| [Material      marked with an asterisk hasbeen      omitted from this documentpursuant      to a request for confidentialtreatment      and has been filed separatelywith      the Securities and ExchangeCommission.] |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

| (A) | The      Licensor is a private Hong Kongcompany. |
|-----|--------------------------------------------------|

| (B) | The      Sub-Licensee is a wholly-owned Chilean subsidiary of White Mountain      Titanium Corporation, a U.S. corporation formed under the laws of the      State of Nevada (“WM      Parent”), the common stock of which is traded in the      over-the-counter market on the OTC Bulletin  Board. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | The      Licensor has obtained from the Master Licensor the exclusive worldwide      license for the technology relating to a process for the electrolytic      extraction of titanium concentrate to produce sponge titanium metal      (including certain Know-how, as defined in this Agreement) for the purpose      of developing and commercialising such  technology. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D) | Licensor      wishes to sub-license this technology for such purpose and is entering      into this Agreement (1) for the purpose of sub-licensing the technology      and obligations to the Sub-Licensee; and (2) for payment by Sub-Licensee      of royalties and other sums to the Licensor in connection with the      exploitation of the technology. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (E) | The      Licensor has agreed to sub-license such technology to the Sub-Licensee      solely for titanium metal located on the Sub-Licensee’s project in      Chile. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1 | DEFINITIONS |
|---|-------------|

| 1.1 | In      this Agreement: |
|-----|-------------------------|

|   | (a) | “Associate”      means in respect of either Party: |
|--------|-----|----------------------------------------------------------------|

|   | (i) | any      firm or body corporate in which, at the time in question, such Party      directly or indirectly: |
|--------|-----|------------------------------------------------------------------------------------------------------------|

|   | (ii) | any      person, firm or body corporate which, at the time in question, directly or      indirectly has in or over such Party the rights or powers listed above (a      “controller”); and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any      firm or body corporate in which, at the time in question, a controller      directly or indirectly has the rights or powers listed    above; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | “Calendar Quarter” means      a period of three (3) consecutive calendar months starting from the      Effective Date but, if the Effective Date falls on a date other than the      first day of a calendar month, then the first “Calendar Quarter” shall      be the period starting on the Effective Date and ending on the last day of      the second calendar month falling consecutively after the calendar month      in which the Effective Date falls, and subsequent “Calendar Quarters” shall      be identified accordingly. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | “Change      of Control” means: |
|--------|-----|---------------------------------------------|

|   | (i) | as      a result of a transaction or arrangement effected after the Effective      Date, any “person” (as such term is used in Sections 13(d) and 14(d) of      the U.S. Securities Exchange Act of 1934, as amended (the “Exchange      Act”)), other than a trustee or other fiduciary holding securities of the      Sub-Licensee under an employee benefit plan of the Sub-Licensee, becomes      the “beneficial owner” (as defined in Rule 13d-3 promulgated under the      Exchange Act), directly or indirectly, of securities of the Sub-Licensee,      or the WM Parent or any other Associate standing from time-to-time between      the Sub-Licensee and the WM Parent (collectively “Group”) representing 15%      or more of (A) the outstanding shares of common stock of any member of the      Group; or (B) the combined voting power of the then-outstanding securities      of any member of the Group; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | as      a result of a transaction or arrangement effected after the Effective      Date, any two or more persons (with “person” as defined above and subject      to the trustee/fiduciary exception above) intentionally acting together;      or, acting with the intention or effect that they will or    do: |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | combine      their voting and other activity in relation to any member of the Group to      the effect that such combination controls, directly or indirectly,      securities of such Group Member representing 15% or more of (A) the      outstanding shares of common stock of such Group member, or (B) the      combined voting power of the then-outstanding securities of such Group      member; or, |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | collectively,      become the “beneficial owners” (as defined above), directly or indirectly,      of securities of such Group Member representing 15% or more of (A) the      outstanding shares of common stock of such Group member, or (B) the      combined voting power of the then-outstanding securities of such Group      member; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | any      member of the Group is subject to a merger or consolidation, or series of      related transactions (“Event”), which results in the voting securities of      the Group member outstanding immediately prior to the Event ceasing to      represent at least thirty (30%) percent of the combined voting power of      the voting securities of such Group member or any surviving or other      entity outstanding immediately after theEvent; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the      sale or disposition of the legal or beneficial title to all, or      substantially all, of the assets of the Group; or, consummation of any      transaction, or series of related transactions, having the same or similar      effect; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | there      occurs a change in the composition of the Board of Directors of the      Sub-Licensee or any other member of the Group within a two-year period      from the Effective Date, as a result of which and after such change, fewer      than a majority of the directors of such entity are the same as the      incumbent directors as at the EffectiveDate; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (vi) | the      dissolution or liquidation of the Sub-Licensee or any other member of the      Group; or, |
|--------|------|----------------------------------------------------------------------------------------------------|

|   | (vii) | any      transaction or series of related transactions that has the substantial      effect of any one or more of theforegoing. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | “Effective      Date” means 30th      September, 2010; |
|--------|-----|--------------------------------------------------------------------|

