Exhibit 4.20

Corrs Chambers Westgarth

Execution Version

6 December 2016





Gold Road Resources Limited





Gruyere Mining Company Pty Ltd





Gruyere Management Pty Ltd





Gold Fields Australia Pty Ltd





Gruyere Project Joint Venture Agreement



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Corrs Chambers Westgarth



Contents



|  |  |                      |  |                                                    |    |  |    | 
|- |  | -------------------- |  | -------------------------------------------------- | -- |  | -- | 
|1 |  | Definitions          |  |                                                    | 1  | 
|  |  |                     
|2 |  | Joint Venture        |  |                                                    | 19 | 
|  |  |                      | 
|  |  | 2.1                  |  | Establishment of Joint Venture                     |    |  | 19 | 
|  |  | 2.2                  |  | Interests                                          |    |  | 19 | 
|  |  | 2.3                  |  | Tenants in common                                  |    |  | 19 | 
|  |  | 2.4                  |  | No partition                                       |    |  | 20 | 
|  |  | 2.5                  |  | Rights and obligations several                     |    |  | 20 | 
|  |  | 2.6                  |  | No partnership                                     |    |  | 20 | 
|  |  | 2.7                  |  | No agency                                          |    |  | 20 | 
|  |  | 2.8                  |  | Mutual indemnity                                   |    |  | 20 | 
|  |  | 2.9                  |  | Indemnity against additional Costs                 |    |  | 20 | 
|  |  | 2.10                 |  | Mutual obligations                                 |    |  | 20 | 
|  |  | 2.11                 |  | Protection of Titles                               |    |  | 20 | 
|  |  | 2.12                 |  | Maintain Titles                                    |    |  | 21 | 
|  |  | 2.13                 |  | Entitlement to Product                             |    |  | 21 | 
|  |  | 2.14                 |  | Intellectual Property                              |    |  | 21 | 
|  |  | 2.15                 |  | No restriction on other business                   |    |  | 22 | 
|  |  | 2.16                 |  | Rights to future titles in certain circumstances   |    |  | 22 | 
|  |  | 2.17                 |  | Area of Interest                                   |    |  | 23 | 
|  |  | 2.18                 |  | GOR Exploration Assets                             |    |  | 25 | 
|  |  | 2.19                 |  | Pastoral Lease                                     |    |  | 25 | 
|  |  |                     
|3 |  | Term and termination |  |                                                    | 28 | 
|  |  |                      | 
|  |  | 3.1                  |  | Effective Date                                     |    |  | 28 | 
|  |  | 3.2                  |  | Term of Joint Venture                              |    |  | 28 | 
|  |  | 3.3                  |  | Disposal of Joint Venture Assets upon termination  |    |  | 28 | 
|  |  | 3.4                  |  | Certain obligations continue beyond termination    |    |  | 29 | 
|  |  |                     
|4 |  | Management Committee |  |                                                    | 29 | 
|  |  |                      | 
|  |  | 4.1                  |  | Establishment of Management Committee              |    |  | 29 | 
|  |  | 4.2                  |  | Composition of Management Committee                |    |  | 29 | 
|  |  | 4.3                  |  | Meetings                                           |    |  | 30 | 
|  |  | 4.4                  |  | Notice of meetings                                 |    |  | 30 | 
|  |  | 4.5                  |  | Quorum                                             |    |  | 31 | 
|  |  | 4.6                  |  | Chairman                                           |    |  | 31 | 
|  |  | 4.7                  |  | Voting rights                                      |    |  | 31 | 
|  |  | 4.8                  |  | Ordinary Decisions                                 |    |  | 32 | 
|  |  | 4.9                  |  | Special Majority Decisions                         |    |  | 32 | 
|  |  | 4.10                 |  | Advisers                                           |    |  | 32 | 
|  |  | 4.11                 |  | Authority of Representative                        |    |  | 32 | 
|  |  | 4.12                 |  | Resolution without meeting                         |    |  | 32 | 
|  |  | 4.13                 |  | Managers delegate                                 |    |  | 33 | 
|  |  | 4.14                 |  | Minutes                                            |    |  | 33 | 
|  |  | 4.15                 |  | Sub-committees                                     |    |  | 33 | 
|  |  | 4.16                 |  | Project Steering Committee and Technical Committee |    |  | 34 | 





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Corrs Chambers Westgarth



|  |  |                              |  |                                                        |    |  |    | 
|- |  | ---------------------------- |  | ------------------------------------------------------ | -- |  | -- | 
|  |  | 4.17                         |  | Services                                               |    |  | 34 | 
|  |  | 4.18                         |  | Recommendations and decisions of
sub-committees        |    |  | 35 | 
|  |  |                             
|5 |  | Manager                      |  |                                                        | 35 | 
|  |  |                              | 
|  |  | 5.1                          |  | Appointment of Manager                                 |    |  | 35 | 
|  |  | 5.2                          |  | Resignation                                            |    |  | 35 | 
|  |  | 5.3                          |  | Removal of Manager                                     |    |  | 35 | 
|  |  | 5.4                          |  | Removal on withdrawal from Joint Venture               |    |  | 36 | 
|  |  | 5.5                          |  | Assignment of Management Right with Interest           |    |  | 37 | 
|  |  | 5.6                          |  | Appointment of new Manager                             |    |  | 38 | 
|  |  | 5.7                          |  | Delivery of property on change of Manager              |    |  | 39 | 
|  |  | 5.8                          |  | Liability of Manager                                   |    |  | 40 | 
|  |  | 5.9                          |  | Indemnity for Manager by Participants                  |    |  | 40 | 
|  |  | 5.10                         |  | Indemnity by Manager of Participants                   |    |  | 40 | 
|  |  | 5.11                         |  | Liability for Exploration Manager as delegate          |    |  | 40 | 
|  |  | 5.12                         |  | No other roles by Manager                              |    |  | 40 | 
|  |  |                             
|6 |  | Powers and Duties of Manager |  |                                                        | 40 | 
|  |  |                              | 
|  |  | 6.1                          |  | Conduct of Operations                                  |    |  | 40 | 
|  |  | 6.2                          |  | Funding of Manager                                     |    |  | 43 | 
|  |  | 6.3                          |  | Proper practices in Operations                         |    |  | 44 | 
|  |  | 6.4                          |  | Independent status of Manager                          |    |  | 44 | 
|  |  | 6.5                          |  | Delegation                                             |    |  | 44 | 
|  |  | 6.6                          |  | Managers custody of Joint Venture Assets              |    |  | 44 | 
|  |  | 6.7                          |  | Key Appointments                                       |    |  | 45 | 
|  |  | 6.8                          |  | Secondees to manager                                   |    |  | 46 | 
|  |  | 6.9                          |  | Contracts with Affiliates of Manager                   |    |  | 46 | 
|  |  | 6.10                         |  | Contracts with third parties                           |    |  | 46 | 
|  |  | 6.11                         |  | Gold Fields Pricing Advantage                          |    |  | 47 | 
|  |  | 6.12                         |  | No profit or loss by Manager                           |    |  | 48 | 
|  |  | 6.13                         |  | Good faith                                             |    |  | 49 | 
|  |  | 6.14                         |  | Ratify actions of Manager                              |    |  | 49 | 
|  |  |                             
|7 |  | Insurance                    |  |                                                        | 49 | 
|  |  |                              | 
|  |  | 7.1                          |  | Manager to insure                                      |    |  | 49 | 
|  |  | 7.2                          |  | Management Committee approvals                         |    |  | 50 | 
|  |  | 7.3                          |  | Insurer                                                |    |  | 50 | 
|  |  | 7.4                          |  | Participants may insure                                |    |  | 50 | 
|  |  | 7.5                          |  | Advice to Participants of change in insurances         |    |  | 51 | 
|  |  | 7.6                          |  | Insurance by contractors                               |    |  | 51 | 
|  |  |                             
|8 |  | Budgets and planning         |  |                                                        | 51 | 
|  |  |                              | 
|  |  | 8.1                          |  | Optimising Initial Development Plan and Budget         |    |  | 51 | 
|  |  | 8.2                          |  | Commencement under Initial Development Plan and Budget |    |  | 51 | 
|  |  | 8.3                          |  | Preparation and approval of the LOM Business Plan      |    |  | 52 | 
|  |  | 8.4                          |  | LOM Business Plan  Contents                           |    |  | 52 | 
|  |  | 8.5                          |  | Revision of LOM Business Plan                          |    |  | 54 | 
|  |  | 8.6                          |  | Approval of LOM Business Plan and revisions            |    |  | 55 | 





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Corrs Chambers Westgarth



|   |  |                               |  |                                                            |    |  |    | 
|-- |  | ----------------------------- |  | ---------------------------------------------------------- | -- |  | -- | 
|   |  | 8.7                           |  | Temporary Operating Plan if LOM Business Plan not approved |    |  | 55 | 
|   |  | 8.8                           |  | LOM Business Plan is binding on the Manager                |    |  | 55 | 
|   |  | 8.9                           |  | Urgent Action                                              |    |  | 56 | 
|   |  |                              
|9  |  | Provision of Funds            |  |                                                            | 57 | 
|   |  |                               | 
|   |  | 9.1                           |  | Proportional contribution                                  |    |  | 57 | 
|   |  | 9.2                           |  | Manager may apply funds held                               |    |  | 57 | 
|   |  | 9.3                           |  | Monthly Cash Call                                          |    |  | 57 | 
|   |  | 9.4                           |  | GFA Sole Funding Obligations                               |    |  | 58 | 
|   |  | 9.5                           |  | Payment of Called Sum                                      |    |  | 59 | 
|   |  | 9.6                           |  | GFA Funding for Significant New Called Sum                 |    |  | 60 | 
|   |  | 9.7                           |  | Payment from Deferred Consideration                        |    |  | 61 | 
|   |  | 9.8                           |  | Emergency Cash Call                                        |    |  | 62 | 
|   |  | 9.9                           |  | Bank account                                               |    |  | 62 | 
|   |  | 9.10                          |  | Disbursements from bank account                            |    |  | 62 | 
|   |  | 9.11                          |  | Repayment of surplus funds                                 |    |  | 63 | 
|   |  | 9.12                          |  | Accounting for Called Sums                                 |    |  | 63 | 
|   |  |                              
|10 |  | Records, accounts and reports |  |                                                            | 63 | 
|   |  |                               | 
|   |  | 10.1                          |  | Manager to keep records and accounts                       |    |  | 63 | 
|   |  | 10.2                          |  | Place for records                                          |    |  | 64 | 
|   |  | 10.3                          |  | Annual financial statement                                 |    |  | 64 | 
|   |  | 10.4                          |  | Monthly report                                             |    |  | 64 | 
|   |  | 10.5                          |  | Other reporting requirements                               |    |  | 65 | 
|   |  | 10.6                          |  | Information and data                                       |    |  | 65 | 
|   |  | 10.7                          |  | Copies of reports to Participants                          |    |  | 67 | 
|   |  | 10.8                          |  | Format                                                     |    |  | 67 | 
|   |  | 10.9                          |  | Additional reporting                                       |    |  | 67 | 
|   |  |                              
|11 |  | Audit and Access              |  |                                                            | 68 | 
|   |  |                               | 
|   |  | 11.1                          |  | Audit                                                      |    |  | 68 | 
|   |  | 11.2                          |  | Participants access to records                            |    |  | 68 | 
|   |  | 11.3                          |  | Access to Project Area and Joint Venture Assets            |    |  | 69 | 
|   |  |                              
|12 |  | Confidential Information      |  |                                                            | 70 | 
|   |  |                               | 
|   |  | 12.1                          |  | Information to be kept confidential                        |    |  | 70 | 
|   |  | 12.2                          |  | Protection of Confidential Information                     |    |  | 71 | 
|   |  | 12.3                          |  | Announcements                                              |    |  | 71 | 
|   |  | 12.4                          |  | Continuing confidentiality obligation                      |    |  | 71 | 
|   |  | 12.5                          |  | Standstill                                                 |    |  | 71 | 
|   |  | 12.6                          |  | Right to participate in pro rata issues                    |    |  | 72 | 
|   |  | 12.7                          |  | Termination of Standstill                                  |    |  | 72 | 
|   |  |                              
|13 |  | Financial support from GFA    |  |                                                            | 73 | 
|   |  |                               | 
|   |  | 13.1                          |  | Assistance from GFA                                        |    |  | 73 | 
|   |  | 13.2                          |  | GOR external funding                                       |    |  | 73 | 
|   |  | 13.3                          |  | No Security Interest                                       |    |  | 74 | 
|   |  | 13.4                          |  | No request if Event of Default                             |    |  | 74 | 
|   |  | 13.5                          |  | Personal rights                                            |    |  | 75 | 





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|Gruyere Project Joint Venture Agreement |  |  |  | page iv



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Corrs Chambers Westgarth



|   |  |                         |  |                                                       |    |  |     | 
|-- |  | ----------------------- |  | ----------------------------------------------------- | -- |  | --- | 
|   |  |                        
|14 |  | Assignments and charges |  |                                                       | 75 | 
|   |  |                         | 
|   |  | 14.1                    |  | Restrictions on assignments and charges               |    |  | 75  | 
|   |  | 14.2                    |  | Permitted transfer to Affiliates                      |    |  | 75  | 
|   |  | 14.3                    |  | Transfer of Participants Interest                    |    |  | 76  | 
|   |  | 14.4                    |  | Rights of pre-emption                                 |    |  | 77  | 
|   |  | 14.5                    |  | Requirements of the offer to Continuing Participants  |    |  | 79  | 
|   |  | 14.6                    |  | Charge of Participants Interest                      |    |  | 81  | 
|   |  | 14.7                    |  | Notice of intention to create Security Interest       |    |  | 81  | 
|   |  | 14.8                    |  | Sale of Interest by Chargee                           |    |  | 82  | 
|   |  | 14.9                    |  | Set off                                               |    |  | 82  | 
|   |  | 14.10                   |  | Assumption of Joint Venture obligations by transferee |    |  | 82  | 
|   |  | 14.11                   |  | Change in Control                                     |    |  | 83  | 
|   |  |                        
|15 |  | Defaults and remedies   |  |                                                       | 84 | 
|   |  |                         | 
|   |  | 15.1                    |  | Event of Default                                      |    |  | 84  | 
|   |  | 15.2                    |  | Notices of default                                    |    |  | 85  | 
|   |  | 15.3                    |  | Payment of interest upon default                      |    |  | 85  | 
|   |  | 15.4                    |  | Rights following an Event of Default                  |    |  | 86  | 
|   |  | 15.5                    |  | Payment of Unpaid Called Sum                          |    |  | 86  | 
|   |  | 15.6                    |  | Delivery of Cross Security                            |    |  | 87  | 
|   |  | 15.7                    |  | Option to acquire Interest of Defaulting Participant  |    |  | 87  | 
|   |  | 15.8                    |  | Value of Interest of Defaulting Participant           |    |  | 91  | 
|   |  | 15.9                    |  | Remedies not exclusive                                |    |  | 93  | 
|   |  |                        
|16 |  | Guarantee               |  |                                                       | 93 | 
|   |  |                         | 
|   |  | 16.1                    |  | Guarantee of GFAs obligations                        |    |  | 93  | 
|   |  | 16.2                    |  | Cessation of Guarantee                                |    |  | 95  | 
|   |  |                        
|17 |  | Force Majeure           |  |                                                       | 95 | 
|   |  |                         | 
|   |  | 17.1                    |  | Force Majeure occurrence                              |    |  | 95  | 
|   |  |                        
|18 |  | General                 |  |                                                       | 96 | 
|   |  |                         | 
|   |  | 18.1                    |  | Representations and warranties                        |    |  | 96  | 
|   |  | 18.2                    |  | Duty                                                  |    |  | 96  | 
|   |  | 18.3                    |  | Legal costs                                           |    |  | 97  | 
|   |  | 18.4                    |  | No liability for consequential losses                 |    |  | 97  | 
|   |  | 18.5                    |  | Amendment                                             |    |  | 97  | 
|   |  | 18.6                    |  | Waiver and exercise of rights                         |    |  | 97  | 
|   |  | 18.7                    |  | Rights cumulative                                     |    |  | 97  | 
|   |  | 18.8                    |  | Certain rights are personal to GOR                    |    |  | 97  | 
|   |  | 18.9                    |  | Consents                                              |    |  | 99  | 
|   |  | 18.10                   |  | Further steps                                         |    |  | 99  | 
|   |  | 18.11                   |  | Governing law and jurisdiction                        |    |  | 99  | 
|   |  | 18.12                   |  | Counterparts                                          |    |  | 100 | 
|   |  | 18.13                   |  | Entire understanding                                  |    |  | 100 | 
|   |  | 18.14                   |  | Severability                                          |    |  | 100 | 
|   |  | 18.15                   |  | PPS Act                                               |    |  | 100 | 
|   |  | 18.16                   |  | Construction                                          |    |  | 100 | 





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Corrs Chambers Westgarth



|   |  |                              |  |                                                           |     |  |     | 
|-- |  | ---------------------------- |  | --------------------------------------------------------- | --- |  | --- | 
|   |  | 18.17                        |  | Headings                                                  |     |  | 102 | 
|   |  | 18.18                        |  | Adjustment of Thresholds                                  |     |  | 102 | 
|   |  |                             
|19 |  | Notices                      |  |                                                           | 102 | 
|   |  |                              | 
|   |  | 19.1                         |  | General                                                   |     |  | 102 | 
|   |  | 19.2                         |  | How to give a communication                               |     |  | 102 | 
|   |  | 19.3                         |  | Particulars for delivery of                               |     |  | 103 | 
|   |  | 19.4                         |  | Communications by post                                    |     |  | 103 | 
|   |  | 19.5                         |  | Communications by email                                   |     |  | 103 | 
|   |  | 19.6                         |  | Process service                                           |     |  | 104 | 
|   |  | 19.7                         |  | After hours communications                                |     |  | 104 | 
|   |  |                             
|20 |  | GST                          |  |                                                           | 104 | 
|   |  |                              | 
|   |  | 20.1                         |  | Construction                                              |     |  | 104 | 
|   |  | 20.2                         |  | Consideration GST exclusive                               |     |  | 105 | 
|   |  | 20.3                         |  | Payment of GST                                            |     |  | 105 | 
|   |  | 20.4                         |  | Timing of GST payment                                     |     |  | 105 | 
|   |  | 20.5                         |  | Tax invoice                                               |     |  | 105 | 
|   |  | 20.6                         |  | Adjustment event                                          |     |  | 105 | 
|   |  | 20.7                         |  | Reimbursements                                            |     |  | 105 | 
|   |  | 20.8                         |  | Calculations based on other amounts                       |     |  | 106 | 
|   |  | 20.9                         |  | No merger                                                 |     |  | 106 | 
|   |  | 20.10                        |  | GST joint venture                                         |     |  | 106 | 
|   |  |                             
|21 |  | Expert determination         |  |                                                           | 106 | 
|   |  |                              | 
|   |  | 21.1                         |  | When appointed                                            |     |  | 106 | 
|   |  | 21.2                         |  | Appointment                                               |     |  | 106 | 
|   |  | 21.3                         |  | Instructions                                              |     |  | 107 | 
|   |  | 21.4                         |  | Procedure                                                 |     |  | 107 | 
|   |  | 21.5                         |  | Costs                                                     |     |  | 107 | 
|   |  |                             
|22 |  | Dispute resolution           |  |                                                           | 108 | 
|   |  |                              | 
|   |  | 22.1                         |  | Dispute resolution process                                |     |  | 108 | 
|   |  | 22.2                         |  | Dispute Notice                                            |     |  | 108 | 
|   |  | 22.3                         |  | Meeting of the parties designated representatives        |     |  | 108 | 
|   |  | 22.4                         |  | Meeting of Senior Executives and Chief Executive Officers |     |  | 108 | 
|   |  | 22.5                         |  | Urgent interlocutory relief                               |     |  | 109 | 
|   |  |                             
|23 |  | First Right of Refusal  GOR |  |                                                           | 109 | 
|   |  |                              | 
|   |  | 23.1                         |  | Application                                               |     |  | 109 | 
|   |  | 23.2                         |  | Right of first refusal                                    |     |  | 109 | 





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|Gruyere Project Joint Venture Agreement |  |  |  | page vi



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Corrs Chambers Westgarth



|                                                    |  |  |     |  |  |  |  | 
|--------------------------------------------------- |  |  | --- |  |  |  |  | 
|                                                    | 
|Schedule 1 - Titles                                 |  |  | 113 | 
|                                                    | 
|Schedule 2 - Deed of Cross
Security                 |  |  | 116 | 
|                                                    | 
|Schedule 3  Accounting
Procedure                   |  |  | 117 | 
|                                                    | 
|Schedule 4 - Supermajority
Decisions                |  |  | 118 | 
|                                                    | 
|Schedule 5 - Exploration Works                      |  |  | 121 | 
|                                                    | 
|Annexure A - Initial Development Program
and Budget |  |  | 122 | 
|                                                    | 
|Annexure B - North Yamarna
Tenements                |  |  | 123 | 
|                                                    | 
|Annexure C - South Yamarna
Tenements                |  |  | 125 | 
|                                                    | 
|Annexure D - Confidentiality
Undertaking            |  |  | 126 | 
|                                                    | 
|Annexure E - Auditors Confidentiality
Undertaking  |  |  | 127 | 
|                                                    | 
|Annexure F - Area of Interest                       |  |  | 128 | 
|                                                    | 
|Annexure G - Standing Pre-Approved List             |  |  | 129 | 





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|Gruyere Project Joint Venture Agreement |  |  |  | page vii



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Corrs Chambers Westgarth



Date 6 December 2016

Parties

Gold Road Resources LimitedABN 13 109 289 527 of Level 2, 26 Colin Street, West Perth, Western Australia (GOR)

Gruyere Mining Company Pty Ltd ACN 615 729 005 of Level 5, 50 Colin Street, West Perth, Western Australia (GFA)

Gruyere Management Pty Ltd ACN 615 728 795 of Level 5, 50 Colin Street, West Perth, Western Australia (GFAM)

Gold Fields Australia Pty LtdABN 91 098 385 285 of Level 5, 50 Colin Street, West Perth, Western Australia (GFA Guarantor)





Background



|A | The Participants have agreed to associate themselves in an unincorporated joint venture for the exploration and, where appropriate, development and mining, of the Project Area.
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|B | The terms of the Joint Venture are set out in this document.
|- | ------------------------------------------------------------



|C | GFA Guarantor has agreed to guarantee the obligations of GFA under this document.
|- | ---------------------------------------------------------------------------------





Agreed terms



|1 | Definitions
|- | -----------

In this document these terms have the following meanings:



|                     |  |                                                                                                                                                                                                                                                                                                      
|-------------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Abandon              |  | To intentionally and permanently give up, surrender, leave and relinquish all, substantially all, or a severable part, of the Operations or Joint Venture Assets, whether by way of removal, placement on permanent care and
maintenance or other basis and Abandonmenthas the corresponding meaning.
|                     | 
|Accounting
Procedure |  | The accounting procedure set out in schedule 3.                                                                                                                                                                                                                                                      
|                    
|                     | 
|Act                  |  | Mining Act 1978(WA).                                                                                                                                                                                                                                                                                 





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Corrs Chambers Westgarth



|                       |  |                                                                                                                                                                                                                                                                                                               |  |                                                                                                                                      
|---------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------
|Adviser                |  | The meaning given in clause 4.10.                                                                                                                                                                                                                                                                            
|                       | 
|Affected Party         |  | The meaning given to that term in clause 17.1(a).                                                                                                                                                                                                                                                            
|                       | 
|Affiliate              |  | With respect to any corporation, another corporation which Controls, is Controlled by, or is under common Control with, such corporation.                                                                                                                                                                    
|                       | 
|Approved Budget        |  | A Proposed Budget approved by the Management Committee in accordance with clause 8, as amended or updated from time to time in accordance with clause 8.                                                                                                                                                     
|                       | 
|Approved EA Budget     |  | A Proposed EA Budget approved as part of Approved Budget.                                                                                                                                                                                                                                                    
|                       | 
|Approved Closure Plan  |  | The Closure Plan approved by the Management Committee and the Department of Mines and Petroleum as at the Effective Date, as amended, updated or supplemented from time to time in accordance with this document and in
compliance with applicable Laws.                                                     
|                       | 
|Area of Interest       |  | The area shown on the map set out in annexure Fas the Area of Interest being an area of 10 kilometres from the external boundary of the North Yamarna Tenements and South Yamarna Tenements.                                                                                                                 
|                       | 
|Business Day           |  | A day which is not a Saturday, Sunday or public holiday in Perth.                                                                                                                                                                                                                                            
|                       | 
|Capital Costs          |  | All costs of a type which are treated as capital costs in accordance with International Financial Reporting Standards.                                                                                                                                                                                       
|                       | 
|Capital Costs Overruns |  | Means the excess of actual cost of Capital Works above the Capital Costs estimated for those Capital Works in the Initial Development Plan and Budget other than where the excess relates to the following:                                                                                                  
|                       |  |                                                                                                                                                                                                                                                                                                              
|                       |  | (a)                                                                                                                                                                                                                                                                                                           |  | Force Majeure;                                                                                                                       
|                       |  |                                                                                                                                                                                                                                                                                                              
|                       |  | (b)                                                                                                                                                                                                                                                                                                           |  | a variation to the scope of the works in the Initial Development Plan and Budget which is approved by a Special Majority Decision; or
|                       |  |                                                                                                                                                                                                                                                                                                              
|                       |  | (c)                                                                                                                                                                                                                                                                                                           |  | GFAs sole funding obligations under clause9.4(c).                                                                                   
|                       | 
|Capital Works          |  | Capital works and services, either associated with the initial development of the Project or a future expansion project or other development in respect of the Operations or to further support, sustain, expand, suspend,
Rehabilitate or Abandon Operations, where applicable as approved by the Management





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Corrs Chambers Westgarth



|                    |  |                                                                                                                                                                           |  |                                                                                                                                                                                                      
|------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                    |  | Committee.                                                                                                                                                               
|                    | 
|Called Sum          |  | The meaning given in clause 9.3(b)(iv).                                                                                                                                  
|                    | 
|Cash Call           |  | The meaning given in clause 9.3(b).                                                                                                                                      
|                    | 
|Chairman            |  | The meaning given to that term in clause 4.6.                                                                                                                            
|                    | 
|Change in Control   |  | In relation to any entity (the first mentioned entity):                                                                                                                  
|                    |  |                                                                                                                                                                          
|                    |  | (a)                                                                                                                                                                       |  | a change in the entity that Controls the first mentioned entity (other than if the Ultimate Holding Company of the first mentioned entity remains the same following the change);                    
|                    |  |                                                                                                                                                                          
|                    |  | (b)                                                                                                                                                                       |  | an entity that Controls the first mentioned entity ceases to Control that entity (other than if the Ultimate Holding Company of the first mentioned entity remains the same following the change); or
|                    |  |                                                                                                                                                                          
|                    |  | (c)                                                                                                                                                                       |  | if the first mentioned entity is not Controlled, another entity acquires Control of the first mentioned entity.                                                                                      
|                    | 
|Chargee             |  | The meaning given in clause 14.6(a), and for the avoidance of doubt does not include the Participants and the Manager under the Deed of Cross Security.                  
|                    | 
|Circular Resolution |  | The meaning given to that term in clause 4.12(a).                                                                                                                        
|                    | 
|Claim               |  | Means any claim, demand, legal proceeding, suit or cause of action of any nature however arising, including any claim, demand, legal proceeding, suit or cause of action:
|                    |  |                                                                                                                                                                          
|                    |  | (a)                                                                                                                                                                       |  | based in contract (including for breach of contract under this document);                                                                                                                            
|                    |  |                                                                                                                                                                          
|                    |  | (b)                                                                                                                                                                       |  | based in tort (including misrepresentation and negligence);                                                                                                                                          
|                    |  |                                                                                                                                                                          
|                    |  | (c)                                                                                                                                                                       |  | under common law or in equity;                                                                                                                                                                       
|                    |  |                                                                                                                                                                          
|                    |  | (d)                                                                                                                                                                       |  | under statute (including the Australian Consumer Law),                                                                                                                                               
|                    | 
|                    |  | whether present or future, ascertained or unascertainable, actual or contingent, and in any way related to, or in connection with the Joint Venture or this document.    
|                    | 
|Closure Plan        |  | The plan for Rehabilitation, Mine Closure and Abandonment of the Operations.                                                                                             
|                    | 
|Commonwealth        |  | The Commonwealth of Australia, and includes the Government and any authority or instrumentality of the Commonwealth of Australia.                                        





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Corrs Chambers Westgarth



|                                  |  |                                                                                                                                                                                                                                                                                                                        |  |                                                                                                                                
|--------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------
|                                  | 
|Competent Person                  |  | A person who qualifies as a Competent Person for purposes of the JORC Code and, where it is applicable to any Participant, the SAMREC Code.                                                                                                                                                                         
|                                  | 
|Completion of Project
Development |  | The date the Participants agree (acting reasonably) that the Project has achieved a sustainable level of commercial production demonstrated by a 60 day period of the JV Treatment Plant operating continuously at 70% or
more of nameplate capacity.                                                                 
|                                  | 
|Confidential Information          |  | The meaning given to that term in clause 12.1.                                                                                                                                                                                                                                                                        
|                                  | 
|Control                           |  | The meaning given to that term in section 50AA of the Corporations Act, and Controlledhas a corresponding meaning.                                                                                                                                                                                                    
|                                  | 
|Control Transaction               |  | Any transaction or dealing which would result, on completion, in a Change of Control of GOR and includes, for the purposes of this definition, any person, or group of persons acting jointly or in concert, acquiring a
relevant interest (as defined in the Corporations Act) in 20% or more of GORs issued shares.
|                                  | 
|Corporations Act                  |  | The Corporations Act 2001(Cth).                                                                                                                                                                                                                                                                                       
|                                  | 
|Costs                             |  | All expenditure and liabilities incurred by or for the Participants in accordance with this document and includes:                                                                                                                                                                                                    
|                                  |  |                                                                                                                                                                                                                                                                                                                       
|                                  |  | (a)                                                                                                                                                                                                                                                                                                                    |  | all expenditure expressed to be part of Costs in this document; and                                                          
|                                  |  |                                                                                                                                                                                                                                                                                                                       
|                                  |  | (b)                                                                                                                                                                                                                                                                                                                    |  | all expenditure and liabilities incurred by the Manager in accordance with this document including those set out in schedule 3.
|                                  | 
|CPI                               |  | The weighted average of the All Groups Price Index Numbers for Perth published from time to time by the Australian Bureau of Statistics or, if that index number is no longer published, its substitute as a cumulative
indicator of the inflation rate in Australia.                                                 
|                                  | 
|Cyanide Code                      |  | The International Cyanide Management Code For the Manufacture, Transport, and Use of Cyanide In the Production of Gold developed by a multi-stakeholder Steering Committee under the guidance of the United
Nations Environmental Program and the then International Council on Metals and the Environment.         
|                                  | 
|Deed of Cross Security            |  | The Deed of Cross Security in, or substantially in, the form of the deed contained in schedule 2executed contemporaneously with this document by the                                                                                                                                                                  





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Corrs Chambers Westgarth



|                        |  |                                                                                                                                                                              |  |                                                                                                                                             
|----------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------
|                        |  | Participants and the Manager, and includes each other similar deed of charge executed by a new Participant in accordance with
clause 14.10(b).                              
|                        | 
|Defaulting
Participant  |  | A Participant in respect of which an Event of Default has occurred.                                                                                                         
|                       
|                        | 
|Deferred Consideration  |  | The amount of $100,000,000, being part of the consideration payable by GFA for the acquisition of its Interest under the Sale Agreement.                                    
|                        | 
|Delivery Point          |  | The place at which Product is delivered to and becomes the property of an individual Participant, being:                                                                    
|                        |  |                                                                                                                                                                             
|                        |  | (a)                                                                                                                                                                          |  | in the case of gold, upon refining of Dorē into refined gold product at the refinery;                                                       
|                        |  |                                                                                                                                                                              |  |                                                                                                                                             
|                        |  | (b)                                                                                                                                                                          |  | in the case of other minerals, the delivery point designated in the LOM Business Plan; and                                                  
|                        |  |                                                                                                                                                                              |  |                                                                                                                                             
|                        |  | (c)                                                                                                                                                                          |  | in respect of Extracted Mineral Product, such other place(s) or point(s) as may be determined by the Management Committee from time to time.
|                        | 
|Development Area        |  | The areas of the Project Area that are, from time to time, the subject of any of the following:                                                                             
|                        |  |                                                                                                                                                                             
|                        |  | (a)                                                                                                                                                                          |  | feasibility level study work;                                                                                                               
|                        |  |                                                                                                                                                                             
|                        |  | (b)                                                                                                                                                                          |  | development works for the purposes of commencing commercial production; or                                                                  
|                        |  |                                                                                                                                                                             
|                        |  | (c)                                                                                                                                                                          |  | mining operations.                                                                                                                          
|                        | 
|Dorē                    |  | Unrefined gold bullion.                                                                                                                                                     
|                        | 
|EA Exploration Plan     |  | A plan for exploration within the Exploration Area, which plan is divided into individual meaningful categories of work and forms part of the Exploration Plan.             
|                        | 
|Effective Date          |  | The date of completion under the Sale Agreement.                                                                                                                            
|                        | 
|Event of Default        |  | Has the meaning given in clause 15.1                                                                                                                                        
|                        | 
|Expert                  |  | A person appointed in accordance with clause 21.2.                                                                                                                          
|                        | 
|Exploration Area        |  | The area comprising the Project Area but excluding the Development Area, unless any portion of the Development Area is agreed in writing by the Participants to be included.
|                        | 
|Exploration Information |  | Exploration Results and Exploration Targets (as those terms are defined in the JORC Code and the SAMREC Code) relating to the Titles.                                       





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Corrs Chambers Westgarth



|                          |  |                                                                                                                                                                                                              |  |                                                                                                                                                                                                                       
|------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                          | 
|Exploration Manager       |  | GOR, where GOR is appointed as Exploration Manager under clause 6.5(b)or schedule 5.                                                                                                                        
|                          | 
|Exploration Plan          |  | A plan for exploration within the Project Area, which plan includes the EA Exploration Plan and otherwise is divided into individual meaningful categories of work and is included in the LOM Business Plan.
|                          | 
|Extracted Mineral Product |  | Any Minerals or other commodities, including gold concentrates but excluding Dorē, recovered from the Project Area.                                                                                         
|                          | 
|Financial Year            |  | The 12 month period ending 31 December each year, or such other period adopted by the Management Committee from time to time as the Financial Year for the Joint Venture.                                   
|                          | 
|Force Majeure             |  | Any event or circumstance which:                                                                                                                                                                            
|                          |  |                                                                                                                                                                                                             
|                          |  | (a)                                                                                                                                                                                                          |  | is beyond the control of the Affected Party;                                                                                                                                                                          
|                          |  |                                                                                                                                                                                                             
|                          |  | (b)                                                                                                                                                                                                          |  | was not directly or indirectly caused or contributed to by the Affected Party; and                                                                                                                                    
|                          |  |                                                                                                                                                                                                             
|                          |  | (c)                                                                                                                                                                                                          |  | could not have been reasonably prevented by the Affected Party,                                                                                                                                                       
|                          | 
|                          |  | and includes any of the following:                                                                                                                                                                          
|                          |  |                                                                                                                                                                                                             
|                          |  | (d)                                                                                                                                                                                                          |  | act of God;                                                                                                                                                                                                           
|                          |  |                                                                                                                                                                                                             
|                          |  | (e)                                                                                                                                                                                                          |  | law, rule, regulation or order of any government or Government Agency;                                                                                                                                                
|                          |  |                                                                                                                                                                                                             
|                          |  | (f)                                                                                                                                                                                                          |  | executive or administrative orders or acts of either general or particular application of any official acting under the authority of any government, or of any official acting under the authority of such government;
|                          |  |                                                                                                                                                                                                             
|                          |  | (g)                                                                                                                                                                                                          |  | act of war (declared or undeclared);                                                                                                                                                                                  
|                          |  |                                                                                                                                                                                                             
|                          |  | (h)                                                                                                                                                                                                          |  | public disorder;                                                                                                                                                                                                      
|                          |  |                                                                                                                                                                                                             
|                          |  | (i)                                                                                                                                                                                                          |  | riot, insurrection, rebellion, sabotage or act of terrorists;                                                                                                                                                         
|                          |  |                                                                                                                                                                                                             
|                          |  | (j)                                                                                                                                                                                                          |  | fire, flood, drought, earthquake, storm, hail, lightning, severe weather conditions or other natural calamity;                                                                                                        
|                          |  |                                                                                                                                                                                                             
|                          |  | (k)                                                                                                                                                                                                          |  | explosion, breakdown or injury to or expropriation, confiscation or requisitioning of production, manufacturing, selling, transportation or delivery facilities;                                                      
|                          |  |                                                                                                                                                                                                             
|                          |  | (l)                                                                                                                                                                                                          |  | shortage or unavailability (whether permanent or temporary) of water, electricity, gas,                                                                                                                               





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Corrs Chambers Westgarth



|                                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |                                                                                                                                                                                                                                                                                                                                                       
|------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  | telecommunications or other essential goods or services;                                                                                                                                                                                                                                                                                              
|                                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                |  | (m)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | inability to access all or any part of the Project Area because of Native Title Claims or Native Title Rights or otherwise;                                                                                                                                                                                                                           
|                                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                |  | (n)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | quarantine or customs restrictions;                                                                                                                                                                                                                                                                                                                   
|                                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                |  | (o)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | the decision of any court or other body of competent jurisdiction; and                                                                                                                                                                                                                                                                                
|                                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                |  | (p)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | strike, boycott, lockout or other labour disturbance.                                                                                                                                                                                                                                                                                                 
|                                | 
|Funding Notice                  |  | A funding notice issued under clause 9.6(a)or 9.6(b).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                | 
|Good Australian Mining
Practice |  | Recognised mining methods, procedures and practices, together with the exercise of that degree of skill, diligence, prudence and foresight that reasonably would be expected from an experienced and competent constructor
and operator of mining projects in Australia (or for the purposes of item 2.2of schedule 5, an experienced and competent gold explorer in Australia) under conditions comparable to those applicable to the relevant activity in the light
of known facts, or facts which should reasonably have been known at the time, and consistent with applicable Laws and Government Authorisations and having regard to the need for:
|                                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                |  | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | suitable and experienced personnel and adequate materials;                                                                                                                                                                                                                                                                                            
|                                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                |  | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | ongoing monitoring and testing of plant and equipment performance, safe operating procedures and appropriate maintenance procedures;                                                                                                                                                                                                                  
|                                |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                |  | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | the observance of relevant Australian and international standards and in the case of design, engineering and construction, internationally accepted design, engineering and construction practices that reasonably would be expected
from recognised designers, engineers and constructors of comparable plant, equipment and facilities in Australia.
|                                | 
|GOR Exploration Assets          |  | The plant, equipment and facilities located on the Titles, in particular Mining Lease 38/435, as at the date of the Sale Agreement (as further detailed in annexure D to the Sale Agreement  Part A  Excluded
Exploration Assets Map) and which are used to carry out exploration and other works on the North Yamarna Mining Tenements and the South Yamarna Tenements                                                                                                                                                                                                                                                                               





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Corrs Chambers Westgarth



|                                    |  |                                                                                                                                                                                                                                                    |  |                                                                                                                                                                                                                
|----------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                    |  | and do not directly relate to the Gruyere Project and includes the vehicles listed in annexure D to the Sale Agreement  Part B  Excluded Vehicles. For the avoidance of doubt, the GOR Exploration Assets do not
include any Mining Information.
|                                    | 
|Government Agency                   |  | Includes any federal, state, territory or local government, or any ministry, department, court, commission, statutory body, board, agency, instrumentality, political subdivision or similar entity.                                              
|                                    | 
|Government
Authorisations           |  | All approvals, consents, authorisations, permits, clearances, licences or other requirements that are required by or from any Government Agency for the Operations.                                                                               
|                                    | 
|Gross Negligence                    |  | Such reckless conduct in breach of a duty of care as demonstrates a conscious or reckless disregard for the harmful, foreseeable, proximate and avoidable consequences which result or may result from that
conduct.                              
|                                    | 
|Gruyere Project                     |  | Operations conducted by the Joint Venture in relation to the Gruyere Resource and any extension of it.                                                                                                                                            
|                                    | 
|Gruyere Resource                    |  | The gold mineral resource identified within the area of the Titles and the subject of GORs ASX announcement dated 22 April 2016.                                                                                                                 
|                                    | 
|High Res Tool                       |  | The tool owned or licenced by GFAs Affiliates enabling high resolution magnetics data capture and transmission.                                                                                                                                  
|                                    | 
|Holding Company                     |  | The meaning given to that term in section 9 of the Corporations Act.                                                                                                                                                                              
|                                    | 
|Implementation Schedule             |  | The implementation schedule attached to the Initial Development Plan and Budget and titled Integrated Project Master Schedule.                                                                                                                  
|                                    | 
|Initial Development Plan and
Budget |  | The LOM Business Plan (including the Approved Budget) for development of the Gruyere Resource set out in annexure Aas amended under clause 5.3 of the Sale Agreement or pursuant to clause 8.1or 8.5of this document.                             
|                                    | 
|Insolvency Event                    |  | The happening of any of the following events in relation to a Participant or the Manager (the Insolvent Party):                                                                                                                                   
|                                    |  |                                                                                                                                                                                                                                                   
|                                    |  | (a)                                                                                                                                                                                                                                                |  | it is, or states that it is, unable to pay all of its debts as and when they become due and payable, or it has failed to comply with a statutory demand as provided in section 459F(1) of the Corporations Act;





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Corrs Chambers Westgarth



|                      |  |                                                                                                             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|--------------------- |  | ----------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                      |  |                                                                                                            
|                      |  | (b)                                                                                                         |  | an application or order is made for the winding up or dissolution, or a resolution is passed or any steps are taken to pass a resolution for the winding up or dissolution, of the Insolvent Party (other than for the purposes of a
solvent reconstruction, amalgamation or other like corporate reorganisation), and the application is not dismissed, the order is not set aside or the resolution is not withdrawn (as applicable) within 14 days;
|                      |  |                                                                                                            
|                      |  | (c)                                                                                                         |  | an administrator, provisional liquidator, liquidator or person having a similar or analogous function under the laws of any relevant jurisdiction is appointed in respect of the Insolvent Party or any action is taken to appoint any
such person and the action is not stayed, withdrawn or dismissed within 14 days;                                                                                                                               
|                      |  |                                                                                                            
|                      |  | (d)                                                                                                         |  | a controller (as defined in the Corporations Act) is appointed in respect of any property of the Insolvent Party;                                                                                                                                                                                                                                                                                                                                     
|                      |  |                                                                                                            
|                      |  | (e)                                                                                                         |  | the Insolvent Party is deregistered under the Corporations Act;                                                                                                                                                                                                                                                                                                                                                                                       
|                      |  |                                                                                                            
|                      |  | (f)                                                                                                         |  | a distress, attachment or execution is levied or becomes enforceable against any property of the Insolvent Party;                                                                                                                                                                                                                                                                                                                                     
|                      |  |                                                                                                            
|                      |  | (g)                                                                                                         |  | the Insolvent Party enters into, or takes any action to enter into, an arrangement (including a scheme of arrangement or deed of company arrangement), composition or compromise with, or assignment for the benefit of, all or any
class of its creditors or members or a moratorium involving any of them; or                                                                                                                                       
|                      |  |                                                                                                            
|                      |  | (h)                                                                                                         |  | anything analogous to or of a similar effect to anything described above under the law of any relevant jurisdiction occurs in respect of the Insolvent Party.                                                                                                                                                                                                                                                                                         
|                      | 
|Intellectual Property |  | Copyright, design, patent and all other intellectual or industrial property rights which:                  
|                      |  |                                                                                                            
|                      |  | (a)                                                                                                         |  | comprised the Associated Rights (as that term is defined in the Sale Agreement); or                                                                                                                                                                                                                                                                                                                                                                   
|                      |  |                                                                                                            
|                      |  | (b)                                                                                                         |  | which is developed in the course of Operations.                                                                                                                                                                                                                                                                                                                                                                                                       
|                      | 
|Interest              |  | The following rights, liabilities and obligations of a Participant, expressed as a percentage determined in





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Corrs Chambers Westgarth



|                                            |  |                                                                                                                                                                                                                                                                                                                                                |  |                                                                                                                                                                                                                                                                                                                                                                                            
|------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                            |  | accordance with this document:                                                                                                                                                                                                                                                                                                                
|                                            |  |                                                                                                                                                                                                                                                                                                                                               
|                                            |  | (a)                                                                                                                                                                                                                                                                                                                                            |  | the obligation, subject to the terms of this document, to contribute that percentage of all Costs;                                                                                                                                                                                                                                                                                         
|                                            |  |                                                                                                                                                                                                                                                                                                                                               
|                                            |  | (b)                                                                                                                                                                                                                                                                                                                                            |  | the ownership of and right and benefit as a tenant in common to receive in kind and to dispose of for its own account that percentage of Product;                                                                                                                                                                                                                                          
|                                            |  |                                                                                                                                                                                                                                                                                                                                               
|                                            |  | (c)                                                                                                                                                                                                                                                                                                                                            |  | the rights, duties, obligations and liabilities of the Participants arising from the Joint Venture Documents; and                                                                                                                                                                                                                                                                          
|                                            |  |                                                                                                                                                                                                                                                                                                                                               
|                                            |  | (d)                                                                                                                                                                                                                                                                                                                                            |  | the beneficial ownership as a tenant in common of an undivided share in that percentage of all Joint Venture Assets.                                                                                                                                                                                                                                                                       
|                                            | 
|Interest Rate                               |  | On any day, the interest rate that is the aggregate of:                                                                                                                                                                                                                                                                                       
|                                            |  |                                                                                                                                                                                                                                                                                                                                               
|                                            |  | (a)                                                                                                                                                                                                                                                                                                                                            |  | 6% per annum; plus                                                                                                                                                                                                                                                                                                                                                                         
|                                            |  |                                                                                                                                                                                                                                                                                                                                               
|                                            |  | (b)                                                                                                                                                                                                                                                                                                                                            |  | the Reserve Bank of Australias Cash Rate, or, if that rate cannot be so determined the rate (expressed as a percentage yield per annum to maturity) quoted at or about such time by Westpac Banking Corporation as the rate at
which it would be prepared to purchase bills of exchange accepted by an Australian trading bank and having a tenor of 90 days and of an amount of $100,000.
|                                            | 
|International Financing
Reporting Standards |  | At any time, the International Financial Reporting Standards issued by the International Accounting Standards Board at that time, consistently applied.                                                                                                                                                                                       
|                                            | 
|Joint Venture 
Joint Venture Assets         |  | The joint venture formed under clause 2.1. 
All rights, titles, interests, claims, benefits and all other assets and property of whatsoever kind, real or personal, from time to time acquired, created or
held for use by or on behalf of the Participants in connection with the Joint Venture and for the conduct of Operations, including:
|                                            |  |                                                                                                                                                                                                                                                                                                                                               
|                                            |  | (a)                                                                                                                                                                                                                                                                                                                                            |  | the Titles;                                                                                                                                                                                                                                                                                                                                                                                
|                                            |  |                                                                                                                                                                                                                                                                                                                                               
|                                            |  | (b)                                                                                                                                                                                                                                                                                                                                            |  | Product, prior to it being taken in kind by a Participant in accordance with clause 2.13;                                                                                                                                                                                                                                                                                                  
|                                            |  |                                                                                                                                                                                                                                                                                                                                               
|                                            |  | (c)                                                                                                                                                                                                                                                                                                                                            |  | the Project Facilities;                                                                                                                                                                                                                                                                                                                                                                    
|                                            |  |                                                                                                                                                                                                                                                                                                                                               
|                                            |  | (d)                                                                                                                                                                                                                                                                                                                                            |  | the Mining Information;                                                                                                                                                                                                                                                                                                                                                                    





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Corrs Chambers Westgarth



|                                   |     |                                                                                                                                                                             |             |                                                                                                                                                                                                                                             
|---------------------------------- | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                   |     |                                                                                                                                                                            
|                                   |     | (e)                                                                                                                                                                         |             | the Intellectual Property;                                                                                                                                                                                                                  
|                                   |    
|                                   |     | and includes the assets, property, contracts and rights in respect of which GFA acquired a 50% interest as tenant in common under the Sale Agreement, but does not include:
|                                   |     |                                                                                                                                                                            
|                                   |     | (f)                                                                                                                                                                         |             | Product to which a Participant is entitled to take in kind in accordance with clause 2.13,                                                                                                                                                  
|                                   |     |                                                                                                                                                                            
|                                   |     | (g)                                                                                                                                                                         |             | contracts with respect to the sale of Product;                                                                                                                                                                                              
|                                   |     |                                                                                                                                                                            
|                                   |     | (h)                                                                                                                                                                         |             | the proceeds from the sale of Product; or                                                                                                                                                                                                   
|                                   |     |                                                                                                                                                                            
|                                   |     | (i)                                                                                                                                                                         |             | shares in the Manager.                                                                                                                                                                                                                      
|                                   |     |                                                                                                                                                                            
|Joint Venture Documents            |     | (a)                                                                                                                                                                         |             | This document;                                                                                                                                                                                                                              
|                                   | (b) |                                                                                                                                                                             | the Titles;
|                                   |     |                                                                                                                                                                            
|                                   |     | (c)                                                                                                                                                                         |             | the Deed of Cross Security; and                                                                                                                                                                                                             
|                                   |     |                                                                                                                                                                            
|                                   |     | (d)                                                                                                                                                                         |             | all other agreements entered into by the Participants from time to time in connection with the Joint Venture (whether or not there are also other parties to such agreements) which the Participants agree will be a Joint Venture
Document,
|                                   |    
|                                   |     | together with all amendments made from time to time to such documents, but does not include:                                                                               
|                                   |     |                                                                                                                                                                            
|                                   |     | (e)                                                                                                                                                                         |             | any contract for the sale by a Participant of its share of Product;                                                                                                                                                                         
|                                   |     |                                                                                                                                                                            
|                                   |     | (f)                                                                                                                                                                         |             | any agreement whereby a Participant appoints an agent or representative to perform duties and functions in relation to the sale of its share of Product;                                                                                    
|                                   |     |                                                                                                                                                                            
|                                   |     | (g)                                                                                                                                                                         |             | any agreement entered into by a Participant for separately financing its obligations in connection with the Joint Venture; or                                                                                                               
|                                   |     |                                                                                                                                                                            
|                                   |     | (h)                                                                                                                                                                         |             | any other agreement entered into by the Participants from time to time which:                                                                                                                                                               
|                                   |     |                                                                                                                                                                            
|                                   |     |                                                                                                                                                                             |             | (i)     is not in connection with the Joint Venture; or                                                                                                                                                                                     
|                                   |     |                                                                                                                                                                            
|                                   |     |                                                                                                                                                                             |             | (ii)    the Participants agree will not be a Joint Venture
Document.                                                                                                                                                                        
|                                   |    
|Joint Venture Records and Accounts |     | The meaning given to that term in clause 10.1.                                                                                                                             
|                                   |    
|JORC Code                          |     | The Australasian Code for Reporting of Exploration                                                                                                                         





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Corrs Chambers Westgarth



|                         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                               |  | 
|------------------------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|                         |  | Results, Mineral Resources and Ore Reserves (2012 Edition) as amended or replaced from time to time.                                                                                                                                                                                                                                                                                                                                                         
|                         | 
|JV Treatment Plant       |  | Any mineral processing or treatment plant which forms part of the Joint Venture Assets or Project Facilities from time to time.                                                                                                                                                                                                                                                                                                                              
|                         | 
|Law                      |  | Laws made by parliament (and laws made by parliament include State, Territory and Commonwealth laws, codes, bylaws and regulations and any other instruments under them.                                                                                                                                                                                                                                                                                     
|                         | 
|Liabilities              |  | Claims, debts, obligations, losses, liabilities, charges, expenses, costs, outgoings, payments and damages of any kind and however arising (including penalties, fines and interest) and including those which are
prospective or contingent and those the amount of which for the time being is not ascertained or ascertainable.                                                                                                                           
|                         | 
|Life of Mine             |  | In relation to the Operations, the expected term of mining operations and subsequent Rehabilitation and Mine Closure activities.                                                                                                                                                                                                                                                                                                                             
|                         | 
|LOM Business Plan        |  | The business plan for the remaining Life of Mine approved by the Management Committee in the previous Financial Year in accordance with clause 8, as amended or updated from time to time in accordance with
clause 8(which incorporates the Approved Budget) or, in respect of the period from the Effective Date until 31 December 2017, the Initial Development Plan and Budget.                                                                          
|                         | 
|Management Committee     |  | The committee established in accordance with clause 4.                                                                                                                                                                                                                                                                                                                                                                                                       
|                         | 
|Manager                  |  | Initially GOR, then GFAM and any successor appointed in accordance with clause 5to carry out the management of the Joint Venture and Operations.                                                                                                                                                                                                                                                                                                             
|                         | 
|Mine Closure             |  | All or any action or conduct by the Manager for the purpose of suspending or Abandoning all, or a severable part of, the Operations or Joint Venture Assets under this document whether by way of demolition, removal,
destruction, conversion, placement on permanent care and maintenance or other basis, or any similar action or conduct, and all other action or conduct as the Manager considers necessary to comply with the Mine Closure Obligations.
|                         | 
|Mine Closure Obligations |  | The obligations of the Participants in relation to the Mine Closure under the Act, the Titles, Government Authorisations, all applicable statutory and contractual obligations and the requirements of Good
Australian                                                                                                                                                                                                                                       





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Corrs Chambers Westgarth



|                    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  |                                                                                            
|------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | -------------------------------------------------------------------------------------------
|                    |  | Mining Practice on and following Mine Closure.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                    | 
|Mineral             |  | The meaning given to that term in the Act and metals (including gold concentrates) and all precious stones, in whatever form.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                    | 
|Mining              |  | All operations associated with the extraction of Ore from the Project Area, and haulage and delivery to the JV Treatment Plant, including pre-stripping, and the removal and
disposal of overburden and waste, but does not include Exploration, treatment of Minerals, Rehabilitation or Mine Closure.                                                                                                                                                                                                                                                                                                                                                                                                     
|                    | 
|Mining Information  |  | All information, data and records in whatever form relating to the Titles, the Operations, the geological and mineralogy features of the Project Area or the metallurgical composition and quality of any Minerals within
the Project Area, including all surveys, maps, aerial photographs, electronically stored data, sketches, drawings, memoranda, samples, drill pulps, drill cores, logs of those drill cores, geophysical, geological or drill maps, sampling and assay
reports and analyses and notes and for the avoidance of doubt, excludes any information, data or records which is developed after 6 November 2016 in relation to the North Yamarna Tenements or the South Yamarna Tenements.
|                    | 
|                    |  | For the avoidance of doubt, Mining Information does not include information, data and records in whatever form relating to the geological and mineralogy features similar to those of the Project Area or the metallurgical
composition and quality of any Minerals similar to those within the Project Area to the extent that that information has been prepared by or on behalf of the South Yamarna Joint Venture, relates to the South Yamarna Tenements and is subject to the
confidentiality obligations under the South Yamarna Joint Venture agreement.                                                                                                                                            
|                    | 
|Minister            |  | The Minister for the time being responsible for the administration of the Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                    | 
|Month               |  | A calendar month or such other period as is agreed by the Participants to comprise a Month.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                    | 
|Native Title Act    |  | Native Title Act 1993(Cth).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                    | 
|Native Title Claims |  | Any claim, application or proceeding in respect of either:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                    |  | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  | Native Title Rights which is accepted by the Native Title Tribunal or the Registrar thereof





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Corrs Chambers Westgarth



|                            |  |                                                                                                                                                                                                                                                                                                                                                                                    |  |                                                                                                                
|--------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------
|                            |  |                                                                                                                                                                                                                                                                                                                                                                                    |  | pursuant to the Native Title Act; or                                                                           
|                            |  |                                                                                                                                                                                                                                                                                                                                                                                   
|                            |  | (b)                                                                                                                                                                                                                                                                                                                                                                                |  | Native Title Interests.                                                                                        
|                            | 
|Native Title Interests      |  | Includes those rights, interests and statutory protections of and relating to aboriginal persons as set out in the Aboriginal Heritage Act 1972(WA), Aboriginal Affairs Planning Authority Act 1972(WA) or
the Aboriginal and Torres Strait Islander HeritageProtection Act 1984(Cth).                                                                                            
|                            | 
|Native Title Rights         |  | Includes:                                                                                                                                                                                                                                                                                                                                                                         
|                            |  |                                                                                                                                                                                                                                                                                                                                                                                   
|                            |  | (a)                                                                                                                                                                                                                                                                                                                                                                                |  | native title or native title rights and interests as defined in section 223(1) of the Native Title Act; and
|                            |  |                                                                                                                                                                                                                                                                                                                                                                                   
|                            |  | (b)                                                                                                                                                                                                                                                                                                                                                                                |  | Native Title Interests.                                                                                        
|                            | 
|New Permit                  |  | The meaning given to that term in clause 2.16(a).                                                                                                                                                                                                                                                                                                                                 
|                            | 
|Non-Defaulting Participants |  | The meaning given to that term in clause 15.2(a).                                                                                                                                                                                                                                                                                                                                 
|                            | 
|North Yamarna Tenements     |  | The mining tenements set out in annexure Btogether with any renewals, conversions, replacements or substitute tenures over the area of those tenements as at the Effective Date.                                                                                                                                                                                                  
|                            | 
|Operating Costs             |  | All costs, expenses, losses and charges incurred by the Manager for the account of the Participants severally, in accordance with this document, in carrying out the Operations (other than Capital Costs).                                                                                                                                                                       
|                            | 
|Operations                  |  | All undertakings, activities and operations engaged in by the Participants, or by the Manager on behalf of the Participants, under the terms of the Joint Venture Documents, including Exploration, Mining, mineral
treatment, Rehabilitation and Mine Closure activities involved in the acquisition, use, development, operation and/or maintenance of the Joint Venture Assets.
|                            | 
|Ordinary Resolution         |  | A decision or determination of the Management Committee which satisfies the voting thresholds in clause 4.8.                                                                                                                                                                                                                                                                      
|                            | 
|Ore                         |  | Any mineral or mixture of minerals of intrinsic economic interest located in or on the Earths crust at a concentration above background level.                                                                                                                                                                                                                                   
|                            | 
|Participants                |  | GOR and GFA and, without limiting clause 18.8, their respective successors and permitted assigns who become bound by the terms of this document.                                                                                                                                                                                                                                  
|                            | 
|Pastoral Lease              |  | The Yamarna Station Pastoral Lease N49674 (Yamarna Station), held over land described as:                                                                                                                                                                                                                                                                                         





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Corrs Chambers Westgarth



|                            |  |     |  |                                                                                                                                                                                                                      
|--------------------------- |  | --- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                            |  |    
|                            |  | (a) |  | Lot 369 on Deposited Plan 75843, which is the whole of the land comprised in Certificate of Title Volume 3163 Folio 327;                                                                                             
|                            |  |    
|                            |  | (b) |  | Lot 370 on Deposited Plan 75843, which is the whole of the land comprised in Certificate of Title Volume 3163 Folio 328; and                                                                                         
|                            |  |    
|                            |  | (c) |  | Lot 1514 on Deposited Plan 75844, which is the whole of the land comprised in Certificate of Title Volume 3163 Folio 329.                                                                                            
|                            |  |    
|Permitted Security Interest |  | (a) |  | Any lien arising by operation of law:                                                                                                                                                                                
|                            |  |    
|                            |  |     |  | (i)     for the unpaid balance of purchase moneys under an instalment
contract entered into in the ordinary course of business; or                                                                                   
|                            |  |    
|                            |  |     |  | (ii)    in the ordinary course of day to day trading and securing obligations
not more than 30 days old;                                                                                                             
|                            |  |    
|                            |  | (b) |  | any bankers lien or right of set-off or combination arising by operation of law or practice over property or moneys deposited with a banker in the ordinary course of ordinary business of the
depositor;            
|                            |  |    
|                            |  | (c) |  | any Security Interest arising under an operating lease or finance lease entered into in the ordinary course of business and not arising as a result of any default or omission by any Participant;                   
|                            |  |    
|                            |  | (d) |  | any retention of title arrangement in connection with the acquisition of goods on arms length terms in the ordinary course of ordinary business on the suppliers usual terms of sale;                              
|                            |  |    
|                            |  | (e) |  | any Security Interest created by statute in favour of Government Agency securing the payment of taxes, except as created because of any failure to duly pay any taxes;                                               
|                            |  |    
|                            |  | (f) |  | a deemed Security Interest under section 12(3) of the PPS Act that does not secure payment or performance of an obligation; and                                                                                      
|                            |  |    
|                            |  | (g) |  | in the case of GFA, a charge over the whole or part of its Interest (including its legal and beneficial interest in the Titles) granted to GOR to secure payment of a net smelter royalty being the Royalty
Security.





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Corrs Chambers Westgarth



|                                  |  |                                                                                                                                                                                                                                      |  |                                                                                                                                                                   
|--------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                  | 
|PPS Act                           |  | The Personal Property Securities Act 2009(Cth).                                                                                                                                                                                     
|                                  | 
|Pre-Completion Development Costs  |  | Has the meaning given to that term in the Sale Agreement.                                                                                                                                                                           
|                                  | 
|Product                           |  | Mineral recovered from the Project Area in the form in which it is to be made available to each Participant at the Delivery Point in accordance with the LOM Business Plan.                                                         
|                                  | 
|Project Area                      |  | The aggregate of the areas the subject of the Titles.                                                                                                                                                                               
|                                  | 
|Project Facilities                |  | All infrastructure, facilities, plant, equipment and tools necessary or appropriate for the mining and treatment of Mineral and the delivery of Product to the Participants at the Delivery Point, including the JV
Treatment Plant.
|                                  | 
|Proposed Budget                   |  | A work programme and budget for a given Financial Year, or other relevant period, in relation to the conduct of Operations, proposed in accordance with the corresponding LOM Business Plan.                                        
|                                  | 
|Proposed EA Budget                |  | A work programme and budget for a given Financial Year, or other relevant period, in relation to the conduct of exploration on the Exploration Area incorporated in the Proposed Budget.                                            
|                                  | 
|Quarter                           |  | The period of three Months commencing on the first day of January, April, July and October, as the case may be.                                                                                                                     
|                                  | 
|Regional Co-operation Arrangement |  | The document entitled Regional Co-operation Arrangement between GOR and GFA and, if signed by Sumitomo in accordance with the requirements of that document, Sumitomo,
dated on or about the date of this document.               
|                                  | 
|Rehabilitation                    |  | All undertakings, works and efforts for the reclamation, revegetation, decontamination and cleaning up of the Project Area and Joint Venture Assets, including:                                                                     
|                                  |  |                                                                                                                                                                                                                                     
|                                  |  | (a)                                                                                                                                                                                                                                  |  | such activities undertaken progressively during Operations;                                                                                                       
|                                  |  |                                                                                                                                                                                                                                     
|                                  |  | (b)                                                                                                                                                                                                                                  |  | such activities associated with preparing for and effecting the suspension or final physical shutdown of all or part of Mining or mineral treatment processes; and
|                                  |  |                                                                                                                                                                                                                                     
|                                  |  | (c)                                                                                                                                                                                                                                  |  | other such activities as determined by the Management Committee,                                                                                                  
|                                  | 
|                                  |  | in each case to be effected in a safe and workmanlike manner including, without limitation, in accordance with                                                                                                                      





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Corrs Chambers Westgarth



|                            |  |                                                                                                                                                                                                                                                                                                                         |  | 
|--------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|                            |  | the Rehabilitation Obligations, and Rehabilitatehas an equivalent meaning.                                                                                                                                                                                                                                             
|                            | 
|Rehabilitation Obligations  |  | The obligations of the Participants in relation to Rehabilitation under the Act, the Titles, Government Authorisations, and all applicable statutory and contractual obligations including all applicable rehabilitation
objectives, indicators, and compliance criteria during and following completion of Operations.
|                            | 
|Representative              |  | A person for the time being appointed by a Participant as its representative on the Management Committee and includes any alternate of that person appointed under clause 4.2(b).                                                                                                                                      
|                            | 
|Resources and Reserves      |  | Mineral Resources, Ore Reserves and Mineral Reserves, as those terms are defined in the JORC Code and the SAMREC Code, located on the Titles.                                                                                                                                                                          
|                            | 
|Royalty Deed                |  | The royalty deed between GOR and GFA dated 6 November 2016.                                                                                                                                                                                                                                                            
|                            | 
|Royalty Security            |  | The security in the form of schedule 2 to the Royalty Deed pursuant to which GFA grants to GOR the security interest to secure payment of the net smelter royalty under the Royalty Deed.                                                                                                                              
|                            | 
|Sale Agreement              |  | The Sale Agreement  Gruyere Projectdated 6 November 2016 between the Participants and GFA Guarantor.                                                                                                                                                                                                                  
|                            | 
|SAMREC Code                 |  | The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (2016 Edition) as amended or replaced from time to time.                                                                                                                                                       
|                            | 
|SAP                         |  | The enterprise resource planning system developed by SAP SE.                                                                                                                                                                                                                                                           
|                            | 
|Security Interest           |  | Any mortgage, pledge, lien, charge, assignment, hypothecation, security interest, title retention, preferential right or trust arrangement and any other security agreement or arrangement securing obligations or
liabilities, whether absolute or contingent and includes a security interest under the PPS Act.     
|                            | 
|Security Requirement        |  | For each Title, the security (whether in the form of cash deposit or unconditional bank guarantees or letters of credit) required from time to time to be lodged with the State as an assurance of compliance with the terms
and conditions of the Title.                                                              
|                            | 
|South Yamarna Joint Venture |  | The joint venture in relation to the South Yamarna Tenements which is, at the date of this document,                                                                                                                                                                                                                   





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Corrs Chambers Westgarth



|                          |  |                                                                                                                                                                                                                                                                         |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|------------------------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                          |  | made between GOR and Sumitomo.                                                                                                                                                                                                                                         
|                          | 
|South Yamarna Tenements   |  | The exploration licences, mining licences and applications for exploration licences set out in annexure Ctogether with any grants, renewals, conversions, replacements or substitute tenures over the area of those
tenements or applications as at the Effective Date.
|                          | 
|Special Majority Decision |  | A decision of the Management Committee which satisfies the voting thresholds set out in clause 4.9.                                                                                                                                                                    
|                          | 
|Sumitomo                  |  | Sumitomo Metal Mining Oceania Pty Ltd ABN 81 059 761 125.                                                                                                                                                                                                              
|                          | 
|State                     |  | The State of Western Australia.                                                                                                                                                                                                                                        
|                          |  |                                                                                                                                                                                                                                                                        
|Titles                    |  | (a)                                                                                                                                                                                                                                                                     |  | The exploration and mining tenements and applications for exploration and mining tenements listed in schedule 1;                                                                                                                                                                                                                                                                                                                                            
|                          |  |                                                                                                                                                                                                                                                                        
|                          |  | (b)                                                                                                                                                                                                                                                                     |  | all other permits, licences and leases under the Act (if any) granted to, or applied for by or on behalf of, the Participants for the purposes of the Joint Venture from time to time; and                                                                                                                                                                                                                                                                  
|                          |  |                                                                                                                                                                                                                                                                        
|                          |  | (c)                                                                                                                                                                                                                                                                     |  | all renewals, conversions, extensions or amendments of, and substitutions for, the tenements and applications mentioned in paragraphs (a) and (b).                                                                                                                                                                                                                                                                                                          
|                          | 
|Third Party               |  | A person not a party, or an Affiliate of a party, to this document.                                                                                                                                                                                                    
|                          | 
|Transition Period         |  | The period on and from the Effective Date until the earlier of:                                                                                                                                                                                                        
|                          |  |                                                                                                                                                                                                                                                                        
|                          |  | (a)                                                                                                                                                                                                                                                                     |  | the date for the GOR Employees (as defined in the Sale Agreement) to accept offers of employment from GFA pursuant to the Sale Agreement having expired and GFAM demonstrating to the satisfaction of GOR and GFA (acting reasonably) a
sufficient understanding of the details of status of operations and the Initial Development Plan and Budget to take over management of the Joint Venture without material disruption to the Implementation Schedule;
|                          |  |                                                                                                                                                                                                                                                                        
|                          |  | (b)                                                                                                                                                                                                                                                                     |  | 6 months after the Effective Date; and                                                                                                                                                                                                                                                                                                                                                                                                                      
|                          |  |                                                                                                                                                                                                                                                                        
|                          |  | (c)                                                                                                                                                                                                                                                                     |  | such other date agreed by the Participants.                                                                                                                                                                                                                                                                                                                                                                                                                 
|                          | 
|Ultimate Holding Company  |  | The meaning given to that term in section 9 of the Corporations Act.                                                                                                                                                                                                   





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Corrs Chambers Westgarth





|                  |  |                                                                                                                                                                                                                                                                                                                                                                
|----------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Wilful Misconduct |  | A conscious and intentional or reckless disregard of any material provision of a Joint Venture Document or an act of fraud, but does not include any error of judgment made by the person alleged to be culpable in the exercise, in
good faith, of any function, power, authority or discretion conferred on that person under this document or under any Law.



|2 | Joint Venture
|- | -------------



|2.1 | Establishment of Joint Venture
|--- | ------------------------------

The Participants agree to associate themselves on and
from the Effective Date as an unincorporated Joint Venture the objects of which are to:



| | (a) | implement the Gruyere Project in accordance with the LOM Business Plan;
| | --- | -----------------------------------------------------------------------



| | (b) | explore and evaluate the Project Area and determine the economic and technical feasibility of conducting mining operations in the Project Area for the recovery of Minerals;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | acquire, construct and operate facilities and equipment for the mining and treatment of Minerals and the delivery of Product to the Participants at the Delivery Point; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | undertake and perform all such other acts, matters and things as may be incidental to the foregoing, including Rehabilitation of the Project Area and Mine Closure.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------

The Joint Venture will conduct Operations under the name Gruyere Project Joint Venture.



|2.2 | Interests
|--- | ---------

The Interests of the Participants will be as follows, or such other
percentages as may from time to time result from any sale, assignment, transfer or disposal of, or the acquisition of, the whole or any part of a Participants Interest in accordance with this document:



|    |  |  |    |  
|--- |  |  | -- | -
|GOR |  |  | 50 | %
|    | 
|GFA |  |  | 50 | %



|2.3 | Tenants in common
|--- | -----------------



| | (a) | The Joint Venture Assets will be beneficially owned by the Participants as tenants in common in proportion to their respective Interests notwithstanding that the legal title may be held by one or some only of the
Participants or the Manager.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Any Participant or the Manager which holds the legal title to any Joint Venture Asset holds such Joint Venture Asset as agent for the Participants in proportion to their respective Interests.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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|Gruyere Project Joint Venture Agreement |  |  |  | page 19
|                                        |  |  |  |        



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Corrs Chambers Westgarth





|2.4 | No partition
|--- | ------------

Each Participant waives its rights to partition of the Joint Venture
Assets and, to that end, agrees that it will not seek or be entitled to partition of any Joint Venture Asset, whether by way of physical partition, judicial sale or otherwise, until after termination of the Joint Venture.



|2.5 | Rights and obligations several
|--- | ------------------------------

The rights and obligations of each Participant in
respect of the Joint Venture will be in every case several and will not be, or be construed to be, either joint or joint and several.



|2.6 | No partnership
|--- | --------------

Nothing contained in a Joint Venture Document will be deemed to
constitute a Participant the partner of any other Participant.



|2.7 | No agency
|--- | ---------

Except as otherwise specifically provided in a Joint Venture Document, a
Participant will not have any authority to act for, or to assume any obligation or responsibility on behalf of, any other Participant or the Joint Venture.



|2.8 | Mutual indemnity
|--- | ----------------

Each Participant will indemnify and keep indemnified each of the other
Participants and each director, officer, employee and representative of such other Participants from and against any and all losses, claims, damages and liabilities arising out of any act of, or any purported assumption of any obligation or
responsibility by, such indemnifying Participant or any of its directors, officers, employees or representatives, done or undertaken, or purportedly done or undertaken, on behalf of such indemnified parties in connection with the Joint Venture and
not authorised under any Joint Venture Document.



|2.9 | Indemnity against additional Costs
|--- | ----------------------------------

If at any time a Participant becomes liable as a
Participant to any Third Party to an extent greater than it is for the time being liable to contribute to Costs for any obligation incurred in accordance with this document, the other Participants will indemnify and account to that Participant such
that all Participants will share such liability severally in the proportion that they are for the time being liable to contribute to Costs.



|2.10 | Mutual obligations
|---- | ------------------

Each Participant will perform, observe and fulfil each and every one
of its obligations under or arising out of each of the Joint Venture Documents.



|2.11 | Protection of Titles
|---- | --------------------

A Participant will not knowingly do or omit to do, and will at all
times take proper care to ensure that it does not do or omit to do, any act, deed, matter or thing which may place any Title at risk of being cancelled, forfeited, lost, refused, surrendered, or which may otherwise jeopardise any Title in any way.





