision shall have the effect
of a provision that would be valid, the purpose of which conforms to the first mentioned provision to such an extent that it must be assumed
that such provision would have been included in this Agreement if the first mentioned provision had been omitted in view of its illegality,
invalidity or unenforceability.



		6.	Representations and Warranties



		6.1	As of the date of this Agreement and the Effective Date, each Party represents and warrants to the other
Party that:



		(a)	it is a corporation duly organized and in good standing in its jurisdiction of incorporation and is qualified
to do business and is in good standing in those jurisdictions where necessary in order to carry out the purposes of this Agreement;



		(b)	it has the capacity to enter into and perform this Agreement and all transactions contemplated herein
and that all other actions required to authorize it to enter into and perform this Agreement have been properly taken;



 






    	5  





    	 



    

 


		(c)	no consent or approval of any third party or governmental agency is required for the execution, delivery
or performance of this Agreement;



		(d)	it will not breach any applicable law or other agreement or arrangement by entering into or performing
this Agreement; and



		(e)	this Agreement has been duly executed and delivered by it and is valid and binding upon it in accordance
with its terms.



		7.	Counterparts



		7.1	This Agreement may be executed in any number of counterparts (including counterparts delivered by email)
and this will have the same effect as if the signatures on the counterparts were on a single copy of this Agreement. This Agreement is
not effective until each Party has executed at least one counterpart.



		8.	Law



		8.1	This Agreement and any non-contractual obligations arising out of or in connection with it are governed
by the laws of the Province of British Columbia and the federal laws of Canada applicable therein.




		9.	Jurisdiction



		9.1	Each of the Parties irrevocably agrees that all disputes arising out of this
Agreement, including but not limited to a dispute relating to the existence, validity, or termination of this Agreement or arising out
of any non-contractual obligations arising out of or in connection with this Agreement, shall be referred to the Kazakhstan International
Arbitration in accordance with the current Rules. The number of arbitrators is one arbitrator appointed by the Kazakhstan International
Arbitration. The place of dispute settlement is Almaty, Kazakhstan. The language of the arbitration shall be English. The decision made
by the arbitration is binding upon the parties and may be enforced.



		9.2	The submission to the jurisdiction of the court referred to in Clause 9.1 shall not (and shall not be
construed so as to) limit the right of the Creditor to institute proceedings against the Debtor in any other court of competent jurisdiction
nor shall the instituting of proceedings by the Creditor in any one or more jurisdictions preclude the instituting of proceedings by the
Creditor in any other jurisdiction, whether concurrently or not.



 






    	6  





    	 



    

 


		10.	Further Assurance



		10.1	The Parties shall, and shall procure that their agents, employees and subcontractors shall, do all things
reasonably necessary, including executing any additional documents and instrument, to give full effect to the terms and conditions of
this Agreement.



		11.	Entire Agreement



		11.1	This Agreement constitutes the entire agreement between the Parties and supersedes and extinguishes all
previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating
to its subject matter. This Agreement shall be binding upon and inure to the benefit of the respective successors and permitted assigns
of the Parties.



		12.	Assignment



		12.1	The Debtor may not transfer, assign, novate or otherwise dispose of their interest in this Agreement without
the prior written consent of the Creditor.



		13.	Waiver



		13.1	The failure of either Party to insist on the strict performance of any provision of this Agreement or
to exercise any right, power or remedy upon a breach hereof shall not constitute a waiver of any provision of this Agreement or limit
such Party’s right thereafter to enforce any provision or exercise any right.



		14.	Modification



		14.1	No modification of this Agreement shall be valid unless made in writing and duly executed by both Parties.



		15.	Severability



		15.1	If any provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal
or unenforceable in any respect, all other provisions of this Agreement shall nevertheless remain in full force and effect so long as
the economic or legal substance of the transactions contemplated hereby are not affected in any manner materially adverse to any Party
hereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties hereto as closely as possible
in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent possible.




    	7  





    	 



    

		16.	Ekidos Bank Account



The details for the
bank account for Ekidos Minerals LLP are as follows:


Bank: XXXXXXXXXXXXXXXX


Bank Address: XXXXXXXXXXXXXXXXXXXX


Account: XXXXXXXXXXXXXXXXX


SWIFT: XXXXXXXX


		17.	 Arras Minerals Corp. Account



The details for the
bank account for Arras Minerals Corp.  are as follows:


Bank: XXXXXXXXXXXXX


Bank Address: XXXXXXXXXXXXXXXXXXX


Account: XXXXXXXXXXXXXXXX


SWIFT: XXXXXXXXX


		18.	Notices



		18.1	Any notice, direction or other instrument required or permitted to be given under this Agreement will
be in writing and may be given by the delivery of the same or by sending the same by email or other similar form of communication (provided
that if a method of notice other than email is selected, the notice shall also be sent by email), in each case addressed as follows:



		(a)	If to Creditor, at:



Arras Minerals Corp.


777 Dunsmuir Street, Suite 1610


Vancouver, British Columbia


V7Y 1K4


 


Attention:Tim Barry


Email:tbarry@silverbullresources.com 


and


Attention:Christopher Richards


Email:crichards@silverbullresources.com


 


 






    	8  





    	 



    


 


 


with a copy (which does not constitute notice)
to:


 


Blake, Cassels & Graydon LLP


595 Burrard Street


Suite 2600, Three Bentall Centre


Vancouver, British Columbia


V7X 1L3


Attention: Susan Tomaine


Email: susan.tomaine@blakes.com


		(b)	If to Debtor, at:



Ekidos Minerals Limited Liability Partnership


Apt. 1, 158 Panfilov Street


Almalinsky District, Almaty 050000


Republic of Kazakhstan


 


Attention: Irma Nuss


Email:irina.dostyk@gmail.com


 


Any notice, direction
or other instrument will (i) if delivered by hand, be deemed to have been given and received on the day it was delivered; and (ii) if
sent by email or other similar form of communication, be deemed to have been given and received on the business day following the day
it was so sent. Any party may at any time change its address for service from time to time by giving notice to the other parties in accordance
with this Clause 18.1.




    	9  





    	 



    



IN WITNESS WHEREOF, this Agreement has been executed by the Parties as
of the date first written above:


 


	Debtor	Creditor
	Ekidos Minerals Limited Liability Partnership	Arras Minerals Corp.
	
     

    /s/ Irma Nuss                    
	
     

    /s/ Timothy Barry                      

	
    Name:Irma Nuss

    Title:Director
	
    Name:Timothy Barry

    Title:President and Chief Executive
    Officer

	 	 


 






    	10