|   | (e) | “Gross      Receipts” means the greater of: (i) the total gross sales price charged by      the Sub-Licensee for the Product sold by or for the Sub-Licensee in the      relevant period; or, (ii) in respect of any relevant period, the weekly      price of sponge titanium, as published on the Internet by Metalprices.com      at www.metalprices.com,      for the week in which the relevant sale is made, multiplied by the amount      of the Product sold, by or for the Sub-Licensee, or, if such service is      not available, as computed by a similar recognized quotation      service. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | “Improvement”      means any change in, development of or improvement and/or modification to      the Know-how and/or the Process (whether patentable or not) including      (without limitation) any change, development, improvement or modification      which makes the Process more efficient or adaptable made or acquired by      the; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Sub-Licensee      or any sub-sub-licensee (the “Licensee’s Improvements”);  or |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (ii) | Licensor,      otherwise than as a Licensee’s Improvement (the “Licensor’s      Improvements”), to the extent the Licensor is free to license the same in      accordance with the terms of thisAgreement; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | “Intellectual      Property” means all registered designs and applications and the right to      apply for any of them in any country of the world, design rights,      copyright (including any copyright subsisting in any computer software,      including source codes) and typographical rights, database rights, and any      other intellectual property right subsisting in any country in the world      but excluding patents or patent applications (including the Patent      Application) and trade marks or equivalent  rights; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | “Intellectual      Property Rights” means the legal and equitable rights to exploit the      Intellectual Property and Know-how solely in connection with titanium      metal; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | “Know-how”      means all , know-how, designs, plans, specifications, calculations,      formulae, process information, research papers, samples, feedstock      materials, technical information, knowledge and data relating to the      Process or the Products and the manufacture thereof in the possession of      the Licensor as at the date of this Agreement and which it may lawfully      communicate to theSub-Licensee; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (j) | “Master      License” means the license granted to the Licensor by Master Licensor      pursuant to the agreement dated 15 September, 2010, between such      parties. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | “Master      Licensor” means Chinuka Limited, a private U.K.  company. |
|--------|-----|------------------------------------------------------------------------------------|

|   |  (l) | “Milestone”      means the milestones set out in Schedule2; |
|--------|-----------|-------------------------------------------------------------------------|

|   |  (m) | “Party”      means the Licensor or the Sub-Licensee as appropriate and “Parties” means      the Licensor and the Sub-Licensee; |
|--------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (n) | “Patent      Applications” means the patent applications identified in Schedule 1,      together with all other applications for patents based on those      applications; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (o) | “Process”      means the process of electrolytic extraction of titanium concentrate or      any alloys to produce sponge titanium metal as set forth in the Patent      Applications; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (p) | “Product”      means sponge titanium metal or any associated titanium alloys as well as      any other materials produced from the Technology from titanium metal; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (q) | “Project”      means the Cerro Blanco titanium mining project of the WM Parent located in      Chile; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | (r) | “sale”      means a sale or any other transaction by which the owner of goods or      rights parts with possession of them, and “sell” shall have a cognate      meaning; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (s) | “Technology”      means the Intellectual Property Rights and Process as licensed to the      Sub-Licensee hereunder together with any Improvements licensed by the      Licensor to the Sub-Licenseehereunder; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (t) | “Term”      means the period from the Effective Date until termination of this      Agreement in accordance with Clauses 21 or 22;  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (u) | “University”      means the University of Cambridge,England. |
|--------|-----|--------------------------------------------------------------------------|

| 1.2 | References      to “all reasonable endeavours” shall mean to use all such reasonable      efforts as a prudent reasonable person in the position of the party in      question, and anxious in their own interests (and for these purposes it      shall be deemed to be that party’s own interests so to achieve that      objective), to achieve the objective in question, would    use; |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | References      to clauses and schedules are to the clauses hereof and the schedules      hereto; |
|-----|---------------------------------------------------------------------------------------------------|

| 1.4 | Words      importing the masculine, feminine or neuter genders include the other      genders; |
|-----|------------------------------------------------------------------------------------------------|

----

| 1.5 | Words      in the singular include the plural and vice  versa; |
|-----|----------------------------------------------------------------|

| 1.6 | References      to individuals shall include firms and corporations and vice versa;      and |
|-----|----------------------------------------------------------------------------------------------|

| 1.7 | A      reference to a statute or statutory provision includes any statute or      statutory provision which modifies, consolidates, re-enacts or supersedes      it. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | TECHNOLOGY      SUB-LICENSE |
|---|-----------------------------|

| 2.1 | The      Licensor hereby grants to the Sub-Licensee subject to the provisions of      this Agreement, the non-exclusive, non-transferable, non-assignable right      and license to use, apply, exercise, or otherwise exploit the Technology      in connection with and for the manufacture of the Product created from,      and only from, the Project. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | The      Licensor hereby grants to the Sub-Licensee subject to the provisions of      this Agreement the non-exclusive limited license to the use of the      “Chinuka” name and any relatedlogo. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | During      the Term, the Sub-Licensee shall not, without the prior, written consent      of the Licensor (such consent not to be withheld or delayed unreasonably)      grant to any other person a license or other right to do anything      specified within Clauses 2.1 and 2.2above. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3 | [RESERVED] |
|---|------------|

| 4 | EXPLOITATION -      SUPPLEMENTARY PROVISIONS |
|---|----------------------------------------------|

| 4.1 | The      Sub-Licensee agrees to use all reasonable endeavours to use the Technology      to produce and sell Product from the Project for cash consideration and to      exploit the rights granted  in respect of the Technology on the      Project; |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | The      Sub-Licensee shall report at the same time as the Royalty Statement (as      defined in and required by Clause 7.1) at least once every 3 (three)      months, and otherwise when reasonably requested, on the steps which have      been and are being taken to exploit the Technology as required by this      Agreement, together with the Sub-Licensee’s plans for other or further      exploitation of the Technology, and showing that it is complying with its      obligation under Clause 4.1. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | The      Sub-Licensee shall not, in whole or part and whether in law or equity,      assign; or otherwise transfer; or, otherwise distance itself from, its      legal and/or equitable rights in the Technology granted      hereby. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| [Material      marked with an asterisk hasbeen      omitted from this document pursuantto      a request for confidential treatment andhas      been filed separately with theSecurities      and ExchangeCommission.] |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | This      Agreement shall be subject to all provisions of the Master License      affecting sub-licenses granted pursuant to the Master      License.  Sub-Licensee acknowledges receipt of a copy of the      Master License and agrees to maintain the confidentiality of the terms and      provisions of the Master License in accordance with the provisions of      Clause 17 below. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5 | Sub-Licensee      shall not do anything which does, will or reasonably might put the      Licensor into breach of the Master License and the Sub-Licensee shall, at      Licensor’s request indemnify and hold harmless Licensor      accordingly. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.6 | If      there is any conflict or discrepancy between the terms of this Agreement      and the terms of the Master License, then the terms of the Master License      shall prevail. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | [RESERVED] |
|---|------------|