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Corrs Chambers Westgarth





|2.12 | Maintain Titles
|---- | ---------------

Unless otherwise determined by a Special Majority Decision of the
Management Committee, the Titles will be maintained in force and renewed during the Term, and each Participant will take all action necessary on its part to maintain and renew the Titles.



|2.13 | Entitlement to Product
|---- | ----------------------



| | (a) | The Manager must deliver each Participants Interest share of Products to the Participant at the Delivery Point and, if separately delivered, by use of equipment and techniques which are specifically designed and
intended not to favour any one Participant over another.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Title to, and the risk of loss of, or damage to, the Products passes to the relevant Participant at the Delivery Point.
| | --- | -----------------------------------------------------------------------------------------------------------------------



| | (c) | Each Participant has the right and obligation in the ordinary course of business to take in kind and separately sell and dispose of its Interest share of Products free of any encumbrance on delivery to it. Any extra
expenditure incurred in the separate taking and disposition by a Participant of its Interest share of Products beyond the Delivery Point, including all royalties, taxes, costs and expenses, must be borne by such Participant.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | If a Participant fails to take its Interest share of Products within 14 days after receiving notice from the Manager requiring the Participant to take delivery, the right of the Participant to take in kind and
separately sell and dispose of its Interest share of Products in the ordinary course of business is terminated, and the Manager may sell those Products as agent for the relevant Participant not less than the available arms length market value
(as determined by the Manager acting reasonably) for those Products. The Manager must account to the Participant for the proceeds of any such sale after first deducting its reasonable expenses (including Third Party costs) and additional storage
costs incurred in the sale.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Nothing in this document provides for any joint or cooperative marketing or selling of Products by the Participants or, except with the prior approval by Special Majority Decision, the processing of Minerals owned by
any Third Party at any JV Treatment Plant.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | For clarification, but subject always to the terms of this document, any Participant may mine or process products produced from sources outside the Project Area and market those products in competition with Products
produced from within the Project Area and in competition with any other Participant.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.14 | Intellectual Property
|---- | ---------------------



| | (a) | Each Participant grants to each other Participant and the Manager a
non-exclusive royalty free perpetual licence to use that Participants Intellectual Property for the purposes of the conduct of Operations. Each Participant retains all right, title and interest in, and
to, such Intellectual
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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Corrs Chambers Westgarth



| | Property, irrespective of any disclosure of such Intellectual Property (including to the Manager).
| | --------------------------------------------------------------------------------------------------



| | (b) | The licence under clause 2.14(a)survives the withdrawal of the licensing Participant from the Joint Venture and the assignment by a licensing Participant of its Interest.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | For so long as GFA is a Participant holding an Interest of 50% or more GFA must cause its Affiliate which owns or has a licence to use the High Res Tool to make that tool and a suitable operator available for use in
relation to the Operations on the following basis:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | it will be used for the purposes of the Operations only;
| | --- | --------------------------------------------------------



| | (ii) | it will be made available for use free of charge but the costs of the operator will be Costs and paid by the Participants in accordance with this document;
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | it will be used at such times and duration as agreed between GFA (acting reasonably) and the Manager or, if exploration is delegated to GOR under clause 6.5(b), GOR; and
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | the data generated from the use of the Tool will be Mining Information but GFA and its Affiliates will retain all intellectual property rights whatsoever in relation to the High Res Tool.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.15 | No restriction on other business
|---- | --------------------------------

Subject to clause 2.16, nothing in this
document will be deemed to restrict in any way the freedom of any Participant to conduct as it sees fit any other business or activity of any kind, including the development or application of any process and the exploration for, or the development,
mining, extraction, production, handling, processing, transportation or marketing of, any ore, Mineral or other production for any purposes, whether in the State or elsewhere, without any accountability to the other Participants.



|2.16 | Rights to future titles in certain circumstances
|---- | ------------------------------------------------



| | (a) | If at any time a Participant (or any Affiliate of the Participant or any person or entity for or on its behalf) (ProposingParticipant) intends, whether alone or together with any other person, to apply
for any mining tenements under the Act including prospecting licences, exploration licences, retention licences, mining leases, general purpose leases or a miscellaneous licence or other tenement under the Act (NewPermit), being a
mining tenement all or part of which relates to an area outside the external boundaries of the Titles but within the Area of Interest, then the Proposing Participant must:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | notify the Manager and the other Participants of the Proposing Participants intention to apply for the New Permit;
| | --- | -------------------------------------------------------------------------------------------------------------------



| | (ii) | request the Manager to convene a meeting of the Management Committee for the purpose of considering whether or not the New Permit should be applied for by or on behalf of all of the Participants for the purposes of the
Joint Venture; and
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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Corrs Chambers Westgarth





| | (iii) | if the Management Committee resolves that the New Permit should be applied for by or on behalf of all of the Participants for the purposes of the Joint Venture, ensure that the New Permit is applied for by or on behalf
of all of the Participants.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | For the avoidance of doubt:
| | --- | ---------------------------



| | (i) | if the Management Committee resolves that the New Permit should be applied for by or on behalf of all of the Participants for the purposes of the Joint Venture, the New Permit will become a Title and will be governed by
the terms of this document;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | if the Management Committee does not resolve that the New Permit should be applied for by or on behalf of all of the Participants for the purposes of the Joint Venture, then:
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (A) | the Proposing Participant will be free to apply for and obtain the New Permit;
| | --- | ------------------------------------------------------------------------------



| | (B) | the New Permit will not become a Title; and
| | --- | -------------------------------------------



| | (C) | the New Permit will not be governed by the terms of this document;
| | --- | ------------------------------------------------------------------



| | (iii) | the Proposing Participant will not be entitled to vote in relation to the resolution as to whether or not the New Permit should be applied for by or on behalf of all of the Participants for the purposes of the Joint
Venture; and
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | once a notice has been given under clause 2.16(a), no other Participants or their Affiliates (including GOR or its Affiliates) may, whether alone or together with any other person, apply for any mining
tenements under the Act in respect of all or part of the area of the proposed New Permit until the expiry of 1 month after the Management Committees resolution under clause 2.16(b)(i)or 2.16(b)(ii), and, if it applies to them,
without complying with this clause.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | This clause 2.16 (other than clause 2.16(b)(iv)) does not apply in respect of any New Permit applied for or acquired by GOR or any of its Affiliates.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | This clause 2.16 does not apply in respect of any New Permit applied for or acquired by a Participant for the purpose of the Joint Venture, applied for or acquired in accordance with the Regional Co-operation Arrangement, or applied for or acquired jointly with all the other Participants.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | This clause 2.16 does not apply in respect of an interest in any tenements outside the Area of Interest.
| | --- | --------------------------------------------------------------------------------------------------------



|2.17 | Area of Interest
|---- | ----------------



| | (a) | Subject to this clause 2.17, if, at any time, a Participant (or any Affiliate of the Participant or any person or entity for or on its behalf) (Proposing Participant), whether alone or
together with any other person:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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Corrs Chambers Westgarth





| | (i) | applies for any tenement under the Act, or acquires a tenement or an interest in a tenement under the Act (NewTitle) in respect of an area; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | acquires any land or interest in land (New Land),
| | ---- | -------------------------------------------------

located, wholly or partly, within the
Area of Interest, then the Proposing Participant will:



| | (iii) | hold the New Title or New Land on trust for each Participant in proportion to their respective Interests;
| | ----- | ---------------------------------------------------------------------------------------------------------



| | (iv) | must, if the New Title or New Land is beneficially owned by the Proposing Participant or an Affiliate, transfer, or ensure its Affiliate transfers, free from any Security Interest, the beneficial interest in the New
Title or New Land to the Participants, for a purchase price of $1.00, so that the New Title or New Land will be beneficially owned by the Participants as tenants in common in proportion to their respective Interests;
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | must, if legal title to the New Title or New Land is held by the Proposing Participant or an Affiliate, transfer, or ensure its Affiliate transfers, free from any Security Interest, legal title to the New Title or New
Land to the Participants, for a purchase price of $1.00, so that the legal title to the New Title or New Land is held by the Participants as tenants in common in proportion to their respective Interests; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | is solely responsible for, and must pay, all legal and other costs and expenses (including any duty) in connection with any transfer to the Participants under this clause 2.17and must obtain all Third Party or
Governmental Agency approvals required to effect any such transfer (and the other Participant will cooperate with such approval applications but at the Proposing Participants cost).
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Any New Title or New Land will be a Title (in the case of a New Title) and a Joint Venture Asset and will be governed by the terms of this document.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Where a New Title or New Land (regardless of whether it is located wholly or partially within or outside the Area of Interest) is acquired either:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | by the Manager for the Joint Venture;
| | --- | -------------------------------------



| | (ii) | by a Participant for the Joint Venture at the written request of the Manager;
| | ---- | -----------------------------------------------------------------------------



| | (iii) | by a Participant with the agreement of the other Participants; or
| | ----- | -----------------------------------------------------------------



| | (iv) | in accordance with clause 2.16(a)(iii),
| | ---- | ---------------------------------------

clause 2.17(a) will not apply to such
acquisition, and instead the costs and expenses of such acquisition (including any duty) will be Costs and paid by the Participants in accordance with this document.





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Corrs Chambers Westgarth





| | (d) | This clause 2.17 does not apply in respect of any New Title or New Land applied for or acquired by GOR or any of its Affiliates.
| | --- | --------------------------------------------------------------------------------------------------------------------------------



| | (e) | This clause 2.17 does not restrict any acquisition, whether directly or indirectly, of:
| | --- | ---------------------------------------------------------------------------------------



| | (i) | any interests in any of the South Yamarna Tenements or the North Yamarna Tenements (whether in whole or in part) from GOR or any of its Affiliates (without limiting clauses 12.5to12.7);
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | any interests in any of the South Yamarna Tenements from Sumitomo or any of its or GORs assignees from time to time provided that GFA acknowledges that there may be a
pre-emptive right or similar type of process in favour of GOR that the assignee will have to comply with before assigning any interest to GFA; or
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | an interest in any tenements outside the Area of Interest.
| | ----- | ----------------------------------------------------------



|2.18 | GOR Exploration Assets
|---- | ----------------------



| | (a) | The Participants acknowledge and agree that the GOR Exploration Assets do not form part of the Joint Venture Assets.
| | --- | --------------------------------------------------------------------------------------------------------------------



| | (b) | GORs rights to access the GOR Exploration Assets located on the Project Area are set out in the Regional Cooperation Arrangement.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------



|2.19 | Pastoral Lease
|---- | --------------



| | (a) | GOR, solely in its capacity as owner and occupier of the Pastoral Lease, (in this clause called Pastoralist):
| | --- | -------------------------------------------------------------------------------------------------------------



| | (i) | subject to clauses 2.19(c)and2.19(f), irrevocably waives any rights that it may have to compensation including under Part VII of the Act and fully releases the Participants and the Manager from any such
claims for compensation; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | irrevocably consents to the Participants and the Manager conducting Operations on the areas referred to in section 20(5) of the Act including in the top 30 metres of the land the subject of the Titles.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Pastoralist must not sell, assign, transfer, part with possession of, grant any rights (including rights of occupation) or Security Interest over or otherwise deal with all or part of the Pastoral Lease to or in
favour of any person (including any Affiliate of GOR) without first:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | complying with clause 2.19(m), where applicable; and
| | --- | ----------------------------------------------------



| | (ii) | having that person enter into a deed with the Participants and the Manager under which they agree to the same terms as are set out in this clause 2.19.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The Manager will make good and repair any damage to fences or other improvements existing on the Pastoral Lease
as at the date of this document (or otherwise constructed on the Project Area with the consent of the Manager (acting reasonably)) to the extent such damage is caused in the conduct of the Operations or in relation to the presence on
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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Corrs Chambers Westgarth



| | the Project Area of the Manager, its personnel or contractors or the Participants. Such making good and repair is only to the same condition that the fence or other improvement was in prior to such damage.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The Participants and Manager will comply with all applicable Laws with regard to any requirement for, and the conduct of, remediation of work to be carried out by or on behalf of the Manager or the Participants on the
Project Areas the subject of the Pastoral Lease.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | The Manager will take all necessary and reasonable steps in accordance with Good Australian Mining Practice to prevent injury to people and animals located on the Pastoral Lease including fencing off holes and pits and
operations.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | The Participants and Manager will indemnify the Pastoralist and its Affiliates and each director, officer, employee or agent of them against:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | any Third Party claims for death or injury to the extent that they are caused or contributed to by the Operations or in relation to the presence on the Project Area of the Manager, its personnel or contractors or the
Participants; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | any damage to fences or other improvements existing on the Pastoral Lease as at the date of this document (or otherwise constructed on the Project Area with the consent of the Manager (acting reasonably)) to the extent
such damage is caused in the conduct of the Operations or in relation to the presence on the Project Area of the Manager, its personnel or contractors or the Participants and is not made good under clause 2.19(c).
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | The Manager and the Participants must not do or cause to be done, or omit to do (in the conduct of the Operations), anything which will, or is reasonably likely to, put the Pastoral Lease at risk of cancellation,
termination or forfeiture.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | The Pastoralist will not conduct any pastoral activities pursuant to the Pastoral Lease on the Development Area or, to the extent it is not within the Development Area, Mining Lease 38/1267 or conduct any such
activities elsewhere on the Pastoral Lease that will prevent or materially interfere with the Operations (including by delay).
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | The Pastoralist will comply with all Laws applicable to pastoral activities on the Pastoral Lease which require the conduct of remediation of work to be carried out on the Pastoral Lease.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | The Pastoralist must not do or cause to be done, or omit to do in the conduct of its pastoral activities, anything which would constitute Wilful Misconduct or Gross Negligence by it in the conduct of its pastoral
activities and which will, or is reasonably likely to, put the Titles at risk of cancellation, termination or forfeiture.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (k) | The Pastoralist will indemnify the Participants and Manager and their Affiliates and each director, officer,
employee or agent of them against any Third Party claims for death, injury or property damage to the extent
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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Corrs Chambers Westgarth



| | that they are caused or contributed to by the pastoral activities conducted on the Pastoral Lease and arise from conduct which would constitute Wilful Misconduct or Gross Negligence by the Pastoralist.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (l) | For the avoidance of doubt and without limiting clause 5.10, the costs, expenses and Liabilities incurred by the Participants or the Manager in complying with this clause will be Costs and paid by the
Participants subject to and in accordance with this document.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (m) | The Pastoralist grants the Manager as agent of the Participants the following right of first refusal:
| | --- | -----------------------------------------------------------------------------------------------------



| | (i) | If any other party has rights of first refusal (or similar right) in relation to any the Pastoral Lease under a native title agreement entered into prior to the Effective Date, or subsequently with the approval of the
Management Committee, this right of first refusal applies only to the extent that the Pastoral Lease is not acquired under those agreements.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | The Pastoralist may not sell, assign, transfer or otherwise dispose of an interest in the Pastoral Lease to a Third Party unless it has first been offered for sale to the Manager, as agent of the Participants, free of
any Security Interests other than any legal or contractual obligations which are to run with title to the Pastoral Lease (including contractual rights for the purpose of enabling access to areas outside of the Project Area) for the reasonable market
value by agreement between the Management Committee and the Pastoralist or failing agreement within 10 Business Days by an Expert under clause 21.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | The offer must be made in writing and must contain a condition to the effect that the sale is conditional upon the Participants obtaining all necessary governmental consents and approvals.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | The offer will stand open for acceptance by the Manager by written notice to the Pastoralist for 30 Business Days after receipt of the offer from the Pastoralist. The Manager will be entitled to accept the offer only if
the Management Committee so resolves.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | If the Manager accepts the offer within that time then completion of the sale will occur 5 Business Days after the Participants obtain all necessary governmental consents and approvals. At completion the Pastoralist
will deliver and do all things reasonably necessary to transfer the Pastoral Lease to the Manager in exchange for the relevant consideration. The Manager must prepare all of the necessary documents and bear all of its costs required to effect such
transfer.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | If the Manager does not accept the offer within that time then the Pastoralist may proceed with the sale,
assignment, transfer or other disposal of the Pastoral Lease to a Third Party within in 6 months of the offer made under this clause to the Manager, provided that the terms of such sale, assignment, transfer or other
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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Corrs Chambers Westgarth



| | disposal of the Pastoral Lease is on terms no more favourable to the Third Party than those offered to the Manager under this clause.
| | -------------------------------------------------------------------------------------------------------------------------------------



| | (n) | For the avoidance of doubt, this clause 2.19 does not prevent the Pastoralist:
| | --- | ------------------------------------------------------------------------------



| | (i) | from assigning an interest in all or any part of the Pastoral Lease to an Affiliate provided the assignee complies with clause 2.19(b);
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | from granting a Security Interest over all or part of the Pastoral Lease in favour of a person (Chargee) provided the Chargee enters into a deed of assumption under which it agrees that any enforcement of that Security
Interest will be subject to compliance with the provisions of this clause 2.19; or
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | in a capacity other than Pastoralist and whether through one or more Affiliates, conducting mining, mineral processing or exploration activities either inside the Project Area in accordance with this document or outside
the Project Area.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3 | Term and termination
|- | --------------------



|3.1 | Effective Date
|--- | --------------

This document will take effect on and from the Effective Date and,
subject to the provisions of this document, will remain in full force and effect until all the Joint Venture Assets have been realised upon termination of the Joint Venture and a final settlement made between the Participants.



|3.2 | Term of Joint Venture
|--- | ---------------------

The Joint Venture will commence on the Effective Date and,
subject to the provisions of this document, will continue until completion of the winding up of all Operations after the first to occur of:



| | (a) | the Participants agreeing to terminate the Joint Venture;
| | --- | ---------------------------------------------------------



| | (b) | the Management Committee by a Special Majority Decision determining:
| | --- | --------------------------------------------------------------------



| | (i) | that there are no economically recoverable reserves of Minerals in the Project Area and that the Titles should be surrendered; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



| | (ii) | that all the reserves of economically recoverable Minerals in the Project Area have been recovered; or
| | ---- | ------------------------------------------------------------------------------------------------------



| | (c) | the Participants ceasing to hold and an interest in the Titles.
| | --- | ---------------------------------------------------------------



|3.3 | Disposal of Joint Venture Assets upon termination
|--- | -------------------------------------------------



| | (a) | Upon the occurrence of a termination event under clause 3.2, the Manager must commence winding up the Operations including:
| | --- | ---------------------------------------------------------------------------------------------------------------------------



| | (i) | satisfying all Rehabilitation Obligations and Mine Closure Obligations;
| | --- | -----------------------------------------------------------------------





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| | (ii) | surrendering the Titles and/or the realising the Joint Venture Assets in accordance with such instructions (if any) as the Manager may receive from the Management Committee; and
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | otherwise complying with the Approved Closure Plan.
| | ----- | ---------------------------------------------------



| | (b) | The net proceeds of realisation of the Joint Venture Assets after satisfying all Rehabilitation Obligations and Mine Closure Obligations will be distributed to the Participants in proportion to their respective
Interests.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | For the avoidance of doubt, all costs and expenses incurred by the Manager as a result of the termination of the Joint Venture will be Costs and will be paid by the Participants in proportion to their respective
Interests.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3.4 | Certain obligations continue beyond termination
|--- | -----------------------------------------------

Upon termination of this document for
any reason, all rights and obligations of the parties cease, other than:



| | (a) | the obligation to pay any actual or contingent liabilities relating to Operations, including the cost of all Rehabilitation Obligations and Mine Closure Obligations and any severance, sickness and other employee benefit
costs incurred or imposed in connection with Operations, or otherwise arising from this document, that have not been discharged as at the date of termination; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | any other obligations expressed to survive termination.
| | --- | -------------------------------------------------------



|4 | Management Committee
|- | --------------------



|4.1 | Establishment of Management Committee
|--- | -------------------------------------



| | (a) | The Participants will, on or as soon as reasonably practicable after the Effective Date, establish a Management Committee in accordance with this clause 4.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Management Committee is empowered to make all decisions in relation to matters within the scope of the Joint Venture, other than:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------



| | (i) | matters expressly reserved by this document for the Participants determination, decision, approval or consent; or
| | --- | ------------------------------------------------------------------------------------------------------------------



| | (ii) | matters which have been delegated in accordance with this document to a Participant or the Manager.
| | ---- | ---------------------------------------------------------------------------------------------------



|4.2 | Composition of Management Committee
|--- | -----------------------------------



| | (a) | Each Participant will be entitled to appoint Representatives on the Management Committee as follows:
| | --- | ----------------------------------------------------------------------------------------------------



| | (i) | a Participant with an Interest of 10% or greater, but less than 25%, may appoint one Representative;
| | --- | ----------------------------------------------------------------------------------------------------



| | (ii) | a Participant with an Interest of 25% or greater, but less than 50%, may appoint two Representatives; and
| | ---- | ---------------------------------------------------------------------------------------------------------





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| | (iii) | a Participant with an Interest of 50% or greater may appoint three Representatives.
| | ----- | -----------------------------------------------------------------------------------



| | (b) | Each Participant may also appoint an alternate for each of its Representatives who will be entitled to attend and vote at meetings of the Management Committee in which the relevant Representative does not participate.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Each Participant will appoint its Representatives and alternate (if any) by notice in writing to the Manager and the other Participants.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (d) | A Participant may replace its Representative or alternate, or revoke any such appointment, at any time by giving notice in writing to the Manager and the other Participants. The relevant appointment or removal will take
effect immediately on receipt of that notice.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | A Participant whose Interest falls below 10% will cease to have any right to appoint Representatives to the Management Committee, and any such appointments will cease to have effect immediately upon its Interest falling
below 10%.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4.3 | Meetings
|--- | --------



| | (a) | Meetings of the Management Committee will:
| | --- | ------------------------------------------



| | (i) | be held at the Managers office in Perth or at such other place in Perth as the Management Committee may from time to time determine; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | be held at least once in each Quarter or at such other intervals as the Management Committee may determine.
| | ---- | -----------------------------------------------------------------------------------------------------------



| | (b) | In addition, the Manager may at any time, and will within five Business Days of being requested to do so by a Participant or Participants who, in aggregate, hold an Interest of 25% or more, convene a meeting of the
Management Committee. Any request by a Participant or Participants for a meeting to be convened must set out the matters to be considered at the meeting.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Each Participant will bear the travel and other expenses of its Representative attending meetings.
| | --- | --------------------------------------------------------------------------------------------------



| | (d) | Meetings of the Management Committee may be held in person or by telephone, video conference or other means of instantaneous communication.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Each Participant will ensure its Representatives convene and attend meetings expeditiously to ensure the continuity of the Operations.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------



|4.4 | Notice of meetings
|--- | ------------------



| | (a) | The Manager will give to each Participant at least 10 Business Days notice of each meeting of the
Management Committee (or two Business Days for a reconvened meeting), which notice must outline the business to be conducted at the meeting. Such notice will not be required where
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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---

Corrs Chambers Westgarth



| | the Representative of each Participant agrees to waive notice of the meeting.
| | -----------------------------------------------------------------------------



| | (b) | Business not mentioned in a notice of meeting will not be dealt with at the meeting unless all Representatives (not just those present at the meeting) unanimously agree.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4.5 | Quorum
|--- | ------



| | (a) | The quorum for a meeting of the Management Committee will be at least one Representative of each Participant entitled to vote.
| | --- | ------------------------------------------------------------------------------------------------------------------------------



| | (b) | If a quorum is not present within one hour after the time appointed for the meeting:
| | --- | ------------------------------------------------------------------------------------



| | (i) | the meeting will stand adjourned to the same hour on the next Business Day at the same venue; and
| | --- | -------------------------------------------------------------------------------------------------



| | (ii) | the Manager will endeavour to contact the Representatives who were not present at the first meeting to advise them of the adjourned meeting.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The quorum at an adjourned meeting will be those Representatives of a Participant present at the adjourned meeting.
| | --- | -------------------------------------------------------------------------------------------------------------------



|4.6 | Chairman
|--- | --------



| | (a) | The chairman at meetings of the Management Committee (Chairman) will be selected by the Participant with the largest Interest from the Representatives of that Participant.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If two or more Participants have equal Interests and are the largest Interest holders, then the Chairman will be selected by those Participants (from their appointed Representatives) respectively on a 12 monthly
rotating basis.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | As GOR and GFA will, at least initially, have equal Interests and the only Interests, on and from the Effective Date for the first 12 month period the Chairman will be a Representative of GOR selected by GOR. After that
period, the Chairman will be selected by those Participants (from their appointed Representatives) on a 12 monthly rotating basis.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The Chairman will not have a casting vote.
| | --- | ------------------------------------------



|4.7 | Voting rights
|--- | -------------



| | (a) | The Representatives of a Participant present and entitled to vote at any meeting of the Management Committee will have between them that number of votes which is equal to the Interest of the Participant who appointed
those Representatives. By way of example, the Representatives of a Participant whose Interest is 51.6% will have between them 51.6 votes.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | A Representative may attend and vote on a matter at a meeting of the Management Committee notwithstanding there is a conflict of interest in respect of that matter with the Participant appointing that Representative.
However at the start of the relevant meeting before the vote is taken the
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | existence of this conflict of interest must be declared if not already known by the other Participants.
| | -------------------------------------------------------------------------------------------------------



| | (c) | A Representative who decides (at his or her election) to withdraw from a meeting of the Management Committee due to a conflict will be treated as not being entitled to and vote at that meeting and will not result in the
meeting lacking quorum.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4.8 | Ordinary Decisions
|--- | ------------------

Subject to clause 4.9, decisions at any meeting of the
Management Committee will be made by the affirmative vote of one or more Representatives present and entitled to vote at the meeting having more than 50% of the total votes of all Representatives present and entitled to vote.



|4.9 | Special Majority Decisions
|--- | --------------------------

Decisions taken by the Management Committee with respect to
the matters set out in schedule 4 will require the affirmative vote of Representatives of those Participants entitled to vote at the meeting having 76% or more of the total Interests.



|4.10 | Advisers
|---- | --------

A Participant may arrange at its own expense for consultants or other
technical personnel (Advisers) and up to two other persons (Observers) to be present at meetings of the Management Committee to assist its Representative, or in the case of the Observers to observe but not participate in the meeting,
provided that:



| | (a) | the Participant must ensure that each Adviser and Observer is under a duty of confidentiality in relation to all information and materials to which the Adviser or Observer gains access as a consequence of the Adviser or
Observer being present at a meeting of the Management Committee; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | a Participant must inform the other Participants of its intention to have an Adviser or Observer attend a meeting of the Management Committee on behalf of the Participant at least two Business Days before the meeting
(and such notice must include the name and origin of each Adviser and Observer).
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4.11 | Authority of Representative
|---- | ---------------------------

Each Representative will have full power and authority to
represent the Participant who appointed the Representative in all matters within the powers of the Management Committee and all acts done by the Representative under this authority will be deemed to be the act of the Participant who appointed the
Representative.



|4.12 | Resolution without meeting
|---- | --------------------------



| | (a) | A resolution of the Management Committee which is signed by a Representative of each Participant who is entitled to vote (CircularResolution) will be as valid and effective as if it had been passed at a
meeting of the Management Committee properly convened and held.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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Corrs Chambers Westgarth





| | (b) | A Circular Resolution may consist of one or more documents in identical terms, signed by the Representative of each Participant.
| | --- | --------------------------------------------------------------------------------------------------------------------------------



|4.13 | Managers delegate
|---- | ------------------



| | (a) | The Manager will by notice in writing to the Participants designate a delegate to the Management Committee.
| | --- | -----------------------------------------------------------------------------------------------------------



| | (b) | The Manager may change its delegate at any time by giving notice in writing to the Participants.
| | --- | ------------------------------------------------------------------------------------------------



| | (c) | The Manager will cause its delegate, who may be accompanied by advisers, to be present at each meeting of the Management Committee. Such delegate and advisers will have no voting rights and the Manager must ensure that
its delegate and each adviser is under a duty of confidentiality in relation to all information and materials to which the delegate or the adviser gains access as a consequence of the adviser or delegate being present at a meeting of the Management
Committee.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | For the avoidance of doubt, where the Manager is also a Participant, the Manager must (in its capacity as a Participant) appoint at least one Representative to the Management Committee in accordance with clause
4.2(a), and will also (in its capacity as Manager) designate a delegate to the Management Committee in accordance with clause 4.13(a). The Representative appointed under clause 4.2(a) and the delegate appointed under clause
4.13(a) cannot be the same person.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | The Managers delegate is not entitled to vote at meetings of the Management Committee.
| | --- | ---------------------------------------------------------------------------------------



|4.14 | Minutes
|---- | -------



| | (a) | The Manager must arrange for minutes of each Management Committee meeting to be taken. The Managers costs and expenses in providing this service will be included in Costs.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | A copy of the minutes of each Management Committee meeting must be given to each Participant as soon as practicable, but no later than 14 days after each meeting.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | If a Participant wishes to make any comments in respect of the minutes, it must do so within 21 days after receiving the minutes by providing a notice to the Manager.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The minutes of a Management Committee meeting will be considered and approved (with or without amendments) at the next meeting of the Management Committee, and are to be signed by the Chairman of the relevant Management
Committee meeting and are then conclusive evidence of the proceedings and decisions of the meeting to which they relate.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4.15 | Sub-committees
|---- | --------------



| | (a) | The Management Committee may establish one or more sub-committees to
consider and make recommendations or, if the Management
| | --- | ----------------------------------------------------------------------------------------------------------------------------





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| | Committee unanimously and expressly confers such a power, decisions on such matters as the Management Committee may from time to time refer to any such sub-committee.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each Participant will be entitled, but will not be obliged, to be represented on each sub-committee.
| | --- | ----------------------------------------------------------------------------------------------------



| | (c) | The Participant who has nominated the Chairman of the Management Committee will appoint the chairman of any sub-committee.
| | --- | --------------------------------------------------------------------------------------------------------------------------



|4.16 | Project Steering Committee and Technical Committee
|---- | --------------------------------------------------



| | (a) | Without limiting clause 4.15 the Participants must cause there to be formed through the nomination by each Participant of two or more representatives (who may be different from the Representatives of the
Participants to the Management Committee) two subcommittees of the Management Committee which will be convened on a monthly basis for the following periods:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | during development until Completion of Project Development, a project steering committee; and
| | --- | ---------------------------------------------------------------------------------------------



| | (ii) | on and from the date of Completion of Project Development and during operation of the processing and production phase, a technical committee.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each committee shall meet at least monthly and shall fulfil an advisory function to the Management Committee providing reports as to the progress of and any issues in each of the development phase, and after Completion
of Project Development, the continuing operation phase.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Meetings of each of the project steering and technical committees will be held and otherwise conducted as for meetings of the Management Committee.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Each Participant must bear the costs of travel to and attendance of its representatives on each committee.
| | --- | ----------------------------------------------------------------------------------------------------------



| | (e) | Each committee shall have an advisory only role, and no determination of either committee shall be binding on either the Participants or the Manager unless the Management Committee resolves by Special Majority Decision
that the committee determination should be binding.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4.17 | Services
|---- | --------

The Management Committee may:



| | (a) | require the Manager to provide it with such services as the Management Committee may request; and
| | --- | -------------------------------------------------------------------------------------------------



| | (b) | engage advisers and consultants as required,
| | --- | --------------------------------------------

and all expenses incurred in connection with the
exercise of this power will be regarded as Costs and may be paid by the Manager accordingly even if not included in an Approved Budget.





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Corrs Chambers Westgarth





|4.18 | Recommendations and decisions of sub-committees
|---- | -----------------------------------------------

Recommendations and (where applicable) decisions of any sub-committee of the Management Committee
(including the project steering committee and the technical committee) will be by unanimous vote. If unanimity cannot be achieved on any matter, such inability and the reasons for that will be reported to the Management Committee.



|5 | Manager
|- | -------



|5.1 | Appointment of Manager
|--- | ----------------------



| | (a) | The Participants appoint GOR as the manager of the Joint Venture and the Operations for the Transition Period, and GOR accepts that appointment upon and subject to the terms and conditions contained in this document.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | During the Transition Period:
| | --- | -----------------------------



| | (i) | GOR will allow GFA, GMPL and their officers and employees reasonable access to the Joint Venture Assets and the senior management of GOR, on reasonable notice and at reasonable times to the extent required to enable
GMPL to become familiar with, and prepare for its assumption of the management of, the Operations as quickly as practicable after the Effective Date; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | GFA and GMPL will take all reasonable steps to be in a position to demonstrate promptly after the Effective Date a sufficient understanding of the details of status of Operations and the Initial Development Plan and
Budget to take over management of the Operations without material disruption to the Implementation Schedule.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Upon expiration of the Transition Period, GFAM will be appointed and will replace GOR as the Manager and GFAM accepts such appointment.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The Participants and GOR as Manager must do all things reasonably within their power to facilitate the change in Manager at the end of the Transition Period in as orderly a manner as possible including complying with
clause 5.7 as if GOR had resigned as Manager.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.2 | Resignation
|--- | -----------

The Manager may resign as manager at any time by giving not less than 60
days prior written notice to that effect to the Participants.



|5.3 | Removal of Manager
|--- | ------------------



| | (a) | The Manager will be deemed to have resigned if any one or more of the following events occurs and a Participant gives notice to the Manager requiring it to resign:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | an Event of Default occurs with respect to any Participant which is the Manager or which is an Affiliate of the
Manager and the Event of Default has not been remedied and the Non-Defaulting
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | Participants resolve by Special Majority Decision to require the Manager to resign;
| | -----------------------------------------------------------------------------------



| | (ii) | an Insolvency Event occurs with respect to the Manager or a Holding Company of the Manager;
| | ---- | -------------------------------------------------------------------------------------------



| | (iii) | the Manager defaults in some material respect in the due performance and observance of any of its obligations as Manager under this document and such default is not remedied, or the Manager does not devise and implement
with all diligence a cure plan, within a reasonable period determined by the Participants (acting reasonably) being at least 90 days after the Manager receives a notice in writing from any Participant requiring such default to be rectified;
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | the Manager assigns or purports to assign, all or any of its rights and obligations as Manager under this document otherwise than to a new Manager in accordance with this clause 5
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | 180 days after neither the Manager nor any of its Affiliates hold in aggregate at least a 50% Interest, where, at the date of appointment of the Manager, the Manager or its Affiliates held such an Interest; or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | the Management Committee determines by Special Majority Decision that, for any reason, the Manager should be replaced.
| | ---- | ----------------------------------------------------------------------------------------------------------------------



| | (b) | Any resignation of the Manager under this clause will take effect on the date the Manager receives the notice requiring its resignation under clause 5.3(a). Such resignation does not prevent the Manager from
recovering Costs incurred up to that date from the Participants, as well as other unavoidable, pre-committed or existing Costs incurred after that date.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | For the avoidance of doubt, where a resolution is put to the Management Committee to require the Managers resignation under clause 5.3(a)(other than clause 5.3(a)(i)) a Participant who is the
Manager or an Affiliate of the Manager will be entitled to vote in relation to that resolution.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.4 | Removal on withdrawal from Joint Venture
|--- | ----------------------------------------



| | (a) | The Manager will be deemed to have resigned as the Manager if:
| | --- | --------------------------------------------------------------



| | (i) | the Manager is a Participant or an Affiliate of a Participant; and
| | --- | ------------------------------------------------------------------



| | (ii) | that Participant transfers the whole of its Interest to another Participant or to a Third Party other than in accordance with clause 5.5.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Any resignation of the Manager under this clause will take effect on the effective date of such Participants withdrawal from the Joint Venture.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------





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---

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|5.5 | Assignment of Management Right with Interest
|--- | --------------------------------------------



| | (a) | The Manager may assign all or any of its rights and obligations as Manager under this document together with the transfer of all or part of its (or its Affiliates) Interest provided that:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the assignee of the Interest will hold, after the transfer, an Interest of over 50% and the rights and obligations to act as Manager are assigned to the assignee or its Affiliate; or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the assignee of the Interest will hold, after the transfer, an Interest of 50% and the rights and obligations to act as Manager are assigned to the assignee or its Affiliate and either:
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (A) | the Manager can demonstrate to the reasonable satisfaction of the non-assigning Participants that the proposed new manager has the technical capability and experience to perform
the obligations of the Manager under this document, including having managed at least one operation equivalent to that the subject of this document in a jurisdiction with a comparable operating culture to that of Australia. For the avoidance of
doubt a comparable jurisdiction includes South Africa, Canada, USA, Great Britain and New Zealand; or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | the new manager is a company or an Affiliate of a company which has been pre-approved by the non-assigning Participants under clause
5.5(b)or 5.5(c), in which case the new manager shall be deemed to satisfy clause 5.5(a)(ii)(A).
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Subject to clauses 5.5(c)to 5.5(e), at any time,the Manager may seek pre-approval of a potential assignee (or a group of companies of which a potential
assignee is or will be a member) of the rights and obligations as Manager under this document from the non-assigning Participants by providing the information reasonably required by the non-assigning Participants of the technical capability and experience of the proposed new manager and its Affiliates. The Participants, acting reasonably, must promptly approve or reject such request no later than 2
Business Days after receipt of such a written request and the required supporting information.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The parties agree that the companies listed in annexure G or any Affiliates of those companies are pre-approved for the purposes of this clause 5.5.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | A pre-approval of a particular proposed assignee will be effective until the earlier of:
| | --- | ----------------------------------------------------------------------------------------



| | (i) | the date that is 6 months after written notice has been given by a Participant to the Manager to withdraw an
approval, which notice may only be given if there is, or in a Participants opinion (acting
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | reasonably) there is likely to be, a material adverse change in relation to an approved proposed assignee (or a group of companies of which a potential assignee is or will be a member);
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the date a Change in Control of the proposed assignee (or a group of companies of which a potential assignee is or will be a member) occurs or a transaction under which a Change of Control may occur is announced, except
in the case where the acquiring entity is a company listed in annexure G or any Affiliates of such a company; and
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the date of an announcement of the disposal or proposed disposal of all or a substantial part of the gold mining operations of the group of companies of which the proposed assignee is a member,
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

such that the approved proposed assignee may no longer satisfy the requirements of clause 5.5(a)(ii)(A).



| | (e) | Any approval under this clause does not limit the rights of Participants under clause 14.3(b)nor the right of the Manager to seek the pre-approval of that potential
assignee (or a group of companies of which a potential assignee is or will be a member) again or otherwise satisfy the requirements of clause 5.5(a)(ii)in respect of that potential assignee (or a group of companies of which a potential
assignee is or will be a member).
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.6 | Appointment of new Manager
|--- | --------------------------

If the Manager resigns or is deemed to have resigned under
this clause 5:



| | (a) | the Managers appointment as the Manager will terminate on the effective date of such resignation or deemed resignation;
| | --- | ------------------------------------------------------------------------------------------------------------------------



| | (b) | the Management Committee will meet as soon as reasonably practicable to approve, by Special Majority Decision, the appointment of a new Manager and the Participants will appoint the party so approved as the Manager on
the terms and conditions contained in this document provided that if no new Manager can be appointed by such a vote then the Participant with the largest Interest (other than the removed or resigned Manager or its Affiliate) will be deemed to be the
Manager. If there is more than one Participant with the largest Interest (excluding the removed or resigned Manager or its Affiliate), then those Participants will appoint the Manager and failing agreement the matter will be referred to an Expert to
determine in accordance with clause 21; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | a Participant who is an Affiliate of, or is, the Manager who has resigned or is deemed to have resigned under clauses 5.3(a)(v)or5.3(a)(vi) will be entitled to vote in relation to the appointment of a
new Manager unless it or its Affiliate is a Defaulting Participant.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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Corrs Chambers Westgarth





|5.7 | Delivery of property on change of Manager
|--- | -----------------------------------------

On the effective date of its resignation or
deemed resignation, the Manager will:



| | (a) | deliver to its successor (or as the Participants may otherwise direct):
| | --- | -----------------------------------------------------------------------



| | (i) | all Joint Venture Assets in its possession or under its control;
| | --- | ----------------------------------------------------------------



| | (ii) | transfer title to any Joint Venture Assets to its successor;
| | ---- | ------------------------------------------------------------



| | (iii) | transfer any Security Interest it holds over Joint Venture Assets to its successor;
| | ----- | -----------------------------------------------------------------------------------



| | (iv) | the Joint Venture Records and Accounts;
| | ---- | ---------------------------------------



| | (v) | all Confidential Information;
| | --- | -----------------------------



| | (vi) | the results of all work undertaken by or for the Manager for the purposes of the Joint Venture, including all Mining Information and the results of any tests undertaken by or for the Manager; and
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vii) | all exploration, mining, engineering and other reports or studies prepared by or for the Manager;
| | ----- | -------------------------------------------------------------------------------------------------



| | (b) | deliver documents regarding the novation or assignment of the rights and liabilities of the Manager under any contract entered into in its capacity as Manager to the successor which takes effect on and from the
effective date of the Managers resignation or deemed resignation, and where the novation or assignment of such a contract has not occurred by the effective date of the Managers resignation or deemed resignation, the Participants and the
outgoing Manager must each continue to use all reasonable endeavours to procure the novation or assignment of the contract as soon as reasonably practicable;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | to the maximum extent legally permissible, transfer any Government Authorisations that can be transferred in relation to the Joint Venture Assets and in respect of any Government Authorisations which cannot be
transferred by the Manager to its successor, it must do all things reasonably necessary to assist the successor in applying for new Government Authorisations, and if requested by the successor, terminate, surrender or cancel those Government
Authorisations once the successor has obtained the relevant Government Authorisation or to enable the successor to apply for a replacement authorisation; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | provide assistance to the Participants as requested, for up to 90 days and on a cost reimbursement basis, to allow the management, supervision and conduct of Operations to continue without interruption or adverse effect
and to facilitate the orderly transfer of responsibility for and conduct of the Operations to its successor,
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

and the
outgoing Manager and the Participants must sign, and must ensure the replacement Manager signs, all documents necessary to effect the assignment to the replacement Manager of the rights and interests of the outgoing Manager under the Deed of Cross
Security with effect as at the effective date of the appointment of the replacement Manager.





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|5.8 | Liability of Manager
|--- | --------------------

The Manager, its directors, officers, employees and agents will
not be responsible for any Liabilities suffered or incurred by any Participant arising out of or in the course of the discharge of its duties as Manager except:



| | (a) | where the Manager (or any person for whom the Manager is vicariously liable but subject to clause 5.11) has committed Gross Negligence or Wilful Misconduct; or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | for those amounts which the Manager, if it is also a Participant, is liable to expend or contribute in the discharge of its obligations under this document other than in its capacity as Manager.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.9 | Indemnity for Manager by Participants
|--- | -------------------------------------

Each of the Participants, severally to the extent
of its Interest, will at all times indemnify and keep indemnified the Manager against all Liabilities suffered or incurred by the Manager in relation to Operations other than where the Manager (or any person for whom the Manager is vicariously
liable) has committed Gross Negligence or Wilful Misconduct.



|5.10 | Indemnity by Manager of Participants
|---- | ------------------------------------

The Manager (in its own right) will at all times
indemnify and keep indemnified the Participants and their respective directors, officers, employees, agents and contractors (ParticipantIndemnified Persons) from and against all Liabilities suffered or incurred by the Participant
Indemnified Persons in connection with its management of the Operations while it is Manager, including any personal injury, disease, illness or death, or physical loss of, or damage to, property of the Participant Indemnified Person or any third
party, where the Manager (or any person for whom the Manager is vicariously liable but subject to clause 5.11) has committed Gross Negligence or Wilful Misconduct.



|5.11 | Liability for Exploration Manager as delegate
|---- | ---------------------------------------------

For the avoidance of doubt, the parties
acknowledge and agree that:



| | (a) | the Participants approve the delegation under clause 6.5(b);
| | --- | ------------------------------------------------------------



| | (b) | the Manager is not to be held to have committed Gross Negligence or Wilful Misconduct in relation to the acts or omissions of the Exploration Manager as its delegate under clause 6.5(b)(or any person for whom
the Exploration Manager is vicariously liable).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.12 | No other roles by Manager
|---- | -------------------------

The Parties acknowledge and agree that GFAM has been
incorporated to act as Manager under this document and for no other purpose. GFAM must not perform any other functions or carry on any other business while Manager.



|6 | Powers and Duties of Manager
|- | ----------------------------



|6.1 | Conduct of Operations
|--- | ---------------------



| | (a) | Subject to the terms and conditions of this document, and to such instructions as it may from time to time
receive from the Management
| | --- | --------------------------------------------------------------------------------------------------------------------------------------





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| | Committee, the Manager will, and is empowered to exercise all powers necessary to:
| | ----------------------------------------------------------------------------------



| | (i) | manage, supervise and conduct Operations on behalf of, and as agent for, the Participants; and
| | --- | ----------------------------------------------------------------------------------------------



| | (ii) | implement the LOM Business Plan and exercise and discharge its powers and duties under this document in accordance with LOM Business Plan.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Without limiting the generality of the foregoing, the Manager will:
| | --- | -------------------------------------------------------------------



| | (i) | perform and attend to all acts, matters and things required of the Manager in accordance with the Joint Venture Documents;
| | --- | --------------------------------------------------------------------------------------------------------------------------



| | (ii) | perform on behalf of the Participants their obligations under the Titles, and their obligations under any agreement entered into by the Participants (or by the Manager on behalf of the Participants) for the purposes of
Operations including the Regional Co-operation Arrangement;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | pay:
| | ----- | ----



| | (A) | all rentals and other charges payable under the Titles; and
| | --- | -----------------------------------------------------------



| | (B) | all rates and taxes (other than taxes based upon or measured by income) payable on or assessed with respect to Operations or any Joint Venture Asset;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | generally do all things necessary to maintain the Titles in good standing;
| | ---- | --------------------------------------------------------------------------



| | (v) | prepare and file all reports and returns (except returns with respect to taxes based upon or measured by income) required by Law or by the Titles or any agreement with the State, the Commonwealth or other Government
Agency with respect to Operations or the Joint Venture Assets;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | comply with all Laws applicable to Operations, including Laws pertaining to safety and environmental protection;
| | ---- | ----------------------------------------------------------------------------------------------------------------



| | (vii) | comply with any decision or instruction of the Management Committee or the Participants made or given in accordance with this document;
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------



| | (viii) | maintain the Project Facilities in good working order;
| | ------ | ------------------------------------------------------



| | (ix) | without limiting the Regional Co-operation Arrangement, act as the Participants representative in respect of matters relating to Native Title Claims and Native Title Rights,
negotiate agreements with persons holding Native Title Rights and with parties to Native Title Claims, provided that the Manager may not execute any such agreements, without the prior approval of the Management Committee by Special Majority
Resolution;
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | (x) | comply or procure compliance with all material contracts entered into by the Manager or the Participants in relation to the Operations (including any native title or heritage agreement) and ensure any proposed LOM
Business Plans are prepared to ensure compliance with any requirements under those agreements;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xi) | replace any Project Facilities as the Manager determines as necessary or desirable so that Operations may be safely, efficiently and lawfully conducted at all times;
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xii) | sell or otherwise dispose of any Project Facilities or supplies that may be worn out, surplus or no longer required for Operations provided that any contract or arrangement for sale of such assets which have a written
down book value of:
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (A) | more than $2.5 million but less than $7 million must be first approved by the Management Committee by an Ordinary Resolution; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



| | (B) | $7 million or more must be first approved by the Management Committee by a Special Majority Decision.
| | --- | -----------------------------------------------------------------------------------------------------



| | (xiii) | ensure that health, safety and environmental management systems are developed, implemented and maintained in respect of the Operations to the satisfaction of the Management Committee;
| | ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xiv) | endeavour to ensure that contractors engaged for the Operations develop, implement and maintain health, safety and environmental management systems to standards that comply with health, safety and environment plans
approved by the Management Committee;
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xv) | in the case of any emergency or accident, take such action as the Manager considers is necessary or advisable for the protection of life or the Joint Venture Assets;
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xvi) | acquire all materials, supplies, machinery, equipment and services necessary for the conduct of Operations;
| | ----- | -----------------------------------------------------------------------------------------------------------



| | (xvii) | subject to the requirements of schedule 4, engage (which may be by secondment), dismiss, supervise and control all management, technical and labour personnel necessary for the performance of its obligations under
this document including determining the terms and conditions of such engagement and conducting all industrial relations;
| | ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xviii) | arrange for the transportation, handling, loading, shipment, refining (in the case of Dorē) and delivery of Product to the Delivery Point;
| | ------- | ------------------------------------------------------------------------------------------------------------------------------------------



| | (xix) | notify the Participants as soon as practicable after becoming aware of any event or circumstance of which it is aware which is likely to result in:
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------



| | (A) | litigation, arbitration or similar proceedings;
| | --- | -----------------------------------------------





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| | (B) | a material breach of any licence, authority, approval, direction, instrument or other similar matter;
| | --- | -----------------------------------------------------------------------------------------------------



| | (C) | a material breach of any applicable legal requirement; or
| | --- | ---------------------------------------------------------



| | (D) | Force Majeure;
| | --- | --------------



| | (xx) | subject to the requirements of schedule 4, institute, defend, compromise or settle any court or arbitration proceedings or insurance claims commenced or threatened by or against the Manager or a Participant
affecting or relating to Operations or Joint Venture Assets, provided that unless otherwise instructed by a Participant, the Manager may conduct such proceedings or claims for and on behalf of and in the name of each Participant;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xxi) | subject to the requirements of schedule 4, take forward cover for, or hedge, foreign currency obligations or pre-pay or take any other appropriate action to avoid currency
losses, in each case in relation to Operations but in no circumstances is the Manager responsible for or entitled to any currency gains and losses, such losses and gains being borne by or credited to the Participants pro rata in proportion to their
respective Interests;
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xxii) | carry out the Rehabilitation Obligations and Mine Closure Obligations and comply with the Approved Closure Plan;
| | ------ | ----------------------------------------------------------------------------------------------------------------



| | (xxiii) | keep each of the Participants fully informed on all current material matters and developments arising out of Operations; and
| | ------- | ----------------------------------------------------------------------------------------------------------------------------



| | (xxiv) | generally do all such acts and things as may be necessary or desirable for the efficient conduct of Operations, the protection of the Joint Venture Assets and the attainment of the objects of the Joint Venture.
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Subject always to this document, the Manager has the power to enter into agreements and bind the Participants in the exercise of its duties in accordance with this document.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Each of the Participants irrevocably appoints the Manager to be its attorney and in its name and on its behalf to do everything that the Manager is required to do to comply with clause 6.1(b)(iv).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | A Participant has the right to participate, at its own expense, in litigation or administrative proceedings initiated by the Manager on behalf of the Participants.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6.2 | Funding of Manager
|--- | ------------------

The performance by the Manager of its duties under this document
will be subject to it receiving sufficient funds from each Participant in accordance with this document.





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Corrs Chambers Westgarth





|6.3 | Proper practices in Operations
|--- | ------------------------------

The Manager will perform all of its duties under this
document in a good, safe, workmanlike and commercially reasonable manner in accordance with Good Australian Mining Practice.



|6.4 | Independent status of Manager
|--- | -----------------------------



| | (a) | The Manager will report to and be subject to the general supervision and direction of the Management Committee. Subject to that supervision, and to the terms of this document, the Manager will have the authority,
discretions and powers of an independent contractor in its management, supervision and conduct of Operations.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Manager may perform its obligations under this document itself or through its employees or such agents or contractors as it may decide. However, the use of an agent or contractor by the Manager in the performance of
any of the duties of the Manager will not relieve the Manager of responsibility to the Participants for those duties.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6.5 | Delegation
|--- | ----------



| | (a) | Subject to clause 6.5(b), the Manager may delegate its rights and obligations as Manager, provided that:
| | --- | --------------------------------------------------------------------------------------------------------



| | (i) | any delegation of the whole or a large part of its obligations requires the prior approval by Special Majority Decision of the Management Committee;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | it remains liable for any acts or omissions of its delegates as if they were the acts or omissions of the Manager;
| | ---- | ------------------------------------------------------------------------------------------------------------------



| | (iii) | the Manager promptly informs the Management Committee of the identity of the delegate and the matter which has been delegated; and
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------



| | (iv) | the delegation is at no additional cost to the Participants.
| | ---- | ------------------------------------------------------------



| | (b) | From the end of the Transition Period, the Manager delegates the planning and implementation of exploration over the Exploration Area to GOR on the terms set out in schedule 5until that delegation is terminated
in accordance with schedule 5:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | on the basis that clause 5.11applies to the delegation to GOR under schedule 5; and
| | --- | -----------------------------------------------------------------------------------



| | (ii) | subject to clause 18.8,
| | ---- | -----------------------

and GOR accepts that delegation.



|6.6 | Managers custody of Joint Venture Assets
|--- | -----------------------------------------



| | (a) | Subject to the provisions of this document, the Manager will have the custody and control of the Joint Venture Assets.
| | --- | ----------------------------------------------------------------------------------------------------------------------



| | (b) | The Manager will hold any Joint Venture Asset which stands in its name as agent for the Participants in proportion to their respective Interests.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------





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| | (c) | Except:
| | --- | -------



| | (i) | where permitted by this document;
| | --- | ---------------------------------



| | (ii) | with the prior approval of the Management Committee; or
| | ---- | -------------------------------------------------------



| | (iii) | in the case of Permitted Security Interests,
| | ----- | --------------------------------------------

the Manager must not mortgage, pledge, charge,
encumber, sub-lease or otherwise dispose of or create any Security Interest or lien over or trust in respect of (or purport or attempt to do so) the Joint Venture Assets or any other real or personal property
or money in which any Participant has an interest.



|6.7 | Key Appointments
|--- | ----------------



| | (a) | The Participants agree that the Manager will appoint the persons selected and approved by the Management Committee by Special Majority Decision to the positions of:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | General Manager, Gruyere Joint Venture to undertake the following tasks: assume responsibility for all operational aspects of the Gruyere Project, including working with the project steering committee and technical
committee established under clause 4.16, and providing strategic and operational leadership in connection with the broader Operations. During development to Completion of Project Development, the key focus is to engage with the Manager and
implement agreed systems in accordance with Good Australian Mining Practice ready to accept and operate the Project Facilities on and following Completion of Project Development;and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Project Director, Gruyere to undertake the following tasks: assume responsibility for the management of lodgement and granting of statutory approvals, and construction, commissioning and handover of the Gruyere Project.
The Project Director will also be responsible for working with the project steering committee established under clause 4.16during development to Completion of Project Development. The Project Director is required to provide strategic
leadership on the Gruyere Project and is responsible for meeting all of the required outcomes of Operations set by the Manager in accordance with Good Australian Mining Practice including safety, cost and scheduling,
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(KeyPersonnel).



| | (b) | From the Effective Date the Participants agree that the initial Key Personnel will be:
| | --- | --------------------------------------------------------------------------------------



| | (i) | Wayne Foote as General Manager, Gruyere Joint Venture; and
| | --- | ----------------------------------------------------------



| | (ii) | Eng (Sim) Lau as Project Director, Gruyere Joint Venture,
| | ---- | ---------------------------------------------------------

and agree that after the Transition
Period Wayne Foote will be seconded to the Manager on the terms of a secondment agreement to be agreed between GOR and the Participants.





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| | (c) | The Manager may, from time to time, acting reasonably and in good faith, terminate the employment or secondment of, or employ a new person in the position of, any Key Personnel (or any equivalent position) provided the
Manager has, so far as the circumstances practically allow, first consulted with each Participant in connection with the matter. Any replacement of Key Personnel will require a Special Majority Decision of the Management Committee. However nothing
in this document prevents the Manager from appointing a person to an acting position whilst a replacement for the relevant Key Person is being identified and retained.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Pending any termination of employment or secondment of a Key Person (including any period of consultation with the Participants), the Manager (acting reasonably) may suspend the Key Personnels duties.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6.8 | Secondees to manager
|--- | --------------------



| | (a) | When GFAM is the Manager, it must permit GOR to second up to 6 specified employees to the Manager.
| | --- | --------------------------------------------------------------------------------------------------



| | (b) | The costs of any secondment will form part of Costs, unless the Manager (acting reasonably) believes that the secondees skills and experience cannot be effectively utilised by the Manager, in which event the
Manager and GOR will agree (acting reasonably) to an allocation of the costs associated with the secondee.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Nothing in this clause requires the Manager to engage any secondee, if the secondee has committed any serious or persistent breach of the reasonable rules and policies which apply generally to employees of the Manager
or its Affiliates and which is appropriate to warrant the removal of the secondee from the Project Area.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6.9 | Contracts with Affiliates of Manager
|--- | ------------------------------------

The Manager agrees that:



| | (a) | any agreements which are entered into by the Manager in the performance of its duties under this document with any of its Affiliates or with a Participant or any of its Affiliates will be on normal
armslengthcommercial terms consistent with the provisions of this clause;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the terms of such agreements will be no less commercially reasonable in the particular circumstances of such agreements than would have been the case had such agreements been entered into with third parties which are
not Affiliates of the Manager or any Participant; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | any such agreements where the expected expenditure is worth more than $1,000,000 (annualised if applicable) will be submitted to the Management Committee for approval by Special Majority Decision before the Manager
enters into them.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6.10 | Contracts with third parties
|---- | ----------------------------



| | (a) | Unless otherwise decided by the Management Committee, all contracts or other arrangements with Third Parties
entered into by the Manager for
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------





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| | the purposes of or in the course of Operations will be entered into by the Manager as agent for the Participants with the result that:
| | --------------------------------------------------------------------------------------------------------------------------------------



| | (i) | wherever possible, using the Managers reasonable endeavours, the Participants will be severally liable under such contracts and arrangements as principals in proportion to their respective Interests, and not
jointly or jointly and severally liable; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | in the event of any breach or default on the part of the Third Party under such contracts and arrangements, proceedings may be brought against such Third Party to recover each Participants loss.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Where, despite the Managers reasonable endeavours under clause 6.10(a)(i), the Participants are or become jointly or jointly and severally liable under a contract or other arrangement with a Third Party,
the Participants agree that as between themselves, all liabilities under or in respect of any such contract will be borne by the Participants in proportion to their respective Interests, notwithstanding the terms of the contract.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The Manager must not enter into any contract, where:
| | --- | ----------------------------------------------------



| | (i) | it does not have sufficient approval to commit to the Operating Costs or Capital Cost in accordance with clauses 8.8or 8.9;
| | --- | ---------------------------------------------------------------------------------------------------------------------------



| | (ii) | the expected expenditure would be worth greater than $2,500,000 (annualised if applicable) unless the contract has first been submitted to the Management Committee and approved by an Ordinary Resolution; or
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | there is a multi-year expenditure commitment (whether by reason of minimum expenditure, take or pay, termination fees or inability to terminate the contract without a claim for damages) of at least $7,000,000
(annualised), unless the contract has first been submitted to the Management Committee and approved by a Supermajority Decision.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The Manager must not enter into any contract requiring a Special Majority Decision unless the contract has first been submitted to the Management Committee and approved by Special Majority Decision.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | The Manager must, upon a request by any Participant, disclose to the Participants details and, if requested, copies of all contracts or other arrangements with third parties entered into by the Manager for the purposes
of or in the course of Operations.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6.11 | Gold Fields Pricing Advantage
|---- | -----------------------------



| | (a) | During the Transition Period and while GFA or its Affiliate is the Manager, each of GFA, and GFAM while acting as Manager, must do all things which are reasonably necessary and within their power to ensure that the
Joint Venture obtains the benefits of discounted or reduced prices or other preferential terms for the supply to the Joint Venture of goods or services which the Affiliates of GFA are able to negotiate as part of GFA and its Affiliates
(GoldFields Group) bulk purchasing and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | bulk ordering of goods and services across all the operations of the Gold Fields Group (GoldFields Pricing Advantage).
| | ----------------------------------------------------------------------------------------------------------------------



| | (b) | GFAM must disclose to the Participants in respect of all goods and services to be purchased pursuant to an Approved Budget whether a Gold Fields Pricing Advantage may be available and the reasonable details in relation
to those benefits:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | upon request of any Participant; or
| | --- | -----------------------------------



| | (ii) | in respect of a contract to which any of clause 6.9(c), 6.10(c)(ii)or 6.10(c)(iii) applies.
| | ---- | -------------------------------------------------------------------------------------------



| | (c) | GOR may request each of GFA and GFAM to provide access to its auditors of such information and evidence as GOR or its auditors may reasonably require for the auditors to confirm compliance with clause 6.11(a)
provided that an undertaking as to confidentiality by the auditor, in a form set out in annexure E, is first obtained.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | It is acknowledged that obtaining the Gold Fields Pricing Advantage will not necessarily mean that the prices and/or terms for the supply of goods or services will be the same as those for other operations of GFA or its
Affiliates as the pricing of goods and/or services will differ from site to site, due to the differing needs and circumstances of the particular sites or operations such as differences in specifications and scopes of work,transportation
costs and site location.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|6.12 | No profit or loss by Manager
|---- | ----------------------------

Unless otherwise agreed between the Manager and all of the
Participants, the Manager will perform its duties under this document on a no profit or loss basis to the intent that:



| | (a) | the Manager will neither gain nor lose by performing its duties under this document;
| | --- | ------------------------------------------------------------------------------------



| | (b) | the Manager will not be entitled to any fee margin or other remuneration from the Participants for the performance of its duties under this document;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | all costs, expenses and liabilities of the Manager arising out of the proper performance by the Manager of its obligations under this document in accordance with the terms of this document will be Costs and will be
borne by the Participants in proportion to their respective Interests; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | the Manager may charge an administrative or overhead fee to compensate the Manager for the reasonable indirect or
overhead costs which it, or its Affiliates, incur in providing corporate administration and other services as Manager which are reasonably required for the efficient operation of the Joint Venture in accordance with this document (OverheadCharge) on a no profit or loss basis. The amount of the Overhead Charge will be the amount approved under the relevant Approved Budget and will be recoverable through the monthly Cash Calls up to the limit specified in the relevant Approved
Budget. The reasonableness of the Overhead Charge will be reviewed annually by
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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---

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| | the Auditor under clause 11.1. If the Management Committee fail to agree the Overhead Charge the matter will be referred to an Expert to determine the Experts calculation of the Overhead Charge in
accordance with clause 21. Until such determination is available the Overhead Charge from the previous year will continue to apply and any adjustment necessitated as a result of the Experts determination will be made within 10
Business Days of the Experts determination.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | The parties acknowledge the Initial Development Plan and Budget does not include an Overhead Charge. By no later than 60 days after the Effective Date, GOR, GFA and GFAM will agree:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the Overheard Charge in respect of the Transition Period; and
| | --- | -------------------------------------------------------------



| | (ii) | the Overheard Charge in respect of the period from the end of the Transition Period until 31 December 2017.
| | ---- | -----------------------------------------------------------------------------------------------------------

If GOR, GFA and GFAM fail to agree the Overhead Charge for these periods, the matter may be referred by any party to an Expert to determine the
Experts calculation of the Overhead Charge in accordance with clause 21.



|6.13 | Good faith
|---- | ----------



| | (a) | The Manager will at all times act reasonably and in good faith in all its dealings with the Participants and in the performance of its duties under this document.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Manager will at all times act in the best interests of the Joint Venture as a whole.
| | --- | ----------------------------------------------------------------------------------------



|6.14 | Ratify actions of Manager
|---- | -------------------------

Each Participant agrees to ratify and confirm all actions
taken by the Manager in the due and proper performance of its duties and in accordance with the terms of this document.



|7 | Insurance
|- | ---------



|7.1 | Manager to insure
|--- | -----------------

The Manager will, in accordance with instructions from the Management
Committee from time to time, use all reasonable endeavours to effect and maintain the following insurances in the joint names of the Participants, the Manager and others entitled to rely on that insurance to the extent of their interests (subject,
in the case of clauses 7.1(c)to7.1(h)below, to such insurances being available upon commercially reasonable terms):



| | (a) | insurance as required under any applicable workers compensation Law in respect of its liability to its employees engaged in Operations;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (b) | any other insurance required by Law in connection with or because of Operations;
| | --- | --------------------------------------------------------------------------------





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| | (c) | public liability insurance in respect of any claim made by any Third Party against the Manager or any Participant arising out of Operations or any act, omission, neglect or default occurring on or near the Project Area;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | insurance cover to protect Product against loss and damage up to the Delivery Point;
| | --- | ------------------------------------------------------------------------------------



| | (e) | business interruption insurance;
| | --- | --------------------------------



| | (f) | contractors all risk insurance for the defects liability period in relation to the construction of the Gruyere Project for a limit of not less than the full replacement cost and costs of demolition and removal of
debris;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | unless the Management Committee otherwise determines, insurance in respect of the loss of or damage to Joint Venture Assets for their full reinstatement value or such other amount as the Management Committee determines;
and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | such other insurances as may from time to time be authorised or directed by the Management Committee,
| | --- | -----------------------------------------------------------------------------------------------------

and the Manager must, within 1 month after first effecting or within one month after any subsequent renewal of the relevant policy, provide to
the Participants a summary of the insurance cover which the Manager has effected.



|7.2 | Management Committee approvals
|--- | ------------------------------

The Management Committee must, from time to time, decide
(and advise the Manager of the Management Committees decision in relation to):



| | (a) | the types of insurance to be effected by the Manager;
| | --- | -----------------------------------------------------



| | (b) | the level of cover (and policy deductibles where applicable) to be sought for each different type of insurance, provided that in the case of any insurance required by Law, the insured sum will be not less than the
insured sum required by Law; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the minimum credit rating that is acceptable for the insurer or insurers selected by the Manager.
| | --- | -------------------------------------------------------------------------------------------------



|7.3 | Insurer
|--- | -------

All insurances under clause 7.1 will be effected with an insurer or
insurers of good repute selected by the Manager, in the names of the Manager and each Participant for their respective rights and interests. The Manager must wherever possible procure that all such insurances include a provision that the insurer has
no right of subrogation against any Participant or the Manager.



|7.4 | Participants may insure
|--- | -----------------------



| | (a) | Each Participant will have the right to effect and maintain at its own expense and for its own benefit any insurance in addition to the insurances effected by the Manager under this clause
7.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | For the purpose of enabling a Participant to effect and maintain any insurance for its own benefit, the Manager will provide in a timely manner any information or materials requested by the Participant in accordance
with clause 11.2.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | (c) | At the request of a Participant, the Manager will seek an estimate for any additional or top up insurance reasonably requested by a Participant and will, subject to payment of any additional costs by that Participant,
take out such insurance on behalf of the Participant.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|7.5 | Advice to Participants of change in insurances
|--- | ----------------------------------------------

Any material change to any insurances
effected or maintained by the Manager in accordance with this clause 7 will be notified to each Participant at the time of such change.



|7.6 | Insurance by contractors
|--- | ------------------------

The Manager will use all reasonable endeavours to ensure that
all independent contractors of the Manager effect and maintain:



| | (a) | insurance as required under any applicable workers compensation Law;
| | --- | ---------------------------------------------------------------------



| | (b) | appropriate public liability insurance and professional indemnity insurance; and
| | --- | --------------------------------------------------------------------------------



| | (c) | any other insurance as may be required by the Management Committee.
| | --- | -------------------------------------------------------------------



|8 | Budgets and planning
|- | --------------------



|8.1 | Optimising Initial Development Plan and Budget
|--- | ----------------------------------------------



| | (a) | The Initial Development Plan and Budget is in an agreed form and is binding on the parties.
| | --- | -------------------------------------------------------------------------------------------



| | (b) | The Participants agree to use reasonable endeavours to promptly assess and negotiate optimisations and improvements to the Initial Development Plan and Budget provided those optimisations and improvements do not
adversely affect the rights, interests, responsibilities or Liabilities of a party without that partys prior agreement.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The Manager will provide reasonable access to information, senior management of Manager and the Joint Venture Assets to the extent required to facilitate, assess and negotiate optimisations and improvements to the
Initial Development Plan and Budget. Access will be provided promptly provided that it does not unreasonably disrupt the conduct of the Operations.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.2 | Commencement under Initial Development Plan and Budget
|--- | ------------------------------------------------------



| | (a) | The Parties agree that:
| | --- | -----------------------



| | (i) | in respect of the period from the Effective Date until 31 December 2017, the LOM Business Plan is the Initial Development Plan and Budget;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the Manager (whether GOR or GFAM), on behalf of the Participants, will undertake the development and construction of the Project Facilities in accordance with the Initial Development Plan and Budget, commencing on the
Effective Date; and
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | (iii) | the Participants and the Manager must use best endeavours from the Effective Date to promptly do all things required in accordance with this document and the Initial Development Plan and Budget to meet the
Implementation Schedule.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each Participant warrants that it had, at the date of the Sale Agreement, fully assessed all information known to it regarding the matters the subject of the Implementation Schedule and, as at the date of the Sale
Agreement, had no reason to believe the Implementation Schedule was not achievable.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.3 | Preparation and approval of the LOM Business Plan
|--- | -------------------------------------------------

The Parties agree that:



| | (a) | prior to 30 June of each year, the Manager will consult with each of the Participants to discuss and agree the assumptions (including metal price, exchange rates, diesel price and other key commodities consumed,
discount rate and inflation rate) to be used in preparing the draft LOM Business Plan and Proposed Budget;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | if exploration is delegated to GOR under clause 6.5(b),GOR will propose for inclusion in the draft Exploration Plan which complies with clause 8.4(c)(v) a Proposed EA Budget and a draft EA
Exploration Plan for the next Financial Year and, if it does so, it must give it to the Manager prior to 15 July to enable the Manager to incorporate it in the draft LOM Business Plan and Proposed Budget;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | prior to 31 July of each year, the Manager will submit to each Participant a draft LOM Business Plan (incorporating a Proposed Budget and if exploration is delegated to GOR under clause 6.5(b), the draft EA
Exploration Plan and the Proposed EA Budget proposed by the Exploration Manager) which, among other periods, covers the period commencing on the following 1 January;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | the Participants will promptly review the draft LOM Business Plan (incorporating a Proposed Budget) in consultation with the Manager. The Manager will update the draft LOM Business Plan (incorporating a Proposed Budget)
to include agreed changes, prior to submission of the LOM Business Plan (incorporating a Proposed Budget) to the Management Committee for consideration and approval at least a month prior to the end of the current Financial Year; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | at the relevant meeting of the Management Committee in the final quarter of each Financial Year, or at such other time as the Participants may otherwise agree, the Management Committee will consider and may approve all
or part of the draft LOM Business Plan and the Proposed Budget in accordance with clause 8.6(a), with or without amendment.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.4 | LOM Business Plan  Contents
|--- | ----------------------------



| | (a) | Each LOM Business Plan will set out and cover the following separate areas:
| | --- | ---------------------------------------------------------------------------





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| | (i) | detailed information in relation to the proposed Operations and Costs in each month during the first two Financial Years covered by the LOM Business Plan, which information must be presented in accordance with the
relevant categories set out in clause 8.4(c); and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | to the extent reasonably practical, information in relation to proposed Operations and Costs for each subsequent Financial Year during the then-estimated Life of Mine, which information must be presented in accordance
with the relevant categories set out in clause 8.4(c).
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each Proposed Budget will set out detailed information in relation to the proposed Operations and Costs in each month during the Financial Year, which information must be presented in accordance with the relevant
categories set out in clause 8.4(c).
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | For the purposes of clauses 8.4(a)and 8.4(b), the monthly and annual information set out in a LOM Business Plan must be divided into the following separate plan categories (except to the extent that no
expenditure or activity is anticipated for the relevant category):
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | Mine development / evaluation plan: this must contain details of proposed mine development and reasonable justification for projects proposed for mine development and evaluation activities.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Mining physicals / mine metal plan: this must contain details of Ore tonnes moved, waste, production risk rating.
| | ---- | -----------------------------------------------------------------------------------------------------------------



| | (iii) | Capital Costs plan: this must contain details and reasonable justification for any proposed Capital Works and a ranking of the priority of each proposed Capital Work. Assets to be scrapped or disposed of
as a result of proceeding with any new Capital Work should be identified.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | Operating Costs plan:this must reflect the guidance and directions of the Management Committee as to the grade of Ore to be mined, the amount of gold and other Minerals to be produced, and other matters relating
to Operating Costs, including utilisation and availability of equipment.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | Exploration plan:A plan for exploration for gold, and such other Minerals as the Participants may agree, within the Project Area including details and reasonable justification for projects together with a budget
for those works, split into work on the Development Area (if appropriate) and work on other Project Areas as proposed and drafted by the Manager or, if the exploration is delegated to the Exploration Manager under clause 6.5(b), drafted by
the Exploration Manager in respect of the Exploration Area.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | Rehabilitation plan:this must describe anticipated works to be carried out to meet Rehabilitation
Obligations and clearly identify
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------





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| | the expenditure to be charged against existing provisions and the expenditure which is not covered by existing provisions.
| | --------------------------------------------------------------------------------------------------------------------------



| | (vii) | Care and maintenance Plan: this must describe the care and maintenance activities to be undertaken (if any) and the associated costs.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------



| | (viii) | Closure Plan: this must describe the anticipated activities to be carried out to meet the Mine Closure Obligations.
| | ------ | -------------------------------------------------------------------------------------------------------------------



| | (ix) | Manpower Plan: this must be a plan setting out the staffing and manpower required in connection with the implementation of any proposed Operations referred to in this clause 8.4 or any other
approved work programme or Operations under this document.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (x) | Budget: this must show:
| | --- | -----------------------



| | (A) | Working capital: expected movement in the individual significant components of working capital for the following year.
| | --- | ----------------------------------------------------------------------------------------------------------------------



| | (B) | Cash flow: the relevant periodic cash requirements for each of the categories in the LOM Business Plan and clearly distinguish between Capital Costs and Operating Costs.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (C) | Called Sum forecast: the extent to which the periodic cash requirements can be satisfied from cash on hand, and will include a Called Sums forecast showing the estimated periodic contribution required from each
Participant.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.5 | Revision of LOM Business Plan
|--- | -----------------------------



| | (a) | At any time prior to the approval and adoption of the next succeeding LOM Business Plan (including the Proposed Budget), the Manager may propose revisions to the LOM Business Plan (incorporating the Approved Budget) for
approval by the Management Committee in accordance with the terms of this document.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Manager must prepare proposed revisions to the LOM Business Plan (incorporating the Approved Budget) if, at any time, it becomes necessary to make a material alteration in respect of any of the plans specified in
the most recent LOM Business Plan and/or Approved Budget, or if the Management Committee otherwise requests such an amendment and submit the proposed revisions for approval by the Management Committee in accordance with the terms of this document.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The Manager must promptly provide the Participants with any revisions to the LOM Business Plan (incorporating the Approved Budget) approved by the Management Committee.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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|8.6 | Approval of LOM Business Plan and revisions
|--- | -------------------------------------------



| | (a) | A proposed LOM Business Plan (incorporating a Proposed Budget) may be approved in whole or in part by the Management Committee by Special Majority Decision.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Subject to clause 8.8(d),a revision or variation to the approved LOM Business Plan (including the Approved Budget)requiresapproval by the Management Committee by Special Majority Decision.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.7 | Temporary Operating Plan if LOM Business Plan not approved
|--- | ----------------------------------------------------------

If the Management Committee
has not approved all or part of the proposed LOM Business Plan (including the Proposed Budget) for the following Financial Year (Relevant Year), by no later than one month prior to the commencement of the Relevant Year, the
following provisions will apply for so long as the unapproved part of that proposed LOM Business Plan or Proposed Budget has not been so approved:



| | (a) | The portions of the LOM Business Plan and Proposed Budget for the Relevant Year which are approved by the Management Committee will apply (to the extent practicable).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The relevant portions of the LOM Business Plan for the Relevant Year from the most recently approved LOM Business Plan will apply (to the extent they are applicable and were approved and including, at a minimum,
ensuring that the expenditure obligations prescribed under each of the Titles and all unavoidable obligations contained in agreements related to the Operations are properly met) to the portions of the LOM Business Plan and Proposed Budget for the
Relevant Year which are not approved by the Management Committee.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The portions of the plans and budgets referred to in clauses 8.7(a) and 8.7(b) will together be deemed to be an Approved Budget for the Relevant Year and implemented by the Manager in accordance with this
document.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | When the Management Committee approves any unapproved portion of the new LOM Business Plan under the terms of this document, the Manager will, as soon as practicable, vary its activities and expenditure so as to
continue in accordance with the new and approved LOM Business Plan (including the Approved Budget).
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.8 | LOM Business Plan is binding on the Manager
|--- | -------------------------------------------



| | (a) | The most recent LOM Business Plan (including the component plans and Approved Budget), as approved or revised and amended by the Management Committee in accordance with this document, will be binding on the Manager and
the Participants.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Except as otherwise required or allowed under this document, the Manager must carry on the development, construction, maintenance and conduct of the Operations in accordance with the LOM Business Plan (including the
Approved Budget).
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | (c) | The Manager is obliged and authorised to conduct Operations and to incur expenditure and make disbursements approved or for which an allowance or provision is made, in an Approved Budget and in accordance with the
Approved Budget.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The Manager must use all reasonable endeavours not to incur any expenditure (including Capital Costs and Operating Costs) in excess of the amount budgeted in an Approved Budget except as provided below:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | aggregate over-expenditure on Operating Costs of:
| | --- | -------------------------------------------------



| | (A) | 10% or less of the total expenditure under the Approved Budget is permitted without approval of the Management Committee;
| | --- | -------------------------------------------------------------------------------------------------------------------------



| | (B) | more than 10% but less than 20% of the total expenditure under the Approved Budget is permitted if approved in advance by Ordinary Resolution of the Management Committee; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (C) | 20% or more of the total expenditure under the Approved Budget is permitted if approved in advance by Special Majority Decision of the Management Committee;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | aggregate unbudgeted Capital Costs (including any overruns on budgeted Capital Costs) of:
| | ---- | -----------------------------------------------------------------------------------------



| | (A) | up to $2.5 million from that under the Approved Budget is permitted without approval of the Management Committee;
| | --- | -----------------------------------------------------------------------------------------------------------------



| | (B) | between $2.5 million and $7,000,000 from that under the Approved Budget is permitted if approved in advance by Ordinary Resolution of the Management Committee; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (C) | $7,000,000 or more from that under the Approved Budget is permitted if approved in advance by Special Majority Decision of the Management Committee;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | reasonable expenditure to fund urgent action under clause 8.9is permitted without approval of the Management Committee.
| | ----- | -----------------------------------------------------------------------------------------------------------------------



|8.9 | Urgent Action
|--- | -------------



| | (a) | Subject to clause 8.9(c), the Manager has the right to take any urgent or emergency action as, in its judgement, is necessary to preserve property, avoid, mitigate or prevent material risk of harm or damage to
persons, property or the environment and to ensure Participants comply with their respective contractual and legal obligations in relation to the Operations.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Manager must promptly notify the Participants as and when any costs of the nature referred to in clause 8.9(a) above are incurred.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------





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| | (c) | To the extent that time permits, the Manager must use reasonable endeavours to:
| | --- | -------------------------------------------------------------------------------



| | (i) | seek the approval of the Management Committee as otherwise required of it under this document; or
| | --- | -------------------------------------------------------------------------------------------------



| | (ii) | consult with the Participants and the Management Committee,
| | ---- | -----------------------------------------------------------

as soon as reasonably practicable
after becoming aware of the need to take urgent action.



|9 | Provision of Funds
|- | ------------------



|9.1 | Proportional contribution
|--- | -------------------------

Each Participant must contribute to Costs in proportion to
their respective Interests, and Cash Calls issued under this clause 9 will be prepared accordingly.



|9.2 | Manager may apply funds held
|--- | ----------------------------

The Manager will be entitled to apply funds held by the
Manager for the account of a Participant under this document to satisfy that Participants share of Costs.



|9.3 | Monthly Cash Call
|--- | -----------------



| | (a) | At or prior to the Completion Date, GOR will notify the Participants of the estimated funding requirements required by the Manager for the period from the Completion Date up to the date the next Called Sum is payable by
Participants under clause 9.5(a), including details of the estimated disbursements to be made for Costs during that period. The amount specified will comprise a Called Sum and is payable within 5 Business Days after the Completion Date in
accordance with clause 9.5(b) (other than (i)) (including payment by GFA under clause 9.7).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Based upon LOM Business Plan (including the Approved Budget, as revised by the Management Committee from time to time) or where applicable any Approved Budget under clause 8.7, the Manager must submit to
each Participant, on or before the 15th day of each Month, a statement (CashCall) showing:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the estimated disbursements to be made for Costs during the following Month (showing Operating Costs and Capital Costs separately);
| | --- | -----------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the extent, if any, to which such disbursements can be satisfied by funds already held by the Manager for the account of the Participants under this document;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the extent to which estimated disbursements to be made to Capital Costs during the following Month comprises Costs payable solely by GFA under clause 9.4;
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | the amount (CalledSum) required to be paid by each Participant (which, for the avoidance of doubt,
is the cash amount which is
| | ---- | ------------------------------------------------------------------------------------------------------------------------------





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| | required to be paid by a Participant after application of funds held by the Manager to the account of the Participant in accordance with clause 9.3(b)(ii) and any amount payable by GFA under clause
9.3(b)(iii));
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | the place or places where, and manner in which, payment is to be made; and
| | --- | --------------------------------------------------------------------------



| | (vi) | such other details as the Management Committee may from time to time direct.
| | ---- | ----------------------------------------------------------------------------



| | (c) | Subject to clause 9.8, a Called Sum for a Month may be for an amount which is:
| | --- | ------------------------------------------------------------------------------



| | (i) | under 120% of the monthly Called Sum forecast for that Month under the then current Approved Budget without approval of the Management Committee;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | 120% or more, but less than 140%, of the monthly Called Sum forecast for that Month under the then current Approved Budget, if approved by an Ordinary Resolution of the Management Committee; or
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | 140% or more of the monthly Called Sum forecast for that Month under the then current Approved Budget, if approved by a Special Majority Decision,
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------

provided that:



| | (iv) | if at any time after the first 3 months of the Financial Year, the Year to Date Called Sum and the proposed Called Sum for the next Month would be greater than 110% of Called Sum forecast for that period
under the then current Approved Budget, the proposed Called Sum requires approval by an Ordinary Resolution of the Management Committee; and
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | if at any time after the first 3 months of the Financial Year, the Year to Date Called Sum and the proposed Called Sum for the next Month would be greater than 120% of Called Sum forecast for that period
under the then current Approved Budget, the proposed Called Sum requires approval by an Special Majority Decision of the Management Committee.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|9.4 | GFA Sole Funding Obligations
|--- | ----------------------------



| | (a) | GFA will be solely liable for and must bear and pay any Capital Costs Overruns up to an amount in total equal to $50.7 million.
| | --- | -------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Participants acknowledge that it may not be possible to determine the total of Capital Costs Overruns that GFA is required to pay under this clause until the completion of the Initial Development Plan and Budget and
the total Capital Cost Overruns for that budget can be calculated. Accordingly, the Participants agree that the Capital Costs Overruns shall be calculated, paid and reconciled as follows:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | (i) | the Manager will include in the amounts payable by GFA in each Cash Call an amount reflecting the Capital Cost Overruns incurred to date, and not already paid by GFA, until the first to occur of the completion of the
Initial Development Plan and Budget and such time as GFA has paid an amount towards Capital Cost Overruns totalling $50.7 million;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | at the completion of the Initial Development Program and Budget the Manager will calculate the aggregate Capital Costs Overruns for the whole of the Initial Development Plan and Budget and a reconciliation of that
amount to the amount paid by GFA under this clause and any adjustment necessary shall be made in the following Cash Call; and
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | any dispute between the Participants regarding the calculation of the Capital Costs Overruns shall be referred to an Expert to determine in accordance with clause 21 and any adjustment necessitated as a result of
the Experts determination will be made within 10 Business Days of the Experts determination.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | GFA will be solely liable for and must bear and pay the Cost (whether or not included in the Initial Development Program and Budget) required to:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | pay Capital Costs associated with compliance with the Cyanide Code; and
| | --- | -----------------------------------------------------------------------



| | (ii) | the incremental cost to implement and operate SAP for the Joint Venture compared to the estimated cost for the implementation and operation of the IFS enterprise resource system that GOR had intended to implement. If
they have not done so already, the parties will agree the estimated cost for the implementation as soon as practicable after the Effective Date.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Capital Costs paid by GFA under clause 9.4(c) will not comprise Capital Cost Overruns.
| | --- | --------------------------------------------------------------------------------------



|9.5 | Payment of Called Sum
|--- | ---------------------



| | (a) | Subject to clauses 9.6and9.7, each Participant must pay to the Manager the Called Sum applicable to it by the later of:
| | --- | -----------------------------------------------------------------------------------------------------------------------



| | (i) | 14 days after a Cash Call is made; and
| | --- | --------------------------------------



| | (ii) | the first day of the Month following the Month in which the Cash Call is made.
| | ---- | ------------------------------------------------------------------------------



| | (b) | Called Sums must be paid to the Manager:
| | --- | ----------------------------------------



| | (i) | within the timeframe prescribed by this clause 9.5 or clause 9.7 (as applicable);
| | --- | ---------------------------------------------------------------------------------



| | (ii) | in Australian currency;
| | ---- | -----------------------



| | (iii) | in immediately available funds;
| | ----- | -------------------------------



| | (iv) | free of set-off, deduction or counterclaim; and
| | ---- | -----------------------------------------------





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| | (v) | at the place or places, and in the manner, specified in the Cash Call.
| | --- | ----------------------------------------------------------------------



| | (c) | Nothing in this clause 9 prevents a Participant paying a Called Sum on behalf of another Participant pursuant to any agreement which may exist between them, and any such payment shall be credited as a payment by
the Participant against whom the Cash Call was made.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|9.6 | GFA Funding for Significant New Called Sum
|--- | ------------------------------------------



| | (a) | In relation to a Called Sum:
| | --- | ----------------------------



| | (i) | If the Called Sum payable by GOR for any Month exceeds the amount for that Month in the Approved Budget by $5,000,000 or more (including any Called Sum under clauses 9.8or15.5(a)) (SignificantNew Called Sum), GOR may give notice to GFA (FundingNotice) within five Business Days after receipt of the Cash Call, requiring GFA to pay all or any part requested by GOR of the excess of the Significant New Called Sum above the
Called Sum for that Month in the Approved Budget (FundingAmount), to permit GOR time to raise funds.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | If GOR issues a Funding Notice, GFA must pay the Funding Amount to the Manager under that Cash Call on GORs behalf within the time required under clause 9.5. Upon GFA paying all or part of the
Funding Amount there will be a debt due by GOR to GFA in accordance with clause 9.6(a)(iii) that is secured by the Deed of Cross Security.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | The Funding Amount:
| | ----- | -------------------



| | (A) | accrues interest at the Interest Rate calculated on daily balances, and capitalised monthly, from the date the Funding Amount is advanced until the date of actual payment; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | is repayable with accrued interest within 60 days (or such longer period as GFA agrees) after GFA advances the Funding Amount.
| | --- | ------------------------------------------------------------------------------------------------------------------------------



| | (iv) | A failure to advance the Funding Amount when due which continues for the five Business Days contemplated by clause 15.1(a) will be an Event of Default by GFA, not GOR.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | A failure to repay the Funding Amount with all accrued interest when due which continues for the five Business Days after notice from GFA will be an Event of Default by GOR.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | In relation to a proposed new funding commitment:
| | --- | -------------------------------------------------



| | (i) | A proposed LOM Business Plan and Proposed Budget includes proposed Costs which exceed the amount proposed for
that year in the last approved LOM Business Plan and Approved Budget by $5,000,000 or more (NewFunding Commitment), GOR may give notice to GFA (FundingNotice) within 10 Business Days after
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | receipt of the proposed LOM Business Plan and Proposed Budget, requiring GFA to provide funding for all or any part of the New Funding Commitment specified in the notice (FundingAmount), to permit
GOR time to raise funds.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | If GOR issues a Funding Notice, GFA must pay the Funding Amount to the Manager under the Cash Calls that require the New Funding Commitment to be met on GORs behalf within the time required under clause
9.5. Upon GFA paying all or part of the Funding Amount there will be a debt due by GOR to GFA in accordance with clause 9.6(b)(iii) that is secured by the Deed of Cross Security.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | The Funding Amount:
| | ----- | -------------------



| | (A) | accrues interest at the Interest Rate calculated on daily balances, and capitalised monthly, from the date the Funding Amount is advanced until the date of actual payment; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | is repayable with accrued interest within 60 days (or such longer period as GFA agrees) after GFA advances the Funding Amount.
| | --- | ------------------------------------------------------------------------------------------------------------------------------



| | (iv) | A failure to advance the Funding Amount when due which continues for the 5 Business Days contemplated by clause 15.1(a) will be an Event of Default by GFA, not GOR.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | A failure to repay the Funding Amount with all accrued interest when due which continues for the five Business Days after notice from GFA will be an Event of Default by GOR.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Notwithstanding anything to the contrary, GOR will not be able to issue a Funding Notice under this clause if it has committed an Event of Default that has not been remedied at the time of issuing the Funding Notice.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The rights of GOR and the obligations of GFA under this clause 9.6 are subject to clause 18.8.
| | --- | ----------------------------------------------------------------------------------------------



|9.7 | Payment from Deferred Consideration
|--- | -----------------------------------



| | (a) | GFA will pay GORs Called Sum under a Cash Call for and on behalf of GOR within the time required under clauses 9.3(a)and9.5,up to the aggregate amount equal to the Deferred
Consideration (to the extent not paid to GOR under the Sale Agreement or clause 9.7(d)).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | GFA will provide GOR with notice of payment within 2 Business Days after payment is made.
| | --- | -----------------------------------------------------------------------------------------



| | (c) | A failure by GFA to advance any amount required under this clause which continues for five Business Days will be an Event of Default by GFA, not GOR.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | GFA must pay GOR any amount payable under clause 7.1(b) of the Sale Agreement as and when due in accordance with that clause.
| | --- | -----------------------------------------------------------------------------------------------------------------------------





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|9.8 | Emergency Cash Call
|--- | -------------------



| | (a) | If at any time the Manager is, or is likely to be, required to take urgent action under clause 8.9 which requires funds in excess of the funds then available to the Manager, and which have not been provided for
in the most recent Cash Call, the Manager may issue an emergency Cash Call to each Participant stating:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the amount of funds required for Costs;
| | --- | ---------------------------------------



| | (ii) | the Called Sum required to be paid by each Participant;
| | ---- | -------------------------------------------------------



| | (iii) | the place or places where, and manner in which, payment is to be made; and
| | ----- | --------------------------------------------------------------------------



| | (iv) | the circumstances, in reasonable detail, giving rise to the necessity for obtaining such funds.
| | ---- | -----------------------------------------------------------------------------------------------



| | (b) | Subject to clause 9.6, each Participant must, as soon as practicable (and in any event within five Business Days) after receipt of an emergency Cash Call, pay to the Manager the Called Sum applicable to
it.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The parties acknowledge that clause 9.3(a) does not apply to any Cash Calls made under this clause 9.8.
| | --- | -------------------------------------------------------------------------------------------------------



|9.9 | Bank account
|--- | ------------



| | (a) | All Called Sums and other moneys received or earned by the Manager on behalf of the Joint Venture will be deposited into a designated account or accounts in the name of the Manager, as manager of the Joint Venture,
maintained at a branch or branches of a bank authorised to carry on a banking business under the Banking Act 1959(Cth) selected by the Manager.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Manager alone will be entitled to operate such account or accounts and may from time to time temporarily invest any surplus funds in such account in accordance with such short term investment policies as may from
time to time be approved by the Management Committee.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | No such investment will have a maturity exceeding the time within which the funds so invested are required to be disbursed on account of Costs.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | All funds in the account (including any short term investments acquired with such funds) will remain the beneficial property of the Participants in proportion to their Interests until such time as those funds are
disbursed on account of Costs.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | The Manager must notify the Participants when the Manager opens or closes any bank account acting as agent for the Participants.
| | --- | --------------------------------------------------------------------------------------------------------------------------------



|9.10 | Disbursements from bank account
|---- | -------------------------------

The Manager will make from the account referred to in
clause 9.9 all disbursements which are required to be made from time to time on account of Costs.





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|9.11 | Repayment of surplus funds
|---- | --------------------------



| | (a) | The Manager will, if directed by the Management Committee, repay to each Participant (other than a Participant in respect of which there is an Event of Default or which is in default in the payment of any Called Sum)
any funds which are in excess of that Participants share of the estimated disbursements for the following Month and the amount of working capital deemed necessary by the Manager for Operations as set out in the Cash Call provided to that
Participant in accordance with clause 9.3.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Manager will not be obliged to repay any such funds to a Participant if the amount is less than $100,000 unless requested to do so by that Participant.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



|9.12 | Accounting for Called Sums
|---- | --------------------------

The Manager will use Called Sums, and any assets acquired by
the use of such funds, for the purpose of Operations or for payment to Participants as provided in clause 9.11, and for no other purpose.



|10 | Records, accounts and reports
|-- | -----------------------------



|10.1 | Manager to keep records and accounts
|---- | ------------------------------------



| | (a) | The Manager will, in accordance with the Accounting Procedure and generally accepted accounting principles and customary cost accounting practices in the mining industry, keep, or cause to be kept, comprehensive, true
and accurate records and accounts of:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | Operations;
| | --- | -----------



| | (ii) | the Managers performance of its duties;
| | ---- | ----------------------------------------



| | (iii) | the Joint Venture Assets;
| | ----- | -------------------------



| | (iv) | all Called Sums received by the Manager from (or on behalf of) each Participant;
| | ---- | --------------------------------------------------------------------------------



| | (v) | all contracts and transactions entered into by or on behalf of the Participants in connection with the Joint Venture;
| | --- | ---------------------------------------------------------------------------------------------------------------------



| | (vi) | the Cost and expenses of all transactions entered into by or on behalf of the Participants;
| | ---- | -------------------------------------------------------------------------------------------



| | (vii) | all approvals of requisitions, purchase orders, invoices, contracts, authorisation for capital expenditure requests;
| | ----- | --------------------------------------------------------------------------------------------------------------------



| | (viii) | all approvals required in connection with this document, including minutes of meeting, Ordinary Resolutions and Special Majority Decisions; and
| | ------ | -----------------------------------------------------------------------------------------------------------------------------------------------



| | (ix) | agendas, minutes and documents provided to members for the Management Committee and any sub committees including the Technical Committee and Operating Committee,
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------

(Joint Venture Records and Accounts).





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| | (b) | Without limiting the generality of the foregoing, the Joint Venture Records and Accounts will be separate from the records and accounts of any other business or activity conducted by the Manager and will be maintained
in such manner as may be reasonably necessary to enable each Participant to meet its reporting, accounting and tax return requirements.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.2 | Place for records
|---- | -----------------



| | (a) | The Manager will determine the place or places within Australia where the Joint Venture Records and Accounts are kept.
| | --- | ----------------------------------------------------------------------------------------------------------------------



| | (b) | The Manager must keep each Participant informed as to each location where the Joint Venture Records and Accounts are kept.
| | --- | --------------------------------------------------------------------------------------------------------------------------



|10.3 | Annual financial statement
|---- | --------------------------



| | (a) | The Manager must in respect of each Financial Year provide to each Participant as soon as practicable (and no later than 30 days) after the end of each Financial Year (commencing with the Financial Year in which the
Effective Date occurs), a financial statement reflecting:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | all receipts, expenditures and transactions made by the Manager on behalf of the Participants in connection with the Joint Venture during that Financial Year;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | all Joint Venture Assets in the custody or control of the Manager as at the end of that Financial Year; and
| | ---- | -----------------------------------------------------------------------------------------------------------



| | (iii) | all Joint Venture liabilities as at the end of that Financial Year.
| | ----- | -------------------------------------------------------------------



| | (b) | All costs incurred by the Manager in complying with this clause will form part of Costs.
| | --- | ----------------------------------------------------------------------------------------



|10.4 | Monthly report
|---- | --------------

The Manager will provide to each Participant, within 10 Business Days
after the end of each Month, a written report detailing:



| | (a) | the progress and results of Operations during the Month just ended (with commentary on any material departures from the LOM Business Plan (including the Approved Budget);
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | all outgoings incurred and payments made during that Month;
| | --- | -----------------------------------------------------------



| | (c) | a running reconciliation of actual incurred expenditures to date against costs under the Approved Budget (with commentary on any material departures);
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | all proposed outgoings and payments to be incurred or made during the next Month (with commentary on any material proposed departures from the Approved Budget);
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | estimate on level of gold in circuit, quantity of stockpiles and estimated gold content; and
| | --- | --------------------------------------------------------------------------------------------



| | (f) | a statement of the assets and liabilities of the Joint Venture and each Participants investment in the
Joint Venture,
| | --- | ----------------------------------------------------------------------------------------------------------------------





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| | in sufficient detail to satisfy the respective Participants corporate reporting requirements and to a level which is at least the same or similar to that which the Manager may provide to its senior management or
Affiliates.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.5 | Other reporting requirements
|---- | ----------------------------



| | (a) | The Manager must provide the following reports to each Participant:
| | --- | -------------------------------------------------------------------



| | (i) | immediately after the occurrence of any event which causes, or is likely to cause, material damage to the Joint Venture Assets or delay or adversely affect the Operations, a report of the event and an estimate of likely
resultant costs, to the extent it can be reasonably estimated at that time;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | immediately after the occurrence of any event or circumstance which constitutes or is reasonably likely to constitute an event or development which requires disclosure by a Participant under its continuous disclosure
obligations under the rules of any applicable stock exchange, a report on the status and, to the extent known, impact of the event or circumstance on the Project (and any further updates as required by the Participant to comply with its disclosure
obligations);
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | as soon as practicable after the occurrence of any lost time injury, any legal or threatened claim valued above $2,500,000, significant environmental incident, damage or destruction of property valued at over $2,500,000
or other event that requires a report to be filed or notification to be lodged with a Government Agency, notice of that occurrence or event;
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | within 10 Business Days after a written request from a Participant, all reports and information required by a Participant to comply with its periodic reporting and disclosure obligations under the rules of any
applicable stock exchange, including in respect of mineral reserves and resources; and
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | as soon as practicable after notice to the Manager, report on the status and conduct of any actual or threatened court or arbitration proceedings or insurance claims.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | A Participant which is subject to continuous disclosure and other disclosure obligations under the rules of any applicable stock exchange will provide guidance to the Manager to assist it to understand the requirements
and provide one or more contact persons who are members of the Participants continuous disclosure committee (or senior management team) with whom the Manager may discuss disclosure compliance matters.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.6 | Information and data
|---- | --------------------



| | (a) | The Manager will provide all information, data and material concerning Operations which the Participant may
reasonably require to meet its statutory reporting, audit and disclosure obligations under the Corporations Act, the Australian Stock Exchange Listing Rules, the
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | applicable Laws or the rules of any other recognised stock exchange as applicable.
| | ----------------------------------------------------------------------------------



| | (b) | The Manager will ensure that Exploration Information and Resources and Reserves are calculated and reported to the Participants in a manner that complies with the JORC Code and, where it is applicable to any
Participant, the SAMREC Code. To the extent there is any conflict between the requirements of the JORC Code and the SAMREC Code such that it is not possible to prepare a single calculation or report that meets the requirements of both such codes,
the Manager will prepare separate calculations and reports but must provide copies of all such separate calculations and reports to all Participants.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Subject to clause 10.8, the Manager will provide reports on the Exploration Information and Resources and Reserves that are in a format reasonably required by the Participants to meet their respective
reporting and disclosure requirements referred to in clause 10.6(a). To the extent compliance with those reporting and disclosure requirements requires the consent of a Competent Person, the Manager must obtain that consent on behalf of the
Participants in the form reasonably required by each Participant.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The Manager will (in conjunction with the relevant Competent Person) be responsible for determining the assumptions to be used for the calculation of Resources and Reserves but will, so far as is practical, notify the
Participants of those assumptions in advance of finalising any estimates of Resources and Reserves. Subject to being advised by the Participants of the relevant deadlines, the Manager will use all reasonable endeavours to provide the details of
those assumptions to enable the Participant to comply with applicable regulatory reporting deadlines if it disagrees with the assumptions adopted by the Manager. If any Participant does not agree with the assumptions used by the Manager, the Manager
will upon request of any Participant, promptly provide to the Participants an electronic copy of the model used to generate the estimates of Resources and Reserves in such a form and with such content as will enable the Participant to alter the
relevant assumptions and generate its own estimates of Resources and Reserves. The Manager must provide the Participant with such reasonable assistance as the Participant may require in order to operate and assess the model for that purpose. In that
event, the Participant will be responsible for obtaining the necessary Competent Person consent for the estimates of Resource and Reserves that it generates.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | To enable a Participant who has a financial year end of 30 June to comply with their statutory reporting obligations, the Manager will provide such Participant with the following information in relation to the
Joint Venture for (as applicable) the year ending on, or as at, 30 June:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | Statement of Financial Position;
| | --- | --------------------------------



| | (ii) | Income Statement;
| | ---- | -----------------





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| | (iii) | Cash Flow Statement;
| | ----- | --------------------



| | (iv) | Trial Balance;
| | ---- | --------------



| | (v) | Asset Register of the Joint Venture Assets;
| | --- | -------------------------------------------



| | (vi) | Inventory (Gold-in-circuit)/Stock Model;
| | ---- | ----------------------------------------



| | (vii) | Deferred Stripping Model;
| | ----- | -------------------------



| | (viii) | Employee Leave Balance, payroll tax returns and superannuation payments;
| | ------ | ------------------------------------------------------------------------



| | (ix) | Cash balance;
| | ---- | -------------



| | (x) | details of calculation of contingent liabilities;
| | --- | -------------------------------------------------



| | (xi) | Business Activity Statements, all sales tax, fringe benefits tax, customs duty, excise duty and diesel fuel rebates returns or statements; and
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------



| | (xii) | royalty statements in relation to the royalties payable to the State,
| | ----- | ---------------------------------------------------------------------

prepared in accordance
with International Financial Reporting Standards (where applicable) and any supporting materials prepared by or on behalf of the Manager in the preparing this information.



|10.7 | Copies of reports to Participants
|---- | ---------------------------------

Upon request by a Participant, the Manager must
provide to the Participant:



| | (a) | copies of all reports prepared by the Manager in connection with Operations; and
| | --- | --------------------------------------------------------------------------------



| | (b) | copies of all material reports and other significant written communications to or from any Government, Government Minister or Government Agency relating to any Title or Operations.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|10.8 | Format
|---- | ------

The Manager must consult with the Participants, when requested by a Participant,
in relation to the format of reports to be provided pursuant to this clause 10 and have regard to the information requirements of the Participants. The Manager also acknowledges that, accordingly, the format of the reports may change from
time to time.



|10.9 | Additional reporting
|---- | --------------------

Except where expressly provided otherwise, where a Participant
requires any particular reporting or information requirements that differ from that which the Manager would otherwise give under this clause, the additional external costs incurred by the Manager in providing information requested under this clause
must be paid by the requesting Participant provided that the costs are material and the Manager can demonstrate to the requesting Participant that equivalent costs have been charged to any Affiliate of the Manager when it has been provided with
information by the Manager in the past. To the extent any costs are not required to be met by the requesting Participant under this clause, they will be constitute Costs under this document.





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|11 | Audit and Access
|-- | ----------------



|11.1 | Audit
|---- | -----



| | (a) | The Manager must provide to each Participant, within 40 days after the relevant end of Financial Year, a report by an independent auditor registered in accordance with Part 9.2 of the Corporations Act appointed by the
Manager (Auditor) in which the Auditor reports to the Participants that the Auditor has examined the Joint Venture Records and Accounts, the basis for provision of funds to the Manager and the financial statement for the relevant Financial
Year and is satisfied as to their accuracy or, if the auditor is not so satisfied, the reason why the Auditor is not so satisfied.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The audit will be conducted to in accordance with Australian Auditing Standards ASQC1  Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, Other
Assurance Engagements and Related Services Engagements (Complied) and will confirm that the financial report presents fairly, the financial position of the Joint Venture as at the balance date in accordance with the basis of preparation described in
the Joint Venture financial statements. An objective of the audit is that the Participants may rely on that audit for the purposes of preparing its audited financial statements as required by applicable Laws.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | In addition to the scope of audit in clause 11.1(a), the Auditor will be engaged to opine on:
| | --- | ---------------------------------------------------------------------------------------------



| | (i) | the reasonableness of the Overhead Charge in clause 6.12(d)for the relevant Financial Year; and
| | --- | -----------------------------------------------------------------------------------------------



| | (ii) | the reasonableness of the Exploration Managers Overhead Charge under schedule 5 for the relevant Financial Year.
| | ---- | -----------------------------------------------------------------------------------------------------------------



| | (d) | Each Participant will have the right of direct communication with the Auditor.
| | --- | ------------------------------------------------------------------------------



|11.2 | Participants access to records
|---- | -------------------------------

The Manager will, if requested:



| | (a) | permit a Participant to inspect and copy;
| | --- | -----------------------------------------



| | (b) | provide to a Participant copies of; and
| | --- | ---------------------------------------



| | (c) | provide to a Participant statements compiled from,
| | --- | --------------------------------------------------

the Joint Venture Records and Accounts and
the results of all work undertaken by or on behalf of the Manager for the purposes of the Joint Venture (including plans, maps, geological and engineering reports, cores, samples, logs and surveys and other documents under the control of the Manager
or any sub-contractor of the Manager).

The requesting Participant will be required to pay any external costs and copying costs incurred by
the Manager in providing information requested under this clause provided that the costs are material and the Manager can





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demonstrate to the requesting Participant that equivalent costs have been charged to any Affiliate of the Manager when it has been provided
with information by the Manager in the past. To the extent any costs are not required to be met by the requesting Participant under this clause, they will be constitute Costs under this document.



|11.3 | Access to Project Area and Joint Venture Assets
|---- | -----------------------------------------------



| | (a) | Each Participant and its properly authorised representatives will be entitled at all reasonable times, and at the risk and expense of such Participant, to have:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | access to, and the right to inspect, the Joint Venture Assets and the Project Area provided the Participants and their officers, employees, agents and contractors must comply with the directions of the Manager when
doing so;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the right to consult with the employees of the Manager and with any independent contractors (and their employees) which have been engaged by the Manager concerning Operations and the performance by the Manager of its
duties under this document;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the right to take such samples of material employed by or produced from the Operations as are reasonably requested; and
| | ----- | -----------------------------------------------------------------------------------------------------------------------



| | (iv) | the right to appoint an independent auditor to audit the affairs of the Joint Venture and the Manager, including the basis for the provision of funds by the Participants under clause 9.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Information and access will be provided promptly on request provided that it does not unreasonably disrupt the conduct of the Operations.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The Participants and Manager agree that each Participant (or its Affiliates) is entitled to:
| | --- | --------------------------------------------------------------------------------------------



| | (i) | (InvestorBriefing) 2 site investor / analyst visits to the Project Area and Project Facilities per calendar year for the purposes of investor and analyst briefings involving up to 30 persons/per visit.
The Participant must give the Manager not less than 30 days advanced notice of the proposed date for the site visit and will seek to schedule the visit to minimise disruption to the conduct of the Operations. The Manager will be required to
facilitate the site visit, including making senior management of the Manager available to answer investor and analysts queries and make standard market presentations on status of the Operations.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | (AdHoc Visit) 2 site visits to the Project Area and Project Facilities per calendar year for the purposes of investor, analyst, advisers or other third party briefings involving up to 7 persons/per visit.
The Participant must give the Manager not less than 7 days advanced notice of the proposed date for the site visit and will seek to schedule the visit to minimise disruption to the conduct of the Operations. The Manager will be required to
facilitate the site visit. The Participant will ensure that it has appropriately inducted staff
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | who are capable of supervising the visit so as to minimise the impact on site staff and management.
| | ---------------------------------------------------------------------------------------------------



| | (d) | Each Participant must ensure that their invitees under clause 11.3(c) comply with the directions of the Manager when visiting the Project Area and Project Facilities.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | The Manager must co-operate with Participants and any auditor appointed to enable them to obtain information and samples contemplated by this clause 11.3(a).
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



|12 | Confidential Information
|-- | ------------------------



|12.1 | Information to be kept confidential
|---- | -----------------------------------

This document, and all information which is made
available to or obtained by a Participant or the Manager from or in connection with Operations, or under any Joint Venture Document, and which is not a matter of public knowledge or lawfully available from any other source and the Mining Information
(collectively Confidential Information), will be and remain confidential between the Participants and the Manager, and will not, without the prior written consent of the other Participants (which consent must not be unreasonably
withheld), be disclosed to any third person other than:



| | (a) | a Participant or its directors, officers, employees and agents;
| | --- | ---------------------------------------------------------------



| | (b) | an Affiliate of a Participant or that Affiliates directors, officers, employees and agents;
| | --- | --------------------------------------------------------------------------------------------



| | (c) | the Manager;
| | --- | ------------



| | (d) | any Government, Government Minister, or Government Agency, which requires it under any applicable law, rule or regulation;
| | --- | --------------------------------------------------------------------------------------------------------------------------



| | (e) | any court of competent jurisdiction which has directed it;
| | --- | ----------------------------------------------------------



| | (f) | any bank or other recognised financial institution making a loan or giving accommodation to a Participant or to an Affiliate of a Participant;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | any person to whom disclosure is permitted under the terms of any Joint Venture Document;
| | --- | -----------------------------------------------------------------------------------------



| | (h) | any person which in good faith is seeking to purchase or otherwise acquire the whole or part of the Interest of a Participant, or shares in a Participant, provided that an undertaking as to confidentiality by the person
in a form set out in annexure D is first obtained;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | any professional or other independent consultant or adviser engaged by a Participant or the Manager provided that an undertaking as to confidentiality by the person, in a form set out in annexure D, is
first obtained;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | as may be required by law or by the rules of any recognised stock exchange on which shares or other securities of
a Participant or any Affiliate are listed, except that the parties agree to the extent permitted
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | that they will not disclose information of the kind described by section 275(1) of the PPS Act except as permitted by any other provision of this clause or required by any other Law or regulation. For the avoidance of
doubt, this does not permit the disclosure of information under section 275(4) of the PPS Act unless section 275(7) applies;
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (k) | to satisfy legal disclosure obligations in a disclosure document issued by a Participant or its Affiliates to raise funds or implement or propose a corporate transaction involving the Participant or its Affiliates. For
the avoidance of doubt, this paragraph does not permit disclosure of Confidential Information to the market by GFA or its Affiliates for the purposes of facilitating an acquisition of shares in GOR by GFA or its Affiliates other than under a Control
Transaction permitted under clause 12.5; or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (l) | for the purposes of any arbitration or court proceeding in respect of any dispute arising out of any Joint Venture Document.
| | --- | ----------------------------------------------------------------------------------------------------------------------------



|12.2 | Protection of Confidential Information
|---- | --------------------------------------

Each Participant and the Manager must take or
cause to be taken such reasonable precautions as may be necessary to prevent the disclosure of any Confidential Information.



|12.3 | Announcements
|---- | -------------

If any Participant wishes to publish any public statement (including a
press release) relating to or in any way connected with Operations or the terms of any Joint Venture Document, then, to the extent permitted by Law or the rules of any recognised stock exchange applying to the Participant or its Affiliates, that
Participant must notify and, where practicable, provide a copy of the public statement to, the Manager and the other Participants before issuing the public statement.



|12.4 | Continuing confidentiality obligation
|---- | -------------------------------------



| | (a) | This clause 12will apply to:
| | --- | ----------------------------



| | (i) | any Participant which ceases to be a Participant for a period of three years after the date upon which such Participant ceases to be a Participant; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | a Manager which ceases to be a Manager for a period of three years after the date upon which such Manager resigns or is deemed to have resigned.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Upon the termination of this document, this clause 12will, notwithstanding such termination, apply to the Participants and the Manager at the date of termination, for a period of three years after such
termination.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12.5 | Standstill
|---- | ----------



| | (a) | The Participants acknowledge and agree that some or all of the Confidential Information may be relevant to the
price or value of the securities of GOR. Each Participant (other than GOR) undertakes that it
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | will not (and must ensure that its Affiliates will not) do anything that breaches the insider trading provisions of the Corporations Act from time to time.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Subject to this clause, during the period commencing on the date of this document and ending on the earlier of:
| | --- | ---------------------------------------------------------------------------------------------------------------



| | (i) | two years after a Participant ceases to be a Participant;
| | --- | ---------------------------------------------------------



| | (ii) | the date a person or persons jointly or in concert (other than a Participant or its Affiliates), publicly announce their intention to commence a Control Transaction;
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the date GOR publicly announces that its board of directors has approved an agreement which contemplates a Control Transaction,
| | ----- | -------------------------------------------------------------------------------------------------------------------------------

Participants must not acquire, and must ensure that no Affiliates acquire a relevant interest (as defined in the Corporations Act) in any
securities (including shares) in the capital of GOR unless this restriction is first waived in writing by GOR.



| | (c) | Subject to clauses 12.1, 12.5(a)and12.5(d), nothing in this clause prevents GFA or any of its Affiliates from acquiring or agreeing to acquire, directly or indirectly, a relevant interest of up to 10% in
GOR securities or exercising any and all rights attaching to those securities (including the right to vote) or disposing or otherwise dealing with any interest in those securities in any manner it considers fit.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Prior to acquiring or disposing of a relevant interest in securities in the capital of GOR, GFA must give GOR prior notice stating its intention to acquire or dispose of such securities.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12.6 | Right to participate in pro rata issues
|---- | ---------------------------------------



| | (a) | For so long as GFA is a Participant and it or any of its Affiliates holds shares in GOR, GFA and its Affiliates who hold GOR shares will have the right, but not obligation, from time to time, to participate to the
extent of its Permitted Proportion in any issue of securities offered pro rata to its shareholders by GOR (ParticipationRight) on the same terms as the offer made to other GOR shareholders.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | For the avoidance of doubt, GFA and its Affiliates may elect to participate at less than the Permitted Proportion. The Permitted Proportion is the proportion that the shareholding of GFA and its Affiliates bears
to the total number of voting shares on the record date for the issue.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12.7 | Termination of Standstill
|---- | -------------------------

For the avoidance of doubt, the provisions of clause
12.5 will cease to apply if GOR or any of its Affiliates is no longer a Participant.





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|13 | Financial support from GFA
|-- | --------------------------



|13.1 | Assistance from GFA
|---- | -------------------



| | (a) | GFA and GFA Guarantor must cause to be provided all financial support such as bank guarantees, letters of credit and parent company guarantees, which may be required by each and any of the following as a condition of
carrying out work or providing goods and services:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | suppliers of electricity and gas to the Project Facilities;
| | --- | -----------------------------------------------------------



| | (ii) | providers of gas transportation facilities and services relating to the supply of gas to the Project Facilities; and
| | ---- | --------------------------------------------------------------------------------------------------------------------



| | (iii) | any of suppliers of goods, services, facilities and infrastructure for development under the Initial Development Plan and Budget.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------



| | (b) | Without limiting this clause 13.1, GFA agrees that it will at the request of GOR procure the provision by GFA or its Affiliates of financial support or assurances as security, such as guarantees and
performance bonds, to Third Party suppliers of goods, services, facilities and infrastructure for development under the LOM Business Plan.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | GFA or its Affiliate, as applicable, will be entitled to charge GOR for the costs it incurs in providing any financial support or financial assurances contemplated by this clause 13.1 on a no profit or loss basis
(but taking into account any financial risk assumed by GFA, an Affiliate or its Ultimate Holding Company (acting reasonably) in providing support for GOR including any transfer pricing liabilities in accordance with applicable Law), in providing the
financial support or financial assurance.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | GOR must, to the extent the financial support or financial assurances relates to its Interest, indemnify GFA and its Affiliates and each director, officer, employee or agent of them against any costs and Liability which
any of them may incur under or arising from that support or financial assurance including if any party draws down or otherwise enforces or seeks to enforce its rights under the financial support or financial assurance
provided.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|13.2 | GOR external funding
|---- | --------------------

If GOR proposes to seek external financing for the purposes of
financing its contribution to Costs under this document and using its Interest as collateral or security:



| | (a) | The Manager will provide reasonable technical support for GORs finance application by providing reasonable technical information for the application and reasonable access for the proposed financiers to technical
staff to enable an assessment of the project parameters and economics at GORs sole cost.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Parties acknowledge that a Participant is entitled to grant a Security Interest over its Interests provided it complies with its obligations under clause 14.6.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | (c) | If requested to do so by GOR, GFA will consider the proposal in good faith and where reasonably practicable (acknowledging that there will be an impact on the balance sheet of GFA, its Affiliates or Ultimate Holding
Company) will procure that it or one of its Affiliates provide reasonable financial support including a guarantee of the obligations of GOR under any loan facility obtained by GOR on the following basis:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | GFA or its Affiliate, as applicable, will be entitled to charge GOR for the costs it incurs in providing this financial support on a no profit or loss basis (but taking into account any financial risk assumed by GFA, an
Affiliate or its Ultimate Holding Company (acting reasonably) in providing the financial support, including any transfer pricing liability under applicable Laws); and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | GOR must, to the extent the financial support relates to its Interest, indemnify GFA and its Affiliates and each director, officer, employee or agent of them from and against any costs and Liability any of them may
incur under or arising from that financial support including if any party draws down or otherwise enforces or seeks to enforce its rights under the financial support provided.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | If requested by GOR to assist in providing a loan (or a finance facility) to GOR for the purposes of financing its contribution to Costs under this document, GFA will consider the proposal in good faith and where
reasonably practicable (acknowledging that there will be an impact on the balance sheet of GFA, its Affiliate or Ultimate Holding Company) will provide or will procure one of its Affiliates to provide funding reasonably required by GOR. Any funding
provided by GFA or its Affiliates will be:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | priced at the cost of funds of applicable to the Ultimate Holding Company of GFA plus a margin to take into account any additional financial risk assumed by GFA, its Affiliate or its Ultimate Holding Company (acting
reasonably) in providing the funding to GOR, and otherwise on a no profit or loss basis;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | secured by the Deed of Cross Security granted by GOR in accordance with this document; and
| | ---- | ------------------------------------------------------------------------------------------



| | (iii) | otherwise on terms no less favourable to GOR than the terms available from an arms length financier. GOR may provide an indicative offer of finance obtained from a Third Party financier in good faith to
demonstrate these terms.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|13.3 | No Security Interest
|---- | --------------------

For the avoidance of doubt nothing in this clause requires GFA or
its Affiliates to grant any Security Interest over its Interest or other assets.



|13.4 | No request if Event of Default
|---- | ------------------------------

Notwithstanding anything to the contrary, GOR will not
be able to make a request under this clause if it has committed an Event of Default that has not been remedied at the time of issuing the request.





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|13.5 | Personal rights
|---- | ---------------

The rights of GOR and the obligations of GFA under this clause
13 are subject to clause 18.8.



|14 | Assignments and charges
|-- | -----------------------



|14.1 | Restrictions on assignments and charges
|---- | ---------------------------------------



| | (a) | Subject to clause 14.1(b), except as permitted in this clause 14, or as required under clause 15, no Participant will:
| | --- | ----------------------------------------------------------------------------------------------------------------------



| | (i) | sell, convey, assign, transfer, novate, lease, sublease or otherwise dispose of; or
| | --- | -----------------------------------------------------------------------------------



| | (ii) | create or permit to exist any Security Interest (other than a Permitted Security Interest) in respect of,
| | ---- | ---------------------------------------------------------------------------------------------------------

the whole or any part of its Interest.



| | (b) | Nothing in this clause 14 will operate to prevent a Participant from selling or otherwise disposing of its share of Product in the ordinary course of the Participants business.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Notwithstanding any other provision of this document (and, in particular, clauses 14.2 and 14.3), a Participant must not make any sale, transfer or other disposition if, upon completion of that
sale, transfer or other disposition, that Participant or the assignee would have an Interest less than 10% but greater than zero (in other words, each Participant must have an Interest of at least 10%).
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|14.2 | Permitted transfer to Affiliates
|---- | --------------------------------



| | (a) | A Participant which is not in default in the payment of any Called Sum, and with respect to which an Event of Default is not then in existence (Transferor), may at any time, subject to the provisions of clause
14.10,transfer the whole or any part of its Interest to an Affiliate of the Transferor (Transferee).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If GOR transfers the whole or any part of its Interest to an Affiliate prior to Completion of Project Development, GOR must provide a guarantee of the obligations of the Transferee under this document to the other
Participants and the Manager on equivalent terms to the guarantee provided by GFA Guarantor in clause 16 until 90 days after Completion of Project Development.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Subject to clause 14.2(d), if, at any time after the transfer to the Transferee of the whole or any part of the Transferors Interest under clause 14.2(a), the Transferee ceases to be a subsidiary of
the entity which was the Ultimate Holding Company of the Transferor at the date of Transfer then:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the Transferee will immediately give written notice of that fact to each of the other Participants;
| | --- | ---------------------------------------------------------------------------------------------------





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| | (ii) | each other Participant which is not in default of any Called Sum, and with respect to which an Event of Default is not then in existence, will have the option to acquire the Transferees Interest (or so much of the
Interest as was acquired from the Transferor), which may be exercised by giving written notice (ExerciseNotice)to the Transferee and the other Participants at any time within the period of 60 days (OptionExercise
Period) after receiving the Transferees notice given under clause 14.2(c)(i);
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | if one or more Participants give an Exercise Notice within the Option Exercise Period, then upon expiry of the Option Exercise Period:
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------



| | (A) | the value of the Transferees Interest must be determined in accordance with clause 15.8; and
| | --- | ---------------------------------------------------------------------------------------------



| | (B) | clauses 15.7(f) and 15.7(g)will apply; and
| | --- | ------------------------------------------



| | (iv) | for the purposes of clause 14.2(c)(iii), clauses 15.7 and 15.8 are to be read as if:
| | ---- | ------------------------------------------------------------------------------------



| | (A) | references to the Defaulting Participant are references to the Transferee;
| | --- | --------------------------------------------------------------------------



| | (B) | references to a Non-Defaulting Participant are references to a Participant other than the Transferee; and
| | --- | ---------------------------------------------------------------------------------------------------------



| | (C) | references to an Exercise Notice and the Option Exercise Period are to an Exercise Notice and the Option Exercise Period under clause 14.2(c)(ii).
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | Clause 14.2(c) does not apply to a Transferee ceasing to be a subsidiary of the entity which was the Ultimate Holding Company as a result of:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | (spinout) an in specie distribution of all or substantially all of the shares in the Transferee or a Holding Company of the Transferee to all or predominantly all of the shareholders in the
Ultimate Holding Company; or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | (listing) a sale of shares in the Transferee or a Holding Company of the Transferee or an issue of new shares or securities in that entity (or both) in connection with a listing of the Transferee or a Holding
Company of the Transferee on a stock exchange.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|14.3 | Transfer of Participants Interest
|---- | ----------------------------------

A Participant which is not in default in the
payment of any Called Sum, and with respect to which an Event of Default is not then in existence (Selling Participant), may at any time, subject to the provisions of clause 14.10, agree to sell for a cash
consideration or a non-cash consideration which is readily convertible to a cash equivalent, the whole or any part of its Interest, provided that the sale must not proceed to completion unless:



| | (a) | the provisions of clause 14.4 have first been complied with;
| | --- | ------------------------------------------------------------





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| | (b) | in the case of an assignment to a person who is not a Participant or its Affiliate, that assignee must be approved by the other Participants which approval may not be unreasonably withheld or delayed and must be given
where it is established to the non-assigning Participants satisfaction, acting reasonably, that the assignee has the financial capacity to meet both the purchase price for acquiring the Selling
Participants Interest, and the financial commitments of a Participant under this document to the extent of the assigned Interest; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | where the sale is of or includes an Interest which is subject to the obligation to pay a royalty under the Royalty Deed, the transferee has signed all documents reasonably required by GOR agreeing to be bound by the
Royalty Deed and Royalty Security.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|14.4 | Rights of pre-emption
|---- | ---------------------

The following provisions
apply in respect of any sale referred to in clause 14.3:



| | (a) | the Selling Participant must give notice of the proposed sale to each of the other Participants, and must include in the notice (Pre-emption Notice):
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the name and address of the person to whom the Selling Participants Interest is proposed to be sold (ProposedBuyer);
| | --- | ---------------------------------------------------------------------------------------------------------------------



| | (ii) | the portion of the Selling Participants Interest which is the subject of the proposed sale (SaleInterest);
| | ---- | -----------------------------------------------------------------------------------------------------------



| | (iii) | the cash consideration or cash equivalent of the non-cash consideration for which the Selling Participants Interest is proposed to be sold; and
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | all the other terms and conditions of the proposed sale;
| | ---- | --------------------------------------------------------



| | (b) | the Selling Participant must include with the Pre-emption Notice an offer to sell the Sale Interest to such of the other Participants who are not then in default in the payment of
any Called Sums, and with respect to which an Event of Default is not then in existence (ContinuingParticipants), in proportion to their respective Interests, at the same price (being in the case of non-cash consideration (unless the Continuing Participants agree otherwise in relation to a royalty) the cash equivalent determined under this clause 14.4) and, subject to clause 14.5, on
the same terms and conditions on which it is willing to sell the Sale Interest to the Proposed Buyer. The offer must be in a form which is capable of immediate acceptance by the Continuing Participants;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | If the consideration notified by the Selling Participant to Continuing Participants under the Pre-Emption Notice is a non-cash
consideration, the Selling Participant must bona fide convert the non-cash consideration to a cash equivalent on a basis that is transparent and disclosed in the
Pre-Emption Notice;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | If any Continuing Participant does not agree with the basis on which the
non-cash consideration has been converted to a cash equivalent, that
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------





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| | Party must so notify the Selling Participant and the other Continuing Participants within seven days of it receiving the Pre-Emption Notice;
| | --------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | On a Continuing Participant so notifying the Selling Participant, all of the Participants will promptly meet and endeavour to reach agreement on the amount of the cash equivalent of the
non-cash consideration. If agreement is reached, the Selling Participant must issue a new Pre-Emption Notice including the agreed cash equivalent. The period of 60 days referred to in clause 14.4(h)
will be deemed to commence on the date that the Selling Participant issues a fresh Pre-Emption Notice and the original notification to the Continuing Participants will be deemed never to have been made. If
within 14 days after their first meeting, the Selling Participant and the Continuing Participants have not reached agreement on the amount of the cash equivalent of the non-cash consideration, the matter will
be referred to an Expert in accordance with clause 21 to determine whether or not the Selling Participants calculation of the cash equivalent was fair and reasonable and, if not, to determine the Experts calculation of the amount
of the cash equivalent;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | If the Expert determines that the basis on which the non-cash consideration has been converted to a cash equivalent is fair and reasonable:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the period of 60 days referred to in clause 14.4(h) will be deemed to have commenced on the date the Pre-Emption Notice was given provided that if the period of 60 days has
expired or would expire prior to 14 days after the date upon which the Expert notifies the Participants of his determination, the 60 day period will be extended to the date which is 14 days after the date upon which the Expert notifies the
Participants of the Experts determination; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the Experts costs will be borne by the Continuing Participant who objected to the Selling Participants calculation of the cash equivalent;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | If the Expert determines that the basis on which the non-cash consideration has been converted to a cash equivalent is not fair and reasonable:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the Selling Participant must issue a fresh Pre-Emption Notice to the Continuing Participants in accordance with the requirements of clause 14.4(a) including the cash
equivalent as determined by the Expert and the original Pre-Emption Notice will be deemed never to have been made; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the Experts costs will be borne by the Selling Participant;
| | ---- | ------------------------------------------------------------



| | (h) | The Continuing Participants will have the right to accept the offer set out in the
Pre-emption Notice at any time within a period of 60 days from the date the Pre-emption Notice is given (subject to any extension under clause 14.4(f)), and such
offer must remain open for that period;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | (i) | If one or more (but not all) of the Continuing Participants accept the offer within such 60 day period, the Selling Participant must notify the accepting Continuing Participant or Continuing Participants of details of
the unaccepted portion of the Sale Interest and such Continuing Participant or Continuing Participants will have the right within a period of 60 days after the Selling Participants notice is given to accept the unaccepted part of the Sale
Interest in proportion to their respective Interests (or as they may otherwise agree) at the same price and on the same terms and conditions;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | If:
| | --- | ---



| | (i) | the whole of the Sale Interest is not accepted by one or more of the Continuing Participants; or
| | --- | ------------------------------------------------------------------------------------------------



| | (ii) | the whole of the Sale Interest is accepted by one or more of the Continuing Participants but the contract or contracts for transfer of the Sale Interest to the accepting Continuing Participant or Continuing Participants
is terminated before completion for reasons other than for a default on the part of the Selling Participant,
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

then the Selling Participant may complete the sale of the Sale Interest to the Proposed Buyer in accordance with the terms and conditions of
the proposed sale as set out in the Pre-emption Notice (or on other terms no more favourable to the Proposed Buyer than those terms and conditions), within a period of 60 days after:



| | (iii) | in the circumstances outlined in clause 14.4(j)(i), the end of either the 60 day period referred to in clause 14.4(h) or the 60 day period referred to in clause 14.4(i) as the case may be; and
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | in the circumstances outlined in clause 14.4(j)(ii), the date of termination of the contract or contracts for transfer of the Sale Interest to the accepting Continuing Participant or Continuing Participants;
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (k) | If the whole of the Sale Interest is accepted by one or more of the Continuing Participants, then the Selling Participant will transfer the Sale Interest to those Continuing Participants in accordance with the terms and
conditions of the resulting contracts with those Continuing Participants. For the avoidance of doubt, the transfer of the Sale Interest to those Continuing Participants is not subject to any further rights of pre-emption under this clause
14.4; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (l) | For the avoidance of doubt, an offer made under clause 14.4(b) must relate only to the Sale Interest and, if clause 14.5(b)(iii) applies, the shares in the Manager, and must not include or relate to any
other assets.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|14.5 | Requirements of the offer to Continuing Participants
|---- | ----------------------------------------------------



| | (a) | An offer to sell the Sale Interest to the Continuing Participants under clause 14.4(b)must:
| | --- | -------------------------------------------------------------------------------------------





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| | (i) | contain a condition or conditions to the effect that the sale is conditional upon the Continuing Participants who accept the offer obtaining all necessary governmental consents and approvals (including any consents or
approvals of the Minister required under the Act, and any consents or approvals required under the foreign investment Laws of Australia or any relevant foreign jurisdiction), either unconditionally or on conditions acceptable to such Continuing
Participants (acting reasonably); and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | provide for a date for the satisfaction of any conditions precedent, and a date for completion of the sale, which would result in any Continuing Participants who accept the offer having a period of time for satisfaction
of conditions precedent and for completion not less than the corresponding periods of time that the Proposed Buyer would have had under the contract signed by it,
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

and may contain a condition to the effect that if two or more Continuing Participants accept the offer made to them under clause
14.4(b), the sale of the relevant portions of the Sale Interest to each such Continuing Participant will be conditional upon the contemporaneous completion of each such sale occurring.



| | (b) | For the purposes of the offer to sell the Sale Interest to the Continuing Participants under clause 14.4(b):
| | --- | ------------------------------------------------------------------------------------------------------------



| | (i) | the requirement for a cash consideration does not preclude the consideration for the sale of the Sale Interest consisting partly of cash and partly of other valuable promises (eg a royalty to the extent agreed under
clause 14.4) that have been offered by the Proposed Buyer, provided that the Continuing Participants are objectively capable of giving and fulfilling those same promises and are not inherently disadvantaged (when compared to the
Proposed Buyer) by the inclusion of those promises as part of the consideration;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the consideration for the sale of the Sale Interest will be a cash consideration even though:
| | ---- | ---------------------------------------------------------------------------------------------



| | (A) | payment of the purchase price may occur in two or more tranches;
| | --- | ----------------------------------------------------------------



| | (B) | some or all of the purchase price may be paid after the date of transfer of the Sale Interest to the buyer;
| | --- | -----------------------------------------------------------------------------------------------------------



| | (C) | the payment of some or all of the purchase price may be subject to a contingency (provided that the contingency is not such that it is inherently more likely to be satisfied where the Continuing Participants are the
buyer of the Sale Interest than where the Proposed Buyer is the buyer of the Sale Interest);
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | (D) | the amount of the purchase price, or some component of it, is not fixed and ascertainable at the date of the offer to sell the Sale Interest to the Continuing Participants (provided that the offer clearly sets out the
basis upon which the purchase price, or the relevant component of it, is to be calculated, and the basis of calculation is not inherently likely to result in the Continuing Participants paying a higher price for the Sale Interest than the Proposed
Buyer would pay if it were the buyer); and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | if the Selling Participant also holds shares in the Manager, the offer may include (and will not be invalidated by the inclusion of) a requirement for those shares to be transferred to the accepting Continuing
Participant or Continuing Participants.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|14.6 | Charge of Participants Interest
|---- | --------------------------------



| | (a) | A Participant (Chargor) may create a Security Interest upon all or part of its Interest in favour of any person (Chargee) if the Chargee has entered into a deed (ChargeesPriority
Deed) with the other Participants and the Manager, in a form acceptable to the other Participants and the Manager acting reasonably, under which the Chargee agrees that this document, the Deed of Cross Security and all other Joint Venture
Documents will have priority over the Chargees Security Interest and any enforcement of that Security Interest will be subject to compliance with the provisions of this document, the Deed of Cross Security and all other Joint Venture
Documents.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Participants acknowledge that the Chargees Priority Deed will also contain provisions under which the Chargee is entitled to receive prior notice of any default by the Chargor or other circumstances that may
result in enforcement of remedies under this document or the Deed of Cross Security against the Chargor and to take action to step-in or take other measures to avoid the exercise of such remedies. The
Participants will negotiate such provisions reasonably and in good faith and will not unreasonably withhold their agreement to provisions proposed by the Chargee which are consistent with normal finance practice.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | GOR as the Chargee under the Royalty Security will enter into a Chargees Priority Deed and each Participant and the Manager acknowledges and agrees that the Royalty Security will rank in second after the Deed of
Cross Security with respect to the property of GFA charged thereby. In exercising any power of sale under the Royalty Security, GOR agrees to comply with clause 14.8.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|14.7 | Notice of intention to create Security Interest
|---- | -----------------------------------------------

Any Participant proposing the creation
of any Security Interest (other than a Permitted Security Interest) must give prior written notice of its intention to create such Security Interest to the other Participants, together with a copy of





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the proposed instrument creating such Security Interest and the name and address of the proposed Chargee.



|14.8 | Sale of Interest by Chargee
|---- | ---------------------------



| | (a) | A Chargee of a Participants Interest may, without the consent of any Participant, in the exercise of any power of sale or the enforcement of any other rights conferred by law or by the instrument creating such
Security Interest, upon the happening of any event of default specified in the Security Interest, sell (but not otherwise dispose of) the whole or part of the Interest of such Participant (DefaultingParticipant).
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Any proposed sale (whether by private treaty or public auction) by a Chargee of the whole or part of a Defaulting Participants Interest will be subject to the pre-emptive
rights of the other Participants under clauses 14.3, 14.4 and 14.5 and the Chargees Priority Deed must acknowledge this.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|14.9 | Set off
|---- | -------



| | (a) | A Non-Defaulting Participant may, in connection with its purchase of the Interest or part of the Interest of a Defaulting Participant under this clause 14, credit
against the purchase price payable by such Participant the amount of any debt due and payable to such Participant by the Defaulting Participant under clause 15.6.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Except to the extent of such credit, the Chargee must pay to the Manager (for the account of the other Participants) from the proceeds of such sale, all amounts due and payable under any of the Joint Venture Documents
by the Defaulting Participant, or in the event such amounts have been paid on behalf of the Defaulting Participant by any other Participant, will reimburse such other Participant the amounts so paid together with interest as provided in clause
15.6.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|14.10 | Assumption of Joint Venture obligations by transferee
|----- | -----------------------------------------------------

Any sale, transfer or other
disposition of the whole or any part of the Interest of a Participant under this clause 14 will be effective only upon:



| | (a) | the execution and delivery by the transferee and the other Participants of a deed of covenant satisfactory to the parties:
| | --- | --------------------------------------------------------------------------------------------------------------------------



| | (i) | evidencing the agreement of such transferee (to the extent of the Interest being transferred):
| | --- | ----------------------------------------------------------------------------------------------



| | (A) | to become a Participant, or if already a Participant, to increase its Interest;
| | --- | -------------------------------------------------------------------------------



| | (B) | to be bound by the provisions of the Joint Venture Documents; and
| | --- | -----------------------------------------------------------------



| | (C) | to assume all of the liabilities and to perform all of the obligations and duties under the Joint Venture
Documents of the Participant whose Interest, or part of whose Interest, is to be sold, transferred or disposed
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | of to the extent of the Interest being sold, transferred or disposed of; and
| | ----------------------------------------------------------------------------



| | (ii) | evidencing the agreement of the other Participants that such transferee (to the extent of the Interest being transferred) will be entitled to all of the rights and benefits of a Participant under the Joint Venture
Documents; and
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the execution and delivery by the transferee of a deed of charge in, or substantially in, the form of the Deed of Cross Security.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



|14.11 | Change in Control
|----- | -----------------



| | (a) | If:
| | --- | ---



| | (i) | there is a Change in Control of a Participant or of a Holding Company of a Participant (other than a Participant or Holding Company which is a publicly listed company at the point in time when the Change in Control
occurs); unless
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the other Participants have consented in writing to such Change in Control; or
| | ---- | ------------------------------------------------------------------------------



| | (iii) | the Change in Control arises as a result of:
| | ----- | --------------------------------------------



| | (A) | (spinout) an in specie distribution of all or substantially all of the shares in the Participant or a Holding Company of the Participant to all or predominantly all of the shareholders in the
Ultimate Holding Company; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | (listing) a sale of shares in the Participant or a Holding Company of the Participant or an issue of new shares or securities in that entity (or both) in connection with a listing of the Participant or a Holding
Company of the Participant on a stock exchange; or
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (C) | (packagesale) in the case of GFA, the Change of Control occurs as part of larger transaction of which the market value of the Interest of GFA or its Affiliate which is the subject of that
transaction represents 30% or less of the aggregate market value of the assets of GFA and its Affiliates which are the subject of that Change of Control transaction excluding cash and cash equivalents.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

then the relevant Participant:



| | (iv) | must immediately notify the other Participants of the Change in Control; and
| | ---- | ----------------------------------------------------------------------------



| | (v) | will be deemed to be a Defaulting Participant who has committed an Event of Default and each of the other Participants will have the option to acquire the Interest of the Defaulting Participant in
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | accordance with clause 15.7(b)and clauses 15.7and15.8 will apply.
| | -----------------------------------------------------------------



| | (b) | For the avoidance of doubt, a Change in Control of a Participant or its Holding Company does not constitute a transfer or proposed transfer for the purposes of clause 14.3.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|15 | Defaults and remedies
|-- | ---------------------



|15.1 | Event of Default
|---- | ----------------

Any one or more of the following events with respect to any
Participant is an Event of Default:



| | (a) | any:
| | --- | ----



| | (i) | subject to clauses 9.6(a)(iv)and9.6(b)(iv), failure by the Participant to pay a Called Sum (under clauses 9.3or9.8) in accordance with clause 9.5;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | failure by GFA to pay a Funding Amount under clause 9.6(a)(iv)and9.6(b)(iv);
| | ---- | ----------------------------------------------------------------------------



| | (iii) | failure by GFA to pay Deferred Consideration under clause 9.7; and
| | ----- | ------------------------------------------------------------------

failure by GOR to
repay amounts payable under clause 18.8; within 5 Business Days after notice has been given by the Manager or a Participant under clause 15.2;



| | (b) | any failure by GOR to repay any amount due which is specified to become an Event of Default in accordance with clause 9.6(a)(v) or 9.6(b)(v);
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | an Insolvency Event occurs in relation to the Participant;
| | --- | ----------------------------------------------------------



| | (d) | any default by the Participant in the performance of any material obligation under a Joint Venture Document (other than one referred to in clauses 15.1(a) or 15.1(c) above):
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | which is capable of remedy, and which default is not remedied within 30 Business Days after receipt of written notice from any other Participant or the Manager given under clause 15.2;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | but if the default is not reasonably capable of being remedied within 30 Business Days after receipt of written notice from any other Participant or the Manager given under clause 15.2, the Participant fails to
commence or has not otherwise taken bona fide steps to remedy the relevant default within 30 Business Days of receiving such notice and does not remedy that default within 50 Business Days after receipt of written notice from any other Participant
or the Manager given under clause 15.2 (or such longer period agreed by the Management Committee, where any Defaulting Participant or its Affiliates does not vote); or
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | (e) | any default by the Participant in the performance of any material obligation under a Joint Venture Document which is not capable of remedy (other than one referred to in paragraph (a) or (c) above),
where the Defaulting Participant has not paid monetary compensation to the Non-Defaulting Participants within 30 Business Days of receipt of notification of the amount of compensation payable as determined
under clause 15.2(d).
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|15.2 | Notices of default
|---- | ------------------



| | (a) | If any Participant:
| | --- | -------------------



| | (i) | fails to pay when due any amount due by it referred to in clauses 15.1(a) or 15.1(b); or
| | --- | ----------------------------------------------------------------------------------------



| | (ii) | defaults in the performance of any of its material obligations under any of the Joint Venture Documents,
| | ---- | --------------------------------------------------------------------------------------------------------

the Manager must, as soon as practicable after it becomes aware of that default, notify the Defaulting Participant and each of the other
Participants (Non-Defaulting Participants) of that default.



| | (b) | Failure by the Manager to give such notice will not release the Defaulting Participant from any of its obligations under the Joint Venture Documents.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | If a Participant becomes aware that another Participant has defaulted in the performance of any of its obligations under the Joint Venture Documents but the Manager has not given a notice of default to the Defaulting
Participant under clause 15.2(a), the Participant may notify the Defaulting Participant, the Manager and each of the other Non-Defaulting Participants of that default.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | If a default of a material obligation is not capable of being remedied, the Participants must agree in writing the amount of adequate monetary compensation to be paid by the Defaulting Participant to compensate for that
default. If the Participants have not reached agreement within 14 days after the date on which notice of default is given, that amount must be referred to an Expert for determination in accordance with clause 21, who must make such
determination within 30 days of his or her appointment. On agreement or determination of the amount of adequate monetary compensation under this clause, that amount, and any interest and costs payable or reimbursable under this document, becomes
money due and payable under this document within the 30 Business Day period referred to in clause 15.1(e).
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|15.3 | Payment of interest upon default
|---- | --------------------------------

If a Participant defaults in paying the whole or part
of any Called Sum, that Defaulting Participant must pay to the Manager, for the account of the Non-Defaulting Participants, interest on such unpaid amount at the Interest Rate calculated on daily balances, and
capitalised monthly, from the due date for payment to the date of actual payment.