| 6 | ROYALTIES |
|---|-----------|

| 6.1 | The      Sub-Licensee shall pay as a royalty to the Licensor *% (* percent) of      Gross Receipts generated from the Project after the end of the first      Calendar Quarter following the EffectiveDate. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | The      Sub-Licensee shall pay an initial royalty to the Licensor of 4,000,000      shares of common stock of WM Parent to be held and disbursed in accordance      with the term and conditions of the Escrow Deed set forth in Schedule      3. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.1 | [Reserved] |
|-----|------------|

| 7.2 | Sub-Licensee      shall deliver to Licensor, at its offices in Hong Kong, or to such other      address as Licensor may direct, on or before the 15th (fifteenth)      day following the end of each Calendar Quarter during the Term and on the      fifteenth (15th)      day of the month following termination or expiration of this Agreement, a      complete and accurate statement (the “Royalty Statement”) of      the amount of Product produced from the Project for the immediately      preceding Calendar Quarter, or portion thereof, during the Term (the      “Royalty      Period”). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7.3 | Royalty      payments shall become due when the Sub-Licensee has been paid for the      Product upon which the royalty has been earned.  The amount      shown in each Royalty Statement as being due to the Licensor shall be paid      simultaneously with the submission of the Royalty      Statement.  All amounts payable to Licensor by Sub-Licensee      shall be submitted to the Licensor’sorder. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.4 | The      receipt and/or acceptance by Licensor of any Royalty Statements or      royalties paid hereunder to Licensor, or the cashing of any royalty checks      paid hereunder, shall not preclude Licensor from questioning the      correctness of the Royalty Statement or the amounts paid; provided that      Sub-Licensee is notified in writing within 30 (thirty) business days      following the issuance of the Royalty Statement by Sub-Licensee or receipt      of the royalty payment by Licensor, whichever shall be      later.  In the event that any inconsistencies or mistakes are      discovered in the Royalty Statements or payments, and Sub-Licensee is duly      notified, they shall immediately be rectified by Sub-Licensee and the      appropriate payment shall be made by Sub-Licensee.  In the event      Sub-Licensee shall discover a mistake resulting in an overpayment in any      Royalty Statement, it shall be allowed to offset such amount in the next      Royalty Statement and payment made toLicensor. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.5 | All      cash payments made hereunder shall be in U.S. Dollars unless otherwise      specifically agreed upon by theParties. |
|-----|------------------------------------------------------------------------------------------------------------------------------|

| 7.6 | Interest      at a rate of 8% (eight percent) per annum shall accrue on any amount due      to the Licensor hereunder from and after the date upon which the      payment is due and payable until the date of receipt of      payment.  The same interest rate shall apply to any amount due      from the Licensor to the Sub-Licenseehereunder. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.7 | Sub-Licensee      agrees to keep accurate books of account and records at its principal      place of business covering all transactions relating to the license      granted herein and pertaining to the items required to be shown in the      Royalty Statements to be submitted pursuant hereto, including without      limitation, invoices, correspondence, banking, financial, and other      records (“Records”).  Licensor and its duly authorized      representatives shall have the right, upon 5 (five) days’ written notice,      during normal business hours, to audit such Records and to make      copies and extracts thereof.  Such audit shall be for the sole      purpose of determining whether and to what extent all royalties have been      paid, in full and as and when payable under this Agreement.  In      the event that any such audit reveals an underpayment by Sub-Licensee,      Sub-Licensee shall within 30 (thirty) days after receiving written notice      from Licensor, and provided that Sub-Licensee has not then raised a bon      fide objection to such finding, remit payment to Licensor in the amount of      such underpayment, plus interest calculated from the date such payment(s)      were actually due until the date such payment is actually      made.  In the event that any such underpayment is greater than      one hundred thousand Dollars ($100,000), Sub-Licensee shall reimburse      Licensor for the reasonable costs and expenses of such audit, up to a      total of $25,000, inclusive of VAT.  In the event such audit      shall reveal a mistake resulting in an overpayment in any royalty payment,      Sub-Licensee shall be allowed to offset such amount in the next Royalty      Statement and payment made to Licensor.  Following such an      audit, any disagreement by either Party as to the amount owed shall be      resolved by arbitration as set forth in Clause 30    hereof. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7.8 | Unless      fraud is alleged, the Licensor may only conduct one audit of Records in      any twelve month period. |
|-----|-------------------------------------------------------------------------------------------------------------------|

| 7.9 | All      Records shall be retained by Sub-Licensee for at least 6 (six) years; and,      the final audit of Records may be conducted by or for the Licensor at any      time within 1 (one) year after the expiration or termination of this      Agreement. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8 | [RESERVED] |
|---|------------|