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|15.4 | Rights following an Event of Default
|---- | ------------------------------------

If an Event of Default occurs, then until such
Event of Default has been rectified (and the Defaulting Participant has paid all amounts due but unpaid by it in relation to the default under any Joint Venture Document):



| | (a) | the Representatives of the Defaulting Participant:
| | --- | --------------------------------------------------



| | (i) | will not have the right to vote at meetings of the Management Committee;
| | --- | ------------------------------------------------------------------------



| | (ii) | will not be counted for the purposes of determining the relevant quorum; and
| | ---- | ----------------------------------------------------------------------------



| | (iii) | if Chairman of the Management Committee, will cease to be Chairman and the next entitled Non-Defaulting Participant may appoint the Chairman;
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | the Defaulting Participant will not have a right to participate in the management of the Joint Venture or to participate in any determinations under this document;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the Defaulting Participant will have no further right to take and dispose of its share of Product and the Manager may take and dispose of what would otherwise be the Defaulting Participants share of Product on
such terms as the Manager considers reasonable and must credit the net proceeds of sale after deducting all costs incurred in effecting the sale, towards the moneys owed by the Defaulting Participant;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | the Defaulting Participant will continue to have the right to receive the reports and information from the Manager under clause 10;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------



| | (e) | the Non-Defaulting Participants and the Manager may exercise each and every power and remedy provided in the Deed of Cross Security executed by the Defaulting Participant and use
and apply any moneys realised from such exercise in accordance with the Deed of Cross Security;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | the Non-Defaulting Participants may acquire the Interest of the Defaulting Participant subject to and in accordance with clause 15.7; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------



| | (g) | GORs entitlement to:
| | --- | ---------------------



| | (i) | issue a Funding Notice will be subject to clause 9.6(c); and
| | --- | ------------------------------------------------------------



| | (ii) | seek external funding support from GFA will be subject to clause 13.4.
| | ---- | ----------------------------------------------------------------------



|15.5 | Payment of Unpaid Called Sum
|---- | ----------------------------



| | (a) | Subject to clauses 9.6and15.5(b), if requested by written notice from the Manager, the Non-Defaulting Participants will, in the proportion that their respective
Interests bear to the aggregate of their Interests, pay on behalf of the Defaulting Participant all or any part nominated by the Manager of the amounts owing by such Defaulting Participant (including
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | under clause 15.3), such payment to be made by the Non-Defaulting Participants within such time as the Manager may reasonably determine.
| | ----------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Manager will exercise its rights under the Deed of Cross Security (as contemplated in clause 15.4(e)) and to take and sell what would otherwise be the Defaulting Participants Interest share of Product
under clause 15.4(c)in priority to calling upon the Non-Defaulting Participants to pay any amounts owing by the Defaulting Participant (as contemplated in clause 15.5(a)) if the Manager is of
the opinion that exercising its rights under the Deed of Cross Security or against the share of Product will result in it obtaining payment of the relevant outstanding amounts within a timeframe that will enable Operations to continue without
disruption.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | If any Non-Defaulting Participant pays any amount on behalf of a Defaulting Participant under clause 15.5(a), the amount so paid will constitute a debt due and payable by
the Defaulting Participant to such Non-Defaulting Participant, and will bear interest at the Interest Rate calculated on daily balances, and capitalised monthly, from the date such debt became due to the Non-Defaulting Participant until the date such debt is paid by the Defaulting Participant.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|15.6 | Delivery of Cross Security
|---- | --------------------------



| | (a) | It is acknowledged that, for the purposes of securing the performance of their obligations under the Joint Venture Documents, each Participant has executed and delivered the Deed of Cross Security creating in favour of
the other Participants and the Manager a charge upon the Participants Interest.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each Participant (and each transferee of an Interest which has executed a similar deed of charge in accordance with clause 14.10) will as soon as practicable after the creation of the Deed of Cross Security
promptly register the Deed of Cross Security, or will file or record such other notices or documents relating to the Deed of Cross Security, in each jurisdiction where such registration, filing or recording may be required to perfect the security
created by the Deed of Cross Security and to protect further the rights of the Manager and other Participants under the Deed of Cross Security.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|15.7 | Option to acquire Interest of Defaulting Participant
|---- | ----------------------------------------------------



| | (a) | Upon the occurrence of an Event of Default, the Manager (or failing the Manager doing so, any Participant) will notify the Participants of the Event of Default (EOD Notice).
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Upon the occurrence of an Event of Default, and until such Event of Default has been rectified, each Non-Defaulting Participant will have the option to acquire the whole of the
Interest of the Defaulting Participant.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Such option may be exercised by notice in writing (Exercise Notice) given to the Defaulting Participant at any time during the 60 day period immediately following the later of the occurrence of the Event of
Default and the date that the Manager (or a Participant) gives the Participants an
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | EOD Notice (Option Exercise Period), provided the Event of Default giving rise to such option remains unremedied as at the date of the Exercise Notice.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The Non-Defaulting Participant must give a copy of the Exercise Notice to:
| | --- | --------------------------------------------------------------------------



| | (i) | the Manager; and
| | --- | ----------------



| | (ii) | the other Non-Defaulting Participants,
| | ---- | --------------------------------------

at the same
time as giving the Exercise Notice to the Defaulting Participant.



| | (e) | If:
| | --- | ---



| | (i) | one or more Non-Defaulting Participants give an Exercise Notice within the Option Exercise Period; and
| | --- | ------------------------------------------------------------------------------------------------------



| | (ii) | at least the first of such Exercise Notices was given at a point in time when the Event of Default which gave rise to the option remained unremedied,
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------

then, upon expiry of the Option Exercise Period, the value of the Interest of the Defaulting Participant must be determined in accordance with
clause 15.8.



| | (f) | Within 14 days after the value of the Interest of the Defaulting Participant has been determined in accordance with clause 15.8, any Non-Defaulting Participant who had
given an Exercise Notice may, by notice in writing (Notice to Proceed) given to the Defaulting Participant (with copies to the Manager and the other Non-Defaulting Participants) advise that the Non-Defaulting Participant wishes to proceed with the acquisition of the Interest of the Defaulting Participant.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | If one or more Non-Defaulting Participants (Acquiring Participants) give a Notice to Proceed, the Defaulting Participant and the Acquiring Participants will be deemed to
have entered into a contract for the sale to the Acquiring Participants (in the proportions that their respective Interests bear to the aggregate of their Interests) of the Defaulting Participants Interest upon the following terms and
conditions:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | The liability of the Acquiring Participants (including obligations to pay money) will be several in the proportions that their respective Interests bear to the aggregate of their Interests.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | The sale will be conditional upon the parties obtaining all Governmental Agency consents, approvals or clearances required in respect of the sale (Approvals), which may include, without limitation:
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (A) | ministerial consents required under the Act for the assignment of a Defaulting Participants Interest in the Titles; and
| | --- | ------------------------------------------------------------------------------------------------------------------------





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| | (B) | approval for the sale from the Foreign Investment Review Board (if applicable).
| | --- | -------------------------------------------------------------------------------



| | (iii) | The parties must execute all documents and do all other things reasonably necessary to apply for and obtain the necessary Approvals as expeditiously as possible.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | If the necessary Approvals:
| | ---- | ---------------------------



| | (A) | have not all been obtained within 90 days after the date of expiry of the 14 day period referred to in clause 15.7(f), the Acquiring Participants may elect to terminate the contract for the sale of the Defaulting
Participants Interest;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | have all been obtained or the Acquiring Participants have not elected to terminate the contract for the sale of the Defaulting Participants Interest under clause 15.7(g)(iv)(A), then completion of
the sale of the Defaulting Participants Interest will take place:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (1) | at the place in Western Australia nominated by the Acquiring Participants by notice in writing to the Defaulting Participant; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



| | (2) | on the date which is 30 days after the date upon which the last of the necessary Approvals was obtained, or such earlier date agreed by the Acquiring Participants;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (C) | have all been obtained by some but not all Acquiring Participants within 90 days after the date of expiry of the 14 day period referred to in clause 15.7(f), then:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (1) | those Acquiring Participants who have not obtained all necessary Approvals may elect to withdraw from the contract for the sale of the Defaulting Participants Interest; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (2) | if, within a further 14 days after the end of the 90 day period (or such longer period agreed by the Acquiring Participants), any remaining Acquiring Participants who have obtained all necessary Approvals agree to
purchase the Defaulting Participants Interest, either in the proportions that those Acquiring Participants respective Interests bear to the aggregate of their Interests, or in such other proportions that those remaining Acquiring
Participants otherwise agree, then:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | the contract for the sale of the Defaulting Participants Interest will be deemed to be between the Defaulting Participant and those
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------





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| | remaining Acquiring Participants, and in such proportions as those Acquiring Participants agree; and
| | ----------------------------------------------------------------------------------------------------



| |  |  | completion of the sale of the Defaulting Participants interest will take place:
| | - |  | --------------------------------------------------------------------------------



| |  |  | at the place in Western Australia nominated by the relevant Acquiring Participants by notice in writing to the Defaulting Participant; and
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | on the date which is 14 days after the end of the 14 day period specified in clause 15.7(g)(iv)(C)(2).
| | - |  | ------------------------------------------------------------------------------------------------------



| | (v) | At completion:
| | --- | --------------



| | (A) | the Defaulting Participant must transfer its Interest to the relevant Acquiring Participants free from all Security Interests (other than, to the extent applicable, the obligations under the Royalty Deed and Royalty
Security and subject to the Permitted Security Interests which apply to the Interest). The relevant Acquiring Participants will be entitled to a transfer of the Interest of the Defaulting Participant in the proportions that their respective
Interests bear to the aggregate of their Interests or in such other proportions as the relevant Acquiring Participants agree;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | the Defaulting Participant must execute and deliver all instruments of sale, assignment, conveyance and transfer and all other documents, and take such other action, as the relevant Acquiring Participants may reasonably
request to effect such transfer;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (C) | in return for the transfer of the Defaulting Participants Interest, the relevant Acquiring Participants must pay to the Defaulting Participant, or as the Defaulting Participants solicitor may direct, the
amount that is equal to the value of the Defaulting Participants Interest (as determined in accordance with clause 15.8) less the following amounts:
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (1) | all amounts due but unpaid under any of the Joint Venture Documents by the Defaulting Participant, which amounts must, immediately following completion, be paid by the relevant Acquiring Participants on behalf of the
Defaulting Participant;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (2) | the amount of the debt owed by the Defaulting Participant to the acquiring Participants under
| | --- | ---------------------------------------------------------------------------------------------





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| | clause 15.5(c)and, where applicable, underclauses 9.6 and 13;
| | -------------------------------------------------------------



| | (3) | the amount (as reasonably determined by the Non-Defaulting Participants) of all other outstanding liabilities and obligations of the Defaulting Participant under any of the Joint
Venture Documents which are to be assumed by the relevant Acquiring Participants; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (4) | all amounts of any stamp and other duties, levies, imposts or other taxes, together with any interest or penalty thereon, imposed by the State or the Commonwealth or any taxing authority, paid or which may thereafter be
payable by the relevant Acquiring Participants in connection with the exercise of the option and the transfers effected consequent upon its exercise; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (D) | the amount payable to the Defaulting Participant under clause 15.7(g)(v)(C) must be paid by bank cheque or by direct deposit of clear and available funds into a bank account in Australia nominated by the
Defaulting Participant for this purpose.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | To secure the rights of the Acquiring Participants under this clause, the Defaulting Participant hereby irrevocably appoints each relevant Acquiring Participant, the Manager and their respective directors as the several
attorneys of the Defaulting Participant with power to sign all documents and do all other things in the name of the Defaulting Participant which are reasonably necessary to:
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (1) | apply for and obtain the necessary Governmental Agency consents, approvals and clearances referred to in clause 15.7(g); and
| | --- | ----------------------------------------------------------------------------------------------------------------------------



| | (2) | effect the transfer of the Defaulting Participants Interest as contemplated in clauses 15.7(g)(v)(A)and15.7(g)(v)(B).
| | --- | ----------------------------------------------------------------------------------------------------------------------



| | (vii) | The Defaulting Participant and the relevant Acquiring Participants must sign any deed of covenant and deed of charge that is required under clause 14.10.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



|15.8 | Value of Interest of Defaulting Participant
|---- | -------------------------------------------

The following provisions apply where, under
clause 15.7, the value of the Interest of a Defaulting Participant is required to be determined:



| | (a) | The Defaulting Participant and the Non-Defaulting Participants who have given an Exercise Notice must endeavour to agree the value of the Interest of the Defaulting Participant.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If the parties are unable to agree upon the value of the Interest of the Defaulting Participant within 14 days after the expiry of the Option
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------





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---

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| | Exercise Period, the parties must endeavour to agree upon the appointment of two suitably qualified and experienced persons to determine the value of the Interest of the Defaulting Participant (Valuers).
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | If the parties are unable to agree upon the appointment of the Valuers within 14 days after the expiry of the Option Exercise Period, then the Valuers will be two suitably qualified and experienced persons nominated by
the President (or Acting President) for the time being of the Minerals Council of Australia or their nominee at the request of Non-Defaulting Participants who have given an Exercise Notice.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The Valuers must be engaged on terms which require the Valuers to use their best endeavours to make independently a determination within 30 days after their appointment, or such other timeframes as the Defaulting
Participant and Non-Defaulting Participants who have given an Exercise Notice may agree.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Each Valuer will determine the value of the Interest of the Defaulting Participant, as at the date of the first Exercise Notice given, on the following basis:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the price that would have been paid by a knowledgeable and willing (but not anxious) buyer to a knowledgeable and willing (but not anxious) seller dealing at arms length;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | any Rehabilitation Obligations and Mine Closure Obligations relating to the Interest are to be taken into consideration;
| | ---- | ------------------------------------------------------------------------------------------------------------------------



| | (iii) | if the Interest is subject to the Royalty Deed and Royalty Security, the Permitted Security Interests and any other agreements, the obligations under those documents which apply to the Interest;
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | the Interest is to be valued on a stand-alone basis, and without taking into account any element of control that a Non-Defaulting Participant may obtain as a result of acquiring
all or part of the Defaulting Participants Interest in addition to the Non-Defaulting Participants existing Interest;
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | the valuation is to be determined independently and generally in accordance with the VALMIN Code of the Australian Institute of Mining and Metallurgy; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | otherwise the valuation methodologies to be applied are to be determined by the Valuer in its own discretion, taking into account usual and prudent industry practices.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | The value of the Interest of the Defaulting Participant will be deemed to be the average of the two Valuers determinations.
| | --- | ----------------------------------------------------------------------------------------------------------------------------



| | (g) | In making the determination, each Valuer will be deemed to be acting as an expert and not as an arbitrator, and the laws relating to commercial arbitration will not apply to either Valuer, the Valuers
determination or the means by which each Valuer makes the determination.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | (h) | Each party will be entitled to submit such evidence to each Valuer as the Valuer may reasonably allow or require, and will provide all information, written or oral, which the Valuer may reasonably request, provided
that:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | all oral evidence must be presented in the presence of the other parties; and
| | --- | -----------------------------------------------------------------------------



| | (ii) | copies of all written evidence must be given to all other parties.
| | ---- | ------------------------------------------------------------------



| | (i) | Each Valuer may consult such legal, technical and financial experts as the Valuer, in his or her absolute discretion, thinks fit.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



| | (j) | The costs of the Valuers, and of any legal, technical and financial experts consulted by the Valuers, will be borne by the Defaulting Participant.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | (k) | The determination of the Valuer will be final and binding on the parties without appeal so far as the law allows and except in the case of manifest error.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------



|15.9 | Remedies not exclusive
|---- | ----------------------



| | (a) | Each and every power and remedy given to the Non-Defaulting Participants in this clause 15 are in addition to every other power and remedy existing at law or in equity, and
each and every power and remedy may be exercised from time to time and simultaneously and as often and in such order as may be deemed expedient.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | All such powers and remedies will be cumulative, and the exercise of one will not be deemed a waiver of the right to exercise any other or others.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | No delay or omission in the exercise of any such power or remedy will impair any such power or remedy or will be construed to be a waiver of any default.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



|16 | Guarantee
|-- | ---------



|16.1 | Guarantee of GFAs obligations
|---- | ------------------------------



| | (a) | The GFA Guarantor acknowledges that it has received valuable consideration for entering into this document.
| | --- | -----------------------------------------------------------------------------------------------------------



| | (b) | Subject to clause 16.2,the GFA Guarantor unconditionally and irrevocably guarantees to the Participants and the Manager the due and punctual performance by GFA of its obligations under this document.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | As a separate undertaking, the GFA Guarantor indemnifies the Participants and the Manager and their respective Affiliates directors, officers, employees and agents against all Liabilities suffered or incurred by the
Participants or the Manager arising from, or in connection with, a breach by GFA of this document to the extent that GFA would have been liable for the same under this document.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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| | (d) | The GFA Guarantors liability under this clause 16is absolute and is not affected by anything which might operate to release or exonerate the GFA Guarantor in whole or in part including:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the grant to GFA of any time, waiver or other indulgence or concession;
| | --- | -----------------------------------------------------------------------



| | (ii) | any transaction or arrangement that may take place between any Participants, the Manager, GFA, the GFA Guarantor or any other person;
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the Participants and/or the Manager exercising or not exercising any other security or any of the rights conferred on it by law or under this document or any other agreement or failing to take security;
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | any discharge or release of any obligation of GFA, any other guarantor or any other person;
| | ---- | -------------------------------------------------------------------------------------------



| | (v) | any Insolvency, legal limitation, incapacity, disability, reorganisation, change in condition, nature or status or other circumstance related to GFA;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | GFAs obligations or any part of them becoming wholly or partially illegal, void or voidable, or unenforceable;
| | ---- | ---------------------------------------------------------------------------------------------------------------



| | (vii) | failure by the Participants and/or the Manager to give notice to the GFA Guarantor of any default by GFA under this document;
| | ----- | -----------------------------------------------------------------------------------------------------------------------------



| | (viii) | any laches, acquiescence, delay, acts or omissions on the part of the Participants and/or the Manager;
| | ------ | ------------------------------------------------------------------------------------------------------



| | (ix) | the transfer of all or any part of GFAs Interest to an Affiliate under clause 14.2;
| | ---- | ------------------------------------------------------------------------------------



| | (x) | any variation or novation of a right of the Participants and / or the Manager; and
| | --- | ----------------------------------------------------------------------------------



| | (xi) | any alteration of this document, or any agreement entered into in the performance of this document, with or without the consent of the GFA Guarantor.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Subject to clause 16.2, the guarantee and indemnity under this clause 16 is a continuing guarantee and indemnity.
| | --- | -----------------------------------------------------------------------------------------------------------------



| | (f) | In addition to the GFA Guarantors obligations as guarantor under this clause 16, the GFA Guarantor agrees that any obligations which may not be enforceable against it as guarantor will be enforceable
against it as if it were the principal obligor in respect of the obligation.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | This guarantee and indemnity under this clause 16may be enforced against the GFA Guarantor without the Participants and/or the Manager being required to exhaust any remedy it may have against GFA under this
document.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | If a Claim that a payment or transfer to the Participants and/or the Manager in connection with this document is void or voidable under laws
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------





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Corrs Chambers Westgarth



| | relating to insolvency or protection of creditors is upheld, conceded or compromised, then the Participants and / or the Manager is entitled immediately as against the GFA Guarantor to the rights to which it would have
been entitled under this clause 16 if all or part of the payment or transfer had not occurred.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|16.2 | Cessation of Guarantee
|---- | ----------------------

Provided the payments are not claimed by any person to be void
or voidable and that claim is upheld, the liability of the GFA Guarantor under this clause 16 will cease, and GFA Guarantor will be irrevocably released from the guarantee and indemnity under this clause 16, upon the last to occur of:



| | (a) | full and final payment to the Participants and / or the Manager of the Deferred Consideration payments under clause 9.7;
| | --- | ------------------------------------------------------------------------------------------------------------------------



| | (b) | GFA satisfying its sole funding obligations under clause 9.4(a);
| | --- | ----------------------------------------------------------------



| | (c) | 90 days after Completion of Project Development; and
| | --- | ----------------------------------------------------



| | (d) | 20 Business Days after the completion of any reconciliation process under clause 9.4(b).
| | --- | ----------------------------------------------------------------------------------------



|17 | Force Majeure
|-- | -------------



|17.1 | Force Majeure occurrence
|---- | ------------------------



| | (a) | If a party (Affected Party)is prevented or hindered by Force Majeure from fully or partly complying with any obligation (except for the payment of money) under this document, that obligation is suspended
for the duration of, and to the extent affected by, such Force Majeure.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If the Affected Party wishes to claim the benefit of this clause it must give prompt notice of the Force Majeure occurrence to the other Participants and the Manager including reasonable details of:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the Force Majeure occurrence and why it constitutes Force Majeure;
| | --- | ------------------------------------------------------------------



| | (ii) | the effect of the Force Majeure occurrence on the performance of the Affected Partys obligations; and
| | ---- | ------------------------------------------------------------------------------------------------------



| | (iii) | the likely duration of the delay in performance of those obligations.
| | ----- | ---------------------------------------------------------------------



| | (c) | The Affected Party must use its best endeavours to remove or overcome the cause and/or effect of the Force Majeure provided that nothing in this clause requires the Affected Party to:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | settle any strike, or other labour dispute; or
| | --- | ----------------------------------------------



| | (ii) | contest the validity or enforceability of any law or legally enforceable order by way of legal proceedings;
| | ---- | -----------------------------------------------------------------------------------------------------------

on terms not acceptable to it solely for the purpose of removing the event of Force Majeure.





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|Gruyere Project Joint Venture Agreement |  |  |  | page 95
|                                        |  |  |  |        



---

Corrs Chambers Westgarth





| | (d) | If the Force Majeure event cannot be removed or overcome to an extent that allows resumption of performance within 6 months (or such other period as the Participants agree) from the date the notice is given under
clause 17.1(b)(i), the Participants must consider and determine whether this document should be modified or terminated.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Notwithstanding the Force Majeure, the Participants must continue to pay any Called Sum called by the Manager in accordance with clauses 9.3and9.8 to the extent such monies are necessary to maintain the
Joint Venture Assets in good condition and keep the Titles in good standing in accordance with Good Australian Mining Practice.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



|18.1 | Representations and warranties
|---- | ------------------------------



| | (a) | Each Participant represents and warrants to each other Participant that:
| | --- | ------------------------------------------------------------------------



| | (i) | it has capacity unconditionally to execute and deliver and comply with its obligations under this document;
| | --- | -----------------------------------------------------------------------------------------------------------



| | (ii) | it has taken all necessary action to authorise the unconditional execution and delivery of, and the compliance with its obligations under, this document;
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | this document constitutes its valid and legally binding obligations and is enforceable against it by any other party in accordance with its terms; and
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | its unconditional execution and delivery of, and compliance with its obligations under, this document do not contravene:
| | ---- | ------------------------------------------------------------------------------------------------------------------------



| | (A) | any Law to which it or any of its property is subject or any order or directive from a Government Agency binding on it or any of its property; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | its constituent documents, any agreement or instrument to which it is a party or any obligation to any other person.
| | --- | --------------------------------------------------------------------------------------------------------------------



| | (b) | The warranties and representations given under clause 18.1(a) are continuing obligations for the term of this document.
| | --- | -----------------------------------------------------------------------------------------------------------------------



|18.2 | Duty
|---- | ----



| | (a) | Except as expressly stated otherwise in this document, the Manager, as between the parties, is liable for and must pay all duty (including any fine, interest or penalty except where it arises from default by another
party) on or relating to this document, any document executed under it or any dutiable transaction evidenced or effected by it.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If a party other than the Manager pays any duty (including any fine, interest or penalty) on or relating to this document, any document executed under it or any dutiable transaction evidenced or effected by it, the
Managermust pay that amount to the paying party on demand.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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|Gruyere Project Joint Venture Agreement |  |  |  | page 96
|                                        |  |  |  |        



---

Corrs Chambers Westgarth





| | (c) | All amounts payable by the Manager under clauses 18.2(a) and 18.2(b) above will form part of Costs.
| | --- | ---------------------------------------------------------------------------------------------------



|18.3 | Legal costs
|---- | -----------



| | (a) | Except as expressly stated otherwise in this document, each party must pay its own legal and other costs and expenses of negotiating, preparing, executing and performing its obligations under this document.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The legal costs of the Manager in negotiating, preparing, and executing this document do not form part of Costs, however the legal costs of the Manager in performing its obligations under this document form part of
Costs.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|18.4 | No liability for consequential losses
|---- | -------------------------------------

Except in the case of Wilful Misconduct or Gross
Negligence, no Participant will be liable to the other Participants in any circumstances for any loss of use, loss of revenue, loss of profit, loss of production, business interruption, loss of business opportunity, loss of savings, loss of use of
capital or loss of good will, arising out of or in connection with this document, whether or not foreseeable at the Effective Date.



|18.5 | Amendment
|---- | ---------

This document may only be varied or replaced by a document executed by the
parties.



|18.6 | Waiver and exercise of rights
|---- | -----------------------------



| | (a) | A single or partial exercise or waiver by a party of a right relating to this document does not prevent any other exercise of that right or the exercise of any other right.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | A party is not liable for any loss, cost or expense of any other party caused or contributed to by the waiver, exercise, attempted exercise, failure to exercise or delay in the exercise of a right.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|18.7 | Rights cumulative
|---- | -----------------

Except as expressly stated otherwise in this document, the rights of
a party under this document are cumulative and are in addition to any other rights of that party.



|18.8 | Certain rights are personal to GOR
|---- | ----------------------------------



| | (a) | The rights under the following clause are personal to GOR and assignees who are Affiliates of GOR:
| | --- | --------------------------------------------------------------------------------------------------



| | (i) | (Exploration) right to be delegated management of exploration activities under clause 6.5(b)andschedule 5;
| | --- | ----------------------------------------------------------------------------------------------------------



| | (ii) | (GFA Cash Call Funding) GFA Funding for Significant New Called Sum under clause 9.6;
| | ---- | ------------------------------------------------------------------------------------



| | (iii) | (GOR Financial Support) GFA providing support or funding to GOR under clause 13,
| | ----- | --------------------------------------------------------------------------------





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|--------------------------------------- |  |  |  | ------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 97
|                                        |  |  |  |        



---

Corrs Chambers Westgarth



| | and cannot be assigned by GOR to any party other than to an Affiliate of GOR in accordance with clause 14.2.
| | ------------------------------------------------------------------------------------------------------------



| | (b) | The rights referred to above cease on the first to occur of:
| | --- | ------------------------------------------------------------



| | (i) | the date on which neither GOR nor any of its Affiliates are Participants;
| | --- | -------------------------------------------------------------------------



| | (ii) | where GOR has assigned its Interest to an Affiliate in accordance with clause 14.2, the date on which clause 14.2(c) applies unless clause 14.2(d) applies;
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | if an event under clause 14.2(d) has occurred, the entity that was the Affiliate of GOR (Permitted Assignee) has a market capitalisation of $1,000,000,000 or more based on the closing share price on the
securities exchange on which it is listed for 2 or more consecutive trading days; or
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | the date there is a Change in Control of GOR or, after an event under clause 14.2(d) has occurred, there is a Change in Control of the Permitted Assignee,
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------

(the GOR Benefits End Date) and the following will apply to GOR, its assignee who is an Affiliate of GOR or the Permitted Assignee (as
applicable) (Relevant Party):



| | (v) | the Relevant Party must hand over management of the exploration activities to the Manager in accordance with schedule 5;
| | --- | ------------------------------------------------------------------------------------------------------------------------



| | (vi) | the Relevant Party may make no further requests for funding under clauses 9.6 or 13;
| | ---- | ------------------------------------------------------------------------------------



| | (vii) | the Relevant Party must repay all amounts lent from GFA under clause 9.6as soon as practicable and in any event no later than the earlier of the due date for payment and 30 days after the GOR Benefits End Date;
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (viii) | the Relevant Party must repay all amounts lent from GFA under clause 13 as soon as practicable and in any event no later than the earlier of the due date for payment and 30 days after the GOR Benefits End Date;
and
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ix) | the Relevant Party must use reasonable endeavours to:
| | ---- | -----------------------------------------------------



| | (A) | replace all financial securities and assurances provided by GFA or its Affiliates for the benefit of any Relevant Party under clause 13; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | ensure that GFA and its Affiliates are fully released from the same to the extent of the Relevant Partys former Interest,
| | --- | --------------------------------------------------------------------------------------------------------------------------

as soon as reasonably practicable and in any event within 60 days after the GOR Benefits End Date:





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|Gruyere Project Joint Venture Agreement |  |  |  | page 98
|                                        |  |  |  |        



---

Corrs Chambers Westgarth





| | (c) | Where financial securities and assurances are required to be replaced under clause 18.8(b)(ix) and this has not occurred by the required deadline, the Relevant Party must:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | continue to use all reasonable endeavours to procure the replacement in accordance with clause 18.8(b)(ix) as soon as reasonably practicable; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | if any of the financial securities and assurances are not replaced under clause 18.8(b)(ix) then, from the GOR Benefits End Date until replacement the Relevant Party indemnifies GFA and its Affiliates, directors,
officers, employees and agents from and against any Liabilities suffered or incurred by GFA and its Affiliates arising directly or indirectly from, or in connection with the failure to replace the financial securities and assurances.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|18.9 | Consents
|---- | --------

Except as expressly stated otherwise in this document, a party may
conditionally or unconditionally give or withhold any consent to be given under this document and is not obliged to give its reasons for doing so.



|18.10 | Further steps
|----- | -------------



| | (a) | Each party must promptly do whatever any other party reasonably requires of it to give effect to this document and to perform its obligations under it.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Without limiting clause 18.10(a) each Participant agrees to make such amendments to the Joint Venture Documents, to provide such further information and to do such other things, as any of the other Participants
may require from time to time to:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | ensure that any security interest created by this document is fully effective, enforceable and perfected with the contemplated priority;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | ensure that any security interest created by this document is perfected by control to the extent possible under the PPS Act; and
| | ---- | --------------------------------------------------------------------------------------------------------------------------------



| | (iii) | otherwise to the fullest possible extent, register, protect, perfect, record and maintain each Participants position as contemplated by this document under any security interest created by this document in the
context of the PPS Act.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|18.11 | Governing law and jurisdiction
|----- | ------------------------------



| | (a) | This document is governed by and is to be construed in accordance with the laws applicable in Western Australia.
| | --- | ----------------------------------------------------------------------------------------------------------------



| | (b) | Each party irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts exercising jurisdiction in Western Australia and any courts which have
jurisdiction to hear appeals from any of those courts and waives any right to object to any proceedings being brought in those courts.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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|--------------------------------------- |  |  |  | ------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 99
|                                        |  |  |  |        



---

Corrs Chambers Westgarth





|18.12 | Counterparts
|----- | ------------

This document may consist of a number of counterparts and, if so, the
counterparts taken together constitute one document.



|18.13 | Entire understanding
|----- | --------------------



| | (a) | This document contains the entire understanding between the parties as to the subject matter of this document.
| | --- | --------------------------------------------------------------------------------------------------------------



| | (b) | All previous negotiations, understandings, representations, warranties, memoranda or commitments concerning the subject matter of this document are merged in and superseded by this document and are of no effect. No
party is liable to any other party in respect of those matters.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | No oral explanation or information provided by any party to another:
| | --- | --------------------------------------------------------------------



| | (i) | affects the meaning or interpretation of this document; or
| | --- | ----------------------------------------------------------



| | (ii) | constitutes any collateral agreement, warranty or understanding between any of the parties.
| | ---- | -------------------------------------------------------------------------------------------



|18.14 | Severability
|----- | ------------



| | (a) | Subject to clause 18.14(b), if a provision of this document is illegal or unenforceable in any relevant jurisdiction, it may be severed for the purposes of that jurisdiction without affecting the enforceability
of:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the other provisions of this document in that jurisdiction; or
| | --- | --------------------------------------------------------------



| | (ii) | this document, including that provision, in other jurisdictions.
| | ---- | ----------------------------------------------------------------



| | (b) | Clause 18.14(a) does not apply if severing the provision:
| | --- | ---------------------------------------------------------



| | (i) | materially alters the:
| | --- | ----------------------



| | (A) | scope and nature of this document; or
| | --- | -------------------------------------



| | (B) | the relative commercial or financial positions of the parties; or
| | --- | -----------------------------------------------------------------



| | (ii) | would be contrary to public policy.
| | ---- | -----------------------------------



|18.15 | PPS Act
|----- | -------



| | (a) | Each party waives the right to receive any notice under the PPS Act (including a notice of verification statement) unless the notice is required under the PPS Act and the obligation to give it cannot be excluded.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The parties agree to contract out of each provision of the PPS Act that sections 115(2) and 115(7) of the PPS Act permits them to contract out of, other than section 135 of the PPS Act.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Unless expressed to the contrary, a reference to a term which is defined in the PPS Act has the meaning it has in the PPS Act.
| | --- | ------------------------------------------------------------------------------------------------------------------------------



|18.16 | Construction
|----- | ------------

Unless expressed to the contrary, in this document:



| | (a) | words in the singular include the plural and vice versa;
| | --- | --------------------------------------------------------





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|Gruyere Project Joint Venture Agreement |  |  |  | page 100
|                                        |  |  |  |         



---

Corrs Chambers Westgarth





| | (b) | any gender includes the other genders;
| | --- | --------------------------------------



| | (c) | if a word or phrase is defined its other grammatical forms have corresponding meanings;
| | --- | ---------------------------------------------------------------------------------------



| | (d) | includes means includes without limitation;
| | --- | ---------------------------------------------



| | (e) | no rule of construction will apply to a clause to the disadvantage of a party merely because that party put forward the clause or would otherwise benefit from it;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | a reference to:
| | --- | ---------------



| | (i) | a person includes a partnership, joint venture, unincorporated association, corporation and a government or statutory body or authority;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | subject to clause 18.8, a person includes the persons legal personal representatives, successors, permitted assigns and persons substituted by novation;
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | any legislation includes subordinate legislation under it and includes that legislation and subordinate legislation as modified or replaced;
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | an obligation includes a warranty or representation and a reference to a failure to comply with an obligation includes a breach of warranty or representation;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | a right includes a benefit, remedy, discretion or power;
| | --- | --------------------------------------------------------



| | (vi) | time is to local time in Perth;
| | ---- | -------------------------------



| | (vii) | $ or dollars is a reference to Australian currency;
| | ----- | -------------------------------------------------------



| | (viii) | this or any other document includes the document as novated, varied or replaced and despite any change in the identity of the parties;
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------



| | (ix) | writing includes any mode of representing or reproducing words in tangible and permanently visible form, and includes fax transmissions;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (x) | an obligation includes a warranty or representation, and a reference to a failure to observe or perform an obligation includes a breach of warranty or representation;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xi) | this document includes all schedules and annexures to it; and
| | ---- | -------------------------------------------------------------



| | (xii) | a clause, schedule or annexure is a reference to a clause, schedule or annexure, as the case may be, of this document;
| | ----- | ----------------------------------------------------------------------------------------------------------------------



| | (g) | provisions or terms of this document or another document, agreement, understanding or arrangement include a reference to both express and implied provisions and terms;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------





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|Gruyere Project Joint Venture Agreement |  |  |  | page 101
|                                        |  |  |  |         



---

Corrs Chambers Westgarth





| | (h) | a reference to anything (including, without limitation, any amount) is a reference to the whole or any part of it and a reference to a group of things or persons is a reference to any one or more of them;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | a reference to any authority, association or body (whether statutory or otherwise) will, if any such authority, association or body ceases to exist or is re-constituted, re-named or replaced or the powers or functions of such authority, association or body are transferred to any other authority, association or body, be deemed to refer respectively to the authority, association or
body established or constituted in its place or which most closely succeeds to its powers or functions;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | if the date on or by which any act must be done under this document is not a Business Day, the act must be done on or by the next Business Day; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------



| | (k) | where time is to be calculated by reference to a day or event, that day or the day of that event is excluded.
| | --- | -------------------------------------------------------------------------------------------------------------



|18.17 | Headings
|----- | --------

Headings do not affect the interpretation of this document.



|18.18 | Adjustment of Thresholds
|----- | ------------------------



| | (a) | At the start of each Financial Year (commencing 1 January 2018), all financial based thresholds referred to in this document will be increased by the same percentage that the CPI has increased since the last 1
January.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The initial index number for calculating the percentage increase of the CPI as at 1 January 2018 is 108.6.
| | --- | ----------------------------------------------------------------------------------------------------------



|19 | Notices
|-- | -------



|19.1 | General
|---- | -------

A notice, demand, certification, process or other communication relating to
this document must be in writing in English and may be given by an agent of the sender.



|19.2 | How to give a communication
|---- | ---------------------------

In addition to any other lawful means, a communication may
be given by being:



| | (a) | personally delivered;
| | --- | ---------------------



| | (b) | left at the partys current delivery address for notices;
| | --- | ---------------------------------------------------------



| | (c) | sent to the partys current postal address for notices by pre-paid ordinary mail or, if the address is outside Australia, by pre-paid
airmail;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | sent by email to the partys current email address for notices; or
| | --- | ------------------------------------------------------------------



| | (e) | sent by such other form of communication as the Participants and the Manager may from time to time agree.
| | --- | ---------------------------------------------------------------------------------------------------------





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|Gruyere Project Joint Venture Agreement |  |  |  | page 102
|                                        |  |  |  |         



---

Corrs Chambers Westgarth





|19.3 | Particulars for delivery of
|---- | ---------------------------



| | (a) | The particulars for delivery of notices are initially:
| | --- | ------------------------------------------------------



| | (i) | in the case of GOR or the Manager until the end of the Transition Period:
| | --- | -------------------------------------------------------------------------



|                  |  |                                                        
|----------------- |  | -------------------------------------------------------
|Delivery address: |  | Level 2, 26 Colin Street                               
|                  |  | West Perth WA 6005                                     
|                  | 
|Postal address:   |  | PO Box 1157                                            
|                  |  | West Perth WA 6872                                     
|                  | 
|Email:            |  | perth@goldroad.com.au ; and 
Ian.murray@goldroad.com.au
|                  | 
|Attention:        |  | Marked FOR URGENT ATTENTION OF                       
|                  |  | Managing Director and Company Secretary                



| | (i) | in the case of GFA, GFA Guarantor or the Manager after the Transition Period::
| | --- | ------------------------------------------------------------------------------



|                  |  |                                    
|----------------- |  | -----------------------------------
|Delivery address: |  | Level 5, 50 Colin Street           
|                  |  | West Perth WA 6005                 
|                  | 
|Postal address:   |  | PO Box 628                         
|                  |  | West Perth WA 6872                 
|                  | 
|Email:            |  | GFA.CompanySecretary@goldfields.com
|                  | 
|Attention:        |  | Company Secretary                  



| | (b) | Each party may change its particulars for delivery of notices by notice to each other party.
| | --- | --------------------------------------------------------------------------------------------



|19.4 | Communications by post
|---- | ----------------------

Subject to clause 19.7, a communication is given
if posted:



| | (a) | within Australia to an Australian postal address, three Business Days after posting; or
| | --- | ---------------------------------------------------------------------------------------



| | (b) | outside of Australia to an Australian postal address or within Australia to an address outside of Australia, ten Business Days after posting.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------



|19.5 | Communications by email
|---- | -----------------------



| | (a) | Subject to clause 19.7, a communication is given if sent by email, upon the earlier of:
| | --- | ---------------------------------------------------------------------------------------



| | (i) | the time the sender receives an automated message from the intended recipients information system confirming delivery of the email;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the time that the email is first opened or read by the intended recipient, or an employee or officer of the intended recipient; and
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------



| | (iii) | four hours after the time the email is sent (as recorded on the device from which the sender sent the email)
unless the sender
| | ----- | ------------------------------------------------------------------------------------------------------------------------------





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|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 103
|                                        |  |  |  |         



---

Corrs Chambers Westgarth



| | receives, within that four hour period, an automated message that the email has not been delivered.
| | ---------------------------------------------------------------------------------------------------



| | (b) | Despite anything to the contrary in this document, the following communications must not be given by email:
| | --- | -----------------------------------------------------------------------------------------------------------



| | (i) | a Funding Notice given under clause 9.6;
| | --- | ----------------------------------------



| | (ii) | a notice given by GFA under clauses 9.6(a)(v)or9.6(b)(v);
| | ---- | ---------------------------------------------------------



| | (iii) | a notice given by the Manager under clause 15.2(a) or any Participant under clause 15.2(c); and
| | ----- | -----------------------------------------------------------------------------------------------



| | (iv) | an EOD Notice given under clause 15.7.
| | ---- | --------------------------------------



|19.6 | Process service
|---- | ---------------

Any process or other document relating to litigation, administrative or
arbitral proceedings in relation to this document may be served by any method contemplated by this clause 19or in accordance with any applicable law.



|19.7 | After hours communications
|---- | --------------------------

If a communication is given:



| | (a) | after 5.00 pm in the place of receipt; or
| | --- | -----------------------------------------



| | (b) | on a day which is a Saturday, Sunday or bank or public holiday in the place of receipt,
| | --- | ---------------------------------------------------------------------------------------

it is
taken to have been given at 9.00am on the next day which is not a Saturday, Sunday or bank or public holiday in that place.



|20 | GST
|-- | ---



|20.1 | Construction
|---- | ------------

In this clause 20:



| | (a) | unless there is a contrary indication, words and expressions which are not defined in this document but which have a defined meaning in the GST Law have the same meaning as in the GST Law;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | GST Law has the same meaning given to that expression in the A New Tax System (Goods and Services Tax) Act 1999 (Cth) or, if that Act does not exist for any reason, means any Act imposing or relating to
the imposition or administration of a goods and services tax in Australia and any regulation made under that Act; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | references to GST payable and input tax credit entitlements include:
| | --- | --------------------------------------------------------------------



| | (i) | notional GST payable by, and notional input tax credit entitlements of the Commonwealth, a State or a Territory (including a government, government body, authority, agency or instrumentality of the Commonwealth, a State
or a Territory); and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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|                                        |  |  |  |         



---

Corrs Chambers Westgarth





| | (ii) | GST payable by, and the input tax credit entitlements of, the representative member of a GST group of which the entity is a member.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------



|20.2 | Consideration GST exclusive
|---- | ---------------------------

Unless otherwise expressly stated, all consideration,
whether monetary or non-monetary, payable or to be provided under or in connection with this document is exclusive of GST (GST-ExclusiveConsideration).



|20.3 | Payment of GST
|---- | --------------

If GST is or becomes payable on any supply made by:



| | (a) | a party; or
| | --- | -----------



| | (b) | an entity that is taken under the GST Law to make the supply by reason of the capacity in which a party acts,
| | --- | -------------------------------------------------------------------------------------------------------------

(Supplier) under or in connection with this document, the recipient of the supply, or the party providing the consideration for the
supply, must pay to the Supplier an amount equal to the GST payable on the supply as calculated in accordance with the GST Law, subject to clause 20.5.



|20.4 | Timing of GST payment
|---- | ---------------------

The amount referred to in clause 20.3 must be paid in
addition to and at the same time and in the same manner (without any set-off or deduction) that the GST-Exclusive Consideration for the supply is payable or to be
provided.



|20.5 | Tax invoice
|---- | -----------

The Supplier must deliver a tax invoice or an adjustment note to the
recipient of a taxable supply before the Supplier is entitled to payment of an amount under clause 20.3.



|20.6 | Adjustment event
|---- | ----------------

If an adjustment event arises in respect of a supply made by a
Supplier under or in connection with this document, any amount that is payable under clause 20.3 will be calculated or recalculated to reflect the adjustment event and a payment will be made by the recipient to the Supplier or by the Supplier
to the recipient as the case requires.



|20.7 | Reimbursements
|---- | --------------

Notwithstanding any other provision in this document, where a party is
required under or in connection with this document to pay for, reimburse or contribute to any expense, loss, liability or outgoing suffered or incurred by another party or indemnify another party in relation to such an expense, loss, liability or
outgoing (ReimbursableExpense), the amount required to be paid, reimbursed or contributed by the first party will be reduced by the amount of any input tax credits to which the other party (or the representative member
of the GST group of which the other party is a member) is entitled in respect of the Reimbursable Expense.





|                                        |  |  |  |          |  | 
|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 105
|                                        |  |  |  |         



---

Corrs Chambers Westgarth





|20.8 | Calculations based on other amounts
|---- | -----------------------------------

If an amount of consideration payable or to be
provided under or in connection with this document is to be calculated by reference to any price, value, sales, proceeds, revenue or similar amount (Revenue), that reference will be to that Revenue determined by deducting from it an amount
equal to the GST payable on the supply for which it is consideration.



|20.9 | No merger
|---- | ---------

This clause 20 does not merge on the completion, rescission or other
termination of this document or on the transfer of any property supplied under this document.



|20.10 | GST joint venture
|----- | -----------------

The parties will, in good faith, consider taking action to register
the Joint Venture as a GST joint ventureafter the Effective Date. If the Joint Venture is registered as a GST joint venture then the parties contemplate that the Manager will be responsible for administration of any GST.



|21 | Expert determination
|-- | --------------------



|21.1 | When appointed
|---- | --------------

Wherever under this document:



| | (a) | any matter is expressly to be referred to an Expert; or
| | --- | -------------------------------------------------------



| | (b) | the parties agree that a point of difference between them will be resolved by an Expert,
| | --- | ----------------------------------------------------------------------------------------

then
unless specifically provided otherwise, the matter in issue will be referred to an Expert for determination and this clause will apply. Unless otherwise agreed by the parties to the dispute, any Expert appointed under this document must be someone
who is independent of the parties to the dispute, does not have an interest or duty which conflicts or may conflict with the functions as the expert and is not an employee, representative of a person that provides consultancy services on a regular
basis to any party to the dispute.



|21.2 | Appointment
|---- | -----------

The procedure for the appointment of an Expert will be as follows:



| | (a) | the party wishing the appointment to be made will give notice in writing to that effect to the other parties and give details of the matter which it proposes will be resolved by the Expert;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | within 10 Business Days from the date of that notice, the parties will meet in an endeavour to agree upon a single Expert (who will be independent of the parties and will have qualifications and experience appropriate
to the matter in dispute) to whom the matter in dispute will be referred for determination; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 106
|                                        |  |  |  |         



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Corrs Chambers Westgarth





| | (c) | if within that 10 Business Days the parties fail to agree upon the appointment of a single Expert then any party may request the nomination of an Expert by:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the President of the Australasian Institute of Mining and Metallurgy to appoint the Expert, if the subject matter of the dispute relates to a technical issue;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the President of the Institute of Chartered Accountants in Australia, if the subject matter of the dispute relates to a financial issue;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the President of the Western Australian Law Society, if the subject matter of the dispute relates to a legal issue; and
| | ----- | -----------------------------------------------------------------------------------------------------------------------



| | (iv) | the National Chairman of the Australian Institute of Company Directors, if the subject matter of the dispute relates to any other issue,
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------

(collectively an Independent Body), which nominee the parties must appoint.



| | (d) | If an Independent Body fails to nominate an Expert within 10 Business Days of being requested to do so, or otherwise refuses to make such an appointment, then any party may request the nomination of an Expert by the
President of the Institute of Arbitrators & Mediators Australia, which nominee the parties must appoint.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|21.3 | Instructions
|---- | ------------

The Expert will be instructed to:



| | (a) | determine the dispute within the shortest practicable time; and
| | --- | ---------------------------------------------------------------



| | (b) | deliver a report stating his opinion with respect to the matters in dispute and setting out the reasons for the decision.
| | --- | -------------------------------------------------------------------------------------------------------------------------



|21.4 | Procedure
|---- | ---------



| | (a) | The Expert will determine the procedures for the conduct of the process in order to resolve the dispute and must provide each party with a fair opportunity to make submissions in relation to the matter in issue.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Any process or determination of the dispute by the Expert will be made as an expert and not as an arbitrator and the determination of the Expert will be final and binding on the parties without appeal so far as the law
allows and except in the case of manifest error or where a party to the matter in issue has not been provided with a fair opportunity to make submissions in relation to the matter in issue.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|21.5 | Costs
|---- | -----

Each party will bear its own costs of and incidental to any proceedings under
this clause 21. The costs of the Expert will be Costs, except as otherwise may be provided in this document.





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|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 107
|                                        |  |  |  |         



---

Corrs Chambers Westgarth





|22 | Dispute resolution
|-- | ------------------



|22.1 | Dispute resolution process
|---- | --------------------------

Except to the extent otherwise expressly referred to Expert
determination in accordance with clause 21 or otherwise expressly prescribed by this document in relation to particular types of dispute, the parties must deal with any dispute, controversy, claim or difference (Dispute) arising out
of, connected with or relating to this document or any breach, termination or claimed invalidity of this document in accordance with the dispute resolution process set out in this clause 22.



|22.2 | Dispute Notice
|---- | --------------



| | (a) | A party claiming a Dispute (Initiating Party) must give notice (Dispute Notice) to the other party which:
| | --- | ---------------------------------------------------------------------------------------------------------



| | (i) | identifies the subject matter of the Dispute; and
| | --- | -------------------------------------------------



| | (ii) | designates a senior representative for the Dispute who will have the authority to settle the Dispute on its behalf; and
| | ---- | -----------------------------------------------------------------------------------------------------------------------



| | (b) | the other party must then promptly designate, by notice to the Initiating party, its senior representative for the Dispute who will have authority to settle the Dispute on its behalf.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|22.3 | Meeting of the parties designated representatives
|---- | --------------------------------------------------

The parties designated
representatives must meet and use all reasonable endeavours acting in good faith to resolve the Dispute, within 5 Business Days after the receipt of the Dispute Notice.



|22.4 | Meeting of Senior Executives and Chief Executive Officers
|---- | ---------------------------------------------------------



| | (a) | If the Dispute is not resolved under clause 22.3, then within 10 Business Days of the Dispute Notice, a senior executive of the Ultimate Holding Company of each party to the Dispute (Disputing Parties)
must meet and use all reasonable endeavours acting in good faith to resolve the Dispute.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If the Dispute is not resolved under clause 22.4(a), then within 20 Business Days of the date the Dispute Notice has been given, each chief executive officer of the Ultimate Holding Company of each Disputing
party must meet and use all reasonable endeavours acting in good faith to resolve the Dispute.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | A party may not commencecourt proceedings in respect of the Dispute until the steps under clauses 22.3, 22.4(a) and 22.4(b) have been taken and one or other of the chief executive officers
of the Ultimate Holding Companies of the Disputing Parties states that they consider that the Dispute will not be resolved within 40 Business Days from the date of the Dispute Notice.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





|                                        |  |  |  |          |  | 
|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 108
|                                        |  |  |  |         



---

Corrs Chambers Westgarth





|22.5 | Urgent interlocutory relief
|---- | ---------------------------

This clause 22 does not prevent a party from seeking
urgent interlocutory relief from a court of competent jurisdiction where, in that partys reasonable opinion, that action is necessary to protect that partys rights.



|23 | First Right of Refusal  GOR
|-- | ----------------------------



|23.1 | Application
|---- | -----------



| | (a) | The clause applies whenever the Management Committee pursuant to a Special Majority Decision determines to:
| | --- | -----------------------------------------------------------------------------------------------------------



| | (i) | relinquishment or surrender any Title, other than any relinquishment or surrender required by the Act or the terms or conditions of the Title (RelinquishedTitle); or
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | sell or dispose of any significant capital item of plant or equipment forming part of the Joint Venture Assets (AbandonedAsset).
| | ---- | --------------------------------------------------------------------------------------------------------------------------------



| | (b) | If any other party has rights of first refusal (or similar right) in relation to any Title or Abandoned Assets under a native title agreement entered into prior to the Effective Date or with the approval of the
Management Committee by Special Majority Decision, this clause applies only to the extent that the Title or Abandoned Asset, as the case may be, is not acquired under those agreements.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|23.2 | Right of first refusal
|---- | ----------------------



| | (a) | Neither the Participants nor the Manager may effect the surrender or relinquishment of the Relinquished Title or the sale or other disposal of the Abandoned Asset unless it has first been offered to GOR free of Security
Interests other than the Permitted Security Interests (except for the security interest listed in paragraph (g) of that definition) and any contractual obligations of the Participants that purport to run with the Relinquished Title and for, in
the case of the Relinquished Title, a consideration of one dollar and, in the case of the Abandoned Assets, the reasonable market value as determined by the Management Committee.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The offer must be made in writing and will stand open for acceptance by GOR by written notice to the Manager for 30 Business Days after receipt of the offer by GOR.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | If GOR accepts the offer within that time then the Participants and the Manager will transfer the Relinquished Title or Abandoned Asset, as applicable, to GOR in exchange for the relevant consideration. GOR must prepare
all of the necessary documents and bear all of the costs required to effect such transfer.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | If GOR does not accept the offer within that time then the Manager or the Participants (as applicable) may
proceed with the surrender or relinquishment of the Relinquished Title or the sale or other disposal of
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 109
|                                        |  |  |  |         



---

Corrs Chambers Westgarth



| | the Abandoned Asset, provided that any sale or disposal of an Abandoned Asset is for a price not less than the price offered to GOR.
| | ------------------------------------------------------------------------------------------------------------------------------------



| | (e) | This clause take priority over the rights and obligations of the parties under the Royalty Deed and Royalty Security.
| | --- | ---------------------------------------------------------------------------------------------------------------------



| | (f) | GFA and GOR agree that while GOR remains both a Participant and the party entitled to receive the royalty under the Royalty Deed, GOR agrees that if an offer is made under this clause 23.2 and GOR does not accept
that offer then there is no obligation to make any similar offer under either the Royalty Deed and Royalty Security.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





|                                        |  |  |  |          |  | 
|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 110
|                                        |  |  |  |         



---

Corrs Chambers Westgarth



Execution

Executed as an agreement.



|                                                                  |  |   |  | 
|----------------------------------------------------------------- |  | - |  | 
|Executedby Gold Road Resources                                    |  | ) |  | 
|Limitedin accordance with section 127 of the Corporations Act by: |  | ) |  | 



|                                           |  |  |  |                         
|------------------------------------------ |  |  |  | ------------------------
|/s/ Tim Netscher                           |  |  |  | /s/ Justin Osborne      
|Company Secretary/Director                 |  |  |  | Director                
|                                           |  | 
|Tim Netscher                               |  |  |  | Justin Osborne          
|Name of Company Secretary/Director (print) |  |  |  | Name of Director (print)



|                                                                          |  |   |  | 
|------------------------------------------------------------------------- |  | - |  | 
|Executedby Gruyere Mining                                                 |  | ) |  | 
|Company Pty Ltdin accordance with section 127 of the Corporations Act by: |  | ) |  | 



|                                           |  |  |  |                         
|------------------------------------------ |  |  |  | ------------------------
|/s/ Stuart J. Mathews                      |  |  |  | /s/ Cornelus W Du Toit  
|Company Secretary/Director                 |  |  |  | Director                
|                                           |  | 
|Stuart J. Mathews                          |  |  |  | Cornelus W Du Toit      
|Name of Company Secretary/Director (print) |  |  |  | Name of Director (print)



|                                                                  |  |   |  | 
|----------------------------------------------------------------- |  | - |  | 
|Executedby Gruyere Management                                     |  | ) |  | 
|Pty Ltdin accordance with section 127 of the Corporations Act by: |  | ) |  | 



|                                           |  |  |  |                         
|------------------------------------------ |  |  |  | ------------------------
|/s/ Stuart J. Mathews                      |  |  |  | /s/ Cornelus W Du Toit  
|Company Secretary/Director                 |  |  |  | Director                
|                                           |  | 
|Stuart J. Mathews                          |  |  |  | Cornelus W Du Toit      
|Name of Company Secretary/Director (print) |  |  |  | Name of Director (print)





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|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 111
|                                        |  |  |  |         



---

Corrs Chambers Westgarth



|                                   |  |   |  | 
|---------------------------------- |  | - |  | 
|Executedby Gold Fields Australia   |  | ) |  | 
|Pty Ltd ABN 91 098 385 285in       |  | ) |  | 
|accordance with section 127 of the |  |   |  | 
|Corporations Act by:               |  |   |  | 



|                                           |  |  |  |                         
|------------------------------------------ |  |  |  | ------------------------
|/s/ Stuart J. Mathews                      |  |  |  | /s/ Cornelus W Du Toit  
|Company Secretary/Director                 |  |  |  | Director                
|                                           |  | 
|Stuart J. Mathews                          |  |  |  | Cornelus W Du Toit      
|Name of Company Secretary/Director (print) |  |  |  | Name of Director (print)





|                                        |  |  |  |          |  | 
|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 112
|                                        |  |  |  |         



---

Corrs Chambers Westgarth



Schedule 1

Titles

Gruyere project tenements



|                |  |             |  |                
|--------------- |  | ----------- |  | ---------------
|Tenement Number |  | Status      |  | Reporting Group
|                |  |            
|E38/1932        |  | Granted     |  | C267/1994      
|                |  |            
|E38/3076        |  | Application |  |                
|                |  |            
|M38/1267        |  | Granted     |  |                
|                |  |            
|L38/180         |  | Granted     |  |                
|                |  |            
|L38/210         |  | Granted     |  |                
|                |  |            
|L38/211         |  | Granted     |  |                
|                |  |            
|L38/233         |  | Granted     |  |                
|                |  |            
|L38/235         |  | Granted     |  |                
|                |  |            
|L38/237         |  | Granted     |  |                
|                |  |            
|L38/250         |  | Application |  |                
|                |  |            
|L38/251         |  | Granted     |  |                
|                |  |            
|L38/252         |  | Application |  |                
|                |  |            
|L38/253         |  | Application |  |                
|                |  |            
|L38/254         |  | Granted     |  |                
|                |  |            
|L38/255         |  | Granted     |  |                
|                |  |            
|L38/256         |  | Granted     |  |                
|                |  |            
|L38/259         |  | Application |  |                
|                |  |            
|L38/260         |  | Application |  |                
|                |  |            
|L38/265         |  | Application |  |                
|                |  |            
|L38/266         |  | Application |  |                
|                |  |            
|L38/267         |  | Application |  |                
|                |  |            
|L38/268         |  | Application |  |                
|                |  |            
|L38/269         |  | Application |  |                
|                |  |            
|L38/270         |  | Application |  |                
|                |  |            
|L38/271         |  | Application |  |                





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|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 113
|                                        |  |  |  |         



---

Corrs Chambers Westgarth



|                |  |             |  |                
|--------------- |  | ----------- |  | ---------------
|Tenement Number |  | Status      |  | Reporting Group
|                |  |            
|L38/272         |  | Application |  |                
|                |  |            
|L38/273         |  | Application |  |                
|                |  |            
|L38/274         |  | Application |  |                
|                |  |            
|L38/275         |  | Application |  |                
|                |  |            
|L38/276         |  | Application |  |                





|                                        |  |  |  |          |  | 
|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 114
|                                        |  |  |  |         



---

Corrs Chambers Westgarth



|                                                  |  |         |  |                
|------------------------------------------------- |  | ------- |  | ---------------
|Central Bore, Attila and Alaric project tenements
|Tenement Number                                   |  | Status  |  | Reporting Group
|                                                  |  |        
|E38/1964                                          |  | Granted |  | C267/1994      
|                                                  |  |        
|M38/435                                           |  | Granted |  | C267/1994      
|                                                  |  |        
|M38/436                                           |  | Granted |  | C267/1994      
|                                                  |  |        
|M38/437                                           |  | Granted |  | C267/1994      
|                                                  |  |        
|M38/438                                           |  | Granted |  | C267/1994      
|                                                  |  |        
|M38/439                                           |  | Granted |  | C267/1994      
|                                                  |  |        
|M38/788                                           |  | Granted |  | C267/1994      
|                                                  |  |        
|M38/814                                           |  | Granted |  | C267/1994      
|                                                  |  |        
|M38/841                                           |  | Granted |  | C267/1994      
|                                                  |  |        
|M38/1178                                          |  | Granted |  |                
|                                                  |  |        
|M38/1179                                          |  | Granted |  |                
|                                                  |  |        
|M38/1255                                          |  | Granted |  |                
|                                                  |  |        
|L38/186                                           |  | Granted |  |                
|                                                  |  |        
|L38/227                                           |  | Granted |  |                
|                                                  |  |        
|L38/230                                           |  | Granted |  |                





|                                        |  |  |  |          |  | 
|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 115
|                                        |  |  |  |         



---

Corrs Chambers Westgarth



Schedule 2

Deed of Cross Security





|                                        |  |  |  |          |  | 
|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 116
|                                        |  |  |  |         



---

Execution Version

6 December 2016





Gold Road Resources Limited





Gruyere Mining Company Pty Ltd





Gruyere Project - Deed of Cross Security





|                       |  |  |  |  |  | 
|---------------------- |  |  |  |  |  | 
|Deed of Cross Security |  |  |  | 
|                       |  |  |  | 



---

Corrs Chambers Westgarth



|         |  |                                |  |                                                          |    |  |    | 
|-------- |  | ------------------------------ |  | -------------------------------------------------------- | -- |  | -- | 
|Contents |  |                                |  |                                                         
|         |  |                               
|1        |  | Definitions                    |  |                                                          | 1  | 
|         |  |                                | 
|         |  | 1.1                            |  | Definitions in this document                             |    |  | 1  | 
|         |  | 1.2                            |  | PPS Act                                                  |    |  | 4  | 
|         |  | 1.3                            |  | Joint Venture Agreement terms                            |    |  | 4  | 
|         |  |                               
|2        |  | Commencement and Consideration |  |                                                          | 4  | 
|         |  |                               
|3        |  | Securities                     |  |                                                          | 5  | 
|         |  |                                | 
|         |  | 3.1                            |  | Creation of Securities                                   |    |  | 5  | 
|         |  | 3.2                            |  | Priority between Participants                            |    |  | 5  | 
|         |  | 3.3                            |  | Priority of Security Interests                           |    |  | 5  | 
|         |  | 3.4                            |  | Discharge                                                |    |  | 6  | 
|         |  | 3.5                            |  | Account                                                  |    |  | 6  | 
|         |  |                               
|4        |  | Nature of Security Interest    |  |                                                          | 6  | 
|         |  |                               
|5        |  | Dealing with Secured Property  |  |                                                          | 7  | 
|         |  |                                | 
|         |  | 5.1                            |  | Dealing with Secured Property                            |    |  | 7  | 
|         |  | 5.2                            |  | Restoration of Circulating Property and floating charge  |    |  | 7  | 
|         |  |                               
|6        |  | Representations and warranties |  |                                                          | 8  | 
|         |  |                               
|7        |  | Covenants and undertakings     |  |                                                          | 8  | 
|         |  |                                | 
|         |  | 7.1                            |  | Notification                                             |    |  | 8  | 
|         |  | 7.2                            |  | Notification under Sales Contracts                       |    |  | 8  | 
|         |  | 7.3                            |  | Covenant to pay                                          |    |  | 8  | 
|         |  |                               
|8        |  | Default                        |  |                                                          | 8  | 
|         |  |                                | 
|         |  | 8.1                            |  | Enforcing Partys Powers and consequences of enforcement |    |  | 8  | 
|         |  | 8.2                            |  | Enforcement by Manager                                   |    |  | 9  | 
|         |  | 8.3                            |  | Assistance in realisation                                |    |  | 10 | 
|         |  | 8.4                            |  | Stamp Duty on enforcement                                |    |  | 10 | 
|         |  | 8.5                            |  | Protection of third parties                              |    |  | 10 | 
|         |  |                               
|9        |  | Receiver                       |  |                                                          | 11 | 
|         |  |                                | 
|         |  | 9.1                            |  | Appointment of Receiver                                  |    |  | 11 | 
|         |  | 9.2                            |  | Agency of Receiver                                       |    |  | 11 | 
|         |  | 9.3                            |  | Powers of Receiver                                       |    |  | 11 | 
|         |  | 9.4                            |  | Nature of Receivers Powers                              |    |  | 14 | 
|         |  | 9.5                            |  | Status of Receiver after commencement of winding up      |    |  | 14 | 
|         |  | 9.6                            |  | Notice of exercise of rights                             |    |  | 14 | 
|         |  | 9.7                            |  | Power of sale                                            |    |  | 14 | 
|         |  | 9.8                            |  | Termination of receivership and possession               |    |  | 15 | 
|         |  | 9.9                            |  | Information                                              |    |  | 15 | 
|         |  | 9.10                           |  | Co-operation                                             |    |  | 15 | 
|         |  | 9.11                           |  | Exercise of powers                                       |    |  | 16 | 





|                       |  |  |  |        |  | 
|---------------------- |  |  |  | ------ |  | 
|Deed of Cross Security |  |  |  | page i
|                       |  |  |  |       



---

Corrs Chambers Westgarth



|   |  |                                   |  |                                                                            |    |  |    | 
|-- |  | --------------------------------- |  | -------------------------------------------------------------------------- | -- |  | -- | 
|10 |  | Application and receipt of moneys |  |                                                                            | 16 | 
|   |  |                                   | 
|   |  | 10.1                              |  | Priority of payment                                                        |    |  | 16 | 
|   |  | 10.2                              |  | Rateable distribution                                                      |    |  | 17 | 
|   |  | 10.3                              |  | Order of priority                                                          |    |  | 17 | 
|   |  | 10.4                              |  | Statement of Secured Money                                                 |    |  | 17 | 
|   |  | 10.5                              |  | Money Actually Received                                                    |    |  | 17 | 
|   |  | 10.6                              |  | Conversion of currencies on Application                                    |    |  | 17 | 
|   |  |                                  
|11 |  | Rescission of payment             |  |                                                                            | 17 | 
|   |  |                                  
|12 |  | Ancillary provisions              |  |                                                                            | 18 | 
|   |  |                                   | 
|   |  | 12.1                              |  | Continuing security                                                        |    |  | 18 | 
|   |  | 12.2                              |  | Principal obligations                                                      |    |  | 18 | 
|   |  | 12.3                              |  | Registration and stamping                                                  |    |  | 18 | 
|   |  | 12.4                              |  | Further assurances                                                         |    |  | 19 | 
|   |  | 12.5                              |  | Enforcing Partys liabilities                                              |    |  | 19 | 
|   |  | 12.6                              |  | Indemnities                                                                |    |  | 19 | 
|   |  |                                  
|13 |  | General                           |  |                                                                            | 19 | 
|   |  |                                   | 
|   |  | 13.1                              |  | Change of Manager                                                          |    |  | 19 | 
|   |  | 13.2                              |  | Confidential Information                                                   |    |  | 20 | 
|   |  | 13.3                              |  | PPS Act                                                                    |    |  | 20 | 
|   |  | 13.4                              |  | Performance by Enforcing Party of the Defaulting Participants obligations |    |  | 20 | 
|   |  | 13.5                              |  | Defaulting Participant to bear cost                                        |    |  | 20 | 
|   |  | 13.6                              |  | Governing law and jurisdiction                                             |    |  | 20 | 
|   |  | 13.7                              |  | Severability                                                               |    |  | 21 | 
|   |  | 13.8                              |  | Waivers                                                                    |    |  | 21 | 
|   |  | 13.9                              |  | Variation                                                                  |    |  | 21 | 
|   |  | 13.10                             |  | Exclusion of legislation                                                   |    |  | 21 | 
|   |  | 13.11                             |  | Powers cumulative                                                          |    |  | 21 | 
|   |  | 13.12                             |  | Power of attorney                                                          |    |  | 21 | 
|   |  | 13.13                             |  | Counterparts                                                               |    |  | 22 | 
|   |  | 13.14                             |  | Construction                                                               |    |  | 22 | 
|   |  | 13.15                             |  | Headings                                                                   |    |  | 23 | 
|   |  | 13.16                             |  | Deed                                                                       |    |  | 23 | 
|   |  | 13.17                             |  | GST                                                                        |    |  | 23 | 
|   |  | 13.18                             |  | Joint Venture Agreement                                                    |    |  | 23 | 
|   |  |                                  
|14 |  | Assignment                        |  |                                                                            | 24 | 
|   |  |                                   | 
|   |  | 14.1                              |  | Intended assignee                                                          |    |  | 24 | 
|   |  | 14.2                              |  | Perfecting Assignment                                                      |    |  | 24 | 
|   |  |                                  
|15 |  | Notices                           |  |                                                                            | 24 | 





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|---------------------- |  |  |  | ------- |  | 
|Deed of Cross Security |  |  |  | page ii
|                       |  |  |  |        



---

Corrs Chambers Westgarth



Date 6 December 2016

Parties

Gold Road Resources Limited ABN 13 109 289 527 of Level 2, 26 Colin Street, West Perth, Western Australia in its capacity as a Participant
(GOR)

Gruyere Mining Company Pty Ltd ACN 615 729 005 of Level 5, 50 Colin Street, West Perth, Western Australia (GFA)

Gold Road Resources Limited ABN 13 109 289 527 of Level 2, 26 Colin Street, West Perth, Western Australia in its capacity as manager of the Joint
Venture (Manager)





Background



|A | The Participants are parties to the Joint Venture Agreement, which will take effect on the Effective Date.
|- | ----------------------------------------------------------------------------------------------------------



|B | Under the Joint Venture Agreement each of the Participants is obliged to make payments and perform certain obligations from time to time.
|- | -----------------------------------------------------------------------------------------------------------------------------------------



|C | GOR has been appointed as the Manager of the Joint Venture and signs this document in its capacity as a Participant and as the Manager.
|- | ---------------------------------------------------------------------------------------------------------------------------------------



|D | For the purposes of securing the obligations of each Participant to make the payments and perform their obligations under the Joint Venture Agreement, the Participants and the Manager have agreed to enter into this
document.
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





Agreed terms



|1 | Definitions
|- | -----------



|1.1 | Definitions in this document
|--- | ----------------------------

In this document these terms have the following meanings:



|                     |  |                                                                                                                                                                     |  |                                                                                                                                                          
|-------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------
|Attorney             |  | Any attorney appointed under this document.                                                                                                                        
|                     | 
|Circulating Property |  | All Personal Property other than any Personal Property comprised of or encompassed by the present and future interest of the Grantor in, to, under or derived from:
|                     |  |                                                                                                                                                                    
|                     |  | (a)                                                                                                                                                                 |  | the Titles;                                                                                                                                              
|                     |  |                                                                                                                                                                    
|                     |  | (b)                                                                                                                                                                 |  | any freehold and leasehold lands, including the lands the subject of the Titles and any licences and fixtures on it, which are held or acquired under the





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|                       |  |  |  |       



---

Corrs Chambers Westgarth



|                        |  |                                                                                                                                                                                                                                                                                                                                                                                               |  |                                                                                                                 |  |                                                                                                                                                                   
|----------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                        |  |                                                                                                                                                                                                                                                                                                                                                                                               |  | Joint Venture Agreement; and                                                                                   
|                        |  |                                                                                                                                                                                                                                                                                                                                                                                              
|                        |  | (c)                                                                                                                                                                                                                                                                                                                                                                                           |  | any single item of plant, machinery or equipment the current new price of which exceeds A$1,000,000,           
|                        | 
|                        |  | provided that such Secured Property shall cease to be Circulating Property on the occurrence of a Default.                                                                                                                                                                                                                                                                                   
|                        | 
|Default                 |  | The occurrence of:                                                                                                                                                                                                                                                                                                                                                                           
|                        |  |                                                                                                                                                                                                                                                                                                                                                                                              
|                        |  | (a)                                                                                                                                                                                                                                                                                                                                                                                           |  | an event of default under clauses 15.1(a), 15.1(b) or 15.1(c) of the Joint Venture Agreement by the Grantor; or
|                        |  |                                                                                                                                                                                                                                                                                                                                                                                              
|                        |  | (b)                                                                                                                                                                                                                                                                                                                                                                                           |  | a failure by the Grantor to pay, when due, any other Secured Money which:                                      
|                        |  |                                                                                                                                                                                                                                                                                                                                                                                               | 
|                        |  |                                                                                                                                                                                                                                                                                                                                                                                               |  | (i)                                                                                                             |  | if it relates to moneys due under the Joint Venture Agreement, constitutes an Event of Default under the Joint Venture Agreement; and                             
|                        |  |                                                                                                                                                                                                                                                                                                                                                                                               | 
|                        |  |                                                                                                                                                                                                                                                                                                                                                                                               |  | (ii)                                                                                                            |  | if it relates to a payment under this document, continues for 5 Business Days after notice to the Grantor to pay from either the Manager or any other Participant.
|                        | 
|Defaulting Participant  |  | A Participant in respect of which a Default has occurred.                                                                                                                                                                                                                                                                                                                                    
|                        |  |                                                                                                                                                                                                                                                                                                                                                                                              
|Enforcing Party         |  | (a)                                                                                                                                                                                                                                                                                                                                                                                           |  | A Receiver;                                                                                                    
|                        |  |                                                                                                                                                                                                                                                                                                                                                                                              
|                        |  | (b)                                                                                                                                                                                                                                                                                                                                                                                           |  | any Non-Defaulting Participant;                                                                                
|                        |  |                                                                                                                                                                                                                                                                                                                                                                                              
|                        |  | (c)                                                                                                                                                                                                                                                                                                                                                                                           |  | the Manager;                                                                                                   
|                        |  |                                                                                                                                                                                                                                                                                                                                                                                              
|                        |  | (d)                                                                                                                                                                                                                                                                                                                                                                                           |  | an Attorney; or                                                                                                
|                        |  |                                                                                                                                                                                                                                                                                                                                                                                              
|                        |  | (e)                                                                                                                                                                                                                                                                                                                                                                                           |  | any other person entitled to take action to enforce a security created under this document.                    
|                        | 
|General Security        |  | The document titled General Security Agreement dated on or about the date of this document between the Participants, under which the GFA agrees to grant security to GOR to secure performance GFA of certain
payment obligations under the document titled Sale Agreement  Gruyere Project dated 6 November 2016 between GOR, GFA and Gold Fields Australia Pty Ltd ABN 91 098 385 285.
|                        | 
|Grantor                 |  | Each person who is a party to this document to the extent it is granting a Security Interest under this document.                                                                                                                                                                                                                                                                            
|                        | 
|Joint Venture Agreement |  | The document titled Gruyere Project Joint Venture Agreement between the Participants the Manager and Gold Fields Australia Pty Ltd ABN 91 098 385 285
dated                                                                                                                                                                                                                                





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|Deed of Cross Security |  |  |  | page 2
|                       |  |  |  |       



---

Corrs Chambers Westgarth



|                                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |                                          
|--------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -----------------------------------------
|                                  |  | on or about the date of this document.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                  | 
|Non-Defaulting Participant        |  | Each Participant, other than a Defaulting Participant.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                  | 
|Other Property                    |  | All of the Secured Property other than Personal Property.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                                  | 
|Participants                      |  | GOR and GFA, in their capacity as participants in the Joint Venture under the Joint Venture Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                  | 
|Permitted Chargees Priority Deed |  | A chargees priority deed contemplated by clause 14.6(a) of the Joint Venture Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|                                  | 
|Personal Property                 |  | All of the Secured Property that is personal property (as defined in the PPS Act) and to which the PPS Act applies.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                  | 
|Power                             |  | Any right, power, authority, discretion or remedy conferred on an Enforcing Party by this document or any applicable law in relation to this document.                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                  | 
|PPS Act                           |  | The Personal Property Securities Act 2009(Cth).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                  | 
|PPS Security Interest             |  | A security interest as defined in the PPS Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                                  | 
|Receiver                          |  | A receiver or receiver and manager appointed under this document.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                  | 
|Royalty Deed                      |  | The document titled Royalty Deed - Net Smelter Royalty - Gruyere Project dated 6 November 2016.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                  | 
|Royalty Security                  |  | The security in the form of schedule 2 to the Royalty Deed pursuant to which GFA grants to GOR the security interest to secure payment under the Royalty Deed.                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                                  | 
|Sales Contracts                   |  | All contracts for the sale by a Participant of Product.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                                  | 
|Sales Proceeds                    |  | Any proceeds, revenues or other amounts payable to a Participant with respect to the sale of that Participants share of Product.                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                  | 
|Secured Money                     |  | In respect of the Grantor, means all Called Sums and all other moneys due but unpaid which the Grantor is at any time liable to pay to or for the account of the Manager or another Participant (whether alone or with
another person) for any reason whatsoever under or in relation to this document or the Joint Venture Agreement. It includes money by way of interest, fees, costs or liquidated damages for which the Grantor is or at any time may become so liable, or
as a result of breach of or default by the Grantor under or in relation to this document or the Joint Venture Agreement.
|                                  | 
|Secured Property                  |  | In respect of a Grantor, its present and future:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|                                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                  |  | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  | Interest (as defined in the Joint Venture





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|                       |  |  |  |       



---

Corrs Chambers Westgarth



|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  |                                                                                             
|----------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |  | Agreement), and each component of it;                                                       
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                  |  | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | rights and benefits under the Joint Venture Agreement;                                      
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                  |  | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | interest in and to all Joint Venture Assets (as defined in the Joint Venture Agreement),    
|                  | 
|                  |  | together with its interest in the proceeds from the disposal of any of the foregoing, along with its present and future:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                  |  | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | proceeds of insurance taken out under the Joint Venture Agreement receivable by the Grantor;
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                  |  | (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | interest in Product;                                                                        
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                  |  | (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | rights and benefits under Sales Contracts; and                                              
|                  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                  |  | (g)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |  | interest in and benefits of Sale Proceeds.                                                  
|                  | 
|Securities        |  | The securities created under clause 3.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                  | 
|Security Interest |  | Any PPS Security Interest, mortgage, pledge, lien, or charge or any security or preferential interest of any kind or arrangement of any kind or any other right of, or arrangement with, any creditor to have its claim
satisfied in priority to other creditors with, or from the proceeds of, any asset forming part of the Secured Property. It includes title retention or other security interest arising under section 12(3) of the PPS Act other than in the ordinary
course of business and any deposit of money by way of security but it excludes a charge or lien arising in favour of a Government Agency by operation of statute unless there is a default in payment of money secured by that charge or lien.



|1.2 | PPS Act
|--- | -------

A reference to a term which is defined in the PPS Act has the meaning it has in
the PPS Act.



|1.3 | Joint Venture Agreement terms
|--- | -----------------------------

Words and expressions used in this document which are
used or defined in the Joint Venture Agreement, and which are not defined in clause 1.1, have the meaning given in the Joint Venture Agreement.



|2 | Commencement and Consideration
|- | ------------------------------



| | (a) | This document will take effect on and from the Effective Date.
| | --- | --------------------------------------------------------------



| | (b) | Each party enters into this document for valuable consideration from each other party (including the grant of each other partys Security) and receipt of consideration is acknowledged.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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|---------------------- |  |  |  | ------ |  | 
|Deed of Cross Security |  |  |  | page 4
|                       |  |  |  |       



---

Corrs Chambers Westgarth



|3 | Securities
|- | ----------



|3.1 | Creation of Securities
|--- | ----------------------



| | (a) | For the purpose of better securing the rights of each Participant and the Manager to recover Secured Money, the Grantor, as beneficial owner, by this document grants security in and over all of its Secured Property in
favour of each other Participant and the Manager, severally, subject to the terms of this document and the Joint Venture Agreement to secure the payment of the Secured Money.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each Security constitutes a separate and independent obligation of a Participant to each of the other Participants and the Manager.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------



| | (c) | Where two or more parties comprise a Participant:
| | --- | -------------------------------------------------



| | (i) | a reference to the Participant includes each and any two or more of them; and
| | --- | -----------------------------------------------------------------------------



| | (ii) | the obligations on the part of the Participant bind them jointly and severally.
| | ---- | -------------------------------------------------------------------------------



|3.2 | Priority between Participants
|--- | -----------------------------

As between each of the Participants, the Securities
created under this document will rank pari passu irrespective of the date on which the financing statements in respect of the Securities were registered, the date on which respective amounts of Secured Money became due or the date on which each
Participant became a party to this document.



|3.3 | Priority of Security Interests
|--- | ------------------------------



| | (a) | Each Participant represents and warrants to the Manager and each other Participant that, except for any Permitted Security Interest, as at the date of this document there subsists no Security Interest affecting any of
the Secured Property.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each Participant covenants with the Manager and each other Participant that it will not create or allow to exist any Security Interest, other than any Permitted Security Interest, over the whole or part of its Secured
Property ranking in priority to, equally with or after the Securities, except:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | as permitted by clause 14 of the Joint Venture Agreement; or
| | --- | ------------------------------------------------------------



| | (ii) | any first ranking statutory Security Interests in respect of the whole or any part of it which apply notwithstanding any agreement to the contrary.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Each Participant covenants with the Manager and each other Participant that any other Security Interests granted, entered into or incurred by it over the whole or any part of the Secured Property, other than any
Permitted Security Interest, will acknowledge and provide for the priority of and be subject to the Securities.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | The Participants agree that the priority between the various securities that GFA has provided to GOR is as follows:
| | --- | -------------------------------------------------------------------------------------------------------------------





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|---------------------- |  |  |  | ------ |  | 
|Deed of Cross Security |  |  |  | page 5
|                       |  |  |  |       



---

Corrs Chambers Westgarth





| | (i) | first: the Securities;
| | --- | ----------------------



| | (ii) | second: the Royalty Security; and
| | ---- | ---------------------------------



| | (iii) | third: the General Security.
| | ----- | ----------------------------



|3.4 | Discharge
|--- | ---------

Subject to clause 14 of the Joint Venture Agreement, at the request of a
Participant which is transferring the whole of its Interest (Withdrawing Participant), the Manager and each remaining Participant must release and discharge the Securities created by the Withdrawing Participant under this document if
in the reasonable opinion of the Manager and each remaining Participant:



| | (a) | all of the Secured Money has been paid;
| | --- | ---------------------------------------



| | (b) | there are no amounts which will subsequently fall within the description of Secured Money; and
| | --- | ----------------------------------------------------------------------------------------------



| | (c) | no payment towards satisfaction of the Withdrawing Participants obligation to pay the Secured Money is likely to be void, voidable or refundable under any law (including any law relating to insolvency).
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3.5 | Account
|--- | -------



| | (a) | If a Default occurs, the Defaulting Participant must ensure that all proceeds (including all Sales Proceeds) or other money, in each case received by it in relation to its Interest, are paid into an account specified by
the Non-Defaulting Participants.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Defaulting Participant must give notices and directions necessary or requested to ensure clause 3.5(a) is complied with.
| | --- | ----------------------------------------------------------------------------------------------------------------------------



| | (c) | Failure by a Non-Defaulting Participant to require the Defaulting Participant to comply with this clause 3.5 will not constitute a waiver.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------



|4 | Nature of Security Interest
|- | ---------------------------

The Securities operate as:



| | (a) | a PPS Security Interest in and over all Personal Property;
| | --- | ----------------------------------------------------------



| | (b) | a fixed charge over all Other Property comprised of or encompassed by the present and future interest of the Grantor, in, to, under or derived from:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the Titles;
| | --- | -----------



| | (ii) | any freehold and leasehold lands, including the land the subject of the Titles and any licences and fixtures on it, which are held or acquired under the Joint Venture Agreement; and
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | any single item of plant, machinery or equipment the current new price of which exceeds A$1,000,000; and
| | ----- | --------------------------------------------------------------------------------------------------------



| | (c) | a floating charge over all its Other Property that is not subject to the fixed charge referred to in clause 4(b).
| | --- | -----------------------------------------------------------------------------------------------------------------





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|---------------------- |  |  |  | ------ |  | 
|Deed of Cross Security |  |  |  | page 6
|                       |  |  |  |       



---

Corrs Chambers Westgarth



|5 | Dealing with Secured Property
|- | -----------------------------



|5.1 | Dealing with Secured Property
|--- | -----------------------------

Subject to this document:



| | (a) | at all times whilst any Secured Property constitutes Circulating Property (including, for the avoidance of doubt, any Secured Property which has been restored to Circulating Property pursuant to clause 5.2(a)),
the Grantor may hold, deal with and enjoy the Circulating Property in the ordinary course of its business and may receive and apply the profits and income from it in its business as contemplated in this document and the Joint Venture Agreement; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | at all times whilst floating charges created by this document are operating as floating charges (including, for the avoidance of doubt, any floating charge which has been restored to a floating character pursuant to
clause 5.2(a), the Grantor may hold, deal with and enjoy in the ordinary course of its business the Secured Property the subject of those floating charges, and may receive and apply the profits and income from it in its business as
contemplated in this document and the Joint Venture Agreement.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.2 | Restoration of Circulating Property and floating charge
|--- | -------------------------------------------------------



| | (a) | If, by virtue of clause 8.1(a)(ii), any Personal Property ceases to be Circulating Property:
| | --- | --------------------------------------------------------------------------------------------



| | (i) | the Manager, with the agreement of the Non-Defaulting Participants, may at any time by notice in writing to the Grantor and to the other Participants restore that Personal
Property as Circulating Property; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | if the Secured Money is repaid in full by or on behalf of the Grantor or if all other reasons for that Personal Property ceasing to be Circulating Property have been remedied, then the Personal Property will be restored
to being Circulating Property (and the Manager must notify the Grantor and the other Participants of it),
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

so that (in either
case) that the relevant Personal Property specified in the notice is deemed to be Circulating Property and capable of being dealt with in accordance with clause 5.1(a) in respect of that property or those assets specified in the notice,
subject to the further operation of clause 8.1.



| | (b) | If, by virtue of clause 8.1(a)(iii), any floating charge created by this document comes to operate as a fixed charge:
| | --- | ---------------------------------------------------------------------------------------------------------------------



| | (iii) | the Manager, with the agreement of the Non-Defaulting Participant, may at any time by notice in writing to the Grantor and to the other Participants restore a floating character
to that charge; and
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | if the Secured Money is repaid in full by or on behalf of the Grantor or if all other reasons for that charge
becoming fixed have been remedied, then the floating character of the charge will
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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|Deed of Cross Security |  |  |  | page 7
|                       |  |  |  |       



---

Corrs Chambers Westgarth



| | automatically and immediately be restored (and the Manager must notify the Grantor and the other Participants of it),
| | ---------------------------------------------------------------------------------------------------------------------

so that (in either case) that charge again operates as a floating charge in respect of that property or those assets specified in the notice,
subject to the further operation of clause 8.1.



|6 | Representations and warranties
|- | ------------------------------

Each Participant represents and warrants to each other
Participant that:



| | (a) | (status) it is a company limited by shares under the law of its jurisdiction of incorporation or registration;
| | --- | --------------------------------------------------------------------------------------------------------------



| | (b) | (power) it has full legal capacity and power to:
| | --- | ------------------------------------------------



| | (i) | own its property and to carry on its business; and
| | --- | --------------------------------------------------



| | (ii) | enter into this document and to exercise the rights and perform the obligations contemplated under this document; and
| | ---- | ---------------------------------------------------------------------------------------------------------------------



| | (c) | (corporate authority) it has taken all corporate action that is necessary or desirable to render this document valid and binding on it.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------



|7 | Covenants and undertakings
|- | --------------------------



|7.1 | Notification
|--- | ------------

A Participant must notify each other Participant in writing as soon as it
becomes aware of any Security Interest being created or entered into in respect of its Secured Property.



|7.2 | Notification under Sales Contracts
|--- | ----------------------------------

The Grantor undertakes to notify promptly all
purchasers under all Sales Contracts of the existence of the Securities and to do all things as may be required to perfect them and secure the priority specified in clause 3.3(d) under the laws of the jurisdiction in which the Sale Proceeds
are payable.



|7.3 | Covenant to pay
|--- | ---------------

Each Participant agrees with the other Participants that it will pay
each part of the Secured Money in the manner provided in the Joint Venture Documents and, to the extent not otherwise provided, on demand.



|8 | Default
|- | -------



|8.1 | Enforcing Partys Powers and consequences of enforcement
|--- | --------------------------------------------------------



| | (a) | Subject to this clause 8 and without limiting any of the remedies available to a party under the Joint Venture Agreement, upon the occurrence of a Default:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the Securities created under this document by the Defaulting Participant will become immediately enforceable;
| | --- | -------------------------------------------------------------------------------------------------------------





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|Deed of Cross Security |  |  |  | page 8
|                       |  |  |  |       



---

Corrs Chambers Westgarth





| | (ii) | the Grantor shall have no right to deal, for any purpose, with any of its Personal Property (including, for avoidance of doubt, any Circulating Property, which shall cease to be Circulating Property) other than by or
through the Other Participant, Manager or any Receiver;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | each Security Interest under this document which is a floating charge will automatically and immediately become a fixed charge; and
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------



| | (iv) | an Enforcing Party may exercise any or all of the powers, authorities and discretions provided in this document in respect of the Defaulting Participant including the powers of a Receiver set out in clause 9.3
and all other powers, authorities and discretions conferred on the Enforcing Party by law.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | As soon as it becomes aware of it, the Manager (or the other Participant, if the Manager is the Grantor) will notify the Grantor and the other Participants of the occurrence of any Default, or on any other Security
Interest over the Secured Property being enforced and the Grantor shall have no right to deal, for any purpose, with any of its Secured Property other than by or through the other Participant, Manager or any Receiver.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | The exercise of any right set out in this clause 8will not be restricted by reference to or inference from any other right.
| | --- | ---------------------------------------------------------------------------------------------------------------------------



|8.2 | Enforcement by Manager
|--- | ----------------------



| | (a) | Subject to clause 8.2(b) and without prejudice to its ability to take action itself to enforce the Securities, each Grantor irrevocably appoints the Manager as its attorney to take action to enforce the
Securities.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Upon the occurrence of any Default, and until such Default has been rectified (and the Defaulting Participant has paid all amounts due but unpaid by it, under any Joint Venture Document) and without limiting the rights
or powers of any Non-Defaulting Participant, the Manager:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | may, subject to clause 8.2(b)(ii), take action in its own name to:
| | --- | ------------------------------------------------------------------



| | (A) | enforce the Securities created under this document by the Defaulting Participant; and
| | --- | -------------------------------------------------------------------------------------



| | (B) | exercise any of the Powers in respect of all of the Secured Property of the Defaulting Participant; and
| | --- | -------------------------------------------------------------------------------------------------------



| | (ii) | must, in accordance with any direction given to it in writing by all of the Non-Defaulting Participants, take action to:
| | ---- | ------------------------------------------------------------------------------------------------------------------------



| | (A) | enforce the Securities created under this document by the Defaulting Participant; and
| | --- | -------------------------------------------------------------------------------------



| | (B) | exercise any of the Powers in respect of all of the Secured Property of the Defaulting Participant,
| | --- | ---------------------------------------------------------------------------------------------------

provided that:





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Corrs Chambers Westgarth





| | (iii) | the Manager must not take action in respect of the Secured Property of the Defaulting Participant (other than Secured Money owing to itself) to the extent that:
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (A) | it is given a direction in writing by all of the Non-Defaulting Participants to refrain from taking such action; or
| | --- | -------------------------------------------------------------------------------------------------------------------



| | (B) | any Non-Defaulting Participant takes action in accordance with clause 8.2(c)to enforce the Securities created under this document by the Defaulting Participant.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | If the Manager has not acted within five Business Days after a direction is given by the Non-Defaulting Participants under clause 8.2(b)(ii), any Non-Defaulting Participant may, subject to clauses 9.9, 9.10 and 9.11 and so long as it is a Non-Defaulting Participant, enforce the Securities
created under this document by the Defaulting Participant.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8.3 | Assistance in realisation
|--- | -------------------------

After a Security has become enforceable in accordance with
thisclause 8, the Defaulting Participant in respect of that Security must take all action required by any Enforcing Party to assist it in the realisation of the Secured Property and the exercise of any Power (but subject always to the terms
of the Joint Venture Agreement), including but not limited to:



| | (a) | executing all transfers, conveyances, assignments and assurances of any of the Secured Property;
| | --- | ------------------------------------------------------------------------------------------------



| | (b) | performing or causing the performance of all things necessary or desirable under the law in force in any place where the Secured Property is situated to assist the Enforcing Party in the realisation of the Secured
Property and the exercise of any Power; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | giving all notices, orders, directions and consents which the Enforcing Party thinks expedient.
| | --- | -----------------------------------------------------------------------------------------------



|8.4 | Stamp Duty on enforcement
|--- | -------------------------

Without limiting clause 8.3, the Defaulting
Participant must pay all stamp duty in the nature of mortgage or security duty (if any) which becomes payable on the enforcement of the Securities and, if such duty is not paid by the Defaulting Participant when due, it will be deemed to be a cost
of the enforcement of the Securities.



|8.5 | Protection of third parties
|--- | ---------------------------



| | (a) | A person dealing with an Enforcing Party is not bound to enquire whether the Securities have become enforceable, the Receiver (if appointed) is duly appointed or any Power has been properly or regularly exercised and is
not affected by express or constructive notice that the exercise of any Power was unnecessary or improper.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The irregular or improper exercise of any Power is, as regards the protection of any person dealing with the Enforcing Party, deemed to be authorised by the Defaulting Participant and this document, and is valid as far
as the parties involved in that dealing are concerned.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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Corrs Chambers Westgarth





| | (c) | The receipt of the Enforcing Party for any moneys paid by a person to the Enforcing Party is a sufficient discharge to that person without obliging that person to see to the application of that money.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|9 | Receiver
|- | --------



|9.1 | Appointment of Receiver
|--- | -----------------------

Subject to clause 9.2, and the terms of any Permitted
Chargees Priority Deed (when in force), whilst the Securities are enforceable, the Non-Defaulting Participant or the Manager may do any of the following:



| | (a) | appoint in writing any person or any two or more persons jointly, or severally, or jointly and severally, to be a Receiver of all or any of the Secured Property of the Defaulting Participant;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | remove any Receiver and on the removal, retirement or death of any Receiver, appoint another Receiver in the manner specified in clause 9.1(a); and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | fix the remuneration of any Receiver and direct payment of that remuneration and any costs, charges and expenses of the Receiver out of the proceeds of any realisation of the Secured Property of the Defaulting
Participant.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|9.2 | Agency of Receiver
|--- | ------------------

If a Receiver has been appointed in respect of a Defaulting
Participant pursuant to this document, then the Receiver shall be deemed to be (and following the appointment of any liquidator or provisional liquidator of the Defaulting Participant, the Receiver will, to the maximum extent permitted by law,
remain) the agent of the Defaulting Participant which shall be solely (and following the appointment of any liquidator or provisional liquidator of the Defaulting Participant, the Receiver will, to the maximum extent permitted by law, solely remain)
responsible for the Receivers acts and defaults and for its remuneration. That Defaulting Participant may not deal, for any purpose, with the Secured Property or any asset forming part of the Secured Property to which the Receiver has been
appointed, other than by or through the Receiver.



|9.3 | Powers of Receiver
|--- | ------------------

Subject to and without limiting:



| | (a) | any express exclusion by the terms of the Receivers appointment; and
| | --- | ---------------------------------------------------------------------



| | (b) | the Joint Venture Agreement,
| | --- | ----------------------------

the Receiver has, in addition to any powers conferred on the
Receiver by law, without any consent of the Grantor and without being responsible to the Grantor for any loss, power to do all or any of the following:



| | (c) | to improve the Secured Property;
| | --- | --------------------------------



| | (d) | to manage, enter into possession or assume control of any of the Secured Property of the Defaulting Participant or relinquish such possession or control;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------





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Corrs Chambers Westgarth





| | (e) | to receive and apply the proceeds of sale of the Defaulting Participants share of Product in satisfaction of the Defaulting Participants obligations under the Documents in the order prescribed in clause
10.3;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | to accept the surrender of or to determine, and to grant, vary or renew, any lease or licence in respect of the use or occupation of any of the Secured Property of the Defaulting Participant on such terms as the
Receiver thinks fit, including in conjunction with the sale, lease or licence of any other property;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | to sell or concur in selling any of the Secured Property of the Defaulting Participant to any person:
| | --- | -----------------------------------------------------------------------------------------------------



| | (i) | by auction, private treaty or tender;
| | --- | -------------------------------------



| | (ii) | on such terms as the Receiver thinks fit;
| | ---- | -----------------------------------------



| | (iii) | for cash or for a deferred payment of the purchase price, in whole or in part, with or without interest or security;
| | ----- | --------------------------------------------------------------------------------------------------------------------



| | (iv) | in conjunction with the sale of any other property;
| | ---- | ---------------------------------------------------



| | (v) | in one lot or in separate parcels; and
| | --- | --------------------------------------



| | (vi) | to buy in, and to rescind or vary any contract for sale, and resell without being responsible for loss, and to exercise any rights, powers or remedies of the Defaulting Participant under any contract of sale relating to
its Secured Property and to execute those contracts, transfers, applications for transfer, assignments and assurances of all or any part of the Secured Property of the Defaulting Participant in the name and on behalf of the Defaulting Participant or
otherwise, and to do all other acts and things for implementing and completing any sale that the Receiver deems necessary;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | to grant to any person an option to purchase, lease, hire or otherwise deal with any of the Secured Property of the Defaulting Participant;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | to acquire any interest in any property, in the name or on behalf of the Defaulting Participant, which on acquisition forms part of the Secured Property of the Defaulting Participant;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | to cause the Defaulting Participant to continue to be associated with the other parties under the Joint Venture Documents, to continue to be associated in the Joint Venture or concur in the continuance of the Joint
Venture;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (k) | to carry on or concur in carrying on any business of the Defaulting Participant in respect of the Secured Property;
| | --- | -------------------------------------------------------------------------------------------------------------------



| | (l) | to raise or borrow any money, in its name or in the name or on behalf of the Defaulting Participant, from any
person approved by the Enforcing Party in writing and to secure money so raised or borrowed by a Security Interest over any of the Secured Property of the Defaulting Participant
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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Corrs Chambers Westgarth



| | ranking after the Securities created under this document by that Participant;
| | -----------------------------------------------------------------------------



| | (m) | to do anything to maintain, protect or improve any of the Secured Property of the Defaulting Participant;
| | --- | ---------------------------------------------------------------------------------------------------------



| | (n) | to have access to any of the Secured Property of the Defaulting Participant, the premises at which the business of the Defaulting Participant is conducted and any of the administrative services of the business of the
Defaulting Participant;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (o) | to insure any of the Secured Property of the Defaulting Participant;
| | --- | --------------------------------------------------------------------



| | (p) | to make or accept any compromise or arrangement;
| | --- | ------------------------------------------------



| | (q) | to exchange with any person any of the Secured Property of the Defaulting Participant for any other property whether of equal value or not;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------



| | (r) | to transfer any of the Secured Property of the Defaulting Participant to any person;
| | --- | ------------------------------------------------------------------------------------



| | (s) | to employ or discharge any person as an employee, contractor, agent, professional adviser or auctioneer for any of the purposes of this document;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------



| | (t) | to delegate to any person any Power of the Receiver;
| | --- | ----------------------------------------------------



| | (u) | to observe, perform, enforce, exercise, or refrain from exercising any right, power, authority, discretion or remedy of the Enforcing Party under, or otherwise obtain the benefit of, any document, agreement or right
which attaches to or forms part of the Secured Property of the Defaulting Participant and of any document or agreement entered into in the exercise of any Power by the Receiver;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | to give effectual receipts for all moneys and other assets which may come into the hands of the Receiver;
| | --- | ---------------------------------------------------------------------------------------------------------



| | (w) | to commence, discontinue, prosecute, defend, settle or compromise in its name or in the name or on behalf of the Defaulting Participant, any proceedings including, but not limited to, proceedings in relation to any
insurance in respect of any of the Secured Property of the Defaulting Participant;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (x) | to make any debtor bankrupt, wind up any company, corporation or other entity and do all things in relation to any bankruptcy or winding up which the Receiver thinks necessary or desirable including, but not limited to,
attending and voting at creditors meetings and appointing proxies for those meetings;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (y) | to enter into and execute any deed, contract or instrument in the name of the Receiver or the name or on behalf of the Defaulting Participant for any of the purposes of this document;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (z) | to exercise any voting rights or powers in respect of any part of the Secured Property of the Defaulting Participant;
| | --- | ---------------------------------------------------------------------------------------------------------------------





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Corrs Chambers Westgarth





| | (aa) | if any of the Secured Money is contingently owed, to invest, deposit or hold the Secured Property of the Defaulting Participant in a form or mode of investment for the time being as the Receiver thinks fit, with like
power, to vary, or transpose, or reinvest the investments or deposits from time to time until such part of the Secured Money ceases to be contingent;
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (bb) | to do anything the Defaulting Participant could do in respect of its Secured Property; and
| | ---- | ------------------------------------------------------------------------------------------



| | (cc) | to do anything necessary or incidental to the exercise of any Power of the Receiver.
| | ---- | ------------------------------------------------------------------------------------



|9.4 | Nature of Receivers Powers
|--- | ---------------------------

The Powers of the Receiver must be construed
independently and none limits the generality of any other. Any dealing under any Power of the Receiver may be on the terms and conditions the Receiver in its absolute discretion thinks fit.



|9.5 | Status of Receiver after commencement of winding up
|--- | ---------------------------------------------------



| | (a) | The power to appoint a Receiver under clause 9.1 may be exercised even if at the time the Securities become enforceable under clause 8 or at the time when the Receiver is appointed, an order has been made
or a resolution has been passed for the winding up of the Defaulting Participant.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | If for any reason, including but not limited to the operation of law, a Receiver appointed in the circumstances described in clause 9.5(a) or at any other time ceases to be the agent of the Defaulting Participant
as a result of an order or a resolution passed for the winding up of the Defaulting Participant, the Receiver immediately becomes the agent of the Non-Defaulting Participants.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|9.6 | Notice of exercise of rights
|--- | ----------------------------

An Enforcing Party is not required:



| | (a) | to give notice of the Securities to any debtor or creditor of the Defaulting Participant or to any other person;
| | --- | ----------------------------------------------------------------------------------------------------------------



| | (b) | to enforce payment of any money payable to the Defaulting Participant including but not limited to any of the debts or monetary liabilities charged under this document;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | to enforce or realise any of the Secured Property; or
| | --- | -----------------------------------------------------



| | (d) | to obtain the consent of the Defaulting Participant to any exercise of a Power.
| | --- | -------------------------------------------------------------------------------



|9.7 | Power of sale
|--- | -------------

Despite anything else in this document, an Enforcing Party on enforcement
may not sell, transfer, assign or otherwise dispose of all or any part of the Defaulting Participants Interest except in compliance with the provisions of clauses 14.3, 14.4 and 14.5 of the Joint Venture Agreement and all other provisions of
the Joint Venture Agreement relevant to dispositions.





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Corrs Chambers Westgarth





|9.8 | Termination of receivership and possession
|--- | ------------------------------------------

Any
Non-Defaulting Participant which appoints a Receiver may at any time:



| | (a) | terminate the appointment of a Receiver; and
| | --- | --------------------------------------------



| | (b) | give up or cause the Receiver to give up possession of the Secured Property of the Defaulting Participant.
| | --- | ----------------------------------------------------------------------------------------------------------



|9.9 | Information
|--- | -----------



| | (a) | Each Non-Defaulting Participant must notify each other Non-Defaulting Participant immediately if it is aware that any Participant is a
Defaulting Participant.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each Non-Defaulting Participant agrees to notify each other Non-Defaulting Participant before it takes any action to enforce the Securities
created under this document by the Defaulting Participant. However, if a Non-Defaulting Participant reasonably considers that any delay in taking the action would adversely affect the value of that Security or
the Secured Property under that Security, the Non-Defaulting Participant agrees to notify the other Non-Defaulting Participants of the action taken as soon as reasonably
practicable after taking the action.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | If a Non-Defaulting Participant notifies the other Non-Defaulting Participants that it intends to appoint a Receiver over the Secured
Property under the Security created under this document by the Defaulting Participant and any other Non-Defaulting Participant advises that it also intends to do so in relation to the same Defaulting
Participant, the Non-Defaulting Participants who intend to appoint a Receiver agree to consult in good faith to agree on the appointment of the same person as Receiver.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | If the Non-Defaulting Participants do not agree on a Receiver within three days after receipt of notice under clause 9.9(c), the
Non-Defaulting Participants agree that the Non-Defaulting Participant to whom the largest amount of Secured Money is due and payable from the Defaulting Participant
(Primary Chargee) may select the Receiver and the other Non-Defaulting Participants agree to appoint the same Receiver as the Primary Chargee appoints.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | Failure to comply with this clause 9.9does not affect the entitlements of the Non-Defaulting Participants under this document.
| | --- | ------------------------------------------------------------------------------------------------------------------------------



|9.10 | Co-operation
|---- | ------------

If a Security created under this
document becomes enforceable, then each Non-Defaulting Participant must, subject to clauses 9.8and 9.9:



| | (a) | co-operate with each other Non-Defaulting Participant in any enforcement of rights under this document; and
| | --- | -----------------------------------------------------------------------------------------------------------



| | (b) | consult with each other Non-Defaulting Participant in relation to:
| | --- | ------------------------------------------------------------------



| | (i) | the appointment or termination of a Receiver over any or all of the Secured Property; and
| | --- | -----------------------------------------------------------------------------------------





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| | (ii) | any other significant action in exercising rights as an Enforcing Party.
| | ---- | ------------------------------------------------------------------------



|9.11 | Exercise of powers
|---- | ------------------

Each Non-Defaulting
Participants agrees to use its best endeavours to exercise all rights and remedies under this document for the mutual benefit and advantage of all the Non-Defaulting Participants.



|10 | Application and receipt of moneys
|-- | ---------------------------------



|10.1 | Priority of payment
|---- | -------------------

The proceeds realised as the result of the exercise of any Powers
must be applied in the following order of priority:



| | (a) | FIRST: in payment of all amounts which, to the extent required by law, have priority over the payments specified in the balance of this clause 10.1;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (a) | SECOND: in payment of all costs (including legal costs on a solicitor own client basis), charges and expenses of the Enforcing Party incurred in or incidental to the exercise or performance or attempted exercise or
performance of any Power or any power, right, authority, discretion or remedy conferred under the relevant Permitted Security Interest (as the case requires) or otherwise in relation to this document or that Permitted Security Interest (as the case
requires);
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | THIRD: in payment to the Receiver of his or her reasonable remuneration;
| | --- | ------------------------------------------------------------------------



| | (c) | FOURTH: in payment of any unpaid Called Sum together with all interest due on such amount then owing to the Manager which has not been paid by the Non-Defaulting Participants
pursuant to the Joint Venture Agreement and any other Secured Money payable to the Manager;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | FIFTH: in payment to the Non-Defaulting Participants which have paid any amounts on behalf of the Defaulting Participant of the amounts to which they are entitled under the Joint
Venture Agreement together with any interest due on such amount and any other Secured Money payable to the Non-Defaulting Participants in proportion to the amounts they have paid;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (e) | SIXTH: in payment of any other Secured Money not covered by paragraphs (a) to (d) inclusive;
| | --- | --------------------------------------------------------------------------------------------



| | (f) | SEVENTH: in payment, to the extent and only to the extent required by law, in order of their priority, of other Security Interests in respect of the Secured Property of which the Enforcing Party is aware and which are
due and payable in accordance with their terms; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (g) | EIGHTH: in payment of any surplus (if any), without interest, to the Defaulting Participant and, having paid such
surplus to the Defaulting
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------





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| | Participant, the Enforcing Party is under no further liability to the Defaulting Participant in respect of that surplus.
| | ------------------------------------------------------------------------------------------------------------------------



|10.2 | Rateable distribution
|---- | ---------------------

The distribution of the proceeds to a person entitled to such
proceeds pursuant to clause 10.1 will for clauses 10.1(c),10.1(d) and 10.1(e) and as between those having the same level of priority to receive a distribution, be made rateably in proportion to their respective claims,
without preference as between those entitled to such distribution.



|10.3 | Order of priority
|---- | -----------------

The order of priority set out in clause 10.1 must be followed
for the net proceeds of sale of the Defaulting Participants Interest or share of the Joint Venture Assets and the net proceeds from disposal of the Secured Property.



|10.4 | Statement of Secured Money
|---- | --------------------------

A certificate signed by any officer of an Enforcing Party
stating the amount of the Called Sums, interest and/or other amounts due and payable is prima facie evidence of those amounts as at the date stated in the certificate or failing that as at the date of the certificate.



|10.5 | Money Actually Received
|---- | -----------------------

In applying any money towards satisfaction of the Secured Money
of a Defaulting Participant, the Defaulting Participant shall be credited only with so much of the money available for that purpose as is actually received by the person to whom the relevant part of the Secured Money is owed, such credit to date
from the time of such receipt.



|10.6 | Conversion of currencies on Application
|---- | ---------------------------------------

For the purposes of making an application under
clause 10.1 any Enforcing Party may purchase one currency with another, whether or not through an intermediate currency, whether spot or forward, in such manner and at such time as it thinks fit.



|11 | Rescission of payment
|-- | ---------------------

Whenever for any reason (including under any law relating to the
insolvency, official management, winding up, fiduciary obligations or the protection of creditors):



| | (a) | all or part of any transaction of any nature (including any payment or transfer) made during the term of this document which affects or relates in any way to the Secured Money is void, set aside or voidable;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | any claim or allegation that all or part of any transaction referred to in clause 11(a) is void or voidable or should be set aside is upheld, conceded or compromised; or
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | the Manager or the other Participants are required to return or repay any money or asset received by it under any
transaction or the equivalent in value of that money or asset,
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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Corrs Chambers Westgarth



the Manager or the other Participants (as relevant) will immediately become entitled against the Grantor to all rights in respect of the
Secured Money and the Secured Property which it would have had if all or the relevant part of the transaction or receipt had not taken place. The Grantor will indemnify and keep indemnified the Manager and the
Non-Defaulting Participant on demand from, against and in respect of any resulting loss, costs or expenses. This clause continues to apply after the discharge of this document.



|12 | Ancillary provisions
|-- | --------------------



|12.1 | Continuing security
|---- | -------------------



| | (a) | Each Security is a continuing security for the whole of the Secured Money and is not limited to any transaction or other thing.
| | --- | -------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each Participants obligations and each Participants rights under this document will not be affected by anything which but for this clause 12.1 might abrogate, prejudice or limit them or the
effectiveness of this document.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12.2 | Principal obligations
|---- | ---------------------

Each Security is:



| | (a) | a principal obligation and is not ancillary or collateral to any other Security Interest or other obligation however created; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



| | (b) | independent of, and unaffected by, any other Security Interest or other obligation however created which any Participant may hold in respect of the Secured Money.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12.3 | Registration and stamping
|---- | -------------------------



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



| | (i) | immediately duly register and file this document and duly file or record such notices or other documents (including a financing statement) relating to it in all jurisdictions in which they must be registered, filed or
recorded in order to ensure the enforceability, validity and priority against all persons of this document and to perfect the Securities and to avoid that security becoming void (whether totally or against any particular person); and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | pay or make provision satisfactory to the other Participants for the payment of any applicable stamp duty, registration or filing fees on the Securities.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each Participant must from time to time furnish to the other Participants all information as is appropriate or as may reasonably be requested by them in order to determine in which place or places registration or filing
of this document or recording of other notices or documents relating to this document is necessary or desirable for the purposes specified in clause 12.3(a). The parties must cooperate to do and perfect all registrations, filings or
recordings which are so necessary or desirable.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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|12.4 | Further assurances
|---- | ------------------

The Grantor will take all steps and do everything that any of the
Manager or the Other Participant reasonably considers necessary for the complete performance of its duties, responsibilities and obligations under this document and to perfect the security created under this document or to substitute by way of
additional security (as appropriate) the Securities and the security created under this document, including, without limitation, the obtaining of any consent, authorisation, approval or exemption from any Government Agency.



|12.5 | Enforcing Partys liabilities
|---- | -----------------------------



| | (a) | An Enforcing Party is not liable for any loss or damage, including but not limited to consequential loss or damage, arising directly or indirectly from:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | any exercise of any Power;
| | --- | --------------------------



| | (ii) | any omission or delay in the exercise or non-exercise of any Power; or
| | ---- | ----------------------------------------------------------------------



| | (iii) | the neglect or default of any manager, officer, employee, agent, accountant, auctioneer or solicitor of the Defaulting Participant or Enforcing Party.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Clause 12.5(a) does not apply to any loss or damage which arises from the fraud or Gross Negligence or Wilful Misconduct of the Enforcing Party or one or more of the Enforcing Partys officers, employees or
agents.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|12.6 | Indemnities
|---- | -----------



| | (a) | Each Defaulting Participant indemnifies each Enforcing Party severally against all claims, actions, damages, losses, liabilities, costs, charges, expenses, outgoings or payments (collectively Claims) which the
Enforcing Party pays, suffers, incurs or is liable for, in respect of the attempted exercise or exercise of any Power in accordance with this document in relation to that Defaulting Participant except insofar as any Claims arise out of the fraud or
Gross Negligence or Wilful Misconduct of one or more of the Enforcing Partys officers, employees or agents.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Each indemnity in this document is a continuing obligation, separate and independent from the other obligations of the parties and survives termination of this document. It is not necessary for a party to incur expense
or make payment before enforcing an indemnity under this document.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|13 | General
|-- | -------



|13.1 | Change of Manager
|---- | -----------------

A provision of this document remaining to be performed or capable of
having effect after a Manager ceases to be the Manager will, despite the change in Manager, remain in full force and effect.





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|13.2 | Confidential Information
|---- | ------------------------

The Enforcing Party, for the purpose of exercising any Power,
may disclose to any person any Confidential Information provided that the person to whom the Confidential Information is disclosed agrees in writing not to disclose that information to any person.



|13.3 | PPS Act
|---- | -------



| | (a) | The parties agree to contract out of each provision of the PPS Act that sections 115(2) and 115(7) of the PPS Act permits them to contract out of, other than section 135 of the PPSA.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The Grantor waives the right to receive any notice of a verification statement (as defined in the PPS Act) in respect of any PPS Security Interest granted under or in connection with this document or any transaction in
connection with it and consents to the Other Participant effecting a registration on the PPSR.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Each party must notify the other parties in writing at least 14 days before they change any of their details set out in the parties section of this document including their names or if they become a trustee of a trust,
or a partner in a partnership that is not stated in that section.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | To the extent permitted by section 275 of the PPS Act, the parties agree to keep all information of the kind mentioned in section 275(1) of the PPS Act confidential and to not disclose that information to any other
person except where disclosure is otherwise permitted or authorised under this document or the Joint Venture Agreement.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|13.4 | Performance by Enforcing Party of the Defaulting Participants obligations
|---- | --------------------------------------------------------------------------

If a
Defaulting Participant defaults in fully and punctually performing any obligation contained or implied in this document, the Enforcing Party may, without prejudice to any Power, do all things necessary or desirable, in the opinion of the Enforcing
Party, to make good or attempt to make good that default to the satisfaction of the Enforcing Party and all costs incurred in doing so will form part of the Secured Money.



|13.5 | Defaulting Participant to bear cost
|---- | -----------------------------------

Anything which must be done by the Defaulting
Participant under this document, whether or not at the request of the Enforcing Party, must be done at the cost of the Defaulting Participant.



|13.6 | Governing law and jurisdiction
|---- | ------------------------------



| | (a) | This document is governed by and is to be construed in accordance with the laws applicable in Western Australia.
| | --- | ----------------------------------------------------------------------------------------------------------------



| | (b) | Each party irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts exercising jurisdiction in Western Australia and any courts which have
jurisdiction to hear appeals from any of those courts and waives any right to object to any proceedings being brought in those courts.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





|                       |  |  |  |         |  | 
|---------------------- |  |  |  | ------- |  | 
|Deed of Cross Security |  |  |  | page 20
|                       |  |  |  |        



---

Corrs Chambers Westgarth





|13.7 | Severability
|---- | ------------



| | (a) | Subject to clause 13.7(b), if a provision of this document is illegal or unenforceable in any relevant jurisdiction, it may be severed for the purposes of that jurisdiction without affecting the enforceability
of:
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the other provisions of this document in that jurisdiction; or
| | --- | --------------------------------------------------------------



| | (ii) | this document, including that provision, in other jurisdictions.
| | ---- | ----------------------------------------------------------------



| | (b) | Clause 13.7(a) does not apply if severing the provision:
| | --- | --------------------------------------------------------



| | (i) | materially alters the:
| | --- | ----------------------



| | (A) | scope and nature of this document; or
| | --- | -------------------------------------



| | (B) | the relative commercial or financial positions of the parties; or
| | --- | -----------------------------------------------------------------



| | (ii) | would be contrary to public policy.
| | ---- | -----------------------------------



|13.8 | Waivers
|---- | -------



| | (a) | The waiver of a breach of this document or of any Power arising upon default under this document or upon the occurrence of a Default must be in writing and signed by the party granting the waiver.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | A breach of this document or the occurrence of a Default is not waived by any failure or delay in exercise, or partial exercise, of any Power.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | A Power created or arising upon default under this document or upon the occurrence of a Default is not waived by any failure or delay in the exercise, or a partial exercise, of that or any other Power.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|13.9 | Variation
|---- | ---------

No variation of this document is effective unless made by deed and signed by
each party.



|13.10 | Exclusion of legislation
|----- | ------------------------



| | (a) | The provisions implied in mortgages by any statute are for the purposes of this document negatived or varied only so far as they are inconsistent with the provisions of this document and are otherwise varied so as to
become consistent with this document.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Any statutory restrictions (other than mandatory restrictions) on any right of a Participant, a Receiver or an Attorney to lease or otherwise deal with the Secured Property do not apply to the rights of those persons
under this document.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|13.11 | Powers cumulative
|----- | -----------------

The Powers are cumulative and do not exclude any other rights,
powers, authorities, discretions or remedies of the Enforcing Party.



|13.12 | Power of attorney
|----- | -----------------



| | (a) | Each Grantor for valuable consideration and by way of security irrevocably appoints each other Participant (other
than a Defaulting Participant) and each of their respective directors and secretaries from
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





|                       |  |  |  |         |  | 
|---------------------- |  |  |  | ------- |  | 
|Deed of Cross Security |  |  |  | page 21
|                       |  |  |  |        



---

Corrs Chambers Westgarth



| | time to time and any Receiver appointed in respect of that Participant jointly and each of them severally to be its attorney to do all things which that Grantor is obliged to do (but does not do) under or in relation to
this document.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The donor of each power of attorney granted pursuant to this document agrees to ratify and confirm all actions carried out under that power.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------



|13.13 | Counterparts
|----- | ------------

This document may consist of a number of counterparts and, if so, the
counterparts taken together constitute one document.



|13.14 | Construction
|----- | ------------

Unless expressed to the contrary, in this document:



| | (a) | words in the singular include the plural and vice versa;
| | --- | --------------------------------------------------------



| | (b) | any gender includes the other genders;
| | --- | --------------------------------------



| | (c) | if a word or phrase is defined its other grammatical forms have corresponding meanings;
| | --- | ---------------------------------------------------------------------------------------



| | (d) | includes means includes without limitation;
| | --- | ---------------------------------------------



| | (e) | no rule of construction will apply to a clause to the disadvantage of a party merely because that party put forward the clause or would otherwise benefit from it; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | a reference to:
| | --- | ---------------



| | (i) | a person includes a partnership, joint venture, unincorporated association, corporation and a government or statutory body or authority;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | a person includes the persons legal personal representatives, successors, assigns and persons substituted by novation;
| | ---- | -----------------------------------------------------------------------------------------------------------------------



| | (iii) | any legislation includes subordinate legislation under it and includes that legislation and subordinate legislation as modified or replaced;
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | an obligation includes a warranty or representation and a reference to a failure to comply with an obligation includes a breach of warranty or representation;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | a right includes a benefit, remedy, discretion or power;
| | --- | --------------------------------------------------------



| | (vi) | time is to local time in Perth;
| | ---- | -------------------------------



| | (vii) | $ or dollars is a reference to Australian currency;
| | ----- | -------------------------------------------------------



| | (viii) | this or any other document includes the document as novated, varied or replaced and despite any change in the identity of the parties;
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------



| | (ix) | writing includes any mode of representing or reproducing words in tangible and permanently visible form, and includes fax transmissions;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------





|                       |  |  |  |         |  | 
|---------------------- |  |  |  | ------- |  | 
|Deed of Cross Security |  |  |  | page 22
|                       |  |  |  |        



---

Corrs Chambers Westgarth





| | (x) | an obligation includes a warranty or representation, and a reference to a failure to observe or perform an obligation includes a breach of warranty or representation;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xi) | this document includes all schedules and annexures to it; and
| | ---- | -------------------------------------------------------------



| | (xii) | a clause, schedule or annexure is a reference to a clause, schedule or annexure, as the case may be, of this document;
| | ----- | ----------------------------------------------------------------------------------------------------------------------



| | (g) | provisions or terms of this document or another document, agreement, understanding or arrangement include a reference to both express and implied provisions and terms;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | a reference to anything (including any amount) is a reference to the whole or any part of it and a reference to a group of things or persons is a reference to any one or more of them;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | a reference to any authority, association or body (whether statutory or otherwise) will, if any such authority, association or body ceases to exist or is re-constituted, re-named or replaced or the powers or functions of such authority, association or body are transferred to any other authority, association or body, be deemed to refer respectively to the authority, association or
body established or constituted in its place or which most closely succeeds to its powers or functions;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (j) | if the date on or by which any act must be done under this document is not a Business Day, the act must be done on or by the next Business Day; and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------



| | (k) | where time is to be calculated by reference to a day or event, that day or the day of that event is excluded.
| | --- | -------------------------------------------------------------------------------------------------------------



|13.15 | Headings
|----- | --------

Headings do not affect the interpretation of this document.



|13.16 | Deed
|----- | ----

This document is a deed. Factors which might suggest otherwise are to be
disregarded.



|13.17 | GST
|----- | ---

Clause20 of the Joint Venture Agreement applies to this document as if
repeated in this document provided that a reference to this document under the Joint Venture Agreement will be deemed to be a reference to this document.



|13.18 | Joint Venture Agreement
|----- | -----------------------



| | (a) | This document is a Deed of Cross Security for the purposes of the Joint Venture Agreement and is a Joint Venture Document.
| | --- | --------------------------------------------------------------------------------------------------------------------------



| | (b) | To the extent that the Security created by this document relates to the Interest of a Grantor, enforcement of the Securities is subject to the Joint Venture Agreement and if there is any conflict between the provisions
of this document and the Joint Venture Agreement, the terms of the Joint Venture Agreement will prevail.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





|                       |  |  |  |         |  | 
|---------------------- |  |  |  | ------- |  | 
|Deed of Cross Security |  |  |  | page 23
|                       |  |  |  |        



---

Corrs Chambers Westgarth





|14 | Assignment
|-- | ----------



|14.1 | Intended assignee
|---- | -----------------

If the Grantor assigns its Interest (as defined in the Joint Venture
Agreement) under the Joint Venture Agreement then the assigning party must also assign its interest under this document to the same person. The intended assignee must:



| | (a) | execute and deliver to each of the Other Participant and the Manager a deed of covenant as contemplated in clause 14.10(a) of the Joint Venture Agreement; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | execute and deliver a deed of charge as contemplated in clause 14.10(b) of the Joint Venture Agreement.
| | --- | -------------------------------------------------------------------------------------------------------

A party may not otherwise assign its rights and interests and powers under this document without the written consent of all other parties.



|14.2 | Perfecting Assignment
|---- | ---------------------

Each party must register, file, record and stamp (where
applicable) all notices or documents required or permitted by law to perfect the assignment contemplated in clause 14.1 provided the reasonable costs of doing so are paid by the intended assignee.



|15 | Notices
|-- | -------

All notices required to be given by or pursuant to this document must, unless
otherwise provided in this document, be given in accordance with the notice provisions of the Joint Venture Agreement.





|                       |  |  |  |         |  | 
|---------------------- |  |  |  | ------- |  | 
|Deed of Cross Security |  |  |  | page 24
|                       |  |  |  |        



---

Corrs Chambers Westgarth



Executed as a deed.



|                                   |  |   |  | 
|---------------------------------- |  | - |  | 
|Signed, sealed and deliveredby     |  | ) |  | 
|Gold Road Resources Limitedin      |  | ) |  | 
|accordance with section 127 of the |  | ) |  | 
|Corporations Act by:               |  | ) |  | 



|                                           |  |  |  |                         
|------------------------------------------ |  |  |  | ------------------------
|                                           |  |  |  |                         
|Company Secretary/Director                 |  |  |  | Director                
|                                           |  | 
|                                           |  |  |  |                         
|Name of Company Secretary/Director (print) |  |  |  | Name of Director (print)



|                                   |  |   |  | 
|---------------------------------- |  | - |  | 
|Signed, sealed and deliveredby     |  | ) |  | 
|Gruyere Mining Company Pty Ltdin   |  | ) |  | 
|accordance with section 127 of the |  | ) |  | 
|Corporations Act by:               |  | ) |  | 



|                                           |  |  |  |                         
|------------------------------------------ |  |  |  | ------------------------
|                                           |  |  |  |                         
|Company Secretary/Director                 |  |  |  | Director                
|                                           |  | 
|                                           |  |  |  |                         
|Name of Company Secretary/Director (print) |  |  |  | Name of Director (print)







|                       |  |  |  |         |  | 
|---------------------- |  |  |  | ------- |  | 
|Deed of Cross Security |  |  |  | page 25
|                       |  |  |  |        



---

Corrs Chambers Westgarth



Schedule 3

Accounting Procedure





|                                        |  |  |  |          |  | 
|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 117
|                                        |  |  |  |         



---

Corrs Chambers Westgarth



Schedule 3

Accounting Procedure



|1 | Definitions
|- | -----------



|                                                                        |  |                                                                                                                                                                                                                                                                          |  |                                                                                                                                       |  |                                                                                                        
|----------------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | ------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------
|In this schedule, the following terms will have the following meanings:
|                                                                        | 
|Current New Price                                                       |  | The price f.o.b. or f.o.r. the nearest reputable supply store or railway receiving point, where such Material is available at current replacement costs of the same kind of Material.                                                                                   
|                                                                        | 
|Exploration Manager                                                     |  | Has the meaning given in schedule 5.                                                                                                                                                                                                                                    
|                                                                        | 
|Joint Venture Account                                                   |  | The account maintained in accordance with this document, showing the charges and credits accruing to the Participants.                                                                                                                                                  
|                                                                        | 
|Material                                                                |  | Includes personal property, equipment and supplies acquired or held for use for the Operations.                                                                                                                                                                         
|                                                                        | 
|Payroll Costs                                                           |  | With respect to any employees of or secondees to the Manager, the Exploration Manager or any Affiliate of them, the aggregate of all costs, expenses and liabilities arising in connection with such employees or secondees,
including without limitation the following:
|                                                                        |  |                                                                                                                                                                                                                                                                         
|                                                                        |  | (a)                                                                                                                                                                                                                                                                      |  | salaries and wages, including overtime and, to the extent they relate to the period after the Effective Date, bonuses and incentives;
|                                                                        |  |                                                                                                                                                                                                                                                                         
|                                                                        |  | (b)                                                                                                                                                                                                                                                                      |  | the cost of annual leave, sick leave, long service leave and other allowances;                                                       
|                                                                        |  |                                                                                                                                                                                                                                                                         
|                                                                        |  | (c)                                                                                                                                                                                                                                                                      |  | payroll tax and other governmental taxes, levies and charges;                                                                        
|                                                                        |  |                                                                                                                                                                                                                                                                         
|                                                                        |  | (d)                                                                                                                                                                                                                                                                      |  | personal expenses, where these are payable or reimbursable;                                                                          
|                                                                        |  |                                                                                                                                                                                                                                                                         
|                                                                        |  | (e)                                                                                                                                                                                                                                                                      |  | workers compensation insurance;                                                                                                     
|                                                                        |  |                                                                                                                                                                                                                                                                         
|                                                                        |  | (f)                                                                                                                                                                                                                                                                      |  | the costs of providing employee benefits including:                                                                                  
|                                                                        |  |                                                                                                                                                                                                                                                                          | 
|                                                                        |  |                                                                                                                                                                                                                                                                          |  | (i)                                                                                                                                   |  | superannuation; and                                                                                    
|                                                                        |  |                                                                                                                                                                                                                                                                          | 
|                                                                        |  |                                                                                                                                                                                                                                                                          |  | (ii)                                                                                                                                  |  | employees group life insurance, hospital benefit, pension, retirement and other similar benefit plans.
|                                                                        |  |                                                                                                                                                                                                                                                                         
|                                                                        |  | (g)                                                                                                                                                                                                                                                                      |  | The costs referred to in paragraphs (b) and (e) may                                                                                  





|                                        |  |  |  |        |  | 
|--------------------------------------- |  |  |  | ------ |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 1
|                                        |  |  |  |       



---

Corrs Chambers Westgarth



| |  |                                                                                                                                                                                                                                                                                    
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | be calculated on a when and as paid basis or by percentage assessment on the amount of salaries and wages chargeable to the Joint Venture. If percentage assessment is used, the rate will be based on the
Managers or the Exploration Managers, as applicable, actual costs.



|2 | Joint Venture Costs
|- | -------------------



|2.1 | Costs
|--- | -----

The Joint Venture Account will be charged with all Costs, which will comprise all costs and
expenses properly incurred by the Manager or, if exploration is delegated to GOR under clause 6.5(b) of this document, the Exploration Manager, in connection with Operations, including without limitation the following:



|(a) | Payroll Costs associated with employees of or secondees to the Manager or the Exploration Manager or any Affiliate of them engaged in Operations.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | Overhead Charges referred to in clause 6.12(d) of this document and item 3.11(d) of Schedule 5, but only to the extent permitted to be recovered under an Approved Budget.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | Costs and expenses, including sums paid to or on account of contractors, for or in connection with:
|--- | ---------------------------------------------------------------------------------------------------



| | (i) | trenching;
| | --- | ----------



| | (ii) | field surveying;
| | ---- | ----------------



| | (iii) | geophysics;
| | ----- | -----------



| | (iv) | aerial mapping and photography;
| | ---- | -------------------------------



| | (v) | chartered aircraft (including helicopters);
| | --- | -------------------------------------------



| | (vi) | drilling;
| | ---- | ---------



| | (vii) | laboratory assaying (core);
| | ----- | ---------------------------



| | (viii) | laboratory geochemical (samples);
| | ------ | ---------------------------------



| | (ix) | metallurgical testing;
| | ---- | ----------------------



| | (x) | field mapping and investigations
| | --- | --------------------------------



| | (xi) | studies and activities required to obtain an exploration or mining tenement; and
| | ---- | --------------------------------------------------------------------------------



| | (xii) | all other like activities or related activities carried out in the course of or in connection with Operations or in relation to Material, product or other property removed from the Titles.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) | All costs and expenses associated with the maintenance of the Titles including but not limited to rents, rates, survey fees and exemption fees.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------



|(e) | All costs and expenses associated with obtaining, complying with the provisions of and renewing all Government Authorisations required for Operations.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------





|                                        |  |  |  |        |  | 
|--------------------------------------- |  |  |  | ------ |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 2
|                                        |  |  |  |       



---

Corrs Chambers Westgarth





|(f) | All costs and expenses associated with complying with the provisions of all agreements entered into in connection with the Operations, including the Regional Co-operation
Arrangement.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(g) | All costs and expenses of and in relation to scoping and feasibility studies which are part of an Approved Budget.
|--- | ------------------------------------------------------------------------------------------------------------------



|(h) | All costs (installation and removal cost, operating cost and maintenance cost) of the constructing, acquiring, hiring or leasing of land, personal property, infrastructure, dams, buildings, workshops, store rooms,
equipment, machinery and vehicles for use in connection with the Operations, including the Project Facilities.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(i) | All costs of maintaining, repairing and replacing any Project Facilities or other plant, equipment or tool as may be necessary or desirable so that Operations may be safely, efficiently and lawfully conducted at all
times.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(j) | All costs of establishing and maintaining temporary and permanent offices and on-site construction offices as may be required for or in connection with Operations including office
supplies, power, telephone, facsimiles, computer, cleaning and other office operating costs.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(k) | The cost of all services and utilities, expendable materials and spares and other facilities.
|--- | ---------------------------------------------------------------------------------------------



|(l) | Costs and expenses, including sums paid to or on account of contractors, for or in connection with:
|--- | ---------------------------------------------------------------------------------------------------



| | (i) | mine planning;
| | --- | --------------



| | (ii) | site preparation;
| | ---- | -----------------



| | (iii) | shaft sinking;
| | ----- | --------------



| | (iv) | overburden removal and handling;
| | ---- | --------------------------------



| | (v) | opencut or underground development;
| | --- | -----------------------------------



| | (vi) | mining;
| | ---- | -------



| | (vii) | processing;
| | ----- | -----------



| | (viii) | underground drilling;
| | ------ | ---------------------



| | (ix) | cross cutting and drifting;
| | ---- | ---------------------------



| | (x) | services;
| | --- | ---------



| | (xi) | contractors administration;
| | ---- | ---------------------------



| | (xii) | catering and cleaning; and
| | ----- | --------------------------



| | (xiii) | any other like activities or related activities carried out in the course of or in connection with Operations.
| | ------ | --------------------------------------------------------------------------------------------------------------



|(m) | Costs associated with the transport and handling of Product up to the Delivery Point, including:
|--- | ------------------------------------------------------------------------------------------------



| | (i) | all costs under any contracts with relevant infrastructure and service providers;
| | --- | ---------------------------------------------------------------------------------





|                                        |  |  |  |        |  | 
|--------------------------------------- |  |  |  | ------ |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 3
|                                        |  |  |  |       



---

Corrs Chambers Westgarth





| | (ii) | Product stockpiling, handling and loading costs;
| | ---- | ------------------------------------------------



| | (iii) | all costs associated with any necessary Product quality sampling, sample preparation and analysis; and
| | ----- | ------------------------------------------------------------------------------------------------------



| | (iv) | all costs associated with any necessary Product quantity assessment.
| | ---- | --------------------------------------------------------------------



|(n) | Freight paid for in connection with Operations.
|--- | -----------------------------------------------



|(o) | Travelling expenses of employees and contract personnel when travelling in connection with Operations. When such travelling expenses also relate to other activities carried out, such expenses will, with respect to
journeys common to both Operations and the other activities, be apportioned in proportion to the time spent on Operations and the other activities.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(p) | The cost and expenses of transportation of personnel and effects to and from points of residence and the Titles.
|--- | ----------------------------------------------------------------------------------------------------------------



|(q) | Handling charges in relation to equipment, supplies, plant and machinery, including loading and unloading costs and expenses.
|--- | -----------------------------------------------------------------------------------------------------------------------------



|(r) | Excise, customs and other taxes, duties, levies, royalties (if any), imposts, deductions and other charges of any nature (including agency fees but excluding income taxes) payable on or in respect of Product derived
from the Titles or goods purchased for or in connection with Operations, other than GST which can be claimed by way of an input tax credit by the Manager, the Exploration Manager or the Participants, and is actually claimed and received.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(s) | First aid and safety costs and expenses incurred for or in connection with Operations.
|--- | --------------------------------------------------------------------------------------



|(t) | All insurance premiums for cover obtained or maintained in relation to Operations or Joint Venture Assets.
|--- | ----------------------------------------------------------------------------------------------------------



|(u) | Legal, audit and consulting fees expended for or in connection with Operations including negotiation on Native Title Claims and Native Title Rights.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------



|(v) | Save and except to the extent (if any) that the same are recovered under any insurances carried by the Manager or the Exploration Manager, all costs and expenses reasonably incurred in or in relation to the replacement
or repair of damage or loss incurred by fire, flood, storm, theft, accident or any other causes not controllable by the Manager or the Exploration Manager, as applicable, through the exercise of reasonable diligence. The Manager or the Exploration
Manager, as applicable, must furnish the Participants with written notice of loss or damage howsoever caused as soon as practicable after the Manager or the Exploration Manager, as applicable, has become aware of the loss or damage.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(w) | The costs of investigating actual or threatened litigation or claims by or against the Manager or a Participant affecting or relating to Operations or Joint Venture Assets.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(x) | The costs of handling and settling litigation undertaken by the Manager in accordance with this document.
|--- | ---------------------------------------------------------------------------------------------------------





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|--------------------------------------- |  |  |  | ------ |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 4
|                                        |  |  |  |       



---

Corrs Chambers Westgarth





|(y) | Shut-down costs, subsidence remediation costs and Rehabilitation and Mine Closure costs.
|--- | ----------------------------------------------------------------------------------------



|(z) | The cost of bonds or securities provided to any Government authority.
|--- | ---------------------------------------------------------------------



|(aa) | All claims and liabilities to third parties arising out of the activities of the Joint Venture.
|---- | -----------------------------------------------------------------------------------------------



|(bb) | Royalties to government in respect of minerals and production.
|---- | --------------------------------------------------------------



|(cc) | Royalties to third parties, but excluding royalties created by a party over its share of Minerals or production which are not common to all Participants.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



|(dd) | All other costs and expenses not otherwise mentioned in this Schedule which are necessary for the proper conduct of the activities contemplated by this document.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.2 | Payroll Costs for Managers employees
|--- | -------------------------------------



|(a) | Where employees of or secondees to the Manager, the Exploration Manager or any Affiliate of them are employed specifically for the purpose of Operations, then, subject to clause 6.8(b)of this document, all of
their Payroll Costs will be charged as Costs.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | Where employees of or secondees to the Manager, the Exploration Manager or any Affiliate of them are working full-time on Operations, then subject to clause 6.8(b of this document, all of their Payroll Costs will
be recovered as Costs.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | Where employees of or secondees to the Manager, the Exploration Manager or any Affiliate of them are working part-time on Operations and part-time on other activities, then, subject to clause 6.8(bof this
document, a fair and reasonable proportion of their Payroll Costs will be recovered as Costs, based on the proportion of their time spent in connection with Operations compared with the proportion of their time spent in connection with other
activities.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3 | Credits
|- | -------

Subject to the terms of this document, the Manager must credit the Joint Venture Account with all
credits received on account of the Joint Venture including, without limitation, the following credits:



|(a) | any credits received by the Manager which is referable to Joint Venture Assets, including income received from the sale of Joint Venture Assets;
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | the proceeds of any insurance or claim in connection with Joint Venture Assets or Operations collected by the Manager; and
|--- | --------------------------------------------------------------------------------------------------------------------------



|(c) | any other income received which is to be retained separately by the Manager and paid to each Participant, (pro rata in the proportion to its Interest) at the end of each Month.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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|--------------------------------------- |  |  |  | ------ |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 5
|                                        |  |  |  |       



---

Corrs Chambers Westgarth



|4 | Materials charged to Joint Venture Account
|- | ------------------------------------------



|4.1 | Purchases
|--- | ---------

Imported and locally produced Material purchased, and all services procured, for the
Operations by or for the Manager or the Exploration Manager (including Materials purchased for warehouse stock) must be charged at the price paid, after deduction of all discounts actually received. The cost of such Materials must include, if
appropriate, insurance costs, handling and transportation costs to warehouse, customs fees and duties and like expenses chargeable against the Materials, and external purchasing, shipping and forwarding service fees.



|4.2 | Material purchased directly for Operations
|--- | ------------------------------------------

The cost of Materials purchased directly for Operations
which do not pass through a Joint Venture warehouse may include handling, transportation and insurance costs to the site of installation and use.



|4.3 | Material purchased from a party or an Affiliate
|--- | -----------------------------------------------

Any Material which is produced, processed, manufactured
or controlled by a party or an Affiliate of a party may be purchased from such party or Affiliate and if so purchased such purchase shall be on arms length commercial terms including any trade and/or cash discounts normally granted
to Third Party purchasers and shall further be competitive with other sources of supply that may be available provided that no such purchase shall be made by the Manager or the Exploration Manager from a party or an Affiliate other than as
authorised under this document.



|4.4 | Material furnished by the Manager or Participant
|--- | ------------------------------------------------

Material required for Operations must be purchased for
direct charge to the Joint Venture Account whenever practicable, except that a party or an Affiliate of a party may furnish Material to the Joint Venture from its own stocks on rates and terms approved by the Management Committee under the following
conditions:



|(a) | New Material
|--- | ------------

New Material (Condition A) transferred from the partys warehouse or other
properties to the Manager must be priced on an arms length basis less trade and/or cash discounts normally granted to Third Party purchasers and must be competitive with other sources of supply that may be available.



|(b) | Used Material
|--- | -------------



| | (i) | Used Material which is in sound and serviceable condition and is suitable for re-use without reconditioning must be classed as Condition B Material and priced at 75% of Current
New Price.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Used Material which cannot be classified as Condition B but which after reconditioning will be further serviceable for original function as good second-hand Material is to be classified as Condition B Material.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | Used Material which is serviceable for original function but substantially not suitable for reconditioning, must be classified as Condition C Material and priced at 50% of Current New Price.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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Corrs Chambers Westgarth





|(c) | Bad Order Material
|--- | ------------------

Bad order Material (Condition D), being Material not further useable for
its original function but which may be used for possible other service, must be graded and priced as to condition of the material normally used for such other purpose.