| 9 | DISCLOSURE OF      TECHNOLOGY |
|---|-------------------------------|

| 9.1 | To      the extent that, at the Effective Date, the Process and Technology have      not been fully disclosed to the Sub-Licensee, the Licensor shall disclose      the same to Sub-Licensee as soon as reasonably practicable after the      Effective Date. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2 | The      Licensor shall respond promptly to all requests for an explanation or      clarification relating to information disclosed under Clause 9.1. The      Sub-Licensee hereby agrees to exercise any such requests reasonably and,      unless exceptionally necessary, not more than 4 (four) times in any one      year. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.3 | The      Sub-Licensee hereby acknowledges that any information or data forming the      whole or part of the Technology which has been obtained by it prior to the      Effective Date and identified in accordance with Clause 16.3 shall be      deemed to have been furnished under the provisions of this      Agreement. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10 | COSTS &      EXPENSES |
|----|---------------------------|

| 10.1 | Each      of the Parties shall be responsible for its own costs and expenses in      connection with the negotiation and formation of this      Agreement. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11  | MARKING |
|----------|---------|

| 11.1 | The      Sub-Licensee shall identify the Process in all publicity and promotional      material as the “Chinuka Titanium Metal Process” or such other names      acceptable to the Licensor, and shall, where appropriate in promotional      material, include a reasonably prominent reference to the process being      invented at the University. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | All      goodwill and other rights in the name referred to in Clause 11.1 or such      other names as may be adopted by agreement between the Parties shall vest      in the Licensor and to the extent any such rights may be acquired by the      Sub-Licensee, the Sub-Licensee shall hold the same in trust for the      Licensor and shall, at the Licensor’s request and cost, execute such      assignment or other document, instrument or transfer as the Licensor may      require in order to vest in it absolutely all such  rights. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.3 | The      Sub-Licensee shall mark with such patent markings as may be desirable for      assuring or enhancing the patent protection afforded to the      Technology. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.1 | The      Licensor and the Sub-Licensee undertake that they will promptly disclose      to the other any Improvements arising at any time until the end of the      Term. To the extent any Improvement is acquired by either Party from a      third party, the obligations under this Clause 12 shall be subject to any      restrictions imposed by such third party on use, or disposal, or otherwise      in relation to such Improvement. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2 | The      Sub-Licensee shall have an exclusive license during the Term to develop,      operate, use, apply, exercise or otherwise exploit the Licensor’s      Improvements in or as part of carrying out the  Process. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3 | The      Licensor shall have a non-exclusive, royalty free license during the Term      to use the Sub-Licensee’s Improvements to which Clause 12.1 applies for      the purpose of research carried out by or in conjunction with the any      academic institution(s). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.4 | The      Licensor shall, in addition, have a non-exclusive license during the Term,      to use and exploit the Sub-Licensee’s Improvements during the Term and      thereafter in application with any other metal not covered by the license      granted pursuant to this Agreement. The Licensor’s license shall      be |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.4.1 | royalty      free in respect of any Improvement during the Term;  and |
|--|--------|-----------------------------------------------------------------------|

----

| [Material      marked with an asterisk has beenomitted      from this document pursuant to arequest      for confidential treatment and hasbeen      filed separately with the Securities andExchange      Commission.] |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | *%      (*percent) of the royalty or other payments received by the Licensor in      connection with the use, in whole or part, of such Improvement,      and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a      reasonable royalty for the Licensor’s own use pursuant to this license in      respect of any Improvement. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------|

| 12.5 | In      relation to any Improvements exchanged hereunder which may be susceptible      of patent or like registered protection, each Party shall: (i) promptly      inform the other and keep informed in writing all of the things done by it      to obtain such patent protection; and, (ii) not abandon or cease to      maintain any application or patent relating to any Improvement or      authorise any sub-sub-licensee to do so without giving the other at least      one month’s prior written notice of any intention to do so or such lesser      notice as circumstances outside the control of the Party, and if such      notice is given, shall at the written request of the other maintain any      such application or patent at the expense of the other upon terms to be      agreed by the Parties in writing. The Parties undertake to negotiate such      terms without delay and on a reasonable and fair commercial      basis. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13 | WARRANTIES |
|----|------------|

| 13.1 | (a)      The Licensor warrants that as at the Effective Date, it does not know      (having made reasonable enquiry) of any litigation or adverse claims,      whether instigated or threatened, concerning the Technology; and, does not      know (having made reasonable enquiry) of any circumstances which will, or      are likely to, give rise to any such litigation or  claims. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 13.2 | The      Licensor further warrants to the Sub-Licensee  that: |
|------|---------------------------------------------------------------|

|  | 13.2.1 | it      has full power and authority under its constitution and has taken all      necessary action and has obtained all authorisations, consents and      approvals to execute and perform thisAgreement; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 13.2.2 | the      supply of the Technology hereunder and the use of the Technology in the      form in which it is supplied does not infringe the copyright or rights in      confidential information of any thirdparty; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 13.2.3 | it      has not charged or otherwise encumbered any of the Technology;      and |
|--|--------|---------------------------------------------------------------------------------|

|  | 13.2.4 | the      Licensor has not disclosed any substantial or material part of the      Technology other than in confidence pursuant to a written confidentiality      agreement or to a Patent Office in pursuance of a patent      application. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 13.2.5 | the      Patent Applications are free from all liens, charges or other interests or      encumbrances; |
|--|--------|--------------------------------------------------------------------------------------------------------|

|  | 13.2.6 | the      Licensor has not, prior to the Effective Date, entered into any agreement,      arrangement, joint venture, collaborative project or other dealing      whatsoever with any other person or body which would prevent it from      lawfully granting the licensehereunder; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 13.2.7  | as      of the Effective Date |
|--|--------------|-------------------------------|

|   | (i) | the      Master License is in full force and effect and there are no known grounds      upon which it may be terminated or otherwise materially changed to the      detriment of the Sub-Licensee; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the      Master Licensor is the sole applicant for the Patent      Applications; |
|--------|------|----------------------------------------------------------------------------------|