There may also be cases where some items of Material, due to their unusual condition, may be fairly and equitably priced by the Manager,
subject to approval of all Participants.



|(d) | Material Furnished by the Manager or Participant When Not Readily Available
|--- | ---------------------------------------------------------------------------

When Material
and/or supplies are not readily available from reputable supply sources due to scarcity, national emergency or governmental regulations, the Manager or a Participant may furnish such from its stock or properties at its nearest available supply and
charge the Managers or Participants, as applicable, full cost or replacement costs, as circumstances may require, of those Materials or supplies to the Joint Venture Account, including without limitation, purchase price, procurement,
warehouse, handling, transportation and all other costs incurred in connection therewith up to the time of delivery to the Project Area.



|4.5 | Warranty of Material Furnished by a Manager or Participants
|--- | -----------------------------------------------------------

To the extent permitted by Law, the Manager
or Participant supplying the Material, does not give any warranty as to the merchantable quality or fitness for purpose of the Material furnished, but the Participants are entitled to the benefit of the dealers or manufacturers guarantee
or warranty. In case of defective Material, credit shall not be passed until an adjustment has been received by the Manager or Participant supplying the Material from the manufacturers or their agents.



|4.6 | Use or hire of Managers or Participants equipment
|--- | ---------------------------------------------------

Where exclusively owned equipment and
facilities of the Manager or a Participant or any Affiliate of any of them are used by or hired to the Joint Venture, the cost of use or hire, including depreciation, licensing, insurance and repairs (but not routine maintenance nor fuel, each of
which is to be separately charged to the Joint Venture) will be Costs provided that such cost of use or hire are no more than the usual commercial rental rate for such items in the area in which they are being used, less any trade and/or cash
discount normally granted to third parties. The cost and capability of such equipment and facilities must be competitive with other sources of comparable equipment and facilities that may be available.



|4.7 | Minimisation of Surplus Materials
|--- | ---------------------------------

So far as it is reasonable, practical and consistent with efficient
and economical operations, the Manager and, if exploration is delegated to GOR under clause 6.5(b) of this document, the Exploration Manager, must purchase or otherwise acquire as Joint Venture Assets only such Material as is required for
immediate or controlled forward use and the Manager must use its best endeavours to avoid the accumulation of surplus stocks.





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---

Corrs Chambers Westgarth



Schedule 4

Special Majority Decisions

Any of the following matters and things may be done, decided or authorised by the Management Committee, but only by Special Majority Decision:



| | (a) | Approval of a proposed LOM Business Plan and Proposed Budget or, subject to clauses 8.8(d) and 9.3(c), any variation to an approved LOM Business Plan or Approved Budget.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | An increase in the frequency of requests for Cash Calls to be made by the Manager from what is provided for in clause 9.3 other than in the case of emergencies as contemplated in clause 9.8.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Expansion of the area of the Operations beyond the Development Area.
| | --- | --------------------------------------------------------------------



| | (d) | The processing of Minerals other than Product at any JV Treatment Plant unless proposed under the Regional Arrangement.
| | --- | -----------------------------------------------------------------------------------------------------------------------



| | (e) | A sale, lease or exchange of all or substantially all of the Joint Venture Assets or merger or consolidation of any of the Project Facilities or the Operations with any other business or entity.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (f) | The disposition or surrender or relinquishment of a Title other than as required by the Act or terms and conditions of the Title.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------



| | (g) | The disposal or sale of any Project Facilities referred to in clause 6.1(b)(xii) or other Joint Venture Assets, the written down book value of which exceeds $7 million.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (h) | Abandoning any material part of the Operations
| | --- | ----------------------------------------------



| | (i) | Placing the Operations on care and maintenance.
| | --- | -------------------------------------------------



| | (j) | Suspending the Operations for 3 months or more, other than due to Force Majeure.
| | --- | --------------------------------------------------------------------------------



| | (k) | The appointment of the Manager or any successor Manager.
| | --- | --------------------------------------------------------



| | (l) | Changing the Managers remuneration.
| | --- | ------------------------------------



| | (m) | Determining the Overhead Charge recoverable by the Manager.
| | --- | -----------------------------------------------------------



| | (n) | Determining that a subcommittee decision made under clause 4.16 should be binding on the Manager and the Participants.
| | --- | ----------------------------------------------------------------------------------------------------------------------



| | (o) | The selection of a new Auditor.
| | --- | -------------------------------



| | (p) | The selection of any Key Personnel (or equivalent position) for employment by the Manager.
| | --- | ------------------------------------------------------------------------------------------



| | (q) | Any change to the Accounting Procedure.
| | --- | ---------------------------------------





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Corrs Chambers Westgarth





| | (r) | The making of any press release or other public disclosure, containing any commercially or strategically material matters, other than where disclosure is permitted in accordance with the provisions of this document.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (s) | The Manager taking forward cover for, or hedging, foreign currency obligations or pre-paying or taking any other appropriate action to avoid currency losses, in each case in
relation to Operations.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (t) | Any of the following actions by the Manager:
| | --- | --------------------------------------------



| | (i) | borrowing of money;
| | --- | -------------------



| | (ii) | entering into any financing arrangement or any commitment with respect to financial derivatives; or
| | ---- | ---------------------------------------------------------------------------------------------------



| | (iii) | any leasing or finance leasing of assets.
| | ----- | -----------------------------------------



| | (u) | Granting by the Manager of any Security Interest over any or all or substantially all of the Joint Venture Assets other than Permitted Security Interests or as otherwise permitted by this document.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | The initiation, defence, compromise or settlement of any court or arbitration proceedings affecting or relating to the Operations or Joint Venture Assets where the total claim amount is reasonably estimated by the
Manager to exceed $7,000,000 (provided that the Manager may initiate or defend a court or arbitration proceeding affecting or relating to the Operations or Joint Venture Assets if it reasonably decides that it must take immediate action in order to
protect the rights of the Participants).
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (w) | The approval of any Closure Plan prior to submission to any Government Agency.
| | --- | ------------------------------------------------------------------------------



| | (x) | Any material delay of expenditure of more than 25% in relation to an Approved Budget.
| | --- | -------------------------------------------------------------------------------------



| | (y) | Approval of the terms and conditions of all contracts where there is a multi-year expenditure commitment of at least $7,000,000 (annualised), whether by reason of minimum expenditure, take or pay, termination fees or
inability to terminate the contract without a claim for damages or otherwise between the Manager and any Third Party.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (z) | Approval of the terms and conditions of all contracts where the expected expenditure is worth more than $1,000,000 (annualised if applicable) between the Manager and an Affiliate or the Manager and a Participant or its
Affiliate.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (aa) | The ratification of expenditure outside of the authority of the Manager.
| | ---- | ------------------------------------------------------------------------



| | (bb) | The entering into of any contracts for the supply of gas or electricity, where the electricity is partially or fully generated by gas.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------



| | (cc) | The entering into of any contracts for the transportation of gas.
| | ---- | -----------------------------------------------------------------



| | (dd) | Use by a Participant of any of the Joint Venture Assets other than as allowed under this document.
| | ---- | --------------------------------------------------------------------------------------------------





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---

Corrs Chambers Westgarth





| | (ee) | Entry into any agreement with Native Title parties regarding native title or aboriginal heritage matters or any material amendment, variation, consent or waiver to the terms of a native title agreement or heritage
agreement made in relation to the Titles or the Operations.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ff) | Any other matter which the Management Committee may from time to time, by Special Majority Decision, resolve shall only be done or authorised by such a vote and any other matter which is expressed under this document to
require a Special Majority Decision.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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---

Corrs Chambers Westgarth



Schedule 5

Exploration Works





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|                                        |  |  |  |         



---

Schedule 5

Exploration Works



|1 | Definitions
|- | -----------

Explorationmeans searching for, discovery and delineation of commercial Mineral
deposits within the Exploration Area and the evaluation of such deposits, including prospecting, surface mapping, sampling, aerial mapping and reconnaissance, drilling, trenching and related field work, geophysical and geochemical testing, core
sampling, assaying, exploration declines, test mining, analysis and evaluation of activities undertaken and results obtained, conducting scoping and pre-feasibility studies, preparing scoping and pre-feasibility study reports, and planning, supervising and administrating all activities undertaken, but does not include mine development or mining operations.

Exploration Costs: All expenditure and liabilities incurred by the Exploration Manager in accordance with this document in carrying out the Exploration
Works and includes:



|(a) | all expenditure expressed to be part of Costs in this document which is incurred by the Exploration Manager in connection with the Exploration Works; and
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | all expenditure and liabilities incurred by the Exploration Manager in accordance with this document including those set out in schedule 4.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------

Exploration Manager has the meaning given in item 2.1(a) of this schedule 5.

Exploration Records and Accounts has the meaning given in item 6.1 of this schedule 5.

Exploration Works means the Operations relating to Exploration to be conducted in the Exploration Area.



|2 | Delegation
|- | ----------



|2.1 | Delegation to Exploration Manager
|--- | ---------------------------------



|(a) | The Manager delegates the role of Exploration Manager(which comprises the Managers duties and functions as Manager in respect to Exploration Works) to GOR.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | GOR accepts the delegation to perform the Exploration Works in accordance with the applicable EA Exploration Plan, Approved EA Budget and the terms and conditions in this Schedule.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | The Exploration Manager must not do or fail to do anything in relation to the Exploration Works that would put the Manager in breach of any of its obligations under this document.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) | The Manager is entitled to access and inspect the Exploration Area, the Exploration Works and the Exploration
Records and Accounts at any time on reasonable notice to the Exploration Manager for the purpose of enabling the Manager to comply with the
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



page | 1



---

| | Managers obligations under this document and ensuring compliance by the Exploration Manager with its obligations under this document.
| | --------------------------------------------------------------------------------------------------------------------------------------



|(e) | The term of the delegation to act as Exploration Manager continues until the earlier of:
|--- | ----------------------------------------------------------------------------------------



| | (i) | the Joint Venture Agreement is terminated for any reason;
| | --- | ---------------------------------------------------------



| | (ii) | the Exploration Manager or its Affiliate ceases to be a Participant;
| | ---- | --------------------------------------------------------------------



| | (iii) | the Exploration Manager gives not less than 180 days written notice of its resignation;
| | ----- | ---------------------------------------------------------------------------------------



| | (iv) | GORs rights under this schedule 5 cease in accordance with clause 18.8 of this document;
| | ---- | -----------------------------------------------------------------------------------------



| | (v) | the date the Exploration Managers appointment is terminated in accordance with item 2.2;
| | --- | -----------------------------------------------------------------------------------------



| | (vi) | the Exploration Manager defaults in some material respect in the due performance and observance of any of its obligations as Exploration Manager under this document and such default is not remedied, or the Exploration
Manager does not devise and implement with all diligence a cure plan, within a reasonable period determined by the Participants (acting reasonably) being at least 90 days after the Exploration Manager receives a notice in writing from the Manager or
any Participant requiring such default to be rectified; and
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vii) | an Event of Default occurs with respect to any Participant which is the Exploration Manager or which is an Affiliate of the Exploration Manager and the Event of Default has not been remedied and the Non-Defaulting Participants resolve by Special Majority Decision to require the Exploration Manager to resign.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(f) | Upon the cessation of the term of the delegation, the Manager will resume responsibility for the Exploration Works.
|--- | -------------------------------------------------------------------------------------------------------------------



|(g) | For the avoidance of doubt, where a resolution is put to the Management Committee to require the Exploration Managers resignation under item 2.1(e)(vii), a Participant who is the Exploration Manager or an
Affiliate of the Exploration Manager will not be entitled to vote in relation to that resolution.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.2 | Manager may resume exploration if not satisfied
|--- | -----------------------------------------------



|(a) | The Manager may terminate GORs appointment as Exploration Manager in accordance with this item 2.2.
|--- | ----------------------------------------------------------------------------------------------------



|(b) | The Manager may, if it is not satisfied (acting reasonably) with the Exploration Managers performance of the Exploration Works, issue a notice to the Exploration Manager, intending to resume responsibility for the
Exploration Works.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | Within 5 Business Days of receiving a notice under item 2.2(b), the Manager and Exploration Manager must
meet and use reasonable endeavours to reach agreement on the manner in which the performance of the Exploration Manager can be improved to the reasonable satisfaction of the Manager. If the parties cannot reach agreement on that
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



page | 2



---

| | within 20 Business Days from the date of the notice then either party may refer the matter to the Senior Executives in accordance with clause 22.4 of this document.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) | If the matter is not resolved to the reasonable satisfaction of the Manager by the Senior Executives then GORs appointment may be terminated upon notice from the Manager.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) | If the matter is resolved under this clause or by the Senior Executives but within 6 months the Manager issues another notice under item 2.2(b) for the same or a similar issue then GORs appointment may be
terminated upon notice from the Manager.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.3 | Delivery of property on change of Exploration Manager
|--- | -----------------------------------------------------

As soon as reasonably practicable after the
effective date of the cessation of the term of the delegation under item 2.1(e), the Exploration Manager will:



|(a) | deliver to the Manager:
|--- | -----------------------



| | (i) | all Joint Venture Assets in its possession or under its control which are held in its capacity as Exploration Manager;
| | --- | ----------------------------------------------------------------------------------------------------------------------



| | (ii) | transfer title to any Joint Venture Assets which are held in its capacity as Exploration Manager to the Manager;
| | ---- | ----------------------------------------------------------------------------------------------------------------



| | (iii) | any Exploration Records and Accounts in its possession or under its control;
| | ----- | ----------------------------------------------------------------------------



| | (iv) | the results of all work undertaken by or for the Exploration Manager for the purposes of the Joint Venture, including all Mining Information and the results of any tests undertaken by or for the Exploration Manager; and
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | all exploration and other reports or studies prepared by or for the Exploration Manager;
| | --- | ----------------------------------------------------------------------------------------



|(b) | deliver documents signed by the Exploration Manager regarding the novation or assignment of the rights and liabilities of the Exploration Manager under any contract entered into in its capacity as Exploration Manager to
the Manager which is expressed to take effect on and from the termination of the delegation, and where the novation or assignment of such a contract has not occurred by the date of termination of the delegation, the Manager and the Exploration
Manager must each continue to use all reasonable endeavours to procure the novation or assignment of the contract as soon as reasonably practicable;
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | use reasonable endeavours, to the maximum extent legally permissible, to transfer any Government Authorisations which relate solely to the Exploration Works that can be transferred and in respect of any Government
Authorisations which do not relate solely to the Exploration Works or which cannot be transferred by the Exploration Manager to the Manager, it must do all things reasonably necessary to assist the successor in applying for new Government
Authorisations, and if requested by the Manager, terminate, surrender or cancel those Government Authorisations (if they relate solely to the Exploration Works) once the Manager has obtained the relevant Government Authorisation or to enable the
Manager to apply for a replacement authorisation; and
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



page | 3



---

|(d) | provide reasonable assistance to the Manager as requested, for up to 90 days and on a cost reimbursement basis, to allow the management, supervision and conduct of Exploration Works to continue without interruption or
adverse effect and to facilitate the orderly transfer of responsibility for and conduct of the Exploration Works to the Manager.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.4 | Costs on resumption by Manager
|--- | ------------------------------



|(a) | Upon resumption of Exploration Works by the Manager in accordance with item 2.1(f), the Exploration Manager is entitled to be reimbursed for all reasonable unavoidable,
pre-committed or existing costs of the Exploration Manager, including costs of contractors engaged by Exploration Manager in connection with the Exploration Works, incurred after the date of resumption.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | Where the Manager has resumed Exploration Works under items 2.1(d) or 2.1(e), the Exploration Manager is, subject to item 2.4(c), also entitled to be reimbursed for such proportion of all
reasonable redundancy costs of any employees of the Exploration Manager which are made redundant as a result of the termination of the Exploration Managers engagement to manage the Exploration Works as equates to the proportion of the time
those employees have spent engaged on the Exploration Works under this document compared to their other duties and prior service to the Exploration Manager.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | Prior to making any employees referred to in item 2.4(b) redundant the Exploration Manager will consult with the Manager and, where requested by the Manager, allow the Manager to make offers of employment to
those employees and use reasonable endeavours to encourage those employees to accept those offers including by allowing the Manager reasonable access to the employees for the purposes of encouraging acceptance of an offer of employment by the
Manager.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) | For the avoidance of doubt, any costs of the Exploration Manager which are to be reimbursed in accordance with item 2.4 will be Costs for the purposes of this document.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2.5 | Exploration Program and Budget
|--- | ------------------------------



|(a) | The Exploration Manager must provide to the Manager a draft EA Exploration Plan and Proposed EA Budget in accordance with clause 8.3(b) of this document.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | The Exploration Manager will implement and manage the Exploration Works under the EA Exploration Plan and Approved EA Budget in accordance with this schedule 5 and the parties are bound by thisschedule
5 in respect to the carrying out of the Exploration Works.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3 | Duties of Exploration Manager
|- | -----------------------------



|3.1 | Conduct of Operations
|--- | ---------------------



|(a) | Subject to the terms and conditions of this document, and to such instructions as it may from time to time receive from the Manager or the Management Committee in accordance with this document, the Exploration Manager
will, and is empowered to exercise all powers necessary to:
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | manage, supervise and conduct Exploration Works as delegate of the Manager on behalf of, and as agent for, the Participants; and
| | --- | --------------------------------------------------------------------------------------------------------------------------------



page | 4



---

| | (ii) | implement the EA Exploration Plan and Approved EA Budget and discharge its powers and duties under this document in accordance with the EA Exploration Plan and the Approved EA Budget.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | Without limiting the generality of the foregoing, the Exploration Manager will:
|--- | -------------------------------------------------------------------------------



| | (i) | comply with all Laws applicable to the Exploration Works, including Laws pertaining to safety and environmental protection;
| | --- | ---------------------------------------------------------------------------------------------------------------------------



| | (ii) | comply with any decision or instruction of the Management Committee or the Manager made or given in accordance with this document;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------



| | (iii) | not do anything to compromise the good standing of the Titles;
| | ----- | --------------------------------------------------------------



| | (iv) | maintain the Joint Venture Assets and any other plant, equipment or tools used for the Exploration Works which are within the custody and control of the Exploration Manager in good working order;
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | replace any plant, equipment or tool as the Exploration Manager determines as necessary or desirable so that Exploration Works may be safely, efficiently and lawfully conducted at all times;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | with the approval of the Manager, sell or otherwise dispose of any plant, equipment, tools or supplies that may be worn out, surplus or no longer required for Exploration Works.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vii) | ensure that health, safety and environmental management systems are developed, implemented and maintained in respect of the Exploration Works to the satisfaction of the Manager;
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (viii) | endeavour to ensure that contractors engaged for the Exploration Works develop, implement and maintain health, safety and environmental management systems to standards that comply with health, safety and environment
plans approved by the Manager;
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ix) | in the case of any emergency or accident in respect of the Exploration Works, take such action as the Exploration Manager considers is necessary or advisable for the protection of life or the Joint Venture Assets,
provided that, where practicable, it has first consulted with the Manager;
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (x) | subject to item 3.9, after consultation with the Manager, acquire all materials, supplies, machinery, equipment and services necessary for the conduct of Exploration Works;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xi) | after consultation with the Manager, engage (which may be by secondment), dismiss, supervise and control all management, technical and labour personnel necessary for the performance of its obligations in relation to the
Exploration Works including determining the terms and conditions of such engagement and conducting all industrial relations in relation to them;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (xii) | notify the Manager as soon as practicable after becoming aware of any event or circumstance of which it is aware which is likely to result in:
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------



page | 5



---

| | (A) | litigation, arbitration or similar proceedings;
| | --- | -----------------------------------------------



| | (B) | a material breach of any licence, authority, approval, direction, instrument or other similar matter;
| | --- | -----------------------------------------------------------------------------------------------------



| | (C) | a material breach of any applicable legal requirement; or
| | --- | ---------------------------------------------------------



| | (D) | Force Majeure;
| | --- | --------------



| | (xiii) | keep the Manager fully informed on all current material matters and developments arising out of the Exploration Works;
| | ------ | ----------------------------------------------------------------------------------------------------------------------



| | (xiv) | generally do all such acts and things as may be reasonably necessary or desirable for the efficient conduct of Exploration Works or to enable the Manager to comply with its obligations under this document in connection
with the Exploration Works.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | The Manager and the Exploration Manager will consult regularly and work collaboratively in relation to:
|--- | -------------------------------------------------------------------------------------------------------



| | (i) | the co-ordination of the Exploration Works and the other Operations so as to minimise any potential conflicts or interference to Operations which may be created by the Exploration
Works;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the exercise of the responsibilities and duties in item 3.1(c) which apply across the Project Area and not solely on the Exploration Area; and
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | negotiating and effecting insurances required for Exploration Area which are also required for the whole Project Area,
| | ----- | ----------------------------------------------------------------------------------------------------------------------

and where reasonably practicable will seek to ensure consistency of systems and procedures adopted by the Manager and the Exploration Manager.



|(d) | Subject always to this document, the Exploration Manager has the power to enter into agreements and bind the Participants in the exercise of its duties in accordance with this document.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3.2 | Urgent action
|--- | -------------



|(a) | Subject to item 3.2(c), the Exploration Manager has the right to take any urgent or emergency action as, in its judgement, is necessary to preserve property, avoid, mitigate or prevent material risk of harm or
damage to persons, property or the environment and to ensure the Manager and the Participants comply with their respective contractual and legal obligations in relation to the Exploration Works.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | The Exploration Manager must promptly notify the Manager and the Participants as and when any costs of the nature referred to in item 3.2(a) above are incurred.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | To the extent that time permits, the Exploration Manager must use reasonable endeavours to:
|--- | -------------------------------------------------------------------------------------------



| | (i) | seek the approval of the Manager as otherwise required of it under this document; or
| | --- | ------------------------------------------------------------------------------------



page | 6



---

| | (ii) | consult with the Manager,
| | ---- | -------------------------

as soon as reasonably practicable after becoming aware of the need to take urgent
action.



|3.3 | Funding of Exploration Manager
|--- | ------------------------------

The performance by the Exploration Manager of its duties under this
schedule will be subject to it receiving sufficient funds from the Manager in accordance with this document.



|3.4 | Proper practices in Exploration Works
|--- | -------------------------------------

The Exploration Manager will perform the Exploration Works and
all of its duties as Exploration Manager under this document in a good, safe, workmanlike and commercially reasonable manner in accordance with the Good Australian Mining Practice.



|3.5 | Status of the Exploration Manager
|--- | ---------------------------------



|(a) | The Exploration Manager will report to and be subject to the general supervision and direction of the Manager.
|--- | --------------------------------------------------------------------------------------------------------------



|(b) | Subject to that supervision, and to the terms of this document, the Exploration Manager will have the authority, discretions and powers of an independent contractor in its management, supervision and conduct of
Exploration Works.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | The Exploration Manager may perform its obligations under this document itself or through such agents or independent contractors as it may decide. However, the use of an agent or contractor by the Exploration Manager in
the performance of any of the duties of the Exploration Manager will not relieve the Exploration Manager of responsibility to the Manager for those duties.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|3.6 | No delegation
|--- | -------------

The Exploration Manager may not delegate any of its rights and obligations as Exploration
Manager. This restriction does not prevent the engagement of contractors or consultants as considered reasonably necessary by the Exploration Manager provided that the Exploration Manager remains liable for the acts or omissions of its contractors
or consultants as if they were acts or omissions of the Exploration Manager.



|3.7 | Exploration Managers custody of Joint Venture Assets
|--- | -----------------------------------------------------



|(a) | Subject to the provisions of this document, the Exploration Manager will have the custody and control of the Joint Venture Assets used solely for Exploration Works.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | The Exploration Manager will hold any such Joint Venture Asset which stands in its name as agent for the Participants in proportion to their respective Interests.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | Except:
|--- | -------



| | (i) | where permitted by this document;
| | --- | ---------------------------------



| | (ii) | with the prior approval of the Manager; or
| | ---- | ------------------------------------------



page | 7



---

| | (iii) | in the case of Permitted Security Interests,
| | ----- | --------------------------------------------

the Exploration Manager must not mortgage, pledge, charge,
encumber, sub-lease or otherwise dispose of or create any lien over or trust in respect of (or purport or attempt to do so) the Joint Venture Assets or any other real or personal property or money in which any
Participant has an interest.



|3.8 | Contracts with Affiliates of the Exploration Manager
|--- | ----------------------------------------------------

The Exploration Manager agrees that:



|(a) | any agreements which are entered into by the Exploration Manager in the performance of its duties under this document with any of its Affiliates will be on normal armslengthcommercial
terms consistent with the provisions of this clause;
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | the terms of such agreements will be no less commercially reasonable in the particular circumstances of such agreements than would have been the case had such agreements been entered into with third parties which are
not Affiliates of the Exploration Manager; and
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | any such agreements will be submitted to the Manager for approval.
|--- | ------------------------------------------------------------------



|3.9 | Contracts with third parties
|--- | ----------------------------



|(a) | Unless otherwise decided by the Manager, all contracts or other arrangements with Third Parties entered into by the Exploration Manager for the purposes of or in the course of Exploration Works will be entered into by
the Exploration Manager as agent for the Participants with the result that:
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | wherever possible, using the Exploration Managers reasonable endeavours, the Participants will be severally liable under such contracts and arrangements as principals in proportion to their respective Interests,
and not jointly or jointly and severally liable; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | in the event of any breach or default on the part of the Third Party under such contracts and arrangements, proceedings may be brought against such Third Party to recover each Participants loss.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | Where, despite the Exploration Managers reasonable endeavours under item 3.9(a)(i) of this schedule 5,the Participants are or become jointly or jointly and severally liable under a contract
or other arrangement with a Third Party, the Participants agree that as between themselves, all liabilities under or in respect of any such contract will be borne by the Participants in proportion to their respective Interests, notwithstanding the
terms of the contract.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | The Exploration Manager must not enter into any contract requiring approval by the Management Committee under this documents (whether by Ordinary Resolution or a Special Majority Decision), unless the contract has first
been approved by the Manager. The Manager will promptly seek any approvals required from the Management Committee and advise the Exploration Manager of any approval promptly after it is obtained.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) | The Exploration Manager must, upon a request by the Manager or any Participant, disclose to the Manager and the
Participants details and, if requested, copies of all contracts or
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



page | 8



---

| | other arrangements entered into by the Exploration Manager for the purposes of or in the course of Exploration Works.
| | ---------------------------------------------------------------------------------------------------------------------



|3.10 | Ratify actions of Exploration Manager
|---- | -------------------------------------

Each Participant agrees to ratify and confirm all actions taken
by the Exploration Manager in the due and proper performance of its duties and in accordance with the terms of this document.



|3.11 | No profit or loss by Exploration Manager
|---- | ----------------------------------------

Unless otherwise agreed between the Exploration Manager and
the Manager, the Exploration Manager will perform its duties under this document on a no profit or loss basis to the intent that:



|(a) | the Exploration Manager will neither gain nor lose by performing its duties under this document;
|--- | ------------------------------------------------------------------------------------------------



|(b) | the Exploration Manager will not be entitled to any fee margin or other remuneration from the Participants for the performance of its duties under this document; and
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | all costs, expenses and liabilities of the Exploration Manager arising out of the proper performance by the Exploration Manager of its obligations under this document in accordance with the terms of this document will
be Costs and will be borne by the Participants in proportion to their respective Interests; and
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) | clause 6.12(d) of the document applies to the Exploration Manager with all necessary changes.
|--- | ---------------------------------------------------------------------------------------------



|3.12 | Good faith
|---- | ----------



|(a) | The Exploration Manager will at all times act reasonably and in good faith in all its dealings with the Manager and Participants and in the performance of its duties under this document.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | The Exploration Manager will at all times act in the best interests of the Joint Venture as a whole.
|--- | ----------------------------------------------------------------------------------------------------



|4 | Insurance
|- | ---------



|4.1 | Insurance
|--- | ---------



|(a) | The Exploration Manager will, in accordance with instructions from the Manager from time to time, use all reasonable endeavours to effect and maintain (either separately or in conjunction with the Manager) the following
insurances (subject to such insurances being available upon commercially reasonable terms):
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | insurance as required under any applicable workers compensation law in respect of its liability to its employees engaged in Exploration Works;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | any other insurance required by law in connection with or because of Exploration Works;
| | ---- | ---------------------------------------------------------------------------------------



| | (iii) | public liability insurance in respect of any claim made by any Third Party against the Exploration Manager, the
Manager or any Participant arising out of the Exploration
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



page | 9



---

| | Works or any act, omission, neglect or default occurring on or near the Exploration Area;
| | -----------------------------------------------------------------------------------------



| | (iv) | such other insurances as may from time to time be authorised or directed by the Manager in relation to the Exploration Works,
| | ---- | -----------------------------------------------------------------------------------------------------------------------------

and the Exploration Manager and the Manager (whoever takes out the policy) will promptly provide to the Exploration Manager, the Manager and
the Participants (as applicable), a summary of and evidence of the insurance cover which has been effected.



|(b) | Any material change to any insurances effected or maintained by the Exploration Manager will be notified to each Participant at the time of such change.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------



|4.2 | Insurer
|--- | -------

All insurances under item 4.1 will be effected with an insurer or insurers of good
repute selected by the Exploration Manager (and approved by the Manager), in the names of the Exploration Manager, the Manager and each Participant for their respective rights and interests. The Exploration Manager must wherever possible procure
that all such insurances include a provision that the insurer has no right of subrogation against any Participant, the Exploration Manager or the Manager.



|4.3 | Advice to Manager and Participants of change in insurances
|--- | ----------------------------------------------------------

Any material change to any insurances
effected or maintained by the Exploration Manager in accordance with this item 4 will be notified to the Manager and each Participant at the time of such change.



|4.4 | Insurance by contractors
|--- | ------------------------

The Exploration Manager will use all reasonable endeavours to ensure that all
independent contractors of the Exploration Manager effect and maintain:



|(a) | insurance as required under any applicable workers compensation law;
|--- | ---------------------------------------------------------------------



|(b) | appropriate public liability insurance and professional indemnity insurance; and
|--- | --------------------------------------------------------------------------------



|(c) | any other insurance as may be required by the Manager or the Management Committee.
|--- | ----------------------------------------------------------------------------------



|5 | Budgets, planning and funding
|- | -----------------------------



|5.1 | Approved EA Budget is binding on the Exploration Manager
|--- | --------------------------------------------------------



|(a) | The EA Exploration Plan and Approved EA Budget components of the most recent LOM Business Plan, as approved or revised and amended by the Management Committee in accordance with this document, will be binding on the
Exploration Manager.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | Except as otherwise required or allowed under this document, the Exploration Manager must carry on the conduct of the Exploration Works in accordance with the EA Exploration Plan and Approved EA Budget.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



page | 10



---

|(c) | The Exploration Manager is obliged and authorised to conduct Exploration Works and to incur expenditure and make disbursements approved or for which an allowance or provision is made, in an Approved EA Budget for the
Exploration Works and in accordance with that Approved EA Budget.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) | Except as otherwise provided in this schedule, the Exploration Manager may not recover from the Manager or the Participants any expenditure in excess of that provided for in an Approved EA Budget unless that expenditure
is approved or ratified by the Manager.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) | The Exploration Manager must use all reasonable endeavours not to incur any expenditure in excess of the amount budgeted in an Approved EA Budget except as provided below:
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | aggregate over-expenditure on Exploration Costs of:
| | --- | ---------------------------------------------------



| | (A) | 10% or less of the total expenditure under the Approved EA Budget is permitted without approval of the Management Committee or the Manager; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | more than 10% of the total expenditure under the Approved EA Budget is permitted if approved in advance by the Manager (and if it requires approval from the Management Committee under this document, the Manager will
seek that approval before approving the expenditure); and
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | reasonable expenditure to fund urgent action under item 3.2is permitted without approval of the Manager or the Management Committee.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------



|5.2 | Provision of Funds by Manager
|--- | -----------------------------



|(a) | Based upon the Approved EA Budget (as revised by the Management Committee from time to time), the Exploration Manager must submit to the Manager, on or before the 10th day of each Month, a statement (Exploration
Cash Call) showing:
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the estimated disbursements to be made for Exploration Costs for Exploration Works during the following Month;
| | --- | --------------------------------------------------------------------------------------------------------------



| | (ii) | the extent, if any, to which such disbursements can be satisfied by funds already held by the Exploration Manager under this document;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the amount (Exploration Called Sum) required from the Manager (which, for the avoidance of doubt, is the cash amount which is required to be paid by a Participant after application of funds held by the
Exploration Manager); and
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | such other details as the Manager may from time to time reasonably direct.
| | ---- | --------------------------------------------------------------------------



|(b) | The Manager must advance the Exploration Called Sum within 2 Business Days after the later of 1st Business Day of the relevant Month and the receipt by the Manager of any Called Sums from Participants under clause
9.5 of this document.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | The aggregate of Exploration Called Sums for the Financial Year cannot exceed 110% of monthly Exploration Called Sum forecast under the Approved EA Budget without the prior approval of the Manager (and if it requires
approval from the Management Committee under this document, the Manager will seek that approval before approving the expenditure).
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



page | 11



---

|(d) | If at any time the Exploration Manager is, or is likely to be, required to take urgent action under item 3.2 which requires funds in excess of the funds then available to the Exploration Manager, and which have
not been provided for in the most recent Exploration Cash Call, the Exploration Manager may issue an emergency Exploration Cash Call to the Manager, stating:
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the amount of funds required;
| | --- | -----------------------------



| | (ii) | the Exploration Called Sum required to be paid by the Manager;
| | ---- | --------------------------------------------------------------



| | (iii) | the place or places where, and manner in which, payment is to be made; and
| | ----- | --------------------------------------------------------------------------



| | (iv) | the circumstances, in reasonable detail, giving rise to the necessity for obtaining such funds,
| | ---- | -----------------------------------------------------------------------------------------------

and, subject to the Manager having funds on hand, the Manager will promptly pay that amount or take the urgent action itself.



|(e) | The Exploration Manager will use Exploration Called Sums, and any assets acquired by the use of such funds, for the purpose of Exploration Works and for no other purpose.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|5.3 | Bank account
|--- | ------------



|(a) | All Exploration Called Sums and other moneys received or earned by the Exploration Manager on behalf of the Joint Venture will be deposited into a designated account or accounts in the name of the Exploration Manager,
as Exploration Manager of the Joint Venture, maintained at a branch or branches of a bank authorised to carry on a banking business under the Banking Act 1959(Cth) selected by the Exploration Manager.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | The Exploration Manager alone will be entitled to operate such account or accounts and may from time to time temporarily invest any surplus funds in such account in accordance with such short term investment policies as
may from time to time be approved by the Manager.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | No such investment will have a maturity exceeding the time within which the funds so invested are required to be disbursed on account of Exploration Costs.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) | All funds in the account (including any short term investments acquired with such funds) will remain the beneficial property of the Participants in proportion to their Interests until such time as those funds are
disbursed on account of Costs.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(e) | The Exploration Manager must notify the Manager when it opens or closes any bank account under this schedule 5.
|--- | ---------------------------------------------------------------------------------------------------------------



|(f) | The Exploration Manager will make from the accounts referred to in this item all disbursements which are required to be made from time to time on account of Exploration Costs.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



page | 12



---

|6 | Records, accounts and reports
|- | -----------------------------



|6.1 | Exploration Manager to keep records and accounts
|--- | ------------------------------------------------



|(a) | The Exploration Manager will, in accordance with the Accounting Procedure and generally accepted accounting principles and customary cost accounting practices in the mining industry, keep, or cause to be kept,
comprehensive, true and accurate records and accounts of:
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the Exploration Works;
| | --- | ----------------------



| | (ii) | Exploration Managers performance of its duties;
| | ---- | ------------------------------------------------



| | (iii) | the Joint Venture Assets in the Exploration Managers custody and control;
| | ----- | --------------------------------------------------------------------------



| | (iv) | all Exploration Called Sums received by the Exploration Manager;
| | ---- | ----------------------------------------------------------------



| | (v) | all contracts and transactions entered into in connection with the Exploration Works; and
| | --- | -----------------------------------------------------------------------------------------



| | (vi) | the Cost and expenses of all transactions entered into by the Exploration Manager,
| | ---- | ----------------------------------------------------------------------------------



| | (Exploration | Records and Accounts).
| | ------------ | ----------------------



|(b) | Without limiting the generality of the foregoing, the Exploration Records and Accounts will be separate from the records and accounts of any other business or activity conducted by the Exploration Manager and, for the
avoidance of doubt, GOR and any of its Affiliates and will be maintained in such manner as may be reasonably necessary to enable the Manager and each Participant to meet its reporting, accounting and tax return requirements.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(c) | The Exploration Manager will determine the place or places within Australia where the Exploration Records and Accounts are kept and the Exploration Manager must keep the Manager and each Participant informed as to each
location where the Exploration Records and Accounts are kept.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(d) | The Exploration Manager will comply with any requests made by any Participants under clauses 11.2 and 11.3of this document.
|--- | ---------------------------------------------------------------------------------------------------------------------------



|6.2 | Annual financial statement
|--- | --------------------------

The Exploration Manager must in respect of each Financial Year provide to
the Manager as soon as practicable (and in any event in sufficient time to enable the Manager to comply with its obligations under this document) after the end of each Financial Year details and information reasonably required by the Manager to
prepare its financial statements under the document.



|6.3 | Monthly exploration update
|--- | --------------------------

The Exploration Manager will provide the Manager, within 2 Business Days
after the end of each Month, a written update for inclusion in the Managers monthly report to Participants containing the information agreed by the Exploration Manager and the Manager (each acting reasonably) from time to time.



page | 13



---

|6.4 | Copies of report
|--- | ----------------

Upon request by a Participant or the Manager, the Exploration Manager must provide to
the Participant copies of all reports prepared by the Exploration Manager in connection with Exploration Works.



|6.5 | Information and data
|--- | --------------------

The Exploration Manager will provide the Manager or a Participant, as applicable,
with all information, data and material concerning Exploration Works which:



|(a) | the Manager may reasonably require to enable it to satisfy any of its obligations under this document, and in such format as the Manager requires for that purpose; or
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | a Participant may reasonably require to meet its statutory reporting and disclosure obligations under the Corporations Act, the Australian Stock Exchange Listing Rules and the applicable Laws of the place of its
incorporation or the rules of any other recognised stock exchange as applicable.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|7 | Access and use
|- | --------------



|(a) | Provided that in all circumstances there must not be any interference with, and priority must be given to the implementation of the non-Exploration components of the LOM Business
Plan and Approved Budget which is in force at that time:
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (i) | the Participants and the Manager must use their best endeavours not to obstruct or hinder the conduct of Exploration Works under an Approved EA Budget;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | the Exploration Manager may use such Joint Venture Assets as may reasonably be available and necessary for the conduct of the Exploration Works; and
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | the Exploration Manager will have full and free access across the areas of the Exploration Area to carry out the Exploration Works.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------



|(b) | The Exploration Manager will, in performance of the Exploration Works and the presence of the Exploration Manager and its personnel or Contractors on the Pastoral Lease, comply with the obligation of the Manager under
clause 2.19 of this document as if those obligations were obligations of the Exploration Manager.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|8 | Liability and Indemnity of the Exploration Manager
|- | --------------------------------------------------



|8.1 | Limited Liability of the Exploration Manager
|--- | --------------------------------------------

The Exploration Manager, its directors, officers,
employees and agents will not be responsible for any Liabilities suffered or incurred by any Participant or the Manager arising out of or in the course of the discharge of its duties in carrying out the Exploration Works except for:



|(a) | where the Exploration Manager (or any person for whom the Exploration Manager is vicariously liable) has committed Gross Negligence or Wilful Misconduct; or
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------



|(b) | for those amounts which the Exploration Manager, as a Participant, is liable to expend or contribute towards the Exploration Works.
|--- | -----------------------------------------------------------------------------------------------------------------------------------



page | 14



---

|8.2 | Indemnity for the Exploration Manager by Participants
|--- | -----------------------------------------------------

Each of the Participants, severally to the extent
of its Interest, will at all times indemnify and keep indemnified the Exploration Manager against all Liabilities suffered or incurred by the Exploration Manager in relation to the Exploration Works other than where the Exploration Manager (or any
person for whom the Exploration Manager is vicariously liable) has committed Gross Negligence or Wilful Misconduct.



|8.3 | Indemnity by the Exploration Manager of Participants
|--- | ----------------------------------------------------

The Exploration Manager (in its own right) will at
all times indemnify and keep indemnified the Manager and the Participants and their respective directors, officers, employees, agents and contractors (IndemnifiedPersons) from and against all Liabilities suffered or incurred by the
Indemnified Persons in connection with its management of the Exploration Works, including any personal injury, disease, illness or death, or physical loss of, or damage to, property of the Indemnified Person or any third party, where the Exploration
Manager (or any person for whom the Exploration Manager is vicariously liable) has committed Gross Negligence or Wilful Misconduct.



page | 15



---

Corrs Chambers Westgarth



Annexure A

Initial Development Plan and Budget





|                                        |  |  |  |          |  | 
|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 122
|                                        |  |  |  |         



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LOGO

INTEGRATED PROJECT MASTER SCHEDULE Level 4Activity Name Original Duration Start Finish 2016 2017 2018 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Project Milestones 568 25-Oct-16 31-Dec-18 Site Access
Granted for Stage 1 Accommodation Village Installation 0 25-Oct-16 25-Oct-16, Project Finance Obtained 0 15-Dec-16* 15-Dec-16*, Project Approval by GOR Board 0 31-Jan-17 31-Jan-17, Site Access Granted for Unrestricted Site Construction Activities 0
01-Feb-17 01-Feb-17, Mining Operations Commences 0 27-Oct-17* 27-Oct-17* Gas Pipeline Commences Commercial Operations 0 20-Apr-18 20-Apr-18, Power Station Commences Commercial Operations 0 01-Jun-18* 01-Jun-18*, First Gold Poured 0 31-Oct-18
31-Oct-18, Ramp-Up Completed 0 31-Dec-18 31-Dec-18,Approvals Milestones 274 25-Oct-16 27-Nov-17Mining Proposal for Early Works Approved 0 25-Oct-16* 25-Oct-16*,Works Approval for Early
Works Granted 0 06-Dec-16* 06-Dec-16*, Mining Proposal for Gas Pipeline Approved 0 12-Dec-16 12-Dec-16, Works Approval for Gruyere Project Granted 0 05-Jan-17* 05-Jan-17*, API-A Assessment Approved 0 31-Jan-17 31-Jan-17, Mining Proposal for Gruyere
Project Approved 0 31-Jan-17 31-Jan-17, Native Vegetation Clearing Permit for Gas Pipeline Granted 0 07-Mar-17 07-Mar-17, Works Approval for TSF Granted 0 24-Mar-17* 24-Mar-17*,Gas Pipeline Consent to Construct Granted 0 28-Jul-17 28-Jul-17,Gas Pipeline Consent to
Operate Granted 0 27-Nov-17 27-Nov-17,Operational Readiness Milestones 381 03-Jan-17 11-Jul-18All Systems in Place for Construction 0 03-Jan-17 03-Jan-17,All Systems & Contracts
in Place for Mining Operations 0 05-Sep-17 05-Sep-17,All Systems & Contracts in Place for Process Plant Operations 0 11-Jul-18 11-Jul-18,Process Plant & Infrastructure 624 04-Jul-16 30-Dec-18Process Plant &
Infrastructure Milestones 582 04-Jul-16 31-Oct-18Early Works Commencement 0 04-Jul-16 04-Jul-16Restricted Site Access available for construction 0 27-Oct-16 27-Oct-16 Process Plant EPC award 0 28-Oct-16* 28-Oct-16*Site available for construction (unrestricted Access) 0 02-Feb-17 02-Feb-17 Earthworks Construction Water Available 0 20-Feb-17 20-Feb-17Mining Supply Zone C 0 27-Oct-17 27-Oct-17Mining Material Supply Saprolite 0 04-Dec-17
04-Dec-17Power Station Required By Date 0 31-Jul-18 31-Jul-18Completion of
Load Commissioning 0 31-Oct-18 31-Oct-18,Early Works Milestones 184 09-Sep-16 15-Jun-17Anne Beadell access track Ready to construct 0 09-Sep-16 09-Sep-16, Permanent Village earthworks Ready to construct 0 23-Sep-16 23-Sep-16, Mine Site Access Roads Ready to construct
0 07-Oct-16 07-Oct-16, Site Storm water & Drainage Ready to construct 0 07-Oct-16 07-Oct-16, Yeo Borefield access track Ready to construct 0 07-Oct-16 07-Oct-16,Airstrip & Facilities Earthworks Ready to construct 0 16-Dec-16 16-Dec-16, Stage 1 300 Temporary Rooms Operational 0 22-Jan-17 22-Jan-17,Stage 2 300 Permanent Rooms Operational 0 14-May-17 14-May-17, TSF Submission to DMP 0 15-Jun-17 15-Jun-17,Actual Work Critical Remaining Work Summary Page 1 of 6 Remaining Work Milestone



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INTEGRATED PROJECT MASTER SCHEDULE Level 4Activity Name Original Duration Start Finish 2016 2017 2018 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2Design & Construction Milestones 443 01-Dec-16 19-Sep-18Project Plans Complete 0
01-Dec-16 01-Dec-16,PDC, mass balance and flow sheets approved 0 12-Jan-17 12-Jan-17,Site Mobilisation and Establishment 0 30-Mar-17 30-Mar-17Mobilisation of civil construction
crew 0 18-Aug-17 18-Aug-17 Mobilisation of SMP installations crew 0 26-Sep-17 26-Sep-17 Mobilisation of piping installations crew 0 26-Sep-17 26-Sep-17 Mobilisation of electrical installations crew 0 03-Oct-17 03-Oct-17Construction complete 0 14-Aug-18 14-Aug-18, Practical Completion (Plant Ready to Accept Ore) 0 19-Sep-18 19-Sep-18,Early Works 529 04-Jul-16 20-Aug-18Long Lead Items Purchase 385 04-Jul-16 30-Jan-18CP001 - Gyratory Crusher 345 29-Aug-16 30-Jan-18CP010 - Mills 324 04-Jul-16
23-Oct-17 Bulk Earthworks Design 353 04-Jul-16 30-Nov-17 Main Site Access Road 70 04-Jul-16 07-Oct-16Anne Beadell Access track 50 04-Jul-16 09-Sep-16Air Strip 120 04-Jul-16 16-Dec-16Site Storm water diversion 70 04-Jul-16 07-Oct-16 Yeo
Borefields Access track 70 04-Jul-16 07-Oct-16 Permanent Village Earthworks 40 01-Aug-16 23-Sep-16TSF 115 04-Jul-16 09-Dec-16Permanent Communications 353 04-Jul-16 30-Nov-17Bulk Earthworks 676 29-Jul-16 20-Aug-18Site Roads (ex haul roads) 294 27-Oct-16 20-Sep-17Air strip - 541 153
20-Feb-17 03-Aug-17Anne Beadell Borefield - 524 78 20-Feb-17 15-May-17Drainage 212 20-Feb-17 05-Oct-17 Yeo Borefield 96 15-May-17 25-Aug-17Water
Supply - Construction 186 29-Jul-16 26-Feb-17ROM Pad 20 13-May-18 02-Jun-18Process plant Infastructure Area 101 10-Apr-17 27-Jul-17In Plant Roads 30
21-May-17 22-Jun-17Mining Infrastructure Area 52 22-Jun-17 17-Aug-17 Tailings Storage Facility 230 21-Nov-17 06-Aug-18Tailing dam Equipment 281 10-Oct-17 20-Aug-18Explosives Magazine / Facilities 26 17-Aug-17
14-Sep-17Gruyere Accommodation Village 249 04-Jul-16 06-Jul-17Stage 1 - 300
Temporary Rooms 135 04-Jul-16 22-Jan-17 Stage 2 - 300 Permanent Rooms 209 29-Aug-16 06-Jul-17Overhead Lines 30 02-Dec-16 27-Jan-17 Powerline Design 30 02-Dec-16
27-Jan-17Process Plant Design and Construction 624 04-Jul-16 30-Dec-18Off
site EPC works 464 04-Jul-16 19-May-18Design & Project Management 334 04-Jul-16 03-Nov-17Project Setup Phase 25 28-Oct-16 01-Dec-16Project Definition Documents 80 25-Nov-16 03-Apr-17Process Plant Layouts 85 13-Jan-17 17-May-17Infrastructure Layouts 65
02-Dec-16 20-Mar-17Infrastructure Bores 119 04-Jul-16 15-Dec-16 Bulk Earthworks 105 28-Oct-16 10-Apr-17Civil Design and Drafting - Plant 140 30-Jan-17 17-Aug-17Actual Work Critical Remaining Work
Summary Page 2 of 6 Remaining Work Milestone



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INTEGRATED PROJECT MASTER SCHEDULE Level 4Activity Name Original Duration Start Finish 2016 2017 2018 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2Mechanical design and drafting 105 07-Mar-17 03-Aug-17Structural steel design and drafting
125 20-Apr-17 13-Oct-17Piping design and drafting 214 02-Jan-17 03-Nov-17Electrical design and drafting 199 02-Jan-17 13-Oct-17Procurement Full
Project 444 01-Aug-16 19-May-18Process Plant construction works 487 09-Mar-17 25-Aug-18Process Plant 487 09-Mar-17 25-Aug-18Establish temporary site facilities 49 09-Mar-17
01-May-17Construction communications install 13 09-Mar-17 22-Mar-17Site
office facilities 13 16-Mar-17 29-Mar-17Temporary site facilities available 0 30-Mar-17 30-Mar-17Process Plant Construction water available 0 01-May-17 01-May-17,Concrete works 260 15-Jun-17
02-Apr-18Mobilise concrete contractor 13 15-Jun-17 29-Jun-17Switchroom and
Transformer concrete 33 29-Jun-17 03-Aug-17Tailings Area Concrete 78 29-Jun-17 21-Sep-17CIL area concrete 65 13-Jul-17 21-Sep-17Primary crusher area concrete install 78 17-Aug-17
09-Nov-17Elution and goldroom concrete 78 21-Sep-17 14-Dec-17Conveyor
footings installation 52 09-Nov-17 15-Jan-18Pre-Leach area concrete 33 14-Dec-17 29-Jan-18Ore storage area 65 15-Jan-18 26-Mar-18Reagent Area Concrete 46 29-Jan-18 19-Mar-18Water services Area Concrete 39 29-Jan-18 12-Mar-18Air services area
concrete 20 12-Mar-18 02-Apr-18Milling 189 18-Aug-17 20-Mar-18Steel Tank
Site Works 189 07-Sep-17 10-Apr-18Mobilise to site - CIL tank construction 7 07-Sep-17 15-Sep-17CIL Tanks Installation & Painting 182 15-Sep-17 10-Apr-18Structural steel erection
247 21-Sep-17 25-Jun-18Mobilise structural contractor 4 21-Sep-17 26-Sep-17Elution & gold recovery area steelwork 65 14-Dec-17 05-Mar-18Pre-leach area steelwork 39 29-Jan-18 12-Mar-18CIL area steelwork 78
23-Feb-18 18-May-18Water Services steelwork 33 12-Mar-18 16-Apr-18Reagents
Storage area 52 19-Mar-18 14-May-18Reagents mixing area 52 19-Mar-18 14-May-18Air services steelwork 39 02-Apr-18 14-May-18Tailings area steelwork 39
24-Apr-18 04-Jun-18Crushing area steelwork 72 04-Feb-18 21-Apr-18Ore
storage area 85 26-Mar-18 25-Jun-18Conveyor steelwork 62 09-Jan-18 16-Mar-18Grinding area steelwork 104 09-Jan-18 01-May-18Mechanical &
Platework installations 201 10-Nov-17 25-Jun-18Air services equipment 39 02-Apr-18 14-May-18Water services equipment 26 16-Apr-18 14-May-18Crushing area mechanical 96 30-Jan-18
12-May-18Ore Storage Area 13 23-Apr-18 07-May-18Grinding area mechanical
176 10-Nov-17 29-May-18Gravity separation area mechanical 72 20-Feb-18 08-May-18Pre-Leach area mechanical 130 29-Jan-18 18-Jun-18CIL area mechanical 26 18-May-18 15-Jun-18Actual Work Critical Remaining Work Summary Page 3 of 6 Remaining Work Milestone



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LOGO

INTEGRATED PROJECT MASTER SCHEDULE Level 4Activity Name Original Duration Start Finish 2016 2017 2018 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2Elution and Gold recovery mechanical 104 14-Dec-17 16-Apr-18Tailings area equipment 163
02-Jan-18 25-Jun-18Reagent area equipment 46 19-Mar-18 07-May-18Piping
installations 289 26-Sep-17 13-Aug-18Piping workgroup mobilisation 7 26-Sep-17 03-Oct-17Underground services piping 33 03-Oct-17 07-Nov-17Elution and gold recovery area 78 19-Mar-18
11-Jun-18Conveyors piping installation 39 14-Apr-18 25-May-18Gravity area -
Piping 52 08-May-18 03-Jul-18Crushing area piping installation 33 13-May-18 16-Jun-18Reagents Storage Shed area 33 14-May-18 18-Jun-18Reagents area - Piping 59 14-May-18
16-Jul-18Water Services Area 52 14-May-18 09-Jul-18Air Services Area 46
14-May-18 02-Jul-18Grinding area - Piping 59 15-May-18 17-Jul-18Leach and
Adsorption Area 52 18-May-18 13-Jul-18Ore storage area 33 25-Jun-18 30-Jul-18Tailings handling area 46 26-Jun-18 13-Aug-18Electrical installations 265
02-Nov-17 25-Aug-18Electrical workgroup mobilisation 7 02-Nov-17 09-Nov-17Underground services 39 09-Nov-17 21-Dec-17Overhead power line installation
130 09-Nov-17 09-Apr-18Plant control system configuration and installation 98 13-Dec-17 08-Apr-18HV distribution and reticulation 26 09-Apr-18 07-May-18Install Switchrooms / MCCs 39
19-May-18 30-Jun-18Crushing area electrical installations 72 13-May-18 28-Jul-18Ore Storage area electrical installations 52 01-Jul-18 25-Aug-18Grinding area electrical
installations 96 03-Apr-18 14-Jul-18Gravity area electrical installations 39 29-May-18 09-Jul-18Leach & Adsorption area electrical installations 72 21-May-18 06-Aug-18Elution & goldroom area electrical install 135 05-Mar-18 28-Jul-18Tailings area electrical installations 59 05-Jun-18 06-Aug-18Reagents area
electrical installations 65 14-May-18 23-Jul-18Water services area electrical installations 72 14-May-18 30-Jul-18Air services electrical installations 58 21-May-18 23-Jul-18Plant Infrastructure 361
20-Mar-17 23-Apr-18Anne Beadell Bore 39 20-Mar-17 01-May-17Yeo Bores 132
27-Jun-17 16-Nov-17Plant Buildings 237 01-Aug-17 23-Apr-18Fuel Storage 195
27-Jul-17 05-Mar-18Infrastructure Installation 273 29-Jun-17 30-Apr-18Infrastructure concrete works 91 29-Jun-17 05-Oct-17Gas storage 26 29-Jun-17
27-Jul-17Communications 26 29-Jun-17 27-Jul-17Power Station - Civils (EPC
Contractor) 52 10-Aug-17 05-Oct-17Infrastructure structural works 117 27-Jul-17 30-Nov-17Gas storage 52 27-Jul-17 21-Sep-17Communications 26 27-Jul-17 24-Aug-17Power Station Structural 52 05-Oct-17 30-Nov-17Infrastructure Mechanical Works 143 21-Sep-17
05-Mar-18Gas storage 52 21-Sep-17 16-Nov-17Power Station 78 30-Nov-17
05-Mar-18Actual Work Critical Remaining Work Summary Page 4 of 6 Remaining Work Milestone



---

LOGO

INTEGRATED PROJECT MASTER SCHEDULE Level 4Activity Name Original Duration Start Finish 2016 2017 2018 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2Infrastructure Piping Works 143 16-Nov-17 30-Apr-18Gas storage - Piping 52 16-Nov-17
22-Jan-18Power Station - Piping 78 05-Feb-18 30-Apr-18Infrastructure
Electrical Works 221 24-Aug-17 30-Apr-18Communications - Electrical Install 26 24-Aug-17 21-Sep-17Gas storage - Electrical Install 52 16-Nov-17 22-Jan-18Power Station - Electrical Install 52
05-Mar-18 30-Apr-18Commissioning 152 08-Apr-18 19-Sep-18Commissioning plan
26 08-Apr-18 06-May-18Field inspections and dry running tests 52 09-Jul-18 03-Sep-18Gravity area - dry commissioning 13 09-Jul-18 23-Jul-18Grinding area drives - dry
commissioning 14 17-Jul-18 01-Aug-18Air services area - dry commissioning 4 23-Jul-18 27-Jul-18Reagents area - dry commissioning 6 23-Jul-18 30-Jul-18Elution & goldroom area - dry
commissioning 7 28-Jul-18 05-Aug-18Water services area - dry commissioning 4 30-Jul-18 03-Aug-18Crushing area - dry commissioning 7 31-Jul-18 07-Aug-18Running of SAG mill - dry
commissioning 7 01-Aug-18 08-Aug-18Leach & Adsorption area - dry commissioning 10 06-Aug-18 17-Aug-18Running of Ball mill - dry commissioning 7 08-Aug-18 16-Aug-18Tailings Handling (including
TSF) - dry commissioning 13 20-Aug-18 03-Sep-18Ore storage area - dry commissioning 7 25-Aug-18 01-Sep-18Water testing and process simulation and interlock testing 44 03-Aug-18 19-Sep-18Air services
commissioning - water commissioning 4 03-Aug-18 07-Aug-18Water services commissioning - water commissioning 4 03-Aug-18 08-Aug-18Crushing area - water commissioning 7 08-Aug-18 15-Aug-18Grinding area - water commissioning
14 16-Aug-18 31-Aug-18Gravity area - water commissioning 4 16-Aug-18 20-Aug-18Leach & Adsorption area - water commissioning 7 17-Aug-18 24-Aug-18Elution & Goldroom Area - water commissioning 13 31-Aug-18 14-Sep-18Ore storage area - water commissioning 4 01-Sep-18 05-Sep-18Tailings area
(including TSF) - water commissioning 4 03-Sep-18 07-Sep-18Reagents area - water commissioning 5 14-Sep-18 19-Sep-18Ore commissioning 39 19-Sep-18 31-Oct-18Ore commissioning 39 19-Sep-18 31-Oct-18Ramp-Up 60 31-Oct-18 30-Dec-18Ramp-Up 60 31-Oct-18 30-Dec-18Operational Readiness 605 17-Mar-16 11-Jul-18Organisational Preparations 450 16-Aug-16
01-Jun-18Preparations for Mobilisation of Construction 100 16-Aug-16 02-Jan-17Preparations for Mobilisation of Construction 100 16-Aug-16* 02-Jan-17Preparations for Mining Contract 40 05-Dec-16 02-Feb-17Preparations for
Mining Contract 40 05-Dec-16* 02-Feb-17Tender & Execute Mining Contract 60 03-Feb-17 03-May-17Tender & Execute Mining Contract 60 03-Feb-17 03-May-17Prepare for First Open Pit
Ore Production 88 04-May-17 05-Sep-17Prepare for First Open Pit Ore Production 88 04-May-17* 05-Sep-17Actual Work Critical Remaining Work Summary Page 5 of 6 Remaining Work Milestone



---

LOGO

INTEGRATED PROJECT MASTER SCHEDULE Level 4Activity Name Original Duration Start Finish 2016 2017 2018 2019 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2Operations Contracts 260 09-Jan-17 19-Jan-18Develop Systems Related to Operations Contract 60
09-Jan-17* 04-Apr-17Tender & Execute Operations Contracts 200 05-Apr-17 19-Jan-18Develop Systems Related to ERP 330 17-Mar-16 06-Jul-17Develop Systems Related to ERP 330
17-Mar-16* 06-Jul-17Prepare Process Plant for Operations & Maintenance 293 04-Apr-17 06-Jun-18Prepare Process Plant for Operations & Maintenance 293 04-Apr-17* 06-Jun-18Preparation for Process Operations & Maintenance Teams 263 28-Mar-17 16-Apr-18Preparations for Process Operations & Maintenance Teams 263 28-Mar-17* 16-Apr-18Prepare Support Departments for Operations 151 30-Nov-17 11-Jul-18Prepare
Support Departments for Operations 151 30-Nov-17* 11-Jul-18Actual Work Critical Remaining Work Summary Page 6 of 6 Remaining Work Milestone