----

|    | (ii) | such      Patent Applications are stillsubsisting; |
|--------------|------|----------------------------------------------------|

|   | (iii) | such      Patent Applications are not subject to any formal opposition proceedings      in any patent office; |
|--------|-------|---------------------------------------------------------------------------------------------------------------|

|   | (iv) | all      relevant renewal or other fees in respect of such Patent Applications have      been paid on their respective due dates for  payment; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | to      the best of the Licensor’s knowledge and belief, neither the Licensor nor      the Master Licensor has done or omitted to do, or is aware of, any act by      it that will prevent the patents being granted on such Patent      Applications; and, |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | all      costs, fees and other charges required for the maintenance and protection      of any patents derived from the Patent Applications and/or the Technology      shall be paid by the Licensor. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14 | ENFORCEMENT OF      RIGHTS |
|----|----------------------------|

| 14.1 | Each      Party shall inform the other Party promptly if it becomes aware of any      infringement or potential infringement of the Patent Applications or any      resulting patent, Intellectual Property or other rights in or over the      Technology. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.2 | The      Licensor shall take all necessary legal or other action against any third      party to prosecute, enforce and maintain the Patent Applications and all      patents resulting from the Patent Applications, and the Technology at its      sole expense. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.3 | The      Sub-Licensee shall agree to be joined in and to provide all reasonable      assistance in relation to any such legal action subject to being      indemnified and secured in a reasonable manner as to any costs, damages,      expenses or other liability and shall have the right to be separately      represented by its own counsel at its own  expense. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14.4 | Before      starting legal action in accordance with Clause 14.2 or agreeing to any      settlement, the Licensor shall consult the Sub-Licensee and shall take      into account the Sub-Licensee’s reasonable requests and      recommendations. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15 | [RESERVED] |
|----|------------|

| 16 | PROTECTION AND      OWNERSHIP OF RIGHTS |
|----|-----------------------------------------|

| 16.1 | Nothing      herein shall grant any rights, other than as expressly set out in Clauses      2, 5.1, and 12.2, 12.3 and 12.4, in or transfer any rights of ownership in      the Technology to the Sub-Licensee.  Ownership of the Technology      and the Patent Applications shall remain vested exclusively in the Master      Licensor. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.2 | Any      Know-how which is disclosed or made available by or on behalf of any      educational institution shall be deemed to have been made available by the      Master Licensor. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17 | CONFIDENTIALITY |
|----|-----------------|

| 17.1 | Each      Party (the “recipient party”) shall keep confidential all business and      trade secrets, methods of doing business, customer lists and other      information and material obtained from the other (the “disclosing party”)      in connection with this Agreement including (without limitation) the      Know-how. Each      Party undertakes not to disclose any such material or information to any      third party other than: |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 17.1.1 | Sub-licensees;      and |
|--|--------|-------------------------|

|  | 17.1.2 | the      recipient party’s customers or prospective customers for the Products or      prospective sub-sub-licensees who require such disclosure where bona fide      necessary for an evaluation or instruction in the use of the same and who      have first signed a confidentiality agreement in such form as the      disclosing party may reasonablyrequire. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.2 | The      recipient party will limit disclosure to the responsible officers and      employees of the recipient party who require such disclosure where bona      fide necessary for the proper performance of their duties and who are      subject to appropriate enforceable obligations of    confidence. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.3 | The      recipient party undertakes to take all reasonable steps both to minimise      the risk of disclosure of such confidential information by employees and      others and to enforce such confidentiality agreements in case of      need. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.4 | The      obligations of confidentiality under this Clause 17 shall not apply to any      information or material which the recipient party can prove      was: |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 17.4.1 | already      known to it prior to its receipt thereof from the disclosing      party; |
|--|--------|---------------------------------------------------------------------------------------|

|  | 17.4.2 | subsequently      disclosed to it lawfully by a third party who did not obtain the same      (whether directly or indirectly) from the disclosing  party; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 17.4.3 | in      the public domain at the time of receipt by the recipient party or has      subsequently entered into the public domain other than by reason of the      breach of the provisions of this Clause 17 or any obligation of confidence      owed by the recipient party or by Sub-licensees to the disclosing      party; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 17.4.4 | independently      generated by or for the receiving party by persons having no direct or      indirect access to similar information or material supplied by the      disclosing party. In such a case the receiving party shall, on request      from the disclosing party, provide to the disclosing party or (where the      recipient reasonably objects to disclosure to the disclosing party) to an      independent third party nominated by the disclosing party all information      and documents reasonably required by the disclosing party to satisfy      itself that the development wasindependent. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18 | FURTHER      ACTIONS |
|----|----------------------|

| 18.1 | At      any time after the Effective Date the Parties shall, and shall use all      reasonable endeavours to, procure that any necessary third party shall      execute such documents and do such acts and things as the Sub-Licensee may      reasonably require for the purpose of giving to the Sub-Licensee the full      benefit of all the provisions of thisAgreement. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.2 | Each      Party shall at the request and cost of the other execute any further      documents of a formal nature and do any further acts or things by way of      formalities which may be necessary or desirable to give effect to this      Agreement in any country. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19 | LIABILITY |
|----|-----------|