---

|     |                                 |                      |                                                           |                             
|---- | ------------------------------- | -------------------- | --------------------------------------------------------- | ----------------------------
|LOGO |                                 | Gruyere Gold Project |                                                           | Estimate Summary By Facility
|     | Gold Road Resources Ltd         |                      | Report Currency: A - AUSTRALIANInclude Other Currencies:☑
|     | Estimate Base Date: 30-Jun-2016 |                     



|                                              |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 
|--------------------------------------------- |  | ------------- |  | ------------- | --- |  | ----- |  | -------- | -------------- |  |  | ---------- |  |  | ------------ | ------- |  | ------- |  | --------- | ------ |  |  | --------------- |  |  | ----------- | ---------- |  | ----- |  | --------- |  |  |  | - |  |  |  | ---------- | 
|> Area                                        |  | Quantity
Unit |  | FreightTonnes |     |  | LBHrs |  |          | PlantEquipment |  |  | VendorReps |  |  | BulkMaterial |         |  | Freight |  |           | Labour |  |  | SubContDistribs |  |  | ConstnEquip |            |  | TOTAL | 
|> Facility                                    |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       | 
|110 . MINE DEVELOPMENT                        |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 
|                                              |  |               |  |               |     |  |       |  |          |                | 
|111 . CONTRACTOR MOBILISATION                 |  |               |  |               | 0.0 |  |       |  | 0.0      |                |  |  | 0          |  |  |              | 0       |  |         |  | 0         |        |  |  | 0               |  |  |             | 0          |  |       |  | 1,871,612 |  |  |  | 0 |  |  |  | 1,871,612  | 
|                                              |  |               |  |               |     |  |       |  |          |                | 
|112 . MINE SITE CLEARING                      |  |               |  |               | 0.0 |  |       |  | 0.0      |                |  |  | 0          |  |  |              | 0       |  |         |  | 0         |        |  |  | 0               |  |  |             | 2,514,318  |  |       |  | 0         |  |  |  | 0 |  |  |  | 2,514,318  | 
|                                              |  |               |  |               |     |  |       |  |          |                | 
|113 . OVERBURDEN STRIPPING                    |  |               |  |               | 0.0 |  |       |  | 6,879.4  |                |  |  | 0          |  |  |              | 0       |  |         |  | 0         |        |  |  | 0               |  |  |             | 26,656,596 |  |       |  | 3,333,043 |  |  |  | 0 |  |  |  | 29,989,639 | 
|                                              |  |               |  |               |     |  |       |  |          |                | 
|114 . HAUL ROADS                              |  |               |  |               | 0.0 |  |       |  | 0.0      |                |  |  | 0          |  |  |              | 0       |  |         |  | 0         |        |  |  | 0               |  |  |             | 491,279    |  |       |  | 0         |  |  |  | 0 |  |  |  | 491,279    | 
|                                              |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 
|TOTAL: 110 . MINE DEVELOPMENT                 |  |               |  |               | 0.0 |  |       |  | 6,879.4  |                |  |  | 0          |  |  |              | 0       |  |         |  | 0         |        |  |  | 0               |  |  |             | 29,662,193 |  |       |  | 5,204,655 |  |  |  | 0 |  |  |  | 34,866,848 | 
|                                              |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 
|120 . MINE SERVICES INFRASTRUCTURE            |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 
|                                              |  |               |  |               |     |  |       |  |          |                | 
|126 . EXPLOSIVES FACILITIES                   |  |               |  |               | 0.0 |  |       |  | 0.0      |                |  |  | 0          |  |  |              | 0       |  |         |  | 0         |        |  |  | 0               |  |  |             | 310,000    |  |       |  | 0         |  |  |  | 0 |  |  |  | 310,000    | 
|                                              |  |               |  |               |     |  |       |  |          |                | 
|127 . MINE DEWATERING EX-PIT                  |  |               |  |               | 0.0 |  |       |  | 0.0      |                |  |  | 0          |  |  |              | 0       |  |         |  | 0         |        |  |  | 0               |  |  |             | 339,100    |  |       |  | 380,000   |  |  |  | 0 |  |  |  | 719,100    | 
|                                              |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 
|TOTAL: 120 . MINE SERVICES INFRASTRUCTURE     |  |               |  |               | 0.0 |  |       |  | 0.0      |                |  |  | 0          |  |  |              | 0       |  |         |  | 0         |        |  |  | 0               |  |  |             | 649,100    |  |       |  | 380,000   |  |  |  | 0 |  |  |  | 1,029,100  | 
|                                              |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 
|210 . SITE PREPARATION AND DRAINAGE           |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 
|                                              |  |               |  |               |     |  |       |  |          |                | 
|211 . SITE PREPARATION & DRAINAGE             |  |               |  |               | 0.0 |  |       |  | 14,064.0 |                |  |  | 591,909    |  |  |              | 372,656 |  |         |  | 0         |        |  |  | 9,128           |  |  |             | 4,412,750  |  |       |  | 0         |  |  |  | 0 |  |  |  | 5,386,443  | 
|                                              |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 
|TOTAL: 210 . SITE PREPARATION AND DRAINAGE    |  |               |  |               | 0.0 |  |       |  | 14,064.0 |                |  |  | 591,909    |  |  |              | 372,656 |  |         |  | 0         |        |  |  | 9,128           |  |  |             | 4,412,750  |  |       |  | 0         |  |  |  | 0 |  |  |  | 5,386,443  | 
|                                              |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 
|230 . PLANT SECURITY FENCING                  |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 
|                                              |  |               |  |               |     |  |       |  |          |                | 
|231 . PLANT SECURITY FENCING                  |  |               |  |               | 0.0 |  |       |  | 1,160.8  |                |  |  | 477,350    |  |  |              | 51,336  |  |         |  | 0         |        |  |  | 76,071          |  |  |             | 97,730     |  |       |  | 0         |  |  |  | 0 |  |  |  | 702,487    | 
|                                              |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 
|TOTAL: 230 . PLANT SECURITY FENCING           |  |               |  |               | 0.0 |  |       |  | 1,160.8  |                |  |  | 477,350    |  |  |              | 51,336  |  |         |  | 0         |        |  |  | 76,071          |  |  |             | 97,730     |  |       |  | 0         |  |  |  | 0 |  |  |  | 702,487    | 
|                                              |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 
|240 . SURFACE WATER DIVERSION CHANNELS        |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 
|                                              |  |               |  |               |     |  |       |  |          |                | 
|241 . SURFACE WATER DIVERSION CHANNELS        |  |               |  |               | 0.0 |  |       |  | 8,661.7  |                |  |  | 0          |  |  |              | 137,490 |  |         |  | 0         |        |  |  | 0               |  |  |             | 1,833,224  |  |       |  | 0         |  |  |  | 0 |  |  |  | 1,970,714  | 
|                                              |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 
|TOTAL: 240 . SURFACE WATER DIVERSION CHANNELS |  |               |  |               | 0.0 |  |       |  | 8,661.7  |                |  |  | 0          |  |  |              | 137,490 |  |         |  | 0         |        |  |  | 0               |  |  |             | 1,833,224  |  |       |  | 0         |  |  |  | 0 |  |  |  | 1,970,714  | 
|                                              |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 
|310 . CRUSHING                                |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 
|                                              |  |               |  |               |     |  |       |  |          |                | 
|311 . PRIMARY CRUSHING                        |  |               |  |               | 0.0 |  |       |  | 51,750.9 |                |  |  | 5,392,532  |  |  |              | 685,960 |  |         |  | 6,470,247 |        |  |  | 811,683         |  |  |             | 4,313,056  |  |       |  | 0         |  |  |  | 0 |  |  |  | 17,673,478 | 
|                                              |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 
|TOTAL: 310 . CRUSHING                         |  |               |  |               | 0.0 |  |       |  | 51,750.9 |                |  |  | 5,392,532  |  |  |              | 685,960 |  |         |  | 6,470,247 |        |  |  | 811,683         |  |  |             | 4,313,056  |  |       |  | 0         |  |  |  | 0 |  |  |  | 17,673,478 | 
|                                              |  |               |  |               |     |  |       |  |          |                |  |  |            |  |  |              |         |  |         |  |           |        |  |  |                 |  |  |             |            |  |       |  |           |  |  |  |   |  |  |  |            | 





|                  |  |                                                        |  |           |  |                        
|----------------- |  | ------------------------------------------------------ |  | --------- |  | -----------------------
|User Id / DB:     |  | QuestV3User / SERVER=SRVR02;DATABASE=GRR-QV3-GRP-Prodn |  | Run Date: |  | 05:39 pm    19-Aug-2016
|                  |  |                                                        | 
|System/Report Id: |  | 3.02.75 / rptEstimateSummaryByFacility_303             |  | Page:     |  | 1 of 11                



---

|     |                                 |                      |                                                           |                             
|---- | ------------------------------- | -------------------- | --------------------------------------------------------- | ----------------------------
|LOGO |                                 | Gruyere Gold Project |                                                           | Estimate Summary By Facility
|     | Gold Road Resources Ltd         |                      | Report Currency: A - AUSTRALIANInclude Other Currencies:☑
|     | Estimate Base Date: 30-Jun-2016 |                     







|                                       |  |              |  |               |     |  |       |  |           |                |  |  |            |  |  |              |           |  |         |  |            |        |  |  |                 |  |  |             |            |  |       |  |   |  |  |  |   |  |  |  |            | 
|-------------------------------------- |  | ------------ |  | ------------- | --- |  | ----- |  | --------- | -------------- |  |  | ---------- |  |  | ------------ | --------- |  | ------- |  | ---------- | ------ |  |  | --------------- |  |  | ----------- | ---------- |  | ----- |  | - |  |  |  | - |  |  |  | ---------- | 
|> Area                                 |  | QuantityUnit |  | FreightTonnes |     |  | LBHrs |  |           | PlantEquipment |  |  | VendorReps |  |  | BulkMaterial |           |  | Freight |  |            | Labour |  |  | SubContDistribs |  |  | ConstnEquip |            |  | TOTAL | 
|> Facility                             |  |              |  |               |     |  |       |  |           |                |  |  |            |  |  |              |           |  |         |  |            |        |  |  |                 |  |  |             |            |  |       | 
|320 . ORE STORAGE                      |  |              |  |               |     |  |       |  |           |                |  |  |            |  |  |              |           |  |         |  |            |        |  |  |                 |  |  |             |            |  |       |  |   |  |  |  |   |  |  |  |            | 
|                                       |  |              |  |               |     |  |       |  |           |                | 
|321 . ORE STORAGE                      |  |              |  |               | 0.0 |  |       |  | 30,367.1  |                |  |  | 1,057,558  |  |  |              | 335,607   |  |         |  | 3,663,326  |        |  |  | 125,141         |  |  |             | 2,522,910  |  |       |  | 0 |  |  |  | 0 |  |  |  | 7,704,542  | 
|                                       |  |              |  |               |     |  |       |  |           |                |  |  |            |  |  |              |           |  |         |  |            |        |  |  |                 |  |  |             |            |  |       |  |   |  |  |  |   |  |  |  |            | 
|TOTAL: 320 . ORE STORAGE               |  |              |  |               | 0.0 |  |       |  | 30,367.1  |                |  |  | 1,057,558  |  |  |              | 335,607   |  |         |  | 3,663,326  |        |  |  | 125,141         |  |  |             | 2,522,910  |  |       |  | 0 |  |  |  | 0 |  |  |  | 7,704,542  | 
|                                       |  |              |  |               |     |  |       |  |           |                |  |  |            |  |  |              |           |  |         |  |            |        |  |  |                 |  |  |             |            |  |       |  |   |  |  |  |   |  |  |  |            | 
|330 . GRINDING & CLASSIFICATION        |  |              |  |               |     |  |       |  |           |                |  |  |            |  |  |              |           |  |         |  |            |        |  |  |                 |  |  |             |            |  |       |  |   |  |  |  |   |  |  |  |            | 
|                                       |  |              |  |               |     |  |       |  |           |                | 
|331 . MILLING                          |  |              |  |               | 0.0 |  |       |  | 137,553.3 |                |  |  | 39,721,346 |  |  |              | 2,250,118 |  |         |  | 11,397,797 |        |  |  | 2,194,060       |  |  |             | 11,771,449 |  |       |  | 0 |  |  |  | 0 |  |  |  | 67,334,770 | 
|                                       |  |              |  |               |     |  |       |  |           |                | 
|332 . GRAVITY SEPARATION               |  |              |  |               | 0.0 |  |       |  | 3,794.8   |                |  |  | 2,352,009  |  |  |              | 90,878    |  |         |  | 361,820    |        |  |  | 34,675          |  |  |             | 354,741    |  |       |  | 0 |  |  |  | 0 |  |  |  | 3,194,123  | 
|                                       |  |              |  |               |     |  |       |  |           |                |  |  |            |  |  |              |           |  |         |  |            |        |  |  |                 |  |  |             |            |  |       |  |   |  |  |  |   |  |  |  |            | 
|TOTAL: 330 . GRINDING & CLASSIFICATION |  |              |  |               | 0.0 |  |       |  | 141,348.1 |                |  |  | 42,073,355 |  |  |              | 2,340,996 |  |         |  | 11,759,617 |        |  |  | 2,228,735       |  |  |             | 12,126,190 |  |       |  | 0 |  |  |  | 0 |  |  |  | 70,528,893 | 
|                                       |  |              |  |               |     |  |       |  |           |                |  |  |            |  |  |              |           |  |         |  |            |        |  |  |                 |  |  |             |            |  |       |  |   |  |  |  |   |  |  |  |            | 
|340 . LEACHING AND ADSORPTION          |  |              |  |               |     |  |       |  |           |                |  |  |            |  |  |              |           |  |         |  |            |        |  |  |                 |  |  |             |            |  |       |  |   |  |  |  |   |  |  |  |            | 
|                                       |  |              |  |               |     |  |       |  |           |                | 
|341 . PRE-LEACH THICKENING             |  |              |  |               | 0.0 |  |       |  | 18,743.2  |                |  |  | 2,305,423  |  |  |              | 259,207   |  |         |  | 2,350,477  |        |  |  | 624,228         |  |  |             | 1,635,790  |  |       |  | 0 |  |  |  | 0 |  |  |  | 7,175,125  | 
|                                       |  |              |  |               |     |  |       |  |           |                | 
|342 . LEACH AND ADSORPTION             |  |              |  |               | 0.0 |  |       |  | 66,727.9  |                |  |  | 4,376,680  |  |  |              | 996,966   |  |         |  | 8,531,195  |        |  |  | 409,864         |  |  |             | 5,992,785  |  |       |  | 0 |  |  |  | 0 |  |  |  | 20,307,490 | 
|                                       |  |              |  |               |     |  |       |  |           |                |  |  |            |  |  |              |           |  |         |  |            |        |  |  |                 |  |  |             |            |  |       |  |   |  |  |  |   |  |  |  |            | 
|TOTAL: 340 . LEACHING AND ADSORPTION   |  |              |  |               | 0.0 |  |       |  | 85,471.1  |                |  |  | 6,682,103  |  |  |              | 1,256,173 |  |         |  | 10,881,672 |        |  |  | 1,034,092       |  |  |             | 7,628,575  |  |       |  | 0 |  |  |  | 0 |  |  |  | 27,482,615 | 
|                                       |  |              |  |               |     |  |       |  |           |                |  |  |            |  |  |              |           |  |         |  |            |        |  |  |                 |  |  |             |            |  |       |  |   |  |  |  |   |  |  |  |            | 
|350 . ELUTION AND GOLD RECOVERY        |  |              |  |               |     |  |       |  |           |                |  |  |            |  |  |              |           |  |         |  |            |        |  |  |                 |  |  |             |            |  |       |  |   |  |  |  |   |  |  |  |            | 
|                                       |  |              |  |               |     |  |       |  |           |                | 
|351 . ELUTION AND GOLD ROOM            |  |              |  |               | 0.0 |  |       |  | 27,219.7  |                |  |  | 4,283,985  |  |  |              | 438,857   |  |         |  | 2,375,182  |        |  |  | 196,435         |  |  |             | 2,429,451  |  |       |  | 0 |  |  |  | 0 |  |  |  | 9,723,910  | 
|                                       |  |              |  |               |     |  |       |  |           |                |  |  |            |  |  |              |           |  |         |  |            |        |  |  |                 |  |  |             |            |  |       |  |   |  |  |  |   |  |  |  |            | 
|TOTAL: 350 . ELUTION AND GOLD RECOVERY |  |              |  |               | 0.0 |  |       |  | 27,219.7  |                |  |  | 4,283,985  |  |  |              | 438,857   |  |         |  | 2,375,182  |        |  |  | 196,435         |  |  |             | 2,429,451  |  |       |  | 0 |  |  |  | 0 |  |  |  | 9,723,910  | 
|                                       |  |              |  |               |     |  |       |  |           |                |  |  |            |  |  |              |           |  |         |  |            |        |  |  |                 |  |  |             |            |  |       |  |   |  |  |  |   |  |  |  |            | 
|360 . REAGENTS                         |  |              |  |               |     |  |       |  |           |                |  |  |            |  |  |              |           |  |         |  |            |        |  |  |                 |  |  |             |            |  |       |  |   |  |  |  |   |  |  |  |            | 
|                                       |  |              |  |               |     |  |       |  |           |                | 
|361 . CYANIDE                          |  |              |  |               | 0.0 |  |       |  | 2,586.1   |                |  |  | 39,608     |  |  |              | 19,101    |  |         |  | 164,767    |        |  |  | 8,355           |  |  |             | 227,100    |  |       |  | 0 |  |  |  | 0 |  |  |  | 458,931    | 
|                                       |  |              |  |               |     |  |       |  |           |                | 
|362 . LIME                             |  |              |  |               | 0.0 |  |       |  | 3,321.7   |                |  |  | 1,101,768  |  |  |              | 41,405    |  |         |  | 69,347     |        |  |  | 41,027          |  |  |             | 296,261    |  |       |  | 0 |  |  |  | 0 |  |  |  | 1,549,808  | 
|                                       |  |              |  |               |     |  |       |  |           |                | 
|363 . FLOCCULANTS                      |  |              |  |               | 0.0 |  |       |  | 1,262.0   |                |  |  | 35,974     |  |  |              | 11,535    |  |         |  | 98,065     |        |  |  | 4,791           |  |  |             | 110,534    |  |       |  | 0 |  |  |  | 0 |  |  |  | 260,899    | 
|                                       |  |              |  |               |     |  |       |  |           |                | 
|364 . CAUSTIC                          |  |              |  |               | 0.0 |  |       |  | 1,616.0   |                |  |  | 314,651    |  |  |              | 19,011    |  |         |  | 83,288     |        |  |  | 14,448          |  |  |             | 146,846    |  |       |  | 0 |  |  |  | 0 |  |  |  | 578,244    | 
|                                       |  |              |  |               |     |  |       |  |           |                | 
|365 . HYDROCHLORIC ACID                |  |              |  |               | 0.0 |  |       |  | 1,161.3   |                |  |  | 57,865     |  |  |              | 12,833    |  |         |  | 84,586     |        |  |  | 10,146          |  |  |             | 102,273    |  |       |  | 0 |  |  |  | 0 |  |  |  | 267,703    | 
|                                       |  |              |  |               |     |  |       |  |           |                |  |  |            |  |  |              |           |  |         |  |            |        |  |  |                 |  |  |             |            |  |       |  |   |  |  |  |   |  |  |  |            | 
|TOTAL: 360 . REAGENTS                  |  |              |  |               | 0.0 |  |       |  | 9,947.1   |                |  |  | 1,549,866  |  |  |              | 103,885   |  |         |  | 500,053    |        |  |  | 78,767          |  |  |             | 883,014    |  |       |  | 0 |  |  |  | 0 |  |  |  | 3,115,585  | 
|                                       |  |              |  |               |     |  |       |  |           |                |  |  |            |  |  |              |           |  |         |  |            |        |  |  |                 |  |  |             |            |  |       |  |   |  |  |  |   |  |  |  |            | 







|                  |  |                                                        |  |           |  |                        
|----------------- |  | ------------------------------------------------------ |  | --------- |  | -----------------------
|User Id / DB:     |  | QuestV3User / SERVER=SRVR02;DATABASE=GRR-QV3-GRP-Prodn |  | Run Date: |  | 05:39 pm    19-Aug-2016
|                  |  |                                                        | 
|System/Report Id: |  | 3.02.75 / rptEstimateSummaryByFacility_303             |  | Page:     |  | 2 of 11                



---

|     |                                 |                      |                                                           |                             
|---- | ------------------------------- | -------------------- | --------------------------------------------------------- | ----------------------------
|LOGO |                                 | Gruyere Gold Project |                                                           | Estimate Summary By Facility
|     | Gold Road Resources Ltd         |                      | Report Currency: A - AUSTRALIANInclude Other Currencies:☑
|     | Estimate Base Date: 30-Jun-2016 |                     







|                                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |           |  |             |  |           |       |  |  |   |  |  |  |   |  |  |  |            | 
|-------------------------------- |  | ------------ |  |  | ------------- |  | --- | ----- |  |  | -------------- |  |  | ---------- | --------- |  | ------------ |  | ------- | ------- |  |  | --------- |  |  | --------------- | --------- |  | ----------- |  | --------- | ----- |  |  | - |  |  |  | - |  |  |  | ---------- | 
|> Area                           |  | QuantityUnit |  |  | FreightTonnes |  |     | LBHrs |  |  | PlantEquipment |  |  | VendorReps |           |  | BulkMaterial |  |         | Freight |  |  | Labour    |  |  | SubContDistribs |           |  | ConstnEquip |  |           | TOTAL | 
|> Facility                       |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |           |  |             |  |           |       | 
|370 . TAILINGS DISPOSAL          |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |           |  |             |  |           |       |  |  |   |  |  |  |   |  |  |  |            | 
|                                 |  |              |  |  |               |  |     |       |  |  |               
|371 . TAILS THICKENING & PUMPING |  |              |  |  |               |  | 0.0 |       |  |  | 18,995.6       |  |  |            | 2,552,089 |  |              |  | 270,797 |         |  |  | 2,686,399 |  |  |                 | 625,836   |  |             |  | 1,682,720 |       |  |  | 0 |  |  |  | 0 |  |  |  | 7,817,841  | 
|                                 |  |              |  |  |               |  |     |       |  |  |               
|372 . TAILINGS STORAGE FACILITY  |  |              |  |  |               |  | 0.0 |       |  |  | 44,943.2       |  |  |            | 679,000   |  |              |  | 703,952 |         |  |  | 924,982   |  |  |                 | 384,942   |  |             |  | 7,321,630 |       |  |  | 0 |  |  |  | 0 |  |  |  | 10,014,506 | 
|                                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |           |  |             |  |           |       |  |  |   |  |  |  |   |  |  |  |            | 
|TOTAL: 370 . TAILINGS DISPOSAL   |  |              |  |  |               |  | 0.0 |       |  |  | 63,938.8       |  |  |            | 3,231,089 |  |              |  | 974,749 |         |  |  | 3,611,381 |  |  |                 | 1,010,778 |  |             |  | 9,004,350 |       |  |  | 0 |  |  |  | 0 |  |  |  | 17,832,347 | 
|                                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |           |  |             |  |           |       |  |  |   |  |  |  |   |  |  |  |            | 
|410 . AIR SERVICES               |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |           |  |             |  |           |       |  |  |   |  |  |  |   |  |  |  |            | 
|                                 |  |              |  |  |               |  |     |       |  |  |               
|411 . PLANT AIR                  |  |              |  |  |               |  | 0.0 |       |  |  | 6,834.8        |  |  |            | 189,309   |  |              |  | 41,672  |         |  |  | 134,559   |  |  |                 | 38,923    |  |             |  | 644,673   |       |  |  | 0 |  |  |  | 0 |  |  |  | 1,049,136  | 
|                                 |  |              |  |  |               |  |     |       |  |  |               
|413 . PSA                        |  |              |  |  |               |  | 0.0 |       |  |  | 733.0          |  |  |            | 60,617    |  |              |  | 5,909   |         |  |  | 32,122    |  |  |                 | 681       |  |             |  | 62,808    |       |  |  | 0 |  |  |  | 0 |  |  |  | 162,137    | 
|                                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |           |  |             |  |           |       |  |  |   |  |  |  |   |  |  |  |            | 
|TOTAL: 410 . AIR SERVICES        |  |              |  |  |               |  | 0.0 |       |  |  | 7,567.8        |  |  |            | 249,926   |  |              |  | 47,581  |         |  |  | 166,681   |  |  |                 | 39,604    |  |             |  | 707,481   |       |  |  | 0 |  |  |  | 0 |  |  |  | 1,211,273  | 
|                                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |           |  |             |  |           |       |  |  |   |  |  |  |   |  |  |  |            | 
|420 . WATER                      |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |           |  |             |  |           |       |  |  |   |  |  |  |   |  |  |  |            | 
|                                 |  |              |  |  |               |  |     |       |  |  |               
|421 . RAW WATER                  |  |              |  |  |               |  | 0.0 |       |  |  | 3,341.4        |  |  |            | 232,278   |  |              |  | 45,184  |         |  |  | 96,440    |  |  |                 | 10,622    |  |             |  | 479,152   |       |  |  | 0 |  |  |  | 0 |  |  |  | 863,676    | 
|                                 |  |              |  |  |               |  |     |       |  |  |               
|422 . PROCESS WATER              |  |              |  |  |               |  | 0.0 |       |  |  | 9,970.5        |  |  |            | 901,017   |  |              |  | 132,080 |         |  |  | 612,551   |  |  |                 | 50,297    |  |             |  | 1,283,007 |       |  |  | 0 |  |  |  | 0 |  |  |  | 2,978,952  | 
|                                 |  |              |  |  |               |  |     |       |  |  |               
|423 . POTABLE WATER/RO PLANT     |  |              |  |  |               |  | 0.0 |       |  |  | 6,625.6        |  |  |            | 2,355,648 |  |              |  | 94,328  |         |  |  | 361,072   |  |  |                 | 51,733    |  |             |  | 641,539   |       |  |  | 0 |  |  |  | 0 |  |  |  | 3,504,320  | 
|                                 |  |              |  |  |               |  |     |       |  |  |               
|424 . GLAND WATER                |  |              |  |  |               |  | 0.0 |       |  |  | 1,725.4        |  |  |            | 87,309    |  |              |  | 11,528  |         |  |  | 40,322    |  |  |                 | 7,589     |  |             |  | 162,257   |       |  |  | 0 |  |  |  | 0 |  |  |  | 309,005    | 
|                                 |  |              |  |  |               |  |     |       |  |  |               
|425 . FIRE WATER                 |  |              |  |  |               |  | 0.0 |       |  |  | 2,801.0        |  |  |            | 105,086   |  |              |  | 18,774  |         |  |  | 99,212    |  |  |                 | 14,991    |  |             |  | 265,176   |       |  |  | 0 |  |  |  | 0 |  |  |  | 503,239    | 
|                                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |           |  |             |  |           |       |  |  |   |  |  |  |   |  |  |  |            | 
|TOTAL: 420 . WATER               |  |              |  |  |               |  | 0.0 |       |  |  | 24,463.9       |  |  |            | 3,681,338 |  |              |  | 301,894 |         |  |  | 1,209,597 |  |  |                 | 135,232   |  |             |  | 2,831,131 |       |  |  | 0 |  |  |  | 0 |  |  |  | 8,159,192  | 
|                                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |           |  |             |  |           |       |  |  |   |  |  |  |   |  |  |  |            | 
|430 . PIPING                     |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |           |  |             |  |           |       |  |  |   |  |  |  |   |  |  |  |            | 
|                                 |  |              |  |  |               |  |     |       |  |  |               
|431 . PIPE RACKS                 |  |              |  |  |               |  | 0.0 |       |  |  | 17,811.6       |  |  |            | 0         |  |              |  | 173,886 |         |  |  | 2,252,872 |  |  |                 | 118,587   |  |             |  | 1,641,991 |       |  |  | 0 |  |  |  | 0 |  |  |  | 4,187,336  | 
|                                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |           |  |             |  |           |       |  |  |   |  |  |  |   |  |  |  |            | 
|TOTAL: 430 . PIPING              |  |              |  |  |               |  | 0.0 |       |  |  | 17,811.6       |  |  |            | 0         |  |              |  | 173,886 |         |  |  | 2,252,872 |  |  |                 | 118,587   |  |             |  | 1,641,991 |       |  |  | 0 |  |  |  | 0 |  |  |  | 4,187,336  | 
|                                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |           |  |             |  |           |       |  |  |   |  |  |  |   |  |  |  |            | 





|                  |  |                                                        |  |           |  |                        
|----------------- |  | ------------------------------------------------------ |  | --------- |  | -----------------------
|User Id / DB:     |  | QuestV3User / SERVER=SRVR02;DATABASE=GRR-QV3-GRP-Prodn |  | Run Date: |  | 05:39 pm    19-Aug-2016
|                  |  |                                                        | 
|System/Report Id: |  | 3.02.75 / rptEstimateSummaryByFacility_303             |  | Page:     |  | 3 of 11                



---

|     |                                 |                      |                                                           |                             
|---- | ------------------------------- | -------------------- | --------------------------------------------------------- | ----------------------------
|LOGO |                                 | Gruyere Gold Project |                                                           | Estimate Summary By Facility
|     | Gold Road Resources Ltd         |                      | Report Currency: A - AUSTRALIANInclude Other Currencies:☑
|     | Estimate Base Date: 30-Jun-2016 |                     







|                                       |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |        |         |  |  |         |  |  |                 |        |  |             |  |         |       |  |  |   |  |  |  |   |  |  |  |           | 
|-------------------------------------- |  | ------------ |  |  | ------------- |  | --- | ----- |  |  | -------------- |  |  | ---------- | --------- |  | ------------ |  | ------ | ------- |  |  | ------- |  |  | --------------- | ------ |  | ----------- |  | ------- | ----- |  |  | - |  |  |  | - |  |  |  | --------- | 
|> Area                                 |  | QuantityUnit |  |  | FreightTonnes |  |     | LBHrs |  |  | PlantEquipment |  |  | VendorReps |           |  | BulkMaterial |  |        | Freight |  |  | Labour  |  |  | SubContDistribs |        |  | ConstnEquip |  |         | TOTAL | 
|> Facility                             |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |        |         |  |  |         |  |  |                 |        |  |             |  |         |       | 
|440 . PLANT AREA BUILDINGS             |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |        |         |  |  |         |  |  |                 |        |  |             |  |         |       |  |  |   |  |  |  |   |  |  |  |           | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|441 . PLANT WORKSHOP/WAREHOUSE         |  |              |  |  |               |  | 0.0 |       |  |  | 4,849.9        |  |  |            | 581,080   |  |              |  | 43,086 |         |  |  | 178,478 |  |  |                 | 6,932  |  |             |  | 392,572 |       |  |  | 0 |  |  |  | 0 |  |  |  | 1,202,148 | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|442 . PLANT OFFICE & CONTROL ROOM      |  |              |  |  |               |  | 0.0 |       |  |  | 706.8          |  |  |            | 299,948   |  |              |  | 12,116 |         |  |  | 16,216  |  |  |                 | 34,317 |  |             |  | 61,526  |       |  |  | 0 |  |  |  | 0 |  |  |  | 424,123   | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|443 . CRIB/LUNCH                       |  |              |  |  |               |  | 0.0 |       |  |  | 140.0          |  |  |            | 81,868    |  |              |  | 2,920  |         |  |  | 3,750   |  |  |                 | 5,410  |  |             |  | 12,882  |       |  |  | 0 |  |  |  | 0 |  |  |  | 106,830   | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|444 . ABLUTION                         |  |              |  |  |               |  | 0.0 |       |  |  | 87.3           |  |  |            | 89,549    |  |              |  | 3,099  |         |  |  | 7,500   |  |  |                 | 10,670 |  |             |  | 8,121   |       |  |  | 0 |  |  |  | 0 |  |  |  | 118,939   | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|445 . FIRST AID AND MEDICAL RESPONSE   |  |              |  |  |               |  | 0.0 |       |  |  | 591.1          |  |  |            | 222,666   |  |              |  | 9,146  |         |  |  | 15,571  |  |  |                 | 13,547 |  |             |  | 49,479  |       |  |  | 0 |  |  |  | 0 |  |  |  | 310,409   | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|446 . PERMIT AND ISOLATION ROOM        |  |              |  |  |               |  | 0.0 |       |  |  | 50.6           |  |  |            | 49,219    |  |              |  | 1,694  |         |  |  | 3,750   |  |  |                 | 5,410  |  |             |  | 4,691   |       |  |  | 0 |  |  |  | 0 |  |  |  | 64,764    | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|447 . PLANT WORKSHOP OFFICE            |  |              |  |  |               |  | 0.0 |       |  |  | 134.6          |  |  |            | 82,622    |  |              |  | 2,889  |         |  |  | 0       |  |  |                 | 8,269  |  |             |  | 12,331  |       |  |  | 0 |  |  |  | 0 |  |  |  | 106,111   | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|448 . PLANT WAREHOUSE OFFICE           |  |              |  |  |               |  | 0.0 |       |  |  | 51.4           |  |  |            | 51,878    |  |              |  | 1,664  |         |  |  | 0       |  |  |                 | 5,260  |  |             |  | 4,710   |       |  |  | 0 |  |  |  | 0 |  |  |  | 63,512    | 
|                                       |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |        |         |  |  |         |  |  |                 |        |  |             |  |         |       |  |  |   |  |  |  |   |  |  |  |           | 
|TOTAL: 440 . PLANT AREA BUILDINGS      |  |              |  |  |               |  | 0.0 |       |  |  | 6,611.7        |  |  |            | 1,458,830 |  |              |  | 76,614 |         |  |  | 225,265 |  |  |                 | 89,815 |  |             |  | 546,312 |       |  |  | 0 |  |  |  | 0 |  |  |  | 2,396,836 | 
|                                       |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |        |         |  |  |         |  |  |                 |        |  |             |  |         |       |  |  |   |  |  |  |   |  |  |  |           | 
|450 . PROCESS AND SITE SERVICES        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |        |         |  |  |         |  |  |                 |        |  |             |  |         |       |  |  |   |  |  |  |   |  |  |  |           | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|451 . FUEL STORAGE                     |  |              |  |  |               |  | 0.0 |       |  |  | 2,617.2        |  |  |            | 171,853   |  |              |  | 23,596 |         |  |  | 72,709  |  |  |                 | 16,052 |  |             |  | 239,486 |       |  |  | 0 |  |  |  | 0 |  |  |  | 523,696   | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|452 . GAS STORAGE                      |  |              |  |  |               |  | 0.0 |       |  |  | 640.6          |  |  |            | 1,700     |  |              |  | 3,788  |         |  |  | 17,250  |  |  |                 | 3,269  |  |             |  | 59,724  |       |  |  | 0 |  |  |  | 0 |  |  |  | 85,731    | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|453 . REAGENTS STORAGE                 |  |              |  |  |               |  | 0.0 |       |  |  | 789.6          |  |  |            | 139,179   |  |              |  | 5,732  |         |  |  | 32,406  |  |  |                 | 0      |  |             |  | 62,646  |       |  |  | 0 |  |  |  | 0 |  |  |  | 239,963   | 
|                                       |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |        |         |  |  |         |  |  |                 |        |  |             |  |         |       |  |  |   |  |  |  |   |  |  |  |           | 
|TOTAL: 450 . PROCESS AND SITE SERVICES |  |              |  |  |               |  | 0.0 |       |  |  | 4,047.4        |  |  |            | 312,732   |  |              |  | 33,116 |         |  |  | 122,365 |  |  |                 | 19,321 |  |             |  | 361,856 |       |  |  | 0 |  |  |  | 0 |  |  |  | 849,390   | 
|                                       |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |        |         |  |  |         |  |  |                 |        |  |             |  |         |       |  |  |   |  |  |  |   |  |  |  |           | 
|460 . LABORATORY                       |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |        |         |  |  |         |  |  |                 |        |  |             |  |         |       |  |  |   |  |  |  |   |  |  |  |           | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|461 . WET LAB                          |  |              |  |  |               |  | 0.0 |       |  |  | 2,248.2        |  |  |            | 1,395,686 |  |              |  | 47,369 |         |  |  | 24,560  |  |  |                 | 56,285 |  |             |  | 202,494 |       |  |  | 0 |  |  |  | 0 |  |  |  | 1,726,394 | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|462 . SAMPLE PREP                      |  |              |  |  |               |  | 0.0 |       |  |  | 152.3          |  |  |            | 9,866     |  |              |  | 1,102  |         |  |  | 5,075   |  |  |                 | 695    |  |             |  | 14,220  |       |  |  | 0 |  |  |  | 0 |  |  |  | 30,958    | 
|                                       |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |        |         |  |  |         |  |  |                 |        |  |             |  |         |       |  |  |   |  |  |  |   |  |  |  |           | 
|TOTAL: 460 . LABORATORY                |  |              |  |  |               |  | 0.0 |       |  |  | 2,400.5        |  |  |            | 1,405,552 |  |              |  | 48,471 |         |  |  | 29,635  |  |  |                 | 56,980 |  |             |  | 216,714 |       |  |  | 0 |  |  |  | 0 |  |  |  | 1,757,352 | 
|                                       |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |        |         |  |  |         |  |  |                 |        |  |             |  |         |       |  |  |   |  |  |  |   |  |  |  |           | 





|                  |  |                                                        |  |           |  |                        
|----------------- |  | ------------------------------------------------------ |  | --------- |  | -----------------------
|User Id / DB:     |  | QuestV3User / SERVER=SRVR02;DATABASE=GRR-QV3-GRP-Prodn |  | Run Date: |  | 05:39 pm    19-Aug-2016
|                  |  |                                                        | 
|System/Report Id: |  | 3.02.75 / rptEstimateSummaryByFacility_303             |  | Page:     |  | 4 of 11                



---

|     |                                 |                      |                                                           |                             
|---- | ------------------------------- | -------------------- | --------------------------------------------------------- | ----------------------------
|LOGO |                                 | Gruyere Gold Project |                                                           | Estimate Summary By Facility
|     | Gold Road Resources Ltd         |                      | Report Currency: A - AUSTRALIANInclude Other Currencies:☑
|     | Estimate Base Date: 30-Jun-2016 |                     







|                                              |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |            |  |  |                 |         |  |             |  |            |       |  |  |   |  |  |  |   |  |  |  |            | 
|--------------------------------------------- |  | ------------ |  |  | ------------- |  | --- | ----- |  |  | -------------- |  |  | ---------- | --------- |  | ------------ |  | --------- | ------- |  |  | ---------- |  |  | --------------- | ------- |  | ----------- |  | ---------- | ----- |  |  | - |  |  |  | - |  |  |  | ---------- | 
|> Area                                        |  | QuantityUnit |  |  | FreightTonnes |  |     | LBHrs |  |  | PlantEquipment |  |  | VendorReps |           |  | BulkMaterial |  |           | Freight |  |  | Labour     |  |  | SubContDistribs |         |  | ConstnEquip |  |            | TOTAL | 
|> Facility                                    |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |            |  |  |                 |         |  |             |  |            |       | 
|470 . COMMUNICATIONS                          |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |            |  |  |                 |         |  |             |  |            |       |  |  |   |  |  |  |   |  |  |  |            | 
|                                              |  |              |  |  |               |  |     |       |  |  |               
|471 . COMMUNICATIONS ESTABLISHMENT            |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 2,402,808 |  |              |  | 60,070    |         |  |  | 0          |  |  |                 | 0       |  |             |  | 0          |       |  |  | 0 |  |  |  | 0 |  |  |  | 2,462,878  | 
|                                              |  |              |  |  |               |  |     |       |  |  |               
|472 . COMMUNICATIONS LINK                     |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 67,329    |  |              |  | 1,683     |         |  |  | 0          |  |  |                 | 0       |  |             |  | 0          |       |  |  | 0 |  |  |  | 0 |  |  |  | 69,012     | 
|                                              |  |              |  |  |               |  |     |       |  |  |               
|473 . SATELLITE LINK & TAIL SERVICE INSTALLAT |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 925,332   |  |              |  | 23,133    |         |  |  | 0          |  |  |                 | 0       |  |             |  | 0          |       |  |  | 0 |  |  |  | 0 |  |  |  | 948,465    | 
|                                              |  |              |  |  |               |  |     |       |  |  |               
|474 . VHF MOBILE RADIO                        |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 787,222   |  |              |  | 19,681    |         |  |  | 0          |  |  |                 | 0       |  |             |  | 0          |       |  |  | 0 |  |  |  | 0 |  |  |  | 806,903    | 
|                                              |  |              |  |  |               |  |     |       |  |  |               
|475 . MOBILE PHONE NETWORK                    |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0         |  |              |  | 0         |         |  |  | 0          |  |  |                 | 0       |  |             |  | 0          |       |  |  | 0 |  |  |  | 0 |  |  |  | 0          | 
|                                              |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |            |  |  |                 |         |  |             |  |            |       |  |  |   |  |  |  |   |  |  |  |            | 
|TOTAL: 470 . COMMUNICATIONS                   |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 4,182,691 |  |              |  | 104,567   |         |  |  | 0          |  |  |                 | 0       |  |             |  | 0          |       |  |  | 0 |  |  |  | 0 |  |  |  | 4,287,258  | 
|                                              |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |            |  |  |                 |         |  |             |  |            |       |  |  |   |  |  |  |   |  |  |  |            | 
|480 . SEWAGE TREATMENT                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |            |  |  |                 |         |  |             |  |            |       |  |  |   |  |  |  |   |  |  |  |            | 
|                                              |  |              |  |  |               |  |     |       |  |  |               
|481 . SEWAGE TREATMENT                        |  |              |  |  |               |  | 0.0 |       |  |  | 4,020.9        |  |  |            | 212,945   |  |              |  | 28,283    |         |  |  | 122,775    |  |  |                 | 32,987  |  |             |  | 381,330    |       |  |  | 0 |  |  |  | 0 |  |  |  | 778,320    | 
|                                              |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |            |  |  |                 |         |  |             |  |            |       |  |  |   |  |  |  |   |  |  |  |            | 
|TOTAL: 480 . SEWAGE TREATMENT                 |  |              |  |  |               |  | 0.0 |       |  |  | 4,020.9        |  |  |            | 212,945   |  |              |  | 28,283    |         |  |  | 122,775    |  |  |                 | 32,987  |  |             |  | 381,330    |       |  |  | 0 |  |  |  | 0 |  |  |  | 778,320    | 
|                                              |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |            |  |  |                 |         |  |             |  |            |       |  |  |   |  |  |  |   |  |  |  |            | 
|510 . ACCESS ROADS                            |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |            |  |  |                 |         |  |             |  |            |       |  |  |   |  |  |  |   |  |  |  |            | 
|                                              |  |              |  |  |               |  |     |       |  |  |               
|511 . ACCESS ROADS - 0-19KM (SHIRE ROAD)      |  |              |  |  |               |  | 0.0 |       |  |  | 27,703.9       |  |  |            | 264,140   |  |              |  | 220,097   |         |  |  | 0          |  |  |                 | 14,327  |  |             |  | 2,628,444  |       |  |  | 0 |  |  |  | 0 |  |  |  | 3,127,008  | 
|                                              |  |              |  |  |               |  |     |       |  |  |               
|512 . ACCESS ROADS - 19-46KM                  |  |              |  |  |               |  | 0.0 |       |  |  | 38,752.5       |  |  |            | 160,244   |  |              |  | 439,216   |         |  |  | 0          |  |  |                 | 5,789   |  |             |  | 5,690,163  |       |  |  | 0 |  |  |  | 0 |  |  |  | 6,295,412  | 
|                                              |  |              |  |  |               |  |     |       |  |  |               
|513 . ACCESS ROADS TO VILLAGE AND AIRSTRIP    |  |              |  |  |               |  | 0.0 |       |  |  | 1,479.7        |  |  |            | 0         |  |              |  | 21,402    |         |  |  | 0          |  |  |                 | 943     |  |             |  | 284,460    |       |  |  | 0 |  |  |  | 0 |  |  |  | 306,805    | 
|                                              |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |            |  |  |                 |         |  |             |  |            |       |  |  |   |  |  |  |   |  |  |  |            | 
|TOTAL: 510 . ACCESS ROADS                     |  |              |  |  |               |  | 0.0 |       |  |  | 67,936.1       |  |  |            | 424,384   |  |              |  | 680,715   |         |  |  | 0          |  |  |                 | 21,059  |  |             |  | 8,603,067  |       |  |  | 0 |  |  |  | 0 |  |  |  | 9,729,225  | 
|                                              |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |            |  |  |                 |         |  |             |  |            |       |  |  |   |  |  |  |   |  |  |  |            | 
|520 . BOREFIELD                               |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |            |  |  |                 |         |  |             |  |            |       |  |  |   |  |  |  |   |  |  |  |            | 
|                                              |  |              |  |  |               |  |     |       |  |  |               
|521 . BOREFIELD - YEO                         |  |              |  |  |               |  | 0.0 |       |  |  | 60,992.0       |  |  |            | 3,358,139 |  |              |  | 640,175   |         |  |  | 10,217,829 |  |  |                 | 492,114 |  |             |  | 7,006,519  |       |  |  | 0 |  |  |  | 0 |  |  |  | 21,714,776 | 
|                                              |  |              |  |  |               |  |     |       |  |  |               
|522 . BOREFIELD ACCESS TRACK - YEO            |  |              |  |  |               |  | 0.0 |       |  |  | 15,170.0       |  |  |            | 395,954   |  |              |  | 385,682   |         |  |  | 0          |  |  |                 | 59,893  |  |             |  | 4,631,188  |       |  |  | 0 |  |  |  | 0 |  |  |  | 5,472,717  | 
|                                              |  |              |  |  |               |  |     |       |  |  |               
|523 . BOREFIELD - ANNE BEADELL                |  |              |  |  |               |  | 0.0 |       |  |  | 5,937.7        |  |  |            | 727,207   |  |              |  | 167,470   |         |  |  | 1,676,354  |  |  |                 | 72,812  |  |             |  | 631,321    |       |  |  | 0 |  |  |  | 0 |  |  |  | 3,275,164  | 
|                                              |  |              |  |  |               |  |     |       |  |  |               
|524 . BOREFIELD ACCESS ROAD AND TRACK - AN    |  |              |  |  |               |  | 0.0 |       |  |  | 7,328.4        |  |  |            | 265,325   |  |              |  | 150,728   |         |  |  | 0          |  |  |                 | 21,456  |  |             |  | 1,695,224  |       |  |  | 0 |  |  |  | 0 |  |  |  | 2,132,733  | 
|                                              |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |            |  |  |                 |         |  |             |  |            |       |  |  |   |  |  |  |   |  |  |  |            | 
|TOTAL: 520 . BOREFIELD                        |  |              |  |  |               |  | 0.0 |       |  |  | 89,428.1       |  |  |            | 4,746,625 |  |              |  | 1,344,055 |         |  |  | 11,894,183 |  |  |                 | 646,275 |  |             |  | 13,964,252 |       |  |  | 0 |  |  |  | 0 |  |  |  | 32,595,390 | 
|                                              |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |            |  |  |                 |         |  |             |  |            |       |  |  |   |  |  |  |   |  |  |  |            | 





|                  |  |                                                        |  |           |  |                        
|----------------- |  | ------------------------------------------------------ |  | --------- |  | -----------------------
|User Id / DB:     |  | QuestV3User / SERVER=SRVR02;DATABASE=GRR-QV3-GRP-Prodn |  | Run Date: |  | 05:39 pm    19-Aug-2016
|                  |  |                                                        | 
|System/Report Id: |  | 3.02.75 / rptEstimateSummaryByFacility_303             |  | Page:     |  | 5 of 11                



---

|     |                                 |                      |                                                           |                             
|---- | ------------------------------- | -------------------- | --------------------------------------------------------- | ----------------------------
|LOGO |                                 | Gruyere Gold Project |                                                           | Estimate Summary By Facility
|     | Gold Road Resources Ltd         |                      | Report Currency: A - AUSTRALIANInclude Other Currencies:☑
|     | Estimate Base Date: 30-Jun-2016 |                     







|                                           |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |           |  |  |                 |           |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|------------------------------------------ |  | ------------ |  |  | ------------- |  | --- | ----- |  |  | -------------- |  |  | ---------- | --------- |  | ------------ |  | --------- | ------- |  |  | --------- |  |  | --------------- | --------- |  | ----------- |  | ---------- | ----- |  |  | --------- |  |  |  | - |  |  |  | ---------- | 
|> Area                                     |  | QuantityUnit |  |  | FreightTonnes |  |     | LBHrs |  |  | PlantEquipment |  |  | VendorReps |           |  | BulkMaterial |  |           | Freight |  |  | Labour    |  |  | SubContDistribs |           |  | ConstnEquip |  |            | TOTAL | 
|> Facility                                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |           |  |  |                 |           |  |             |  |            |       | 
|530 . PERMANENT VILLAGE                    |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |           |  |  |                 |           |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|                                           |  |              |  |  |               |  |     |       |  |  |               
|531 . ACCOMMODATION                        |  |              |  |  |               |  | 0.0 |       |  |  | 12,838.9       |  |  |            | 2,719,262 |  |              |  | 451,559   |         |  |  | 0         |  |  |                 | 406,770   |  |             |  | 1,176,053  |       |  |  | 4,729,094 |  |  |  | 0 |  |  |  | 9,482,738  | 
|                                           |  |              |  |  |               |  |     |       |  |  |               
|532 . COMMON BUILDINGS                     |  |              |  |  |               |  | 0.0 |       |  |  | 27,702.8       |  |  |            | 6,554,401 |  |              |  | 484,200   |         |  |  | 0         |  |  |                 | 592,020   |  |             |  | 2,537,586  |       |  |  | 0         |  |  |  | 0 |  |  |  | 10,168,207 | 
|                                           |  |              |  |  |               |  |     |       |  |  |               
|533 . SERVICES                             |  |              |  |  |               |  | 0.0 |       |  |  | 59,005.0       |  |  |            | 68,220    |  |              |  | 399,992   |         |  |  | 1,791,642 |  |  |                 | 8,880     |  |             |  | 5,361,953  |       |  |  | 0         |  |  |  | 0 |  |  |  | 7,630,687  | 
|                                           |  |              |  |  |               |  |     |       |  |  |               
|534 . LANDSCAPING                          |  |              |  |  |               |  | 0.0 |       |  |  | 13,951.7       |  |  |            | 0         |  |              |  | 63,900    |         |  |  | 0         |  |  |                 | 0         |  |             |  | 1,277,995  |       |  |  | 0         |  |  |  | 0 |  |  |  | 1,341,895  | 
|                                           |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |           |  |  |                 |           |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|TOTAL: 530 . PERMANENT VILLAGE             |  |              |  |  |               |  | 0.0 |       |  |  | 113,498.4      |  |  |            | 9,341,883 |  |              |  | 1,399,651 |         |  |  | 1,791,642 |  |  |                 | 1,007,670 |  |             |  | 10,353,587 |       |  |  | 4,729,094 |  |  |  | 0 |  |  |  | 28,623,527 | 
|                                           |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |           |  |  |                 |           |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|540 . AERODROME & STRIP                    |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |           |  |  |                 |           |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|                                           |  |              |  |  |               |  |     |       |  |  |               
|541 . AIRSTRIP                             |  |              |  |  |               |  | 0.0 |       |  |  | 25,943.1       |  |  |            | 210,900   |  |              |  | 302,480   |         |  |  | 0         |  |  |                 | 12,654    |  |             |  | 3,809,502  |       |  |  | 0         |  |  |  | 0 |  |  |  | 4,335,536  | 
|                                           |  |              |  |  |               |  |     |       |  |  |               
|542 . FACILITIES                           |  |              |  |  |               |  | 0.0 |       |  |  | 376.5          |  |  |            | 1,309,763 |  |              |  | 129,351   |         |  |  | 1,593     |  |  |                 | 108,062   |  |             |  | 280,589    |       |  |  | 181,125   |  |  |  | 0 |  |  |  | 2,010,483  | 
|                                           |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |           |  |  |                 |           |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|TOTAL: 540 . AERODROME & STRIP             |  |              |  |  |               |  | 0.0 |       |  |  | 26,319.6       |  |  |            | 1,520,663 |  |              |  | 431,831   |         |  |  | 1,593     |  |  |                 | 120,716   |  |             |  | 4,090,091  |       |  |  | 181,125   |  |  |  | 0 |  |  |  | 6,346,019  | 
|                                           |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |           |  |  |                 |           |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|550 . ADMINISTRATION BUILDINGS             |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |           |  |  |                 |           |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|                                           |  |              |  |  |               |  |     |       |  |  |               
|551 . ADMINISTRATION AND MINING OFFICE     |  |              |  |  |               |  | 0.0 |       |  |  | 2,193.4        |  |  |            | 1,238,783 |  |              |  | 62,289    |         |  |  | 63,618    |  |  |                 | 82,015    |  |             |  | 189,120    |       |  |  | 0         |  |  |  | 0 |  |  |  | 1,635,825  | 
|                                           |  |              |  |  |               |  |     |       |  |  |               
|552 . TRAINING AND INDUCTION ROOM          |  |              |  |  |               |  | 0.0 |       |  |  | 519.3          |  |  |            | 124,879   |  |              |  | 6,255     |         |  |  | 10,052    |  |  |                 | 16,569    |  |             |  | 44,723     |       |  |  | 0         |  |  |  | 0 |  |  |  | 202,478    | 
|                                           |  |              |  |  |               |  |     |       |  |  |               
|553 . ADMIN OFFICE LUNCH ROOM              |  |              |  |  |               |  | 0.0 |       |  |  | 140.7          |  |  |            | 84,675    |  |              |  | 2,937     |         |  |  | 1,563     |  |  |                 | 5,323     |  |             |  | 12,953     |       |  |  | 0         |  |  |  | 0 |  |  |  | 107,451    | 
|                                           |  |              |  |  |               |  |     |       |  |  |               
|554 . ADMIN OFFICE ABLUTION BLOCK          |  |              |  |  |               |  | 0.0 |       |  |  | 84.8           |  |  |            | 90,094    |  |              |  | 2,955     |         |  |  | 1,771     |  |  |                 | 10,555    |  |             |  | 7,885      |       |  |  | 0         |  |  |  | 0 |  |  |  | 113,260    | 
|                                           |  |              |  |  |               |  |     |       |  |  |               
|555 . GATE HOUSE                           |  |              |  |  |               |  | 0.0 |       |  |  | 36.3           |  |  |            | 42,524    |  |              |  | 1,373     |         |  |  | 443       |  |  |                 | 5,278     |  |             |  | 3,355      |       |  |  | 0         |  |  |  | 0 |  |  |  | 52,973     | 
|                                           |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |           |  |  |                 |           |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|TOTAL: 550 . ADMINISTRATION BUILDINGS      |  |              |  |  |               |  | 0.0 |       |  |  | 2,974.5        |  |  |            | 1,580,955 |  |              |  | 75,809    |         |  |  | 77,447    |  |  |                 | 119,740   |  |             |  | 258,036    |       |  |  | 0         |  |  |  | 0 |  |  |  | 2,111,987  | 
|                                           |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |           |  |  |                 |           |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|620 . OVERHEAD POWER LINES                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |           |  |  |                 |           |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|                                           |  |              |  |  |               |  |     |       |  |  |               
|621 . 22KV POWER DISTRIBUTION TO BOREFIELD |  |              |  |  |               |  | 0.0 |       |  |  | 40,819.8       |  |  |            | 0         |  |              |  | 267,798   |         |  |  | 5,040,123 |  |  |                 | 200,177   |  |             |  | 5,471,689  |       |  |  | 0         |  |  |  | 0 |  |  |  | 10,979,787 | 
|                                           |  |              |  |  |               |  |     |       |  |  |               
|622 . 22KV POWER DISTRIBUTION TO VILLAGE A |  |              |  |  |               |  | 0.0 |       |  |  | 390.9          |  |  |            | 0         |  |              |  | 2,564     |         |  |  | 48,260    |  |  |                 | 1,916     |  |             |  | 52,387     |       |  |  | 0         |  |  |  | 0 |  |  |  | 105,127    | 
|                                           |  |              |  |  |               |  |     |       |  |  |               
|623 . 11KV TAILINGS                        |  |              |  |  |               |  | 0.0 |       |  |  | 1,563.3        |  |  |            | 0         |  |              |  | 10,255    |         |  |  | 193,027   |  |  |                 | 7,666     |  |             |  | 209,556    |       |  |  | 0         |  |  |  | 0 |  |  |  | 420,504    | 
|                                           |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |           |  |  |                 |           |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|TOTAL: 620 . OVERHEAD POWER LINES          |  |              |  |  |               |  | 0.0 |       |  |  | 42,774.0       |  |  |            | 0         |  |              |  | 280,617   |         |  |  | 5,281,410 |  |  |                 | 209,759   |  |             |  | 5,733,632  |       |  |  | 0         |  |  |  | 0 |  |  |  | 11,505,418 | 
|                                           |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |           |  |  |                 |           |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 





|                  |  |                                                        |  |           |  |                        
|----------------- |  | ------------------------------------------------------ |  | --------- |  | -----------------------
|User Id / DB:     |  | QuestV3User / SERVER=SRVR02;DATABASE=GRR-QV3-GRP-Prodn |  | Run Date: |  | 05:39 pm    19-Aug-2016
|                  |  |                                                        | 
|System/Report Id: |  | 3.02.75 / rptEstimateSummaryByFacility_303             |  | Page:     |  | 6 of 11                



---

|     |                                 |                      |                                                           |                             
|---- | ------------------------------- | -------------------- | --------------------------------------------------------- | ----------------------------
|LOGO |                                 | Gruyere Gold Project |                                                           | Estimate Summary By Facility
|     | Gold Road Resources Ltd         |                      | Report Currency: A - AUSTRALIANInclude Other Currencies:☑
|     | Estimate Base Date: 30-Jun-2016 |                     







|                                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |         |  |             |  |           |       |  |  |         |  |  |  |   |  |  |  |            | 
|------------------------------------------------------- |  | ------------ |  |  | ------------- |  | --- | ----- |  |  | -------------- |  |  | ---------- | --------- |  | ------------ |  | ------- | ------- |  |  | --------- |  |  | --------------- | ------- |  | ----------- |  | --------- | ----- |  |  | ------- |  |  |  | - |  |  |  | ---------- | 
|> Area                                                  |  | QuantityUnit |  |  | FreightTonnes |  |     | LBHrs |  |  | PlantEquipment |  |  | VendorReps |           |  | BulkMaterial |  |         | Freight |  |  | Labour    |  |  | SubContDistribs |         |  | ConstnEquip |  |           | TOTAL | 
|> Facility                                              |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |         |  |             |  |           |       | 
|630 . POWER STATION                                     |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |         |  |             |  |           |       |  |  |         |  |  |  |   |  |  |  |            | 
|                                                        |  |              |  |  |               |  |     |       |  |  |               
|638 . POWER GENERATION                                  |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0         |  |              |  | 0       |         |  |  | 0         |  |  |                 | 0       |  |             |  | 0         |       |  |  | 0       |  |  |  | 0 |  |  |  | 0          | 
|                                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |         |  |             |  |           |       |  |  |         |  |  |  |   |  |  |  |            | 
|TOTAL: 630 . POWER STATION                              |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0         |  |              |  | 0       |         |  |  | 0         |  |  |                 | 0       |  |             |  | 0         |       |  |  | 0       |  |  |  | 0 |  |  |  | 0          | 
|                                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |         |  |             |  |           |       |  |  |         |  |  |  |   |  |  |  |            | 
|640 . ELECTRICAL & INSTRUMENTATION - PROCESS PLANT      |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |         |  |             |  |           |       |  |  |         |  |  |  |   |  |  |  |            | 
|                                                        |  |              |  |  |               |  |     |       |  |  |               
|641 . ELECTRICAL BULKS & POWER DISTRIBUTIO              |  |              |  |  |               |  | 0.0 |       |  |  | 8,084.8        |  |  |            | 2,106,884 |  |              |  | 144,901 |         |  |  | 2,008,574 |  |  |                 | 164,620 |  |             |  | 757,997   |       |  |  | 0       |  |  |  | 0 |  |  |  | 5,182,976  | 
|                                                        |  |              |  |  |               |  |     |       |  |  |               
|642 . SWITCHROOMS                                       |  |              |  |  |               |  | 0.0 |       |  |  | 2,786.4        |  |  |            | 270,387   |  |              |  | 33,657  |         |  |  | 305,409   |  |  |                 | 16,524  |  |             |  | 221,429   |       |  |  | 0       |  |  |  | 0 |  |  |  | 847,406    | 
|                                                        |  |              |  |  |               |  |     |       |  |  |               
|644 . CONTROLS                                          |  |              |  |  |               |  | 0.0 |       |  |  | 987.0          |  |  |            | 718,050   |  |              |  | 23,296  |         |  |  | 0         |  |  |                 | 28,722  |  |             |  | 92,537    |       |  |  | 0       |  |  |  | 0 |  |  |  | 862,605    | 
|                                                        |  |              |  |  |               |  |     |       |  |  |               
|645 . COMMUNICATIONS                                    |  |              |  |  |               |  | 0.0 |       |  |  | 2,324.8        |  |  |            | 277,764   |  |              |  | 18,120  |         |  |  | 0         |  |  |                 | 11,111  |  |             |  | 217,967   |       |  |  | 0       |  |  |  | 0 |  |  |  | 524,962    | 
|                                                        |  |              |  |  |               |  |     |       |  |  |               
|646 . LIGHTING & SMALL POWER                            |  |              |  |  |               |  | 0.0 |       |  |  | 4,680.5        |  |  |            | 730,585   |  |              |  | 40,937  |         |  |  | 0         |  |  |                 | 29,223  |  |             |  | 438,826   |       |  |  | 0       |  |  |  | 0 |  |  |  | 1,239,571  | 
|                                                        |  |              |  |  |               |  |     |       |  |  |               
|647 . EARTHING                                          |  |              |  |  |               |  | 0.0 |       |  |  | 866.9          |  |  |            | 0         |  |              |  | 8,284   |         |  |  | 162,300   |  |  |                 | 6,492   |  |             |  | 81,277    |       |  |  | 0       |  |  |  | 0 |  |  |  | 258,353    | 
|                                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |         |  |             |  |           |       |  |  |         |  |  |  |   |  |  |  |            | 
|TOTAL: 640 . ELECTRICAL & INSTRUMENTATION - PROCESS PLA |  |              |  |  |               |  | 0.0 |       |  |  | 19,730.4       |  |  |            | 4,103,670 |  |              |  | 269,195 |         |  |  | 2,476,283 |  |  |                 | 256,692 |  |             |  | 1,810,033 |       |  |  | 0       |  |  |  | 0 |  |  |  | 8,915,873  | 
|                                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |         |  |             |  |           |       |  |  |         |  |  |  |   |  |  |  |            | 
|710 . TEMPORARY CONSTRUCTION EQUIPMENT                  |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |         |  |             |  |           |       |  |  |         |  |  |  |   |  |  |  |            | 
|                                                        |  |              |  |  |               |  |     |       |  |  |               
|711 . TEMPORARY CONSTRUCTION EQUIPMENT                  |  |              |  |  |               |  | 0.0 |       |  |  | 59,472.5       |  |  |            | 7,151,403 |  |              |  | 692,067 |         |  |  | 1,032,436 |  |  |                 | 101,761 |  |             |  | 5,213,031 |       |  |  | 100,000 |  |  |  | 0 |  |  |  | 14,290,698 | 
|                                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |         |  |             |  |           |       |  |  |         |  |  |  |   |  |  |  |            | 
|TOTAL: 710 . TEMPORARY CONSTRUCTION EQUIPMENT           |  |              |  |  |               |  | 0.0 |       |  |  | 59,472.5       |  |  |            | 7,151,403 |  |              |  | 692,067 |         |  |  | 1,032,436 |  |  |                 | 101,761 |  |             |  | 5,213,031 |       |  |  | 100,000 |  |  |  | 0 |  |  |  | 14,290,698 | 
|                                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |         |  |             |  |           |       |  |  |         |  |  |  |   |  |  |  |            | 
|720 . TEMPORARY CONSTRUCTION FACILITIES BUILDINGS       |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |         |  |             |  |           |       |  |  |         |  |  |  |   |  |  |  |            | 
|                                                        |  |              |  |  |               |  |     |       |  |  |               
|721 . TEMPORARY CONSTRUCTION FACILITIES B               |  |              |  |  |               |  | 0.0 |       |  |  | 4,381.6        |  |  |            | 1,600,902 |  |              |  | 120,308 |         |  |  | 43,844    |  |  |                 | 249,512 |  |             |  | 580,612   |       |  |  | 0       |  |  |  | 0 |  |  |  | 2,595,178  | 
|                                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |         |  |             |  |           |       |  |  |         |  |  |  |   |  |  |  |            | 
|TOTAL: 720 . TEMPORARY CONSTRUCTION FACILITIES BUILDING |  |              |  |  |               |  | 0.0 |       |  |  | 4,381.6        |  |  |            | 1,600,902 |  |              |  | 120,308 |         |  |  | 43,844    |  |  |                 | 249,512 |  |             |  | 580,612   |       |  |  | 0       |  |  |  | 0 |  |  |  | 2,595,178  | 
|                                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |         |  |             |  |           |       |  |  |         |  |  |  |   |  |  |  |            | 
|730 . TEMPORARY CONSTRUCTION CAMP - GRUYERE             |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |         |  |             |  |           |       |  |  |         |  |  |  |   |  |  |  |            | 
|                                                        |  |              |  |  |               |  |     |       |  |  |               
|731 . ACCOMMODATION                                     |  |              |  |  |               |  | 0.0 |       |  |  | 2,089.1        |  |  |            | 832,000   |  |              |  | 105,159 |         |  |  | 0         |  |  |                 | 177,688 |  |             |  | 191,361   |       |  |  | 902,131 |  |  |  | 0 |  |  |  | 2,208,339  | 
|                                                        |  |              |  |  |               |  |     |       |  |  |               
|732 . COMMON BUILDINGS                                  |  |              |  |  |               |  | 0.0 |       |  |  | 2,066.8        |  |  |            | 9,466     |  |              |  | 0       |         |  |  | 0         |  |  |                 | 0       |  |             |  | 189,317   |       |  |  | 0       |  |  |  | 0 |  |  |  | 198,783    | 
|                                                        |  |              |  |  |               |  |     |       |  |  |               
|733 . SERVICES                                          |  |              |  |  |               |  | 0.0 |       |  |  | 3,860.6        |  |  |            | 17,682    |  |              |  | 63,882  |         |  |  | 851,760   |  |  |                 | 0       |  |             |  | 353,625   |       |  |  | 0       |  |  |  | 0 |  |  |  | 1,286,949  | 
|                                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |         |  |             |  |           |       |  |  |         |  |  |  |   |  |  |  |            | 
|TOTAL: 730 . TEMPORARY CONSTRUCTION CAMP - GRUYERE      |  |              |  |  |               |  | 0.0 |       |  |  | 8,016.5        |  |  |            | 859,148   |  |              |  | 169,041 |         |  |  | 851,760   |  |  |                 | 177,688 |  |             |  | 734,303   |       |  |  | 902,131 |  |  |  | 0 |  |  |  | 3,694,071  | 
|                                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |           |  |  |                 |         |  |             |  |           |       |  |  |         |  |  |  |   |  |  |  |            | 





|                  |  |                                                        |  |           |  |                        
|----------------- |  | ------------------------------------------------------ |  | --------- |  | -----------------------
|User Id / DB:     |  | QuestV3User / SERVER=SRVR02;DATABASE=GRR-QV3-GRP-Prodn |  | Run Date: |  | 05:39 pm    19-Aug-2016
|                  |  |                                                        | 
|System/Report Id: |  | 3.02.75 / rptEstimateSummaryByFacility_303             |  | Page:     |  | 7 of 11                