| 19.1 | The      Sub-Licensee acknowledges that the Technology is at a development stage.      Save as provided in Clause 13 (Warranties), no warranties express      or implied, whether by statute, custom or usage or otherwise are made in      relation to any information or the performance of any product or process      made hereunder or in accordance with the Technology. Subject to the      warranty given in Clause 13, the Sub-Licensee uses the Technology at its      own risk. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.2 | Save      as provided in Clause 13, the Licensor shall not be liable for any loss or      damage of whatsoever nature and howsoever caused arising out of the use of      any information or data by or with the authority of the Sub-Licensee, or      the provision by the Licensor of any services (whether as advice,      information or articles or otherwise) to the Sub-Licensee hereunder and      the Sub-Licensee shall indemnify the Licensor against and hold it harmless      in respect of any claim or action made or taken against the Licensor in      respect thereof. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.3 | Except      for liability arising under the warranties given in Clause 13, under no      circumstances shall the Licensor be liable for any indirect, special or      consequential loss, or for any loss of profits, revenue or reputation,      arising out of or in connection with the use, by the Sub-Licensee of any      information or designs provided by or on behalf of the Licensor      hereunder. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.4 | Except      for liability arising under the warranties given in Clause 13, under no      circumstances shall the aggregate liability of the Licensor to the      Sub-Licensee for any loss or damage howsoever caused under or in      connection with this Agreement exceed in the aggregate      $400,000. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 19.5 | Nothing      in this Clause 19 shall exclude any liability of the Licensor in respect      of any personal injury or death resulting from the Licensor’s negligence;      and, nothing in this Clause 19 shall exclude or limit any liability of the      Licensor for any fraudulentmisrepresentation. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.6 | The      exclusion of liabi1ity and indemnity in this Clause 19 and Clause 20 are      entered into on behalf of and shall also apply in favour of any persons      involved in the development of the Process, and the Licensor holds the      benefit of these provisions, so far as applicable to them, in trust for      each such person. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.7 | The      provisions of Clauses 19.2 and 19.6 and Clause 20 shall apply (mutatis      mutandis) for the benefit of the Sub-Licensee in relation to any      Improvements made available to the Licensor  hereunder. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.8 | In      this Agreement, where one Party undertakes to indemnify the other      the: |
|------|-------------------------------------------------------------------------------------|

|  | 19.8.1 | indemnified      Party shall notify the indemnifier as soon as possible after it becomes      aware of a claim by a third party, or some other act or circumstance which      may give rise to a claim under the indemnity, and shall keep the      indemnifier fully informed of any developments in relation to such a      claim, act or circumstance; and |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 19.8.2 | indemnity      shall be conditional on the indemnified Party (i) defending, settling and      otherwise dealing with the claim, act or circumstance as the indemnifier      shall reasonably direct (including lending its name, subject to sufficient      security for any liability it may incur) to any proceedings and (ii)      making no admission of liability or otherwise without the prior written      consent of the indemnifier. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.9 | Nothing      in this Clause 19 shall excuse the Licensor or Sub-Licensee from      performance of any of its obligations under this  Agreement. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.10 | Notwithstanding      any other provision to the contrary, the Parties expressly waive any claim      or action either may have against the University arising out of use or      exploitation of the Technology and any loss, damage or expense whatsoever      which either Party may suffer or incur through the use or exploitation of      the Technology.  The University shall have the right to enforce      the provisions of this Clause19.10. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20 | INDEMNITY |
|----|-----------|

| 20.1 | Sub-Licensee      shall indemnify and hold harmless Licensor and its Associates against any      and all claims, of whatsoever nature which are made against Licensor      and/or its Associates and which arise from any act or omission by      Sub-Licensee, or its Associates or its or their contractors and      sub-contractors, in the course of producing (or attempting or preparing to      produce), selling or otherwise dealing with  Product. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 21 | TERM |
|----|------|

| 21.1.1 | This      Agreement shall commence on the Effective Date and shall continue until      terminated according to Clause 22. |
|--------|---------------------------------------------------------------------------------------------------------------------------|

| 22 | TERMINATION |
|----|-------------|

| 22.1 | This      Agreement may be terminated forthwith by either Party (the “first party”)      by written notice to the other in the event of one or more of the      following if the other: |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 22.1.1 | goes      into liquidation (other than voluntary liquidation for the purpose of a      bona fide reconstruction or amalgamation the terms of which have been      approved in advance by the first party in writing) or is dissolved or      struck off; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 22.1.2 | is      unable to pay its debts as they mature or suffers the appointment of a      receiver, administrative receiver or administrator (or any similar      official or process under the law of its domicile or place of      incorporation) of the whole or any part of its assets or is the subject of      any insolvency proceedings; or |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 22.1.3 | is      in material breach of any of the provisions of this Agreement and fails to      remedy such breach (where it is capable of being remedied) within 60      (sixty) days of a notice from the first party so to  do. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.2 | This      Agreement may be terminated forthwith by the Licensor by written notice to      the Sub-Licensee if: |
|------|----------------------------------------------------------------------------------------------------------------|

| 22.3 | This      Agreement may be terminated forthwith by Licensor by written notice to the      Sub-Licensee in the event that the Milestones are not completed as set      forth in Schedule 2.  The termination shall be effective upon      delivery of the writtennotice. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 22.4 | Termination      of this Agreement shall be without prejudice to any rights of either Party      which may have accrued up to the date of such termination and the rights      to terminate this Agreement are not intended to be exclusive but shall be      in addition to every other remedy or right now or hereafter existing      including the right to recover damages and to a decree requiring any      appropriate performance required by this  Agreement. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22.5 | Subject      to Clause 23, in the event of termination of this Agreement for whatever      cause, neither the Sub-Licensee nor any liquidator, administrator or      administrative receiver thereof shall have any right whatsoever to use,      assign, license or otherwise deal in the Technology, the Licensor’s      Improvements or any of the rights granted to the Sub-Licensee by this      Agreement. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23 | CONSEQUENCES OF      TERMINATION |
|----|----------------------------------|

| 23.1 | Upon      termination of this Agreement either by the Licensor, or at the end of the      Term, the Sub-Licensee and Licensor shall respectively return to the other      all samples, designs, plans, specifications, research papers, drawings,      technical documents and other Know-how in tangible form supplied to it by      the other or by its Associates and all copies thereof in its or, in the      case of the Sub-Licensee, any of the Sub-Licensee’s Associates’      possession, power or custody or in that of any sub-contractor or      Sub-licensee (but subject to any rights (including rights of      sub-sub-licensees) preserved pursuant to this Agreement. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.2 | If      this Agreement is terminated by the Sub-Licensee under Clause 22.1 then,      without prejudice to the respective rights of the Parties, unless the      Sub-Licensee gives notice to the contrary within the 30 days after the      effective date of such termination, the license granted by this Agreement      shall not terminate and this Agreement shall be deemed assigned and shall      be novated, with effect on and from the effective date of such      termination, by the Licensor to the Master Licensor.  All royalties or      other license payments due hereunder to Licensor shall thereafter be      payable to Master Licensor. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.2 | In      the event the Master License is terminated, the license granted hereunder      shall continue and this Agreement shall be deemed novated in favour of the      Master Licensor and all royalties or other license payments due under this      Agreement in relation to periods starting on or after the effective date      of termination of the Master License, shall then be payable to, and paid      to, the Master Licensor.   Any and all costs incurred by      the Sub-Licensee in connection with any such novation shall be paid by the      Licensor and the Sub-Licensee may deduct such costs from any amounts      otherwise due from the Sub-Licensee to the Licensor, whether under this      Agreement or otherwise. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23.3 | Termination      of this Agreement or the Master License shall not affect the Parties’      rights or obligations under any of Clauses 13, 17, 18, 19, 23, and 30, or      any other provisions of this Agreement which expressly or by their nature      or effect are intended to continue beyond  termination. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 24 | NOTICES |
|----|---------|

| 24.1 | All      notices to be given under this Agreement shall be delivered by hand, or      sent in writing by first class registered or recorded delivery mail, or      fax to the appropriate address shown at the head of this Agreement or to      such other address as the Party concerned shall from time to time      designate by notice pursuant hereto. Any such notices on the third working      day after the same shall have been properly posted; or in the case of hand      delivery, e-mail delivery on the day of delivery; or, in case of delivery      by fax on the first such working day after the day of transmission by the      fax operator provided that in the case of fax transmission the      transmitting fax machine generates upon completion of the transmission a      transmission report stating that the notice has been duly transmitted      without error to the addressee’s fax number, and a copy of such notice is      posted to or delivered to the address of the party concerned in accordance      with this Clause. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25 | ASSIGNMENT AND      SUBLICENSING AND THIRD PARTYRIGHTS |
|----|--------------------------------------------------------|

| 25.1 | The      Sub-Licensee shall not, in whole or in part and whether in law or equity,      assign, sub-license, charge, sub-contract or otherwise dispose of any of      its rights or obligations under thisAgreement. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25.2 | Except      for the rights granted the University, as provided in Clause 19.10 above,      this Agreement may not be enforced by any person who is not a Party and,      subject thereto, the Parties confirm that this Agreement is not intended      to confer any benefit on any person which may be enforced by that person      unless they are a Party. Notwithstanding the foregoing exception, this      Agreement may be varied by the Parties in accordance with its terms      without the consent of any person who is not a Party. Subject to the      foregoing, the rights granted to third parties under the Contracts (Rights      of Third Parties) Act 1999 are hereby excluded to the fullest extent      permitted by law. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26 | WAIVER |
|----|--------|

| 26.1 | The      rights of either Party arising out of any provision of this Agreement or      any breach thereof shall not be waived except in writing. Any waiver by      either Party of any of its rights under this Agreement or of any breach of      this Agreement shall not be construed as a waiver of any other rights or      of any other or furtherbreach. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 27 | AMENDMENTS |
|----|------------|

| 27.1 | This      Agreement may not be amended except by an agreement in writing signed by      both Parties. |
|------|-------------------------------------------------------------------------------------------------------|

| 28 | ENTIRE      AGREEMENT |
|----|-----------------------|

| 28.1 | This      Agreement shall supersede all previous agreements and arrangements between      the Licensor and the Sub-Licensee or their respective predecessors      relating to the subject matter hereof, and in so far as they or some of      them may still be of effect are hereby declared to have been superseded by      this Agreement without claim for compensation or otherwise by either Party      but without prejudice to any rights or liabilities accrued before the date      hereof. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29 | SEVERABILITY |
|----|--------------|

| 29.1 | All      agreements and covenants contained herein are severable and in the event      of any of them being held to be invalid by any competent court, this      Agreement shall be interpreted as if such invalid agreements or covenants      were not contained herein. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29.2 | In      such event the Parties will negotiate in good faith to substitute a      provision which has an effect as close to that of the provision omitted as      is lawful or valid. If, in relation to any provision which goes to the      substance of the this Agreement, the Parties are not able to reach      agreement after negotiation in good faith, either Party shall be entitled      to terminate this Agreement on written notice to the  other. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30 | LAW |
|----|-----|