---

|     |                                 |                      |                                                           |                             
|---- | ------------------------------- | -------------------- | --------------------------------------------------------- | ----------------------------
|LOGO |                                 | Gruyere Gold Project |                                                           | Estimate Summary By Facility
|     | Gold Road Resources Ltd         |                      | Report Currency: A - AUSTRALIANInclude Other Currencies:☑
|     | Estimate Base Date: 30-Jun-2016 |                     







|                                            |  |              |  |  |               |  |     |       |  |  |                |  |  |            |         |  |              |  |           |         |  |  |        |  |  |                 |   |  |             |  |            |       |  |  |            |  |  |  |   |  |  |  |            | 
|------------------------------------------- |  | ------------ |  |  | ------------- |  | --- | ----- |  |  | -------------- |  |  | ---------- | ------- |  | ------------ |  | --------- | ------- |  |  | ------ |  |  | --------------- | - |  | ----------- |  | ---------- | ----- |  |  | ---------- |  |  |  | - |  |  |  | ---------- | 
|> Area                                      |  | QuantityUnit |  |  | FreightTonnes |  |     | LBHrs |  |  | PlantEquipment |  |  | VendorReps |         |  | BulkMaterial |  |           | Freight |  |  | Labour |  |  | SubContDistribs |   |  | ConstnEquip |  |            | TOTAL | 
|> Facility                                  |  |              |  |  |               |  |     |       |  |  |                |  |  |            |         |  |              |  |           |         |  |  |        |  |  |                 |   |  |             |  |            |       | 
|750 . CONTRACTOR INDIRECTS                  |  |              |  |  |               |  |     |       |  |  |                |  |  |            |         |  |              |  |           |         |  |  |        |  |  |                 |   |  |             |  |            |       |  |  |            |  |  |  |   |  |  |  |            | 
|                                            |  |              |  |  |               |  |     |       |  |  |               
|751 . CONTRACTOR CAMP & MEALS               |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0       |  |              |  | 335,994   |         |  |  | 0      |  |  |                 | 0 |  |             |  | 0          |       |  |  | 5,710,575  |  |  |  | 0 |  |  |  | 6,046,569  | 
|                                            |  |              |  |  |               |  |     |       |  |  |               
|752 . CONTRACTOR FLIGHTS                    |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0       |  |              |  | 91,977    |         |  |  | 0      |  |  |                 | 0 |  |             |  | 0          |       |  |  | 1,955,682  |  |  |  | 0 |  |  |  | 2,047,659  | 
|                                            |  |              |  |  |               |  |     |       |  |  |               
|753 . CONTRACTOR OVERHEADS                  |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0       |  |              |  | 952,619   |         |  |  | 78,000 |  |  |                 | 0 |  |             |  | 15,397,999 |       |  |  | 3,623,377  |  |  |  | 0 |  |  |  | 20,051,995 | 
|                                            |  |              |  |  |               |  |     |       |  |  |                |  |  |            |         |  |              |  |           |         |  |  |        |  |  |                 |   |  |             |  |            |       |  |  |            |  |  |  |   |  |  |  |            | 
|TOTAL: 750 . CONTRACTOR INDIRECTS           |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0       |  |              |  | 1,380,590 |         |  |  | 78,000 |  |  |                 | 0 |  |             |  | 15,397,999 |       |  |  | 11,289,634 |  |  |  | 0 |  |  |  | 28,146,223 | 
|                                            |  |              |  |  |               |  |     |       |  |  |                |  |  |            |         |  |              |  |           |         |  |  |        |  |  |                 |   |  |             |  |            |       |  |  |            |  |  |  |   |  |  |  |            | 
|760 . ENGINEERING                           |  |              |  |  |               |  |     |       |  |  |                |  |  |            |         |  |              |  |           |         |  |  |        |  |  |                 |   |  |             |  |            |       |  |  |            |  |  |  |   |  |  |  |            | 
|                                            |  |              |  |  |               |  |     |       |  |  |               
|761 . EARLYWORKS ENGINEERING                |  |              |  |  |               |  | 0.0 |       |  |  | 16,829.9       |  |  |            | 0       |  |              |  | 67,718    |         |  |  | 0      |  |  |                 | 0 |  |             |  | 2,702,650  |       |  |  | 6,000      |  |  |  | 0 |  |  |  | 2,776,368  | 
|                                            |  |              |  |  |               |  |     |       |  |  |               
|762 . NON-PROCESS PLANT INFRASTRUCTURE (    |  |              |  |  |               |  | 0.0 |       |  |  | 1,377.9        |  |  |            | 153,000 |  |              |  | 11,493    |         |  |  | 31,171 |  |  |                 | 0 |  |             |  | 275,550    |       |  |  | 0          |  |  |  | 0 |  |  |  | 471,214    | 
|                                            |  |              |  |  |               |  |     |       |  |  |               
|763 . FEED - PROCESS PLANT                  |  |              |  |  |               |  | 0.0 |       |  |  | 23,973.8       |  |  |            | 0       |  |              |  | 89,020    |         |  |  | 0      |  |  |                 | 0 |  |             |  | 3,533,685  |       |  |  | 27,000     |  |  |  | 0 |  |  |  | 3,649,705  | 
|                                            |  |              |  |  |               |  |     |       |  |  |               
|764 . DETAIL ENGINEERING DESIGN (DED) - PRO |  |              |  |  |               |  | 0.0 |       |  |  | 90,640.0       |  |  |            | 0       |  |              |  | 328,797   |         |  |  | 0      |  |  |                 | 0 |  |             |  | 13,130,075 |       |  |  | 21,750     |  |  |  | 0 |  |  |  | 13,480,622 | 
|                                            |  |              |  |  |               |  |     |       |  |  |               
|765 . ENGINEERING SUPPORT TO IFC            |  |              |  |  |               |  | 0.0 |       |  |  | 1,152.0        |  |  |            | 0       |  |              |  | 4,608     |         |  |  | 0      |  |  |                 | 0 |  |             |  | 184,320    |       |  |  | 0          |  |  |  | 0 |  |  |  | 188,928    | 
|                                            |  |              |  |  |               |  |     |       |  |  |               
|766 . PROCESS PLANT - CONSTRUCTION MANAG    |  |              |  |  |               |  | 0.0 |       |  |  | 89,773.3       |  |  |            | 0       |  |              |  | 326,830   |         |  |  | 0      |  |  |                 | 0 |  |             |  | 13,073,091 |       |  |  | 0          |  |  |  | 0 |  |  |  | 13,399,921 | 
|                                            |  |              |  |  |               |  |     |       |  |  |               
|767 . VENDOR COMMISSIONING                  |  |              |  |  |               |  | 0.0 |       |  |  | 2,387.0        |  |  |            | 0       |  |              |  | 26,935    |         |  |  | 0      |  |  |                 | 0 |  |             |  | 477,400    |       |  |  | 600,000    |  |  |  | 0 |  |  |  | 1,104,335  | 
|                                            |  |              |  |  |               |  |     |       |  |  |               
|768 . TECHNICAL COMMISSIONING               |  |              |  |  |               |  | 0.0 |       |  |  | 11,620.0       |  |  |            | 0       |  |              |  | 40,012    |         |  |  | 0      |  |  |                 | 0 |  |             |  | 1,600,411  |       |  |  | 0          |  |  |  | 0 |  |  |  | 1,640,423  | 
|                                            |  |              |  |  |               |  |     |       |  |  |                |  |  |            |         |  |              |  |           |         |  |  |        |  |  |                 |   |  |             |  |            |       |  |  |            |  |  |  |   |  |  |  |            | 
|TOTAL: 760 . ENGINEERING                    |  |              |  |  |               |  | 0.0 |       |  |  | 237,753.9      |  |  |            | 153,000 |  |              |  | 895,413   |         |  |  | 31,171 |  |  |                 | 0 |  |             |  | 34,977,182 |       |  |  | 654,750    |  |  |  | 0 |  |  |  | 36,711,516 | 
|                                            |  |              |  |  |               |  |     |       |  |  |                |  |  |            |         |  |              |  |           |         |  |  |        |  |  |                 |   |  |             |  |            |       |  |  |            |  |  |  |   |  |  |  |            | 





|                  |  |                                                        |  |           |  |                        
|----------------- |  | ------------------------------------------------------ |  | --------- |  | -----------------------
|User Id / DB:     |  | QuestV3User / SERVER=SRVR02;DATABASE=GRR-QV3-GRP-Prodn |  | Run Date: |  | 05:39 pm    19-Aug-2016
|                  |  |                                                        | 
|System/Report Id: |  | 3.02.75 / rptEstimateSummaryByFacility_303             |  | Page:     |  | 8 of 11                



---

|     |                                 |                      |                                                           |                             
|---- | ------------------------------- | -------------------- | --------------------------------------------------------- | ----------------------------
|LOGO |                                 | Gruyere Gold Project |                                                           | Estimate Summary By Facility
|     | Gold Road Resources Ltd         |                      | Report Currency: A - AUSTRALIANInclude Other Currencies:☑
|     | Estimate Base Date: 30-Jun-2016 |                     







|                                               |  |              |  |  |               |  |     |       |  |  |                |  |  |            |   |  |              |  |   |         |  |  |         |  |  |                 |   |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|---------------------------------------------- |  | ------------ |  |  | ------------- |  | --- | ----- |  |  | -------------- |  |  | ---------- | - |  | ------------ |  | - | ------- |  |  | ------- |  |  | --------------- | - |  | ----------- |  | ---------- | ----- |  |  | --------- |  |  |  | - |  |  |  | ---------- | 
|> Area                                         |  | QuantityUnit |  |  | FreightTonnes |  |     | LBHrs |  |  | PlantEquipment |  |  | VendorReps |   |  | BulkMaterial |  |   | Freight |  |  | Labour  |  |  | SubContDistribs |   |  | ConstnEquip |  |            | TOTAL | 
|> Facility                                     |  |              |  |  |               |  |     |       |  |  |                |  |  |            |   |  |              |  |   |         |  |  |         |  |  |                 |   |  |             |  |            |       | 
|810 . PROJECT & CONSTRUCTION MANAGEMENT        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |   |  |              |  |   |         |  |  |         |  |  |                 |   |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|                                               |  |              |  |  |               |  |     |       |  |  |               
|811 . PERTH OFFICE                             |  |              |  |  |               |  | 0.0 |       |  |  | 33,371.4       |  |  |            | 0 |  |              |  | 0 |         |  |  | 0       |  |  |                 | 0 |  |             |  | 3,788,808  |       |  |  | 781,809   |  |  |  | 0 |  |  |  | 4,570,617  | 
|                                               |  |              |  |  |               |  |     |       |  |  |               
|812 . SITE OFFICE                              |  |              |  |  |               |  | 0.0 |       |  |  | 103,847.7      |  |  |            | 0 |  |              |  | 0 |         |  |  | 331,201 |  |  |                 | 0 |  |             |  | 9,328,538  |       |  |  | 624,563   |  |  |  | 0 |  |  |  | 10,284,302 | 
|                                               |  |              |  |  |               |  |     |       |  |  |               
|813 . OWNERS TEAM CAMP ACCOMMODATION          |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0 |  |              |  | 0 |         |  |  | 0       |  |  |                 | 0 |  |             |  | 0          |       |  |  | 657,000   |  |  |  | 0 |  |  |  | 657,000    | 
|                                               |  |              |  |  |               |  |     |       |  |  |               
|814 . OWNERS TEAM FIFO                        |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0 |  |              |  | 0 |         |  |  | 0       |  |  |                 | 0 |  |             |  | 0          |       |  |  | 500,571   |  |  |  | 0 |  |  |  | 500,571    | 
|                                               |  |              |  |  |               |  |     |       |  |  |               
|817 . ENTERPRISE IT                            |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0 |  |              |  | 0 |         |  |  | 0       |  |  |                 | 0 |  |             |  | 0          |       |  |  | 59,868    |  |  |  | 0 |  |  |  | 59,868     | 
|                                               |  |              |  |  |               |  |     |       |  |  |               
|818 . CONSULTANTS                              |  |              |  |  |               |  | 0.0 |       |  |  | 6,624.0        |  |  |            | 0 |  |              |  | 0 |         |  |  | 0       |  |  |                 | 0 |  |             |  | 1,069,050  |       |  |  | 1,131,008 |  |  |  | 0 |  |  |  | 2,200,058  | 
|                                               |  |              |  |  |               |  |     |       |  |  |               
|819 . COMMUNICATIONS                           |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0 |  |              |  | 0 |         |  |  | 0       |  |  |                 | 0 |  |             |  | 0          |       |  |  | 1,286,204 |  |  |  | 0 |  |  |  | 1,286,204  | 
|                                               |  |              |  |  |               |  |     |       |  |  |                |  |  |            |   |  |              |  |   |         |  |  |         |  |  |                 |   |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|TOTAL: 810 . PROJECT & CONSTRUCTION MANAGEMENT |  |              |  |  |               |  | 0.0 |       |  |  | 143,843.1      |  |  |            | 0 |  |              |  | 0 |         |  |  | 331,201 |  |  |                 | 0 |  |             |  | 14,186,396 |       |  |  | 5,041,023 |  |  |  | 0 |  |  |  | 19,558,620 | 
|                                               |  |              |  |  |               |  |     |       |  |  |                |  |  |            |   |  |              |  |   |         |  |  |         |  |  |                 |   |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|820 . PRE-OPERATION EXPENSES                   |  |              |  |  |               |  |     |       |  |  |                |  |  |            |   |  |              |  |   |         |  |  |         |  |  |                 |   |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|                                               |  |              |  |  |               |  |     |       |  |  |               
|821 . OPERATIONAL READINESS                    |  |              |  |  |               |  | 0.0 |       |  |  | 23,116.7       |  |  |            | 0 |  |              |  | 0 |         |  |  | 0       |  |  |                 | 0 |  |             |  | 1,750,690  |       |  |  | 5,381,480 |  |  |  | 0 |  |  |  | 7,132,170  | 
|                                               |  |              |  |  |               |  |     |       |  |  |               
|822 . MINE GEOLOGY                             |  |              |  |  |               |  | 0.0 |       |  |  | 14,843.3       |  |  |            | 0 |  |              |  | 0 |         |  |  | 18,980  |  |  |                 | 0 |  |             |  | 628,230    |       |  |  | 207,856   |  |  |  | 0 |  |  |  | 855,066    | 
|                                               |  |              |  |  |               |  |     |       |  |  |               
|823 . MINING                                   |  |              |  |  |               |  | 0.0 |       |  |  | 42,400.8       |  |  |            | 0 |  |              |  | 0 |         |  |  | 50,297  |  |  |                 | 0 |  |             |  | 2,295,675  |       |  |  | 686,800   |  |  |  | 0 |  |  |  | 3,032,772  | 
|                                               |  |              |  |  |               |  |     |       |  |  |               
|824 . PROCESSING                               |  |              |  |  |               |  | 0.0 |       |  |  | 68,593.9       |  |  |            | 0 |  |              |  | 0 |         |  |  | 18,980  |  |  |                 | 0 |  |             |  | 3,488,508  |       |  |  | 845,379   |  |  |  | 0 |  |  |  | 4,352,867  | 
|                                               |  |              |  |  |               |  |     |       |  |  |               
|825 . HSE                                      |  |              |  |  |               |  | 0.0 |       |  |  | 7,508.6        |  |  |            | 0 |  |              |  | 0 |         |  |  | 7,592   |  |  |                 | 0 |  |             |  | 387,507    |       |  |  | 98,178    |  |  |  | 0 |  |  |  | 493,277    | 
|                                               |  |              |  |  |               |  |     |       |  |  |               
|826 . SITE ADMINISTRATION                      |  |              |  |  |               |  | 0.0 |       |  |  | 36,256.7       |  |  |            | 0 |  |              |  | 0 |         |  |  | 19,929  |  |  |                 | 0 |  |             |  | 1,596,428  |       |  |  | 476,851   |  |  |  | 0 |  |  |  | 2,093,208  | 
|                                               |  |              |  |  |               |  |     |       |  |  |               
|827 . SITE MANAGEMENT                          |  |              |  |  |               |  | 0.0 |       |  |  | 15,955.7       |  |  |            | 0 |  |              |  | 0 |         |  |  | 64,532  |  |  |                 | 0 |  |             |  | 1,644,654  |       |  |  | 254,153   |  |  |  | 0 |  |  |  | 1,963,339  | 
|                                               |  |              |  |  |               |  |     |       |  |  |                |  |  |            |   |  |              |  |   |         |  |  |         |  |  |                 |   |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|TOTAL: 820 . PRE-OPERATION EXPENSES            |  |              |  |  |               |  | 0.0 |       |  |  | 208,675.7      |  |  |            | 0 |  |              |  | 0 |         |  |  | 180,310 |  |  |                 | 0 |  |             |  | 11,791,692 |       |  |  | 7,950,697 |  |  |  | 0 |  |  |  | 19,922,699 | 
|                                               |  |              |  |  |               |  |     |       |  |  |                |  |  |            |   |  |              |  |   |         |  |  |         |  |  |                 |   |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|850 . PERMITS & LICENCES                       |  |              |  |  |               |  |     |       |  |  |                |  |  |            |   |  |              |  |   |         |  |  |         |  |  |                 |   |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|                                               |  |              |  |  |               |  |     |       |  |  |               
|851 . TAXES, DUTIES , CUSTOMS                  |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0 |  |              |  | 0 |         |  |  | 0       |  |  |                 | 0 |  |             |  | 0          |       |  |  | 274,571   |  |  |  | 0 |  |  |  | 274,571    | 
|                                               |  |              |  |  |               |  |     |       |  |  |               
|853 . PERMITS & LICENSES                       |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0 |  |              |  | 0 |         |  |  | 0       |  |  |                 | 0 |  |             |  | 0          |       |  |  | 81,500    |  |  |  | 0 |  |  |  | 81,500     | 
|                                               |  |              |  |  |               |  |     |       |  |  |                |  |  |            |   |  |              |  |   |         |  |  |         |  |  |                 |   |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|TOTAL: 850 . PERMITS & LICENCES                |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0 |  |              |  | 0 |         |  |  | 0       |  |  |                 | 0 |  |             |  | 0          |       |  |  | 356,071   |  |  |  | 0 |  |  |  | 356,071    | 
|                                               |  |              |  |  |               |  |     |       |  |  |                |  |  |            |   |  |              |  |   |         |  |  |         |  |  |                 |   |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 





|                  |  |                                                        |  |           |  |                        
|----------------- |  | ------------------------------------------------------ |  | --------- |  | -----------------------
|User Id / DB:     |  | QuestV3User / SERVER=SRVR02;DATABASE=GRR-QV3-GRP-Prodn |  | Run Date: |  | 05:39 pm    19-Aug-2016
|                  |  |                                                        | 
|System/Report Id: |  | 3.02.75 / rptEstimateSummaryByFacility_303             |  | Page:     |  | 9 of 11                



---

|     |                                 |                      |                                                           |                             
|---- | ------------------------------- | -------------------- | --------------------------------------------------------- | ----------------------------
|LOGO |                                 | Gruyere Gold Project |                                                           | Estimate Summary By Facility
|     | Gold Road Resources Ltd         |                      | Report Currency: A - AUSTRALIANInclude Other Currencies:☑
|     | Estimate Base Date: 30-Jun-2016 |                     







|                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |        |  |  |                 |         |  |             |  |   |       |  |  |         |  |  |  |   |  |  |  |           | 
|--------------------------------------- |  | ------------ |  |  | ------------- |  | --- | ----- |  |  | -------------- |  |  | ---------- | --------- |  | ------------ |  | ------- | ------- |  |  | ------ |  |  | --------------- | ------- |  | ----------- |  | - | ----- |  |  | ------- |  |  |  | - |  |  |  | --------- | 
|> Area                                  |  | QuantityUnit |  |  | FreightTonnes |  |     | LBHrs |  |  | PlantEquipment |  |  | VendorReps |           |  | BulkMaterial |  |         | Freight |  |  | Labour |  |  | SubContDistribs |         |  | ConstnEquip |  |   | TOTAL | 
|> Facility                              |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |        |  |  |                 |         |  |             |  |   |       | 
|860 . FIRST FILLS                       |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |        |  |  |                 |         |  |             |  |   |       |  |  |         |  |  |  |   |  |  |  |           | 
|                                        |  |              |  |  |               |  |     |       |  |  |               
|861 . GRINDING MEDIA                    |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 1,462,896 |  |              |  | 36,572  |         |  |  | 0      |  |  |                 | 0       |  |             |  | 0 |       |  |  | 0       |  |  |  | 0 |  |  |  | 1,499,468 | 
|                                        |  |              |  |  |               |  |     |       |  |  |               
|862 . REAGENTS                          |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 1,501,919 |  |              |  | 37,548  |         |  |  | 0      |  |  |                 | 0       |  |             |  | 0 |       |  |  | 0       |  |  |  | 0 |  |  |  | 1,539,467 | 
|                                        |  |              |  |  |               |  |     |       |  |  |               
|863 . FUEL / LUBRICANTS                 |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 100,000   |  |              |  | 7,500   |         |  |  | 0      |  |  |                 | 0       |  |             |  | 0 |       |  |  | 0       |  |  |  | 0 |  |  |  | 107,500   | 
|                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |        |  |  |                 |         |  |             |  |   |       |  |  |         |  |  |  |   |  |  |  |           | 
|TOTAL: 860 . FIRST FILLS                |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 3,064,815 |  |              |  | 81,620  |         |  |  | 0      |  |  |                 | 0       |  |             |  | 0 |       |  |  | 0       |  |  |  | 0 |  |  |  | 3,146,435 | 
|                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |        |  |  |                 |         |  |             |  |   |       |  |  |         |  |  |  |   |  |  |  |           | 
|870 . CAPITAL & OPERATING SPARES        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |        |  |  |                 |         |  |             |  |   |       |  |  |         |  |  |  |   |  |  |  |           | 
|                                        |  |              |  |  |               |  |     |       |  |  |               
|871 . OPERATING SPARES                  |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 2,722,665 |  |              |  | 120,214 |         |  |  | 0      |  |  |                 | 108,908 |  |             |  | 0 |       |  |  | 0       |  |  |  | 0 |  |  |  | 2,951,787 | 
|                                        |  |              |  |  |               |  |     |       |  |  |               
|872 . CAPITAL SPARES                    |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 3,204,032 |  |              |  | 83,304  |         |  |  | 0      |  |  |                 | 128,162 |  |             |  | 0 |       |  |  | 0       |  |  |  | 0 |  |  |  | 3,415,498 | 
|                                        |  |              |  |  |               |  |     |       |  |  |               
|873 . COMMMISSIONING SPARES             |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 944,478   |  |              |  | 24,559  |         |  |  | 0      |  |  |                 | 37,780  |  |             |  | 0 |       |  |  | 0       |  |  |  | 0 |  |  |  | 1,006,817 | 
|                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |        |  |  |                 |         |  |             |  |   |       |  |  |         |  |  |  |   |  |  |  |           | 
|TOTAL: 870 . CAPITAL & OPERATING SPARES |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 6,871,175 |  |              |  | 228,077 |         |  |  | 0      |  |  |                 | 274,850 |  |             |  | 0 |       |  |  | 0       |  |  |  | 0 |  |  |  | 7,374,102 | 
|                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |        |  |  |                 |         |  |             |  |   |       |  |  |         |  |  |  |   |  |  |  |           | 
|880 . INSURANCES & FEES                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |        |  |  |                 |         |  |             |  |   |       |  |  |         |  |  |  |   |  |  |  |           | 
|                                        |  |              |  |  |               |  |     |       |  |  |               
|882 . CONSTRUCTION WORK INSURANCE       |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0         |  |              |  | 0       |         |  |  | 0      |  |  |                 | 0       |  |             |  | 0 |       |  |  | 394,129 |  |  |  | 0 |  |  |  | 394,129   | 
|                                        |  |              |  |  |               |  |     |       |  |  |               
|884 . PUBLIC LIABILITY                  |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0         |  |              |  | 0       |         |  |  | 0      |  |  |                 | 0       |  |             |  | 0 |       |  |  | 100,000 |  |  |  | 0 |  |  |  | 100,000   | 
|                                        |  |              |  |  |               |  |     |       |  |  |               
|885 . TRANSIT INSURANCE                 |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0         |  |              |  | 0       |         |  |  | 0      |  |  |                 | 0       |  |             |  | 0 |       |  |  | 73,432  |  |  |  | 0 |  |  |  | 73,432    | 
|                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |        |  |  |                 |         |  |             |  |   |       |  |  |         |  |  |  |   |  |  |  |           | 
|TOTAL: 880 . INSURANCES & FEES          |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0         |  |              |  | 0       |         |  |  | 0      |  |  |                 | 0       |  |             |  | 0 |       |  |  | 567,561 |  |  |  | 0 |  |  |  | 567,561   | 
|                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |        |  |  |                 |         |  |             |  |   |       |  |  |         |  |  |  |   |  |  |  |           | 
|890 . CAPITAL EQUIPMENT                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |        |  |  |                 |         |  |             |  |   |       |  |  |         |  |  |  |   |  |  |  |           | 
|                                        |  |              |  |  |               |  |     |       |  |  |               
|894 . LIGHT VEHICLES                    |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 2,027,190 |  |              |  | 50,680  |         |  |  | 0      |  |  |                 | 0       |  |             |  | 0 |       |  |  | 0       |  |  |  | 0 |  |  |  | 2,077,870 | 
|                                        |  |              |  |  |               |  |     |       |  |  |               
|895 . MEDIUM VEHICLES                   |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 787,300   |  |              |  | 19,683  |         |  |  | 0      |  |  |                 | 0       |  |             |  | 0 |       |  |  | 0       |  |  |  | 0 |  |  |  | 806,983   | 
|                                        |  |              |  |  |               |  |     |       |  |  |               
|896 . EMERGENCY VEHICLES                |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 1,104,000 |  |              |  | 51,932  |         |  |  | 0      |  |  |                 | 5,415   |  |             |  | 0 |       |  |  | 0       |  |  |  | 0 |  |  |  | 1,161,347 | 
|                                        |  |              |  |  |               |  |     |       |  |  |               
|897 . MOBILE EQUIPMENT                  |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 2,403,212 |  |              |  | 62,301  |         |  |  | 0      |  |  |                 | 21,436  |  |             |  | 0 |       |  |  | 0       |  |  |  | 0 |  |  |  | 2,486,949 | 
|                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |        |  |  |                 |         |  |             |  |   |       |  |  |         |  |  |  |   |  |  |  |           | 
|TOTAL: 890 . CAPITAL EQUIPMENT          |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 6,321,702 |  |              |  | 184,596 |         |  |  | 0      |  |  |                 | 26,851  |  |             |  | 0 |       |  |  | 0       |  |  |  | 0 |  |  |  | 6,533,149 | 
|                                        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |         |         |  |  |        |  |  |                 |         |  |             |  |   |       |  |  |         |  |  |  |   |  |  |  |           | 





|                  |  |                                                        |  |           |  |                        
|----------------- |  | ------------------------------------------------------ |  | --------- |  | -----------------------
|User Id / DB:     |  | QuestV3User / SERVER=SRVR02;DATABASE=GRR-QV3-GRP-Prodn |  | Run Date: |  | 05:39 pm    19-Aug-2016
|                  |  |                                                        | 
|System/Report Id: |  | 3.02.75 / rptEstimateSummaryByFacility_303             |  | Page:     |  | 10 of 11               



---

|     |                                 |                      |                                                           |                             
|---- | ------------------------------- | -------------------- | --------------------------------------------------------- | ----------------------------
|LOGO |                                 | Gruyere Gold Project |                                                           | Estimate Summary By Facility
|     | Gold Road Resources Ltd         |                      | Report Currency: A - AUSTRALIANInclude Other Currencies:☑
|     | Estimate Base Date: 30-Jun-2016 |                     





|                                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |             |  |              |  |            |         |  |  |            |  |  |                 |           |  |             |  |             |       |  |  |            |  |  |  |   |  |  |  |             | 
|-------------------------------- |  | ------------ |  |  | ------------- |  | --- | ----- |  |  | -------------- |  |  | ---------- | ----------- |  | ------------ |  | ---------- | ------- |  |  | ---------- |  |  | --------------- | --------- |  | ----------- |  | ----------- | ----- |  |  | ---------- |  |  |  | - |  |  |  | ----------- | 
|> Area                           |  | QuantityUnit |  |  | FreightTonnes |  |     | LBHrs |  |  | PlantEquipment |  |  | VendorReps |             |  | BulkMaterial |  |            | Freight |  |  | Labour     |  |  | SubContDistribs |           |  | ConstnEquip |  |             | TOTAL | 
|                                 |  |              |  |  |               |  |     |       |  | 
|> Facility                       |  |              |  |  |               |  |     |       |  |  |                |  |  |            |             |  |              |  |            |         |  |  |            |  |  |                 |           |  |             |  |             |       | 
|920 . PROJECT CONTINGENCY        |  |              |  |  |               |  |     |       |  |  |                |  |  |            |             |  |              |  |            |         |  |  |            |  |  |                 |           |  |             |  |             |       |  |  |            |  |  |  |   |  |  |  |             | 
|                                 |  |              |  |  |               |  |     |       |  |  |               
|923 . CONTINGENCY - OWNERS COST  |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0           |  |              |  | 0          |         |  |  | 0          |  |  |                 | 0         |  |             |  | 0           |       |  |  | 42,500,000 |  |  |  | 0 |  |  |  | 42,500,000  | 
|                                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |             |  |              |  |            |         |  |  |            |  |  |                 |           |  |             |  |             |       |  |  |            |  |  |  |   |  |  |  |             | 
|TOTAL: 920 . PROJECT CONTINGENCY |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0           |  |              |  | 0          |         |  |  | 0          |  |  |                 | 0         |  |             |  | 0           |       |  |  | 42,500,000 |  |  |  | 0 |  |  |  | 42,500,000  | 
|                                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |             |  |              |  |            |         |  |  |            |  |  |                 |           |  |             |  |             |       |  |  |            |  |  |  |   |  |  |  |             | 
|TOTAL REPORT:                    |  |              |  |  |               |  | 0.0 |       |  |  | 1,532,536.9    |  |  |            | 124,584,086 |  |              |  | 15,745,706 |         |  |  | 67,461,948 |  |  |                 | 9,275,929 |  |             |  | 209,943,271 |       |  |  | 79,856,741 |  |  |  | 0 |  |  |  | 506,867,681 | 







|                  |  |                                                        |  |           |  |                        
|----------------- |  | ------------------------------------------------------ |  | --------- |  | -----------------------
|User Id / DB:     |  | QuestV3User / SERVER=SRVR02;DATABASE=GRR-QV3-GRP-Prodn |  | Run Date: |  | 05:39 pm    19-Aug-2016
|                  |  |                                                        | 
|System/Report Id: |  | 3.02.75 / rptEstimateSummaryByFacility_303             |  | Page:     |  | 11 of 11               



---

|     |                                 |                      |                                                           |                         
|---- | ------------------------------- | -------------------- | --------------------------------------------------------- | ------------------------
|LOGO |                                 | Gruyere Gold Project |                                                           | Estimate Summary By Area
|     | Gold Road Resources Ltd         |                      | Report Currency: A - AUSTRALIANInclude Other Currencies:☑
|     | Estimate Base Date: 30-Jun-2016 |                     







|                                       |  |              |  |  |               |  |     |       |  |  |                |  |  |            |            |  |              |  |           |         |  |  |            |  |  |                 |           |  |             |  |            |       |  |  |           |  |  |  |   |  |  |  |            | 
|-------------------------------------- |  | ------------ |  |  | ------------- |  | --- | ----- |  |  | -------------- |  |  | ---------- | ---------- |  | ------------ |  | --------- | ------- |  |  | ---------- |  |  | --------------- | --------- |  | ----------- |  | ---------- | ----- |  |  | --------- |  |  |  | - |  |  |  | ---------- | 
|                                       |  | QuantityUnit |  |  | FreightTonnes |  |     | LBHrs |  |  | PlantEquipment |  |  | VendorReps |            |  | BulkMaterial |  |           | Freight |  |  | Labour     |  |  | SubContDistribs |           |  | ConstnEquip |  |            | TOTAL | 
|> Area                                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |            |  |              |  |           |         |  |  |            |  |  |                 |           |  |             |  |            |       | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|110 . MINE DEVELOPMENT                 |  |              |  |  |               |  | 0.0 |       |  |  | 6,879.4        |  |  |            | 0          |  |              |  | 0         |         |  |  | 0          |  |  |                 | 0         |  |             |  | 29,662,193 |       |  |  | 5,204,655 |  |  |  | 0 |  |  |  | 34,866,848 | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|120 . MINE SERVICES INFRASTRUCTURE     |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0          |  |              |  | 0         |         |  |  | 0          |  |  |                 | 0         |  |             |  | 649,100    |       |  |  | 380,000   |  |  |  | 0 |  |  |  | 1,029,100  | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|210 . SITE PREPARATION AND DRAINAGE    |  |              |  |  |               |  | 0.0 |       |  |  | 14,064.0       |  |  |            | 591,909    |  |              |  | 372,656   |         |  |  | 0          |  |  |                 | 9,128     |  |             |  | 4,412,750  |       |  |  | 0         |  |  |  | 0 |  |  |  | 5,386,443  | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|230 . PLANT SECURITY FENCING           |  |              |  |  |               |  | 0.0 |       |  |  | 1,160.8        |  |  |            | 477,350    |  |              |  | 51,336    |         |  |  | 0          |  |  |                 | 76,071    |  |             |  | 97,730     |       |  |  | 0         |  |  |  | 0 |  |  |  | 702,487    | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|240 . SURFACE WATER DIVERSION CHANNELS |  |              |  |  |               |  | 0.0 |       |  |  | 8,661.7        |  |  |            | 0          |  |              |  | 137,490   |         |  |  | 0          |  |  |                 | 0         |  |             |  | 1,833,224  |       |  |  | 0         |  |  |  | 0 |  |  |  | 1,970,714  | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|310 . CRUSHING                         |  |              |  |  |               |  | 0.0 |       |  |  | 51,750.9       |  |  |            | 5,392,532  |  |              |  | 685,960   |         |  |  | 6,470,247  |  |  |                 | 811,683   |  |             |  | 4,313,056  |       |  |  | 0         |  |  |  | 0 |  |  |  | 17,673,478 | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|320 . ORE STORAGE                      |  |              |  |  |               |  | 0.0 |       |  |  | 30,367.1       |  |  |            | 1,057,558  |  |              |  | 335,607   |         |  |  | 3,663,326  |  |  |                 | 125,141   |  |             |  | 2,522,910  |       |  |  | 0         |  |  |  | 0 |  |  |  | 7,704,542  | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|330 . GRINDING & CLASSIFICATION        |  |              |  |  |               |  | 0.0 |       |  |  | 141,348.1      |  |  |            | 42,073,355 |  |              |  | 2,340,996 |         |  |  | 11,759,617 |  |  |                 | 2,228,735 |  |             |  | 12,126,190 |       |  |  | 0         |  |  |  | 0 |  |  |  | 70,528,893 | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|340 . LEACHING AND ADSORPTION          |  |              |  |  |               |  | 0.0 |       |  |  | 85,471.1       |  |  |            | 6,682,103  |  |              |  | 1,256,173 |         |  |  | 10,881,672 |  |  |                 | 1,034,092 |  |             |  | 7,628,575  |       |  |  | 0         |  |  |  | 0 |  |  |  | 27,482,615 | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|350 . ELUTION AND GOLD RECOVERY        |  |              |  |  |               |  | 0.0 |       |  |  | 27,219.7       |  |  |            | 4,283,985  |  |              |  | 438,857   |         |  |  | 2,375,182  |  |  |                 | 196,435   |  |             |  | 2,429,451  |       |  |  | 0         |  |  |  | 0 |  |  |  | 9,723,910  | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|360 . REAGENTS                         |  |              |  |  |               |  | 0.0 |       |  |  | 9,947.1        |  |  |            | 1,549,866  |  |              |  | 103,885   |         |  |  | 500,053    |  |  |                 | 78,767    |  |             |  | 883,014    |       |  |  | 0         |  |  |  | 0 |  |  |  | 3,115,585  | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|370 . TAILINGS DISPOSAL                |  |              |  |  |               |  | 0.0 |       |  |  | 63,938.8       |  |  |            | 3,231,089  |  |              |  | 974,749   |         |  |  | 3,611,381  |  |  |                 | 1,010,778 |  |             |  | 9,004,350  |       |  |  | 0         |  |  |  | 0 |  |  |  | 17,832,347 | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|410 . AIR SERVICES                     |  |              |  |  |               |  | 0.0 |       |  |  | 7,567.8        |  |  |            | 249,926    |  |              |  | 47,581    |         |  |  | 166,681    |  |  |                 | 39,604    |  |             |  | 707,481    |       |  |  | 0         |  |  |  | 0 |  |  |  | 1,211,273  | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|420 . WATER                            |  |              |  |  |               |  | 0.0 |       |  |  | 24,463.9       |  |  |            | 3,681,338  |  |              |  | 301,894   |         |  |  | 1,209,597  |  |  |                 | 135,232   |  |             |  | 2,831,131  |       |  |  | 0         |  |  |  | 0 |  |  |  | 8,159,192  | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|430 . PIPING                           |  |              |  |  |               |  | 0.0 |       |  |  | 17,811.6       |  |  |            | 0          |  |              |  | 173,886   |         |  |  | 2,252,872  |  |  |                 | 118,587   |  |             |  | 1,641,991  |       |  |  | 0         |  |  |  | 0 |  |  |  | 4,187,336  | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|440 . PLANT AREA BUILDINGS             |  |              |  |  |               |  | 0.0 |       |  |  | 6,611.7        |  |  |            | 1,458,830  |  |              |  | 76,614    |         |  |  | 225,265    |  |  |                 | 89,815    |  |             |  | 546,312    |       |  |  | 0         |  |  |  | 0 |  |  |  | 2,396,836  | 
|                                       |  |              |  |  |               |  |     |       |  |  |               
|450 . PROCESS AND SITE SERVICES        |  |              |  |  |               |  | 0.0 |       |  |  | 4,047.4        |  |  |            | 312,732    |  |              |  | 33,116    |         |  |  | 122,365    |  |  |                 | 19,321    |  |             |  | 361,856    |       |  |  | 0         |  |  |  | 0 |  |  |  | 849,390    | 





|                  |  |                                                        |  |           |  |                        
|----------------- |  | ------------------------------------------------------ |  | --------- |  | -----------------------
|User Id / DB:     |  | QuestV3User / SERVER=SRVR02;DATABASE=GRR-QV3-GRP-Prodn |  | Run Date: |  | 06:47 pm    19-Aug-2016
|                  |  |                                                        | 
|System/Report Id: |  | 3.02.75 / rptEstimateSummaryByArea_303                 |  | Page:     |  | 1 of 3                 



---

|     |                                 |                      |                                                           |                         
|---- | ------------------------------- | -------------------- | --------------------------------------------------------- | ------------------------
|LOGO |                                 | Gruyere Gold Project |                                                           | Estimate Summary By Area
|     | Gold Road Resources Ltd         |                      | Report Currency: A - AUSTRALIANInclude Other Currencies:☑
|     | Estimate Base Date: 30-Jun-2016 |                     







|                                                   |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |            |  |  |                 |           |  |             |  |            |       |  |  |            |  |  |  |   |  |  |  |            | 
|-------------------------------------------------- |  | ------------ |  |  | ------------- |  | --- | ----- |  |  | -------------- |  |  | ---------- | --------- |  | ------------ |  | --------- | ------- |  |  | ---------- |  |  | --------------- | --------- |  | ----------- |  | ---------- | ----- |  |  | ---------- |  |  |  | - |  |  |  | ---------- | 
|                                                   |  | QuantityUnit |  |  | FreightTonnes |  |     | LBHrs |  |  | PlantEquipment |  |  | VendorReps |           |  | BulkMaterial |  |           | Freight |  |  | Labour     |  |  | SubContDistribs |           |  | ConstnEquip |  |            | TOTAL | 
|> Area                                             |  |              |  |  |               |  |     |       |  |  |                |  |  |            |           |  |              |  |           |         |  |  |            |  |  |                 |           |  |             |  |            |       | 
|                                                   |  |              |  |  |               |  |     |       |  |  |               
|460 . LABORATORY                                   |  |              |  |  |               |  | 0.0 |       |  |  | 2,400.5        |  |  |            | 1,405,552 |  |              |  | 48,471    |         |  |  | 29,635     |  |  |                 | 56,980    |  |             |  | 216,714    |       |  |  | 0          |  |  |  | 0 |  |  |  | 1,757,352  | 
|                                                   |  |              |  |  |               |  |     |       |  |  |               
|470 . COMMUNICATIONS                               |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 4,182,691 |  |              |  | 104,567   |         |  |  | 0          |  |  |                 | 0         |  |             |  | 0          |       |  |  | 0          |  |  |  | 0 |  |  |  | 4,287,258  | 
|                                                   |  |              |  |  |               |  |     |       |  |  |               
|480 . SEWAGE TREATMENT                             |  |              |  |  |               |  | 0.0 |       |  |  | 4,020.9        |  |  |            | 212,945   |  |              |  | 28,283    |         |  |  | 122,775    |  |  |                 | 32,987    |  |             |  | 381,330    |       |  |  | 0          |  |  |  | 0 |  |  |  | 778,320    | 
|                                                   |  |              |  |  |               |  |     |       |  |  |               
|510 . ACCESS ROADS                                 |  |              |  |  |               |  | 0.0 |       |  |  | 67,936.1       |  |  |            | 424,384   |  |              |  | 680,715   |         |  |  | 0          |  |  |                 | 21,059    |  |             |  | 8,603,067  |       |  |  | 0          |  |  |  | 0 |  |  |  | 9,729,225  | 
|                                                   |  |              |  |  |               |  |     |       |  |  |               
|520 . BOREFIELD                                    |  |              |  |  |               |  | 0.0 |       |  |  | 89,428.1       |  |  |            | 4,746,625 |  |              |  | 1,344,055 |         |  |  | 11,894,183 |  |  |                 | 646,275   |  |             |  | 13,964,252 |       |  |  | 0          |  |  |  | 0 |  |  |  | 32,595,390 | 
|                                                   |  |              |  |  |               |  |     |       |  |  |               
|530 . PERMANENT VILLAGE                            |  |              |  |  |               |  | 0.0 |       |  |  | 113,498.4      |  |  |            | 9,341,883 |  |              |  | 1,399,651 |         |  |  | 1,791,642  |  |  |                 | 1,007,670 |  |             |  | 10,353,587 |       |  |  | 4,729,094  |  |  |  | 0 |  |  |  | 28,623,527 | 
|                                                   |  |              |  |  |               |  |     |       |  |  |               
|540 . AERODROME & STRIP                            |  |              |  |  |               |  | 0.0 |       |  |  | 26,319.6       |  |  |            | 1,520,663 |  |              |  | 431,831   |         |  |  | 1,593      |  |  |                 | 120,716   |  |             |  | 4,090,091  |       |  |  | 181,125    |  |  |  | 0 |  |  |  | 6,346,019  | 
|                                                   |  |              |  |  |               |  |     |       |  |  |               
|550 . ADMINISTRATION BUILDINGS                     |  |              |  |  |               |  | 0.0 |       |  |  | 2,974.5        |  |  |            | 1,580,955 |  |              |  | 75,809    |         |  |  | 77,447     |  |  |                 | 119,740   |  |             |  | 258,036    |       |  |  | 0          |  |  |  | 0 |  |  |  | 2,111,987  | 
|                                                   |  |              |  |  |               |  |     |       |  |  |               
|620 . OVERHEAD POWER LINES                         |  |              |  |  |               |  | 0.0 |       |  |  | 42,774.0       |  |  |            | 0         |  |              |  | 280,617   |         |  |  | 5,281,410  |  |  |                 | 209,759   |  |             |  | 5,733,632  |       |  |  | 0          |  |  |  | 0 |  |  |  | 11,505,418 | 
|                                                   |  |              |  |  |               |  |     |       |  |  |               
|630 . POWER STATION                                |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0         |  |              |  | 0         |         |  |  | 0          |  |  |                 | 0         |  |             |  | 0          |       |  |  | 0          |  |  |  | 0 |  |  |  | 0          | 
|                                                   |  |              |  |  |               |  |     |       |  |  |               
|640 . ELECTRICAL & INSTRUMENTATION - PROCESS PLANT |  |              |  |  |               |  | 0.0 |       |  |  | 19,730.4       |  |  |            | 4,103,670 |  |              |  | 269,195   |         |  |  | 2,476,283  |  |  |                 | 256,692   |  |             |  | 1,810,033  |       |  |  | 0          |  |  |  | 0 |  |  |  | 8,915,873  | 
|                                                   |  |              |  |  |               |  |     |       |  |  |               
|710 . TEMPORARY CONSTRUCTION EQUIPMENT             |  |              |  |  |               |  | 0.0 |       |  |  | 59,472.5       |  |  |            | 7,151,403 |  |              |  | 692,067   |         |  |  | 1,032,436  |  |  |                 | 101,761   |  |             |  | 5,213,031  |       |  |  | 100,000    |  |  |  | 0 |  |  |  | 14,290,698 | 
|                                                   |  |              |  |  |               |  |     |       |  |  |               
|720 . TEMPORARY CONSTRUCTION FACILITIES BUILDINGS  |  |              |  |  |               |  | 0.0 |       |  |  | 4,381.6        |  |  |            | 1,600,902 |  |              |  | 120,308   |         |  |  | 43,844     |  |  |                 | 249,512   |  |             |  | 580,612    |       |  |  | 0          |  |  |  | 0 |  |  |  | 2,595,178  | 
|                                                   |  |              |  |  |               |  |     |       |  |  |               
|730 . TEMPORARY CONSTRUCTION CAMP - GRUYERE        |  |              |  |  |               |  | 0.0 |       |  |  | 8,016.5        |  |  |            | 859,148   |  |              |  | 169,041   |         |  |  | 851,760    |  |  |                 | 177,688   |  |             |  | 734,303    |       |  |  | 902,131    |  |  |  | 0 |  |  |  | 3,694,071  | 
|                                                   |  |              |  |  |               |  |     |       |  |  |               
|750 . CONTRACTOR INDIRECTS                         |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0         |  |              |  | 1,380,590 |         |  |  | 78,000     |  |  |                 | 0         |  |             |  | 15,397,999 |       |  |  | 11,289,634 |  |  |  | 0 |  |  |  | 28,146,223 | 
|                                                   |  |              |  |  |               |  |     |       |  |  |               
|760 . ENGINEERING                                  |  |              |  |  |               |  | 0.0 |       |  |  | 237,753.9      |  |  |            | 153,000   |  |              |  | 895,413   |         |  |  | 31,171     |  |  |                 | 0         |  |             |  | 34,977,182 |       |  |  | 654,750    |  |  |  | 0 |  |  |  | 36,711,516 | 
|                                                   |  |              |  |  |               |  |     |       |  |  |               
|810 . PROJECT & CONSTRUCTION MANAGEMENT            |  |              |  |  |               |  | 0.0 |       |  |  | 143,843.1      |  |  |            | 0         |  |              |  | 0         |         |  |  | 331,201    |  |  |                 | 0         |  |             |  | 14,186,396 |       |  |  | 5,041,023  |  |  |  | 0 |  |  |  | 19,558,620 | 





|                  |  |                                                        |  |           |  |                        
|----------------- |  | ------------------------------------------------------ |  | --------- |  | -----------------------
|User Id / DB:     |  | QuestV3User / SERVER=SRVR02;DATABASE=GRR-QV3-GRP-Prodn |  | Run Date: |  | 06:47 pm    19-Aug-2016
|                  |  |                                                        | 
|System/Report Id: |  | 3.02.75 / rptEstimateSummaryByArea_303                 |  | Page:     |  | 2 of 3                 



---

|     |                                 |                      |                                                           |                         
|---- | ------------------------------- | -------------------- | --------------------------------------------------------- | ------------------------
|LOGO |                                 | Gruyere Gold Project |                                                           | Estimate Summary By Area
|     | Gold Road Resources Ltd         |                      | Report Currency: A - AUSTRALIANInclude Other Currencies:☑
|     | Estimate Base Date: 30-Jun-2016 |                     







|                                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |             |  |              |  |            |         |  |  |            |  |  |                 |           |  |             |  |             |       |  |  |            |  |  |  |   |  |  |  |             | 
|-------------------------------- |  | ------------ |  |  | ------------- |  | --- | ----- |  |  | -------------- |  |  | ---------- | ----------- |  | ------------ |  | ---------- | ------- |  |  | ---------- |  |  | --------------- | --------- |  | ----------- |  | ----------- | ----- |  |  | ---------- |  |  |  | - |  |  |  | ----------- | 
|                                 |  | QuantityUnit |  |  | FreightTonnes |  |     | LBHrs |  |  | PlantEquipment |  |  | VendorReps |             |  | BulkMaterial |  |            | Freight |  |  | Labour     |  |  | SubContDistribs |           |  | ConstnEquip |  |             | TOTAL | 
|> Area                           |  |              |  |  |               |  |     |       |  |  |                |  |  |            |             |  |              |  |            |         |  |  |            |  |  |                 |           |  |             |  |             |       | 
|                                 |  |              |  |  |               |  |     |       |  |  |               
|820 . PRE-OPERATION EXPENSES     |  |              |  |  |               |  | 0.0 |       |  |  | 208,675.7      |  |  |            | 0           |  |              |  | 0          |         |  |  | 180,310    |  |  |                 | 0         |  |             |  | 11,791,692  |       |  |  | 7,950,697  |  |  |  | 0 |  |  |  | 19,922,699  | 
|                                 |  |              |  |  |               |  |     |       |  |  |               
|850 . PERMITS & LICENCES         |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0           |  |              |  | 0          |         |  |  | 0          |  |  |                 | 0         |  |             |  | 0           |       |  |  | 356,071    |  |  |  | 0 |  |  |  | 356,071     | 
|                                 |  |              |  |  |               |  |     |       |  |  |               
|860 . FIRST FILLS                |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 3,064,815   |  |              |  | 81,620     |         |  |  | 0          |  |  |                 | 0         |  |             |  | 0           |       |  |  | 0          |  |  |  | 0 |  |  |  | 3,146,435   | 
|                                 |  |              |  |  |               |  |     |       |  |  |               
|870 . CAPITAL & OPERATING SPARES |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 6,871,175   |  |              |  | 228,077    |         |  |  | 0          |  |  |                 | 274,850   |  |             |  | 0           |       |  |  | 0          |  |  |  | 0 |  |  |  | 7,374,102   | 
|                                 |  |              |  |  |               |  |     |       |  |  |               
|880 . INSURANCES & FEES          |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0           |  |              |  | 0          |         |  |  | 0          |  |  |                 | 0         |  |             |  | 0           |       |  |  | 567,561    |  |  |  | 0 |  |  |  | 567,561     | 
|                                 |  |              |  |  |               |  |     |       |  |  |               
|890 . CAPITAL EQUIPMENT          |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 6,321,702   |  |              |  | 184,596    |         |  |  | 0          |  |  |                 | 26,851    |  |             |  | 0           |       |  |  | 0          |  |  |  | 0 |  |  |  | 6,533,149   | 
|                                 |  |              |  |  |               |  |     |       |  |  |               
|920 . PROJECT CONTINGENCY        |  |              |  |  |               |  | 0.0 |       |  |  | 0.0            |  |  |            | 0           |  |              |  | 0          |         |  |  | 0          |  |  |                 | 0         |  |             |  | 0           |       |  |  | 42,500,000 |  |  |  | 0 |  |  |  | 42,500,000  | 
|                                 |  |              |  |  |               |  |     |       |  |  |                |  |  |            |             |  |              |  |            |         |  |  |            |  |  |                 |           |  |             |  |             |       |  |  |            |  |  |  |   |  |  |  |             | 
|TOTAL REPORT:                    |  |              |  |  |               |  | 0.0 |       |  |  | 1,532,536.9    |  |  |            | 124,584,086 |  |              |  | 15,745,706 |         |  |  | 67,461,948 |  |  |                 | 9,275,929 |  |             |  | 209,943,271 |       |  |  | 79,856,741 |  |  |  | 0 |  |  |  | 506,867,681 | 





|                  |  |                                                        |  |           |  |                        
|----------------- |  | ------------------------------------------------------ |  | --------- |  | -----------------------
|User Id / DB:     |  | QuestV3User / SERVER=SRVR02;DATABASE=GRR-QV3-GRP-Prodn |  | Run Date: |  | 06:47 pm    19-Aug-2016
|                  |  |                                                        | 
|System/Report Id: |  | 3.02.75 / rptEstimateSummaryByArea_303                 |  | Page:     |  | 3 of 3                 



---

Corrs Chambers Westgarth



Annexure B

North Yamarna Tenements



|                     |  |                      |  |             |  |                 |  |         |  |        
|-------------------- |  | -------------------- |  | ----------- |  | --------------- |  | ------- |  | -------
|Tenement Number      |  | Project              |  | Status      |  | Tenement Number |  | Project |  | Status 
|Exploration Licences |  | Prospecting
Licences
|E38/1083             |  | Yamarna              |  | Granted     |  | P38/3352        |  | Yamarna |  | Granted
|                     |  |                      |  |             | 
|E38/1388             |  | Yamarna              |  | Granted     |  | P38/3824        |  | Yamarna |  | Granted
|                     |  |                      |  |             | 
|E38/1858             |  | Yamarna              |  | Granted     |  | P38/3869        |  | Yamarna |  | Granted
|                     |  |                      |  |             | 
|E38/1931             |  | Yamarna              |  | Granted     |  | P38/3870        |  | Yamarna |  | Granted
|                     |  |                      |  |             | 
|E38/2235             |  | Yamarna              |  | Granted     |  | P38/3887        |  | Yamarna |  | Granted
|                     |  |                      |  |             | 
|E38/2236             |  | Yamarna              |  | Granted     |  | P38/3895        |  | Yamarna |  | Granted
|                     |  |                      |  |             | 
|E38/2249             |  | Yamarna              |  | Granted     |  | P38/3896        |  | Yamarna |  | Granted
|                     |  |                      |  |             | 
|E38/2250             |  | Yamarna              |  | Granted     |  | P38/4149        |  | Yamarna |  | Granted
|                     |  |                      |  |             | 
|E38/2319             |  | Yamarna              |  | Granted     |  | P38/4150        |  | Yamarna |  | Granted
|                     |  |                      |  |             | 
|E38/2320             |  | Yamarna              |  | Granted     |  | P38/4151        |  | Yamarna |  | Granted
|                     |  |                      |  |             | 
|E38/2325             |  | Yamarna              |  | Granted     |  | P38/4193        |  | Yamarna |  | Granted
|                     |  |                      |  |             | 
|E38/2326             |  | Yamarna              |  | Granted     |  | P38/4194        |  | Yamarna |  | Granted
|                     |  |                      |  |             | 
|E38/2356             |  | Yamarna              |  | Granted     |  | P38/4195        |  | Yamarna |  | Granted
|                     |  |                      |  |             | 
|E38/2415             |  | Yamarna              |  | Granted     |  | P38/4196        |  | Yamarna |  | Granted
|                     |  |                      |  |             | 
|E38/2446             |  | Yamarna              |  | Granted     |  | P38/4197        |  | Yamarna |  | Granted
|                     |  |                      |  |             | 
|E38/2447             |  | Yamarna              |  | Granted     |  | P38/4198        |  | Yamarna |  | Granted
|                     |  |                      |  |             | 
|E38/2513             |  | Yamarna              |  | Granted     |  |                 |  |         |  |        
|                     |  |                      |  |             | 
|E38/2529             |  | Yamarna              |  | Granted     |  |                 |  |         |  |        
|                     |  |                      |  |             | 
|E38/2735             |  | Yamarna              |  | Granted     |  |                 |  |         |  |        
|                     |  |                      |  |             | 
|E38/2766             |  | Yamarna              |  | Granted     |  |                 |  |         |  |        
|                     |  |                      |  |             | 
|E38/2794             |  | Yamarna              |  | Granted     |  |                 |  |         |  |        
|                     |  |                      |  |             | 
|E38/2797             |  | Yamarna              |  | Granted     |  |                 |  |         |  |        
|                     |  |                      |  |             | 
|E38/2798             |  | Yamarna              |  | Granted     |  |                 |  |         |  |        
|                     |  |                      |  |             | 
|E38/2836             |  | Yamarna              |  | Granted     |  |                 |  |         |  |        
|                     |  |                      |  |             | 
|E38/2860             |  | Yamarna              |  | Granted     |  |                 |  |         |  |        
|                     |  |                      |  |             | 
|E38/2913             |  | Yamarna              |  | Granted     |  |                 |  |         |  |        
|                     |  |                      |  |             | 
|E38/2931             |  | Yamarna              |  | Granted     |  |                 |  |         |  |        
|                     |  |                      |  |             | 
|E38/2932             |  | Yamarna              |  | Application |  |                 |  |         |  |        
|                     |  |                      |  |             | 
|E38/2964             |  | Yamarna              |  | Granted     |  |                 |  |         |  |        
|                     |  |                      |  |             | 
|E38/2965             |  | Yamarna              |  | Granted     |  |                 |  |         |  |        
|                     |  |                      |  |             | 
|E38/2966             |  | Yamarna              |  | Granted     |  |                 |  |         |  |        
|                     |  |                      |  |             | 
|E38/2987             |  | Yamarna              |  | Granted     |  |                 |  |         |  |        
|                     |  |                      |  |             | 
|E38/3041             |  | Yamarna              |  | Granted     |  |                 |  |         |  |        





|                                        |  |  |  |          |  | 
|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 123
|                                        |  |  |  |         



---

Corrs Chambers Westgarth



|         |  |         |  |            
|-------- |  | ------- |  | -----------
|E38/3046 |  | Yamarna |  | Application
|         |  |        
|E38/3047 |  | Yamarna |  | Granted    
|         |  |        
|E38/3048 |  | Yamarna |  | Granted    
|         |  |        
|E38/2178 |  | Yamarna |  | Granted    
|         |  |        
|E38/2362 |  | Yamarna |  | Granted    
|         |  |        
|E38/3077 |  | Yamarna |  | Application





|                                        |  |  |  |          |  | 
|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 124
|                                        |  |  |  |         



---

Corrs Chambers Westgarth



Annexure C

South Yamarna Tenements



|                |  |         |  |                
|--------------- |  | ------- |  | ---------------
|Tenement number |  | Status  |  | Reporting Group
|E38/2291        |  | Granted |  |                
|                |  |        
|E38/2292        |  | Granted |  |                
|                |  |        
|E38/2293        |  | Granted |  |                
|                |  |        
|E38/2294        |  | Granted |  |                
|                |  |        
|E38/2363        |  | Granted |  |                
|                |  |        
|E38/2427        |  | Granted |  |                
|                |  |        
|E38/2507        |  | Granted |  |                
|                |  |        
|E38/2531        |  | Granted |  |                
|                |  |        
|E38/2902        |  | Granted |  |                
|                |  |        
|E38/2917        |  | Granted |  |                
|                |  |        
|E38/2930        |  | Granted |  |                
|                |  |        
|E38/2944        |  | Granted |  |                
|                |  |        
|E38/2967        |  | Granted |  |                
|                |  |        
|E38/2968        |  | Granted |  |                
|                |  |        
|E38/3104        |  | Granted |  |                
|                |  |        
|E38/3105        |  | Granted |  |                
|                |  |        
|E38/3106        |  | Granted |  |                
|                |  |        
|E38/2355        |  | Granted |  |                
|                |  |        
|E38/3107        |  | Granted |  |                
|                |  |        
|L38/236         |  | Granted |  |                





|                                        |  |  |  |          |  | 
|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 125
|                                        |  |  |  |         



---

Corrs Chambers Westgarth



Annexure D

Confidentiality Undertaking





|                                        |  |  |  |          |  | 
|--------------------------------------- |  |  |  | -------- |  | 
|Gruyere Project Joint Venture Agreement |  |  |  | page 126
|                                        |  |  |  |         



---

LOGO


Annexure D   Gruyere Joint Venture Agreement Confidentiality
Undertaking   THIS DEED is made [insertdate]  BY
[insert full name and address of confidant](Confidant)    Background  A
Gold Road Resources Limited ABN 13 109 289 527 and Gruyere Mining Company Pty Ltd ACN 615 729 005 (collectively Participants) are participants in the Gruyere Joint Venture (JointVenture)
governed by an agreement made on [insertdate] between the Participants (JointVenture Agreement). [Insert Manager] is the manager of the Joint Venture (Manager).  B
The Joint Venture Agreement obliges the Participants and the Manager to maintain confidentiality of information relating to the Joint Venture.  C
The Confidant has or will have access to certain information relating to the Joint Venture for the purpose of [1purchasing or otherwise acquiring the whole or part
of the Interest of a Participant, or shares in a Participant or assessing or negotiating such a purchase / 1acting as professional or other independent consultant or adviser to a Participant or
the Manager in connection with the Joint Venture or its Interest in the Joint Venture] (PermittedPurpose) and has undertaken to maintain confidentiality in relation to that information, on the terms set out in this deed. The parties agree    1
Confidential Information Unless otherwise agreed by the Participants, all information
obtained in relation to the Joint Venture and which is not in the public domain (or which is in the public domain only as a consequence of a breach of this deed) (Confidential Information) shall be used only for the Permitted Purpose
and must be kept confidential and shall not be disclosed by the Confidant otherwise than:  (a)
to the extent required by legislation or other applicable legal requirement;  (b)
if and to the extent it may be necessary or desirable to disclose to any government or government authority in connection with applications for consents, approvals, authorities  1
Select whichever is appropriate






3452-8048-
5380v3Gilbert + Tobin


38005852_1

Execution | page |
1






---

LOGO


or indications of no objection reasonably required or expected to be required in relation to the Permitted Purpose;  (c)
to a recognised financial institution in connection with any loans sought to be arranged in connection with the Permitted Purpose;  (d)
to any Participant or the Manager or any director, officer, employee of a Participant or the Manager;  (e)
to any agent, contractor or consultant or adviser of the Manager or a Participant (as the case may be) for the Permitted Purpose;  (f)
to the extent that the Confidant is acting as professional or other independent consultant or adviser to a Participant or the Manager, in any way and to any person that the Participant or Manager could disclose that
Confidential Information, if disclosed for and on behalf of the Manager or Participant (as the case may be) for the Permitted Purpose and subject to compliance with the Manager or Participants obligations under the Joint Venture Agreement, provided however that any disclosure pursuant to clauses 1.1(e)or1.1(f) shall only be made subject to the
person to whom disclosure is made covenanting and agreeing in favour of the Participants and the Manager to be bound by like provisions to this deed.    2
Continuing obligation The Confidant shall continue to be bound by the terms of this deed
notwithstanding that the Confidants involvement or connection with the Joint Venture may cease at any time in the future.    3
Term The Confidant shall continue to be bound by the terms of this deed notwithstanding that the
Confidants involvement or connection with GOR or the Joint Venture may cease at any time in the future.    4
General  (a)
This deed contains the entire agreement between the parties in respect of its subject matter and takes the place of all previous agreements, understandings, representations and warranties about that subject matter.  (b)
This deed is executed in favour of the Participants, the Manager and each of their Affiliates. The Participants, the Manager and each Affiliates has the benefit of, and is entitled to enforce this deed, even though it
is not a party to this deed.  (c)
This deed is irrevocable and may only be varied if the Participants, the Manager and the Confidant agree in writing.  (d)
If a party does not exercise a right at any time in connection with a default under this deed, this does not mean that it has waived the right or cannot exercise it later.  (e)
This deed is governed by the laws of Western Australia. The parties irrevocably submit to the non-exclusive jurisdiction of the courts of Western Australia.






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5
Defined terms In this deed, the following definitions apply unless the context requires otherwise: Affiliatemeans, with respect to any corporation, another corporation which Controls, is Controlled by, or is under common Control with, such
corporation. Controlhas the meaning given to that term in section 50AA of the Corporations Act, and Controlled has a corresponding
meaning. Corporations Act means the Corporations Act 2001 (Cth).    6
Interpretation In this deed the following rules of interpretation apply unless the contrary intention
appears:  (a)
headings are for convenience only and do not affect the interpretation of this deed;  (b)
the singular includes the plural and vice versa;  (c)
where a word or phrase is given a particular meaning, other parts of speech and grammatical forms of that word or phrase have corresponding meanings;  (d)
the words such as, including, particularly and similar expressions are not used as nor are intended to be interpreted as words of limitation;  (e)
a reference to:  (i)
a person includes a natural person, partnership, joint venture, government agency, association, corporation or other body corporate;  (ii)
a party is a reference to GFA and GFAM or the Confidant and includes their successors and permitted assigns;  (iii)
a document includes all amendments or supplements to that document;  (iv)
a clause, term, party, schedule or attachment is a reference to a clause or term of, or party, schedule or attachment to this deed;  (v)
this deed includes all schedules and attachments to it; and  (f)
no rule of construction applies to the disadvantage of a party because that party was responsible for the preparation of this deed or any part of it. Executed as a deed. [insert execution
clauses]






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Annexure E

Auditors Confidentiality Undertaking





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Annexure E Gruyere Joint Venture Agreement Auditor
Confidentiality Undertaking THIS DEED is made [insertdate] BY [insertfull name and address of confidant] (Confidant)   Background  A
Gold Road Resources Limited ABN 13 109 289 527 (GOR) and Gruyere Mining Company Pty Ltd ACN 615 729 005 (GFA) are participants in the Gruyere Joint Venture (Joint Venture) governed by an agreement
made on [insert date] between the Participants (Joint Venture Agreement) and [insert] (Manager) is the manager of the Joint Venture.  B
The Joint Venture Agreement obliges GFA and Gruyere Management Pty Ltd ACN 615 728 795 (GFAM) to provide the Confidant with certain information in relation to the bulk purchasing and bulk ordering of goods and
services for the operations of GFA and its Affiliates.  C
The Confidant has or will have access to certain information relating to GFA, GFAM or their Affiliates and has undertaken to maintain confidentiality in relation to that information, on the terms set out in this deed. The parties agree    1
Confidentiality obligations  (a)
The Confidant covenants for the benefit of GFA and its Affiliates:  (i)
to keep confidential the Confidential Information and to use it solely for the Approved Purpose; and  (ii)
to not use any Confidential Information to the competitive disadvantage of GFA or its Affiliates.  (b)
Subject to sub-clause (c), the Confidant may disclose Confidential Information to its Representatives to the extent that the relevant person needs that information for the
Approved Purpose.  (c)
The Confidant must:  (i)
before disclosing Confidential Information to a Representative of the Confidant, ensure that each Representative of the Confidant is made aware of the Confidants obligations under this deed and ensure that such
Representative complies with the terms of this deed as if it were the Confidant; and  (ii)
on request by GFA, provide written notice to GFA of the identity of any Representative of the Confidant that has received, or is to receive, the Confidential Information.






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(d)
The Confidant must take reasonable steps to protect the Confidential Information and keep it secure from unauthorised persons.  (e)
The Confidant must inform GFA and GFAM as soon as reasonably practicable if the Confidant becomes aware of, or suspects that there has been a breach of this deed. The Confidant must promptly do anything which GFA and
GFAM reasonably requires to prevent or restrain a suspected or actual breach of this deed.  (f)
This deed does not give the Confidant or any other person any right, title or interest in the Confidential Information.  (g)
Nothing in this deed prevents the disclosure by the Confidant of Confidential Information to the extent that it is required by law, regulation, legal process, order of any government agency or the rules of a recognised
stock exchange, provided that the Confidant must only disclose the minimum amount of information necessary to comply with the requirement and, to the extent permitted by law and as is reasonably practicable must:  (i)
promptly notify GFA and GFAM of the requirement to disclose the Confidential Information and provide details of the circumstances of the proposed disclosure; and  (ii)
consult with GFA and GFAM as to the form of disclosure to be made and take account of any reasonable comments of GFA and GFAM which are provided to it.  (h)
The Confidant acknowledges that its obligations under this clause 2 are in addition to, and nothing in this deed limits, any common law or equitable obligations of confidence owed to GFA and GFAM or its Affiliate by the
Confidant or its Representatives.    2
Term The Confidant shall continue to be bound by the terms of this deed notwithstanding that the
Confidants involvement or connection with GOR or the Joint Venture may cease at any time in the future.    3
General  (a)
This deed contains the entire agreement between the parties in respect of its subject matter and takes the place of all previous agreements, understandings, representations and warranties about that subject matter.  (b)
This deed is executed in favour of GFA and GFAM and each of its Affiliates. GFA and GFAM and each Affiliate has the benefit of, and is entitled to enforce this deed, even though it is not a party to this deed.  (c)
This deed is irrevocable and may only be varied if GFA and GFAM and the Confidant agree in writing.  (d)
If either party does not exercise a right at any time in connection with a default under this deed, this does not mean that it has waived the right or cannot exercise it later.  (e)
This deed is governed by the laws of Western Australia. The parties irrevocably submit to the non-exclusive jurisdiction of the courts of Western Australia.






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4
Defined terms In this deed, the following definitions apply unless the context requires otherwise: Affiliatemeans, with respect to any corporation, another corporation which Controls, is Controlled by, or is under common Control with, such
corporation. Approved Purpose means the sole purpose of enabling the Confidant to confirm, without disclosure of the Confidential Information,
whether or not GFA and GFAM are in compliance with clause 6.11(a) of the Joint Venture Agreement. Confidential Information, in relation to GFA and
GFAM, means:  (a)
all information (whether written or oral and regardless of form) relating to GFA and GFAM and its Affiliate disclosed or made available after the date of this deed by GFA and GFAM or its Representatives to the Confidant
or its Representatives in connection with the Joint Venture Agreement; and  (b)
all information (regardless of form) prepared by or on behalf of the Confidant or its Representatives which is based on or derived from, or which includes, incorporates or refers to, any of the foregoing information. Controlhas the meaning given to that term in section 50AA of the Corporations Act, and Controlled has a corresponding
meaning. Corporations Act means the Corporations Act 2001 (Cth). Representative, in relation to a party, means:  (a)
an Affiliate of the party; and  (b)
officers, employees, agents and contractors of the party or an Affiliate of the party.    5
Interpretation In this deed the following rules of interpretation apply unless the contrary intention
appears:  (a)
headings are for convenience only and do not affect the interpretation of this deed;  (b)
the singular includes the plural and vice versa;  (c)
where a word or phrase is given a particular meaning, other parts of speech and grammatical forms of that word or phrase have corresponding meanings;  (d)
the words such as, including, particularly and similar expressions are not used as nor are intended to be interpreted as words of limitation;  (e)
a reference to:  (i)
a person includes a natural person, partnership, joint venture, government agency, association, corporation or other body corporate;  (ii)
a party is a reference to GFA and GFAM or the Confidant and includes their successors and permitted assigns;






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(iii)
a document includes all amendments or supplements to that document;  (iv)
a clause, term, party, schedule or attachment is a reference to a clause or term of, or party, schedule or attachment to this deed;  (v)
this deed includes all schedules and attachments to it; and  (f)
no rule of construction applies to the disadvantage of a party because that party was responsible for the preparation of this deed or any part of it. Dated: Executed as a deed






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Annexure F

Area of Interest





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Annexure G

Standing
Pre-Approved List





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Annexure F







|1 | Standing Pre-approved List
|- | --------------------------



|    |  |                            
|--- |  | ---------------------------
|No  |  | Company                    
|1.  |  | Goldcorp Inc.              
|    | 
|2.  |  | Barrick Gold Corporation   
|    | 
|3.  |  | Newmont Mining Corporation 
|    | 
|4.  |  | Newcrest Mining Limited    
|    | 
|5.  |  | Randgold Resources Ltd     
|    | 
|6.  |  | Agnico Eagle Mines Limited 
|    | 
|7.  |  | Eldorado Gold Corporation  
|    | 
|8.  |  | AngloGold Ashanti Limited  
|    | 
|9.  |  | Yamana Gold Inc.           
|    | 
|10. |  | Kinross Gold Corporation   
|    | 
|11. |  | Sibanye Gold Ltd           
|    | 
|12. |  | Acacia Mining PLC          
|    | 
|13. |  | B2Gold Corporation         
|    | 
|14. |  | IAMGOLD Corporation        
|    | 
|15. |  | Hecla Mining Company       
|    | 
|16. |  | Harmony Gold Mining Co Ltd 
|    | 
|17. |  | New Gold Inc               
|    | 
|18. |  | OceanaGold Corporation     
|    | 
|19. |  | Tahoe Resources Inc.       
|    | 
|20. |  | Evolution Mining Limited   
|    | 
|21. |  | Northern Star Resources Ltd





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|    |  |                                 
|--- |  | --------------------------------
|    | 
|22. |  | Saracen Mineral Holdings Limited
|    | 
|23. |  | Independence Group NL           
|    | 
|24. |  | Regis Resources Limited         
|    | 
|25. |  | St Barbara Ltd                  
|    | 
|26. |  | Alacer Gold Corp.               
|    | 
|27. |  | Newmarket Gold Inc.             
|    | 
|28. |  | Primero Mining Corp.            
|    | 
|29. |  | Torex Gold Resources Inc.       





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