| 30.1 | This      Agreement shall be interpreted and the rights and liabilities of the      Parties shall be determined in accordance with the laws of England and the      parties agree to submit to the non-exclusive jurisdiction of the English      Courts. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.2 | In      the event of a dispute or difference arising out of or in connection with      this Agreement (other than a dispute or difference subject to expert      determination), the Parties shall first use all reasonable endeavours to      resolve the dispute or difference by mutual negotiation. If the Parties      cannot settle the dispute or difference by the above means, then either      Party shall have a right to give one month’s written notice that the      matter shall be referred to alternative dispute resolution (“ADR”) under      the supervision of the Centre for Effective Dispute Resolution of Princess      House, 95 Gresham Street, London, EC2V 7NA (“CEDR”), and the other Party      shall not unreasonably refuse to co-operate in making such a      reference. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.3 | ADR      shall be conducted using a sole mediator (“Neutral”) in or substantially      in accordance with CEDR’s recommended agreement for the time being in use.      The Neutral should be a CEDR accredited mediator agreed between the      Parties, or in default of agreement within 14 (fourteen) days of notice of      either Party calling upon the other to engage in ADR, appointed by      CEDR. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 30.4 | The      Parties agree to co-operate fully and promptly and in good faith with CEDR      or the Neutral in the performance of their obligations under this Clause      including without limitation the doing of all such acts and the signing of      all such documents as CEDR or the Neutral may reasonably require to give      effect hereto, including, without limitation, CEDR’s relevant agreement      for the time being. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.5 | ADR      shall commence by either Party serving on the other written notice (“ADR      Notice”) setting out in summary form the issues in dispute and calling      upon that other Party to join in an approach to CEDR for the appointment      of the Neutral. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.6 | Unless      agreed otherwise in the course of the procedure each Party shall bear its      own costs of ADR. |
|------|--------------------------------------------------------------------------------------------------------------|

| 30.7 | If      and to the extent that after engaging in good faith in ADR the Parties do      not resolve the matters in dispute or any of them, all matters remaining      in dispute or difference shall be referred to the  Courts. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30.8 | Either      Party before or during any dispute resolution proceedings may apply to a      court having jurisdiction for a temporary restraining order or preliminary      injunction where such relief is necessary to protect its interests pending      completion of the dispute resolution proceedings. The dispute resolution      procedure shall not be required for actions for breach of confidentiality      or enforcement of intellectual property rights and the Parties may bring      such actions in any relevant court. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31 | CONDUCT UNDER THE      AGREEMENT |
|----|----------------------------------|

| 31.1 | Each      Party agrees that it will at all times act in good faith to the other in      relation to any matter arising under or in connection with this      Agreement. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32 | FORCE      MAJEURE |
|----|--------------------|

| 32.1 | If      the performance of this Agreement by a Party (“Affected Party”) is      prevented, delayed or otherwise impeded by any event or circumstance; or      any series or combination of events and/or circumstances, which reasonably      is, or was, outside the control of the Affected Party (“Force Majeure”),      then the Affected Party shall not be in breach of this Agreement and such      other Party shall have no rights of claim or action (including the right      to terminate this Agreement) against the Affected Party in connection      therewith. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 32.2 | In      this Agreement, the term “Force Majeure” shall include, but shall not be      limited to, acts of war (declared or not); acts of terrorism; acts of      government or government agencies; severe weather conditions leading to a      general failure of transport and/or other communication systems; general,      national or regional strikes affecting workers generally or a particular      class or group of workers; earthquakes and other severe, natural      phenomena.  Such term shall not include an inability to make      payments as they fall due unless such inability is caused by a material      failure of the banking system in which case the Party making the payment      shall use all reasonable efforts to find an alternative way of making such      payment as promptly as possible. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.3 | If      performance of any material part of this Agreement is prevented or      materially delayed or otherwise impeded by Force Majeure for a period of      more than 120 consecutive days or more than a cumulative 150 days in any      consecutive 365 days, then either Party shall be free to give notice to      the other Party that, unless full performance of this Agreement is      recommenced within the next following 15 days, then this Agreement shall      be terminated at the end of such 15th      day. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 33 | HEADINGS |
|----|----------|

| 33.1 | The      headings in this Agreement are for reference only and do not limit or      affect the interpretation thereof. |
|------|------------------------------------------------------------------------------------------------------------------------|

| For      and on behalf of            |   | For      and on behalf of                                    |
|--------------------------------------|--------|--------------------------------------------------------------|
|                                 |   |                                                         |
| La      Serena Technologies Limited  |   | Sociedad      Contractual Minera WhiteMountain      Titanium |
|                                 |   |                                                         |
| /s/ Brian Flower                     |   | /s/ Michael P.Kurthanjek                                     |
| Brian      Flower, Managing Director |   | Michael      P. Kurtanjek, President                         |
|                                 |   |                                                         |
| September 15, 2010                   |   | September 15, 2010                                           |
| Date                                 |   | Date                                                         |

----

| Name of Invention                                |   | Patent ApplicationsNumber(s)     |   | Filing/Priority Date           |
|------------------------------------------------------------|--------|---------------------------------------|--------|-------------------------------------|
| Chinuka      Ltd. “Treatment of Titanium Ores” |   | UK      Patent Application 0913736.5  |   | Filing      DateAugust      6, 2009 |
| Chinuka      Ltd. “Treatment of Titanium Ores” |   | International      Patent Application |   | Filing      Date                    |

|   |   | Milestone                                                                                                                                                                                       |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                            |
| 1      |   | Within      1,826 days (5 years) after the Effective Date, cumulative expenditure      (capital and/or expense) of $5,000,000 towards the development of the      Technology.                   |
| 2      |   | Minimum      royalty payments, pursuant to Clause 6.1 of $200,000 per year with the      first of such years starting on and from the day after the 5th      anniversary of the Effective Date. |
| 3      |   | Commercial      production of Product starting in the year beginning on the day after the      9th      anniversary of the Effective Date.                                                      |